Ottumwa semi-weekly courier. [volume] (Ottumwa, Iowa) 1899-1903, 1900-11-22
Young speculator Saw a
Chance to Reap a Har-
vest and Took it.
PECULIAR CONDITIONS
How the Cereal Could Be cornered in
the Face of Almost the Largest
Yield the Country Has Known
Prices Will Be Higher.


Chicago, Nov. 20.-A sharp bulge of
nearly four cents in November corn on
the Board of Trade yesterday called
attention to conditions which may
send the price 10 or 20 cents higher
before settlements are made at the end
Of the month.
The final price largely depends on
the attitude of George H. Phillips, a
young, nervy. and successful operator,
who, for himself, and few others in
terested with him, has Inc of 3,000,-
600 bushels of corn bought for Novem-
Der delivery, three times as much con-
tract corn as there is on hand in this
market, possibly twice as much as will
be here on Nov. 80. And the man who
has sold a commodity on the Board of
Trade and cannot deliver it has to set.
tie on the purchasers terms.
There was no evidence yesterday
that Phillips was anxious to force a
highSprice at present, quite the reverse
in fact.
Peculiar Condition of Market.
A successful, corner in corn this
month, on long line of around 3,0O0,,
600 bushels, when the country has
raised a crop of over 2,O00O0O,OOO
bushels, is possible because of certain
conditions. Only corn of a grade
known as No. is deliverable on con.
tracts. 1t must be dry, and wet wealth.
er has retarded the drying of. the new
crop. Stocks of old corn have been
exhausted because of an increased de,
mand for every purpose during the last
year and because of the bull opera.
tions in this market of the Pattens
shrewd and wealthy operators. They
made bull campaign in corn in July
in September and in October, transfer
ring their holdings from month to
month and maintaining the cash price
at such a premium that contract corn
from all over the west was attracted
to this market. They took the corn
and shipped it east, with the result
that stocks here and at tributary
points were practically exhausted. But
because they could not get control OF
one line of over 100000 bushels OF
corn held here, they gave up the cam
paign late in October and dumped theil
holdings, depressing the November
price to under SO cents.
Phillips Grasps the Opportunity.
Phillips, who had been a bear from
40 cents down, saw the opportunity tc
profit by the conditions thus created
and bought over 100000 bushels Of
November corn at a price averaging
considerably under &c. The opera
tons began on October 26, and fol
some days Phillips control of the stu
alton has been growing steadily strong
er. He has been taking the cash corr
as it was rendered to him, and ship
ping it east, reducing supplies, but by
scalping operations in the pit, possibly
thru his knowledge of the situation
has maintained his line intact. With
No. corn selling at a better price
than his line averaged he can handle
the contract corn offered him, and gooc
judges do not believe over 100000
bushels can be got together here. Il
this estimate should be 100000 bush
els too low there would be shortage
Of, 100000 bushels, enough to make
anything possible in the way Of boon
prices.
Mr.. Phillips is one of the. youngest
and most daring operators on the
floor, with long training in handling
cash grain. Only 80 years old, slight
and smooth-faced, he is almost boyisf
In appearance, weighing something ov
err 100 pounds. He has oeen in the
trade, thirteen years, with George A
Seaverns Elevator company as whea
buyer on the exchange floor from 1881
to 1893, with H. H. Carr three years a.
sample salesman, with Seaverns agar
two years, and in the commission bust
ness for himself since October, 1899
~ a 90 :,