The St. Louis Republic. [volume] (St. Louis, Mo.) 1888-1919, 1902-07-20
PATTEN HAS A NATURAL"
CORNER IN JULY NEW OATS.
EXCITED SHORTS BOOST THE
PRICE TO GJ CENTS.
Heavy Rains Damage Grain in
Fields. and Little of Contract
Grade Is on the Market.

Chicago. July l9-This was another day
for squeezing shorts in the oats pit. New
July standard oats we're excitedly bid up
&c 10 So. the highest price on record since
1874. Aside from the larEe short line that
- held b. one Of the leading professionals.
the prinvIpal cause Of the errauc EyrationS
Lisp.dyed ~ oats prices TODAY was that
If ruined harvest fields by reason Of the
recent heavy rains. other grains We're bull
iShly effected By the rains. bat liquidation
gained &c. sept oats &c and July corn
~ sept corn lost i.G-sC. July wheat &c
and Sept. wheat &c. Provisions closed T=c
10 l@c lower.
1t was a wild day in oats. The cause
largely seems To be that there Is a natural
corner In July new options. Mayor James
Pattsn OF Evanston. who Curnsred May
oats. is credited with a line OF nearly -
10000 bu. Of new July. and. inasmuch As
receipts are very small. and contract grad
ing much smaller. shorts are fearing still
worse conditions IN TO a Few DAYS ago
rcm!se Il. a good oats harvest came to
hand repeatedly. The cash demand. how
ever. kept IN so well that In spite OF pre-
dicted huusnC- crops. prices continued 10
advance On the sample tables. With heavy
rains in the adjacent fields and reports OF
fallen and twisted yellow grain. shorts he
came panlCky- The outside bought freely.
The future options advanced sympRtheti-
cally and We're hardly appreCiably affected
by the break in wheat and corn. The near
months have become very scarce. At all
times they are hard to buy. and the de-
mana Is always In excess OF the offerings.
Trade in July was not excessively heavy.
the price being put by moderate purchases.
Prices. however. fiuctUated lc or &C at a
Jump. July opened 2-4c M at &C. dipped TO
JSi=c. and then jumped 10 65c. The close
was very stra1s. lac up at 6Aisc. Sept.
sold at $50. closing tTrn. &C higher. at
Sc. Receipts were very small at II cars,
y of contract grade.
Whent.
Wheat made very good advances early On
the weather reports ami light local COL
tract grade receipts. July in particular vas
strong. and was bid up rapidly by fright
caed shorts. Cables We're l-lGIn rrpuf. N,Sr
of the wheat east - fba NTfssEcSgDpy 81
near the great lakes had been damaged 10
some extent by rains. and more showers
We're predicted. Trade Was only fair after
ne opening. Hurry. and when il was learned
that the primary reCelutS We're l.555.Itl bu.,
against s4a.JOJ bu- last year. the Southwest
ern houses began selling freely and the
sentiment turned rapidly bearish. 81. Louis
LED in the selling. July opened Ice up at
,1iec. jumped to &c and closed l-c l,p al
.flzc. Sept. opened sale to isGS.c up at
t%C To I2isc. sold at ~ .3l.c. but slumped
TO .2lsc and closed " ak at &c lower az
Of contract grade. Minneapolis and Duluth
reported "a cars. making a total for The
three points Of 81 cars. against 81 last
week and aJl a year ago. SeabuarI Gear
anees in wheat and flour equaIed $500 Iu.
Corn.
Corn was bid up well at the start in
sympathy with wheat and cats. and on the
ram influence. The market. however. was
poorly supported. and there was a slump
N prices uGJil deferred futures closed un-
der yesterday. There was little feature
To the market ASIDE from covering and
trace was light Sentiment inclined TO the
bear side. ana all locals sold rather freely
after the initial bulge July opened &c up
at 6Ic and closed lAsc UP. AT 67A.c. sept.
opened &c 10 sc up. at 0livC to 6ls.c. and
sold at slzic. but dipped 1c from THIS price
ana CT sed weak. 4d-sC lower. AT StssaGic.
Receipts We're ~ cars. l21 Of contract
grace. Total contract stuff was 2cJ.COl bu.