The Topeka state journal. [volume] (Topeka, Kansas) 1892-1980, 1900-11-27
Large Quantities to Be Shipped
Back From the East.
PRICE TOUCHES SIC.
Young Spectator Buys at so
and Sells on the Rise.
Keeps the Old Timers Guessing
on the Future.

Chicago NOV. 27-If operations started
today by November corn shorts prove sue
speculator Who apparently completely
controls that option may be forced to ac-
e corn on ei1e ers day than has 'e Seemed
probable and the success OF the corner in
on the best of authority today that large
quantities of standard number corn,
which for the most part was shipped east
by James A. Patton during his September
and October operations are being loaded
into cars at Buffalo and even so far east
as Montreal and will be shipped back to
Chicago as fast as the corn can be hauled.
This corn, it is stated has been rebought
it here by Friday. in time for delivery to
Phillips on this months contracts. What
was paid for that gram IS unknown, but
it is believed that the purchasers will suf-
fer losses on the contracts, even If the
The November corn corner engineered
and controlled by George H. Phillips.
while playing the star role on the board
of trade today furnished nothing of a
spectacular nature. November corn open
ed at 40 TO 1880 compared with yester-
days close at 49e. Shorts bid the price to
soc in a. few minutes. Mr. Phillips taking
in 5000 bushels at that figure. A minute
later he sold it back to those from whom
he had purchased it at sic The .rebuying
was for a short stop-loss order many of
which are in the pit between 20 and sic.
During the forenoon Mr.. Phillips sold
Stocks Of contract corn were today re-
Of 461. 900 bushels for the week. OF to-
49, Tsoei13fe h,,t X ceys 80 ~ re
grade which may be delivered on Novem-
Der contracts. The young controller of the
market was elated at the figures and
shorts were eorrespondingly depressed.
Young traders who were on the wrong
side of the market, but who were friends
and companions Of Phillips in his less in
fiuential days. have, it is said, been al
lowed to settle their deals with him with
out loss to themselves.
Where is the market going to go?"
friend of Phillips asked during the fore
wherever shorts put it," he said. I'm
not going to bid it up, you can rest as
It was reported that spectators would
be compelled to put up margin of seven
cents on an deals in November corn.
Chicago. H.. Nov. 27-CoRN-Other pits
suffered today through assertions to corn.
where the November deal monopolizes
attention Mr.. Phillips who has the sup
ply .cornered. was watehful but not par
unchanged to q C higher at 49c to 49sze. At
soc touched following the opening. Mr.
Phillips bought 5000 bushels. A minute
later he sold it at sic, the high price of
the present bulge reaction to 4si5c
followed but the market seemed inclined
to cling close to the half dollar mark
Two cargoes of corn of undeniably con-
tract grade were delivered to the young
controller of the market over night in
place of the two (which the inspection
Committee rejected yesterday The total
private and public warehouse stocks of
corn are now Dlaced ar ? Sos 000 bushels
Contract corn for the week shows an in
crease of 461. 600 bushels. Of today's re-
ceipts 929 cars, 81 cars graded contract.
Taking into consideration the assertion
that Phillips has 3 900, 600 bushels due him
on November contracts and the failure
to make kiln dried corn pass for contract
grade, the potency of the figures given to
agitate shorts is obvious. Phillips bought
some December early and bid soc for No
vember with considerable regularity dur
ing the first hours of trading. December
opened unchanged at 367s042c and sold to
365sQAc-
November corn closed 1c over yesterday
at SOC. A drive was made at December
by local longs and that option closed
weak ssG15C lower at 36c.
EAT-Wheat started dull and weak
on lower cables, but steadied in sympathy
with corn December opened &c down
at 70l3 to 70ssc and reacted to 70ssc. Local
grade. Minneapolis and Duluth reported
594 cars against ass last week and 947 a
year ago.
December later dropped on local selling
70Ac- A report that the Gar was dead
was influential in the drop.
OATS-Oats were dull but steady in
sympathy with corn. December opened
and then rallied to 21zsd22c. Receipts were
206 cars.
PROVISIONS the provisions mar
ket lard and ribs were quiet with but
Pork was more active. The market opened
easy on the heavy run of hogs. but stead
led on local buying January pork opened
&c lower at 81. 10, touched 500 and then
down at s6-S5 and January ribs PIC lower
F'LAx2cash: N W, 81 eslk: No. /. H.e5;
No. /. s. W, s1.641s; November, 81. 621s;
RYE-December, 4515c; January, 46Ac.
BARLEY-Cash, 3S66Ic.
ACKNOWLEDGEMENTS, $3.50; March,
s4-e5.