The Montgomery advertiser., 1902-07-31
SEEK I'D OF
NE COURTS
Those Short on Oats Ask
Injunction.
PRECEDENT ESTABLISHED
The Bear Traders Attempt to
Avoid Bankruptcy.
Paaten Interests Declare That They
Have Not Bid Up Prices in
Order to squeeze" the
Unfortunates.I
PRECEDENT ESTABLISHED

Chicago, July 3o-The ban of the courts
has been placed on the corner in July
oats.
On the application of Waite, Thoburn
& Co., one of the firms heavily short In
the July option, a temporary restraining
order was granted today by Judge Chy-
traus, in the Superior Court, prohibiting
James A. Patten and associates from
continuing a corner in new July oats and
from bidding UP the price Of cereals or
calling for further margins.
This is the first time in the history OF
the Chicago Board Of Trade that dealers
who are short have resorted to the
courts to assist them in a dilemma like
the present, and the injunction came as
a surprise, although drastic measures
had been threatened to prevent heavy
losses. The injunction runs against Car
ryington Patten & Co.; Patten Bros. and
Bartlett. Frazer g. Co.
Default on three million bushels of
short new July oats, law suits and ac-
ton by the Board of Trade are SEEM
ingly, the inevitable results of the grant
ing of the restraining order.
Throw Up Their Hands.
Cornered and unable to secure new July
oats wherewith to meet their contracts,
the dealers who are short appear to have
practically thrown up their hands.
We have nothing to do but to default, "
said one of the unfortunates t6day.
Those in control of the corner VIII not
| sell but tell us to go into the pit and
I - IN-A -.
up into the clouds. A dollar a bushel
standard new oats will not nearly I'LL
| our contracts"
White q Thorburn. the nrin that re-
| duested the Injunction, issued the Follow
ing statement tonight in explanation of
the course they have taken:
For a year or two there has been q
regular epidemic Of manipulation and
attempted corners in the market on the
Chicago Board of Trade, which have in
ficted immense injury on the legitimate
grain interests of this city and in the
country tributary to Chicago. These at
tempts to squeeze the trade have now
become so extreme and INSCRIPTIONS
that 1t has become high time for some
one to make a fight and find out where
the trade stands and whether 1t is to be
for all time possible for groups of mil
lionaires to turn upside the grain bust
ness of the country and infiict heavy
losses to the trade"
Frank Fraser Talks.
Frank P. Fraser Of Bartlett, Fraser &
Co.. said: a.
There is an erroneous opinion current
that Mr.. Patten and myself, who each
has a fair line of July, have been bid
ding the market up with the intention of
squeezing the shorts. This Is not the
case The shorts. in every instance. have
only themselves to blame for putting the
price up. We are simply waiting for ths
delivery OF oats we have contracted for
and we expect their delivery"
Three million bushels is SAID to be. the
shortage in July oats. The greater part
of this amount was sold, II is said, to
those in control of the market at be-
tween 90 and IS cents, so that there Is
more than Is cents a bushel profit in the
deal for those on the long side.
Instead of the market oollapsing as o
result Of the adoption of 45 cent mar
ginal price yesterday by the Board Of
Trade directors, July oats advanced .
cents today and closed at So cents