The Washington weekly post., 1900-11-27


cd 90 cents to-day. II made an advance OF
cents for the day. Of 10 cents a bushei
for the week. and OF almost Is cents with
in four weeks. Young Mr. Phillips sold
what corn changed hands at that point;
shorts did the buying that advanced the
market to the 50-cent quotation
The 5-cent advance over the close OF
last week made the day the notable one
so far for the campaign. A roar and
cheer gave notice Of the half-dollar
achievement, and there was a fiocking to-
ward the already overcrowded corn pit
from all over the floor. The tip-tOp fg-
ure was made In the first hour. November
starting at IS. selling between 46 and 50
cents. and closing at 10 cents. The slight
hnal recession was. Ike the others which
have been experienced. brought about by
selling by the bull leader.
The man with a corner in the hollow OF
his hand is apparently not ready to let It
get away from him. He has watched the
speculative careers OF other men with
corners, and believes that most of them
lost because of their greed 10 extort the
last penny. All the morning the little corn
king stood on the edge of the pit and
watched the ebb and flow of the battle.
Whenever the clamorous shorts" howled
up the price in the face of unrespousive
takers he pushed to the front of the line
and let out more corn.
Thought lie Was Weakenins.
Some of the dealers thought the juve-
nile-looking speculator was In straits and
was running 10 wind up his string. They
jumped on the market and tried to sell
corn at II IL Phillips turned instantly
from seller to buyer. from bear TO bull.
and snapped up every man who was Of
fering to shade the price that he was
making. The decline stopped at once.
Phillips showed to the corn pit that he
was its master; that he could regulate
it at will. The fellows who tried 10 get
some Of the corn kings money, In the
delusion that he was weakening. are now
wondering where they will get of on
Friday. The closing price was 10 cents.
a reaction due TO Phillips buying.
1t was significant to some traders that
the firms who are reputed TO be at the
mercy of Phillips have not given any
sign of extreme worry. They have not
shown their hands in the pit. They are
watching affairs as closely as the king OF
the golden cereal. There is still some
talk of special trains coming from the
country with corn enough TO make good
the obligations to Phillips. To the out
slider there is no sign of this predicted
movement. The receipts for the day. in
cluding Sunday. were 800 cars, not more
than 10 per cent. graded No g. Compared
to the requirements for settling day. this
was not a drop in the bucket. Advices
from the corn belt are that corn is damp
and under grade. Very little of the new
crop has been taken from the husk. The
rains Of the past two weeks have stopped
outdoor operations.
Made s3O, 600 on the Turn,
The excited market was the unmistaka-
bic admission of the corn trade that Phil
lips has 'cinch" on his corner. Some of
the other brokers who tried to nurse a
little corner In November corn last sum-
ner, and who got tired about the time
they had worked the bulk of the contract
corn OF the market. and left a smooth
path for their SUCCESSOR envy the little
fellow. but they are not throwing any,
thing IN his path.
Phillips conduct to-day won him great
praise Few men have been able to keep
cool head under like circumstances. He
parted with 10000 bushels, about cue-
tenth of his holdings. He bought 10000
when the bears tried 70 drag him of his
pedestal. He made $4,000. Apparently.
he Is going to keep the settling price
around 30 cents. If the shorts are medi-
tating a coup on the last day they may
wake up to find that Phillips has closed
out his line. He claims now that he cam
not be squeezed whatever may happeu.
AS long as he keeps on selling more than
ne buys, and holds the market down 10
80 cents he is seemingly too nimble to be
crowded OF the market with his corner
Other spectators have been broken By
buying al a big price In order 20 hold up
the market. and playing their funds on
margins.
Backed by Elevator Meu.
George A. Seaverns Is said 10 be giving
aid 10 Phillips. Some think the elevator
man is backing his former employe In
the trade. At any rate. the drying and
cleaning house Of Seavern. which in the
past has been able to turn out contract
corn with great rapidity IN times OF
stress, has not added bushel TO the SUD-
ply since the Phillips corner has develop
ed. Mr.. Seaverns' inactivity is not credit
ed 20 pure bepevoience in the success of
his former employe.
To-day's price for corn is the highest
since June. 1895. when predicted famine
ran the. price for cash corn up. December
corn felt the Influence Of the short grad
Ing in November. and went up half cent
over Saturday.