The Wichita daily eagle. [volume] (Wichita, Kan.) 1890-1906, 1902-01-28
OATS DROP
5 is CENTS
All Pits on Board Go Wild
Monday.
STAMPEDE TAXES PLACE
Traders are Overwhelmed
With SuddenneSs of Situation
TAXES PLACE

Chicago. Jan. Z7.-Au pits on the board
Of trade went Wild today. stampede
IN Nay oats forcing POPULATIONS in all
markets. pressed prices downward IN pan
icky fashion and within half an hour
from the opening May oats had dropped
SIC. Nay wheat Issc and Nay corn l7ac
Provisions also were sore hit Good sup
port and heavy short covering brought
hack some confidence, however. and the
close saw net loss in May oats Of only
1slq17sc. May wheat Sc. and May corn
sc. Provisions closed u to 5715c lower.
Action in cats developed so suddenly
and with such surprisingly disastrous
slumps that traders were overwhelmed
in the turmoil. The trouble was al over
an attempt BY 4 bear clique 70 raid the
holdings OF James a Patten. something
he 10.G0oc0 bushels OF Nay oats. Patten
vas not present early on the Aoor, and
the weakness Of Saturday seemed 10 give
4 good opportunity for tie attack. Nay
oats opened firm enough under the infu-
ence Of the cold weather and strength IN
ether grains. but this only made the sub
sequent dropping OF tho bucket-bottom
the more surprising May started &c
higher to unchanged Al 44lt04sc. Some
small purchases sent II up even 10 44zsc.
Then began the onslaught The tailers
heg3n throwing stuff overheard n big
Jumps. The early trade did not expect
heavy operations and began 20 gasp as
prices slid CT. Their the bears took
courage and sold short. Liquidation on
an enormous scale followed, and prices
slipped away almost &c at a sale Traders
from the other pits dropped the work in
hand and hdrried into oats. Change
went mad with excitement. Spectators
said this was a panic, if there has been
such a thing since 1888 May struck bot
tom at 39i4c. Then Patten came into the
pit, told the crowd the selling was not
for his account. and began to buy in all
pits. May as quickly jumped back 10
SIC, and the turmoil was practically
over within an hour from the opening.
acre was still a tense feeling. however,
and prices wavered all during the session
in q paniczy fashion. The close was very
weak, l94dl7sc lower, at 42isG 21+c- Re
ceipts were III cars.
Wheat started out firmly IN spite OF
lower cables and bearish statistics. The
cold weather had set traders 10 guessing,
and Nay opened unchanged to &c higher.
81 7sH to 7Sasc. This strength was only
short-lived, FOR when oats broke every
thing else broke with It. In twenty min
utes wheat had dropped 1ssc. and was
selling at &c. Frightened holders and
weak spectators with small margins had
been forced TO liquidate or stop losses.
Buying b. shorts helped matters materi-
ally and with the checking OF the coarse
grain collapse May wheat reacted well.
At one time shortly before the close May
sold at 77Tsd7sc. The close was com
paratvely firm At U24c. sc lower than
Saturday. Local receipts We're . cars.
two Of contract grade. Minneapolis and
Duluth reported % cars. making a total
for the three points of 81 cars, against
609 last week and 57 last year. Primary
receipts were $500 bushels, compared
with 1900 bushels a year ago. Bread
stuffs on passage increased 1,l6S.0o0 bush
els World shipments, exclusive OF
India. were 7,2590qo bushels. against .
263 600 bushels a year ago. The visible
supply has increased 10e.oto bushels. Sea
board ciearances in wheat and -four
equalled $500 The seaDoard reported
Cd loads taken for export. The early
strength in corn attendant upon the sold
weather and early wheat frmness was
soon lost in the downward turn in oats.
Some Of the loss. however. was recovered,
though not enough 70 give traders much
hope for future prices. The sentiment
was beartsh and support seemed wanting
even on the upturn in wheat. Gables were
lower TO start. but II was the oats break
that did the trick Nay. which opened a
shade to i.07sc higher. at s1iaQsl7sc.
even sold I'D to s2tsc. but then came the
drop-a very hard one-to 65asc. Traders
began talking 53-cent corn. and there
was imminent danger Of the slump grow
Ing worse. Shorts, however, wanted
profits and they covered hurredIy. Wheat
was going up again, and nay corn re-
sponded 10 the influence by touching &c