The Savannah morning news., 1900-11-27
CORN is CORNERED
PHILLIPS CONTROLS THO CERE Al.
AT FIFTY CENTS.
HIGHEST PRICE SINCE 1894
SPECULATION HAVE BTEN UNABLE
TO SHAKE HIN DOWN.

Holding Ills own by Not Trying 20
Boost the Price Too IiEh-He EVi-
DENLY Intends 20 Keep ~ at About
FIFTY 1entS-IiouEht From Those
who Tried 10 shade Hi- Pricc-ITc
Claims He Cannot he Saueexed
Chicago. Nov. 26-Corn. Tor November
delivery. sold to-day on the Board OF
Trade az % cents per bushel-the hishest
price since 1854 when. owing to % pro.
tracted drought. the market advanced
close 10 the 0p-ccut mark. Snac that
time the coarse cereal has sold almost
down to D cents per hushel
That there are vast quantities o. CON
in the country is well known. nut George
~. Phillips. a member of tho chicago
board, taking advantage of the faE md
end OF pr0tracted bun deal ON the Io-
cal exchange. which had resulted iu 10
depletion Of the contract stocks % ru
In Chicago gradually picked up all OFFER
ings and to-day. apparently. show th 7
he has effected the most perfect corner
iu the recent history of the beard. r ac-
ticaliy no contract corn Is coming To mar
ket
Phillips did little 10 advance the market
to-day-It advanced on the efforts 20
shorts TO cover When ~ cents was % Il
Phillips sold luupO bushels or so aud
checked tho advance. Tine market open
ed J cent higher than saturday at 20
cents. rose to - ceuta aud closed ot 81
cents. a not gain Of 4 cents.
The advance over the close OF last week
made the day the notable one so FAR for
the campaign. roar and cheer gave
notice or the half-dollar achievement and
there was a focklng toward the already
overcrowded corn pit from nll over the
fioor.
Master OF the situation.
The man with "a corner in che hollow %
his hand o. apparently not ready 80 let it
get away from him. lie has watched the
speculative careers Of other men with
corners and believes that most OF them
lost because of their gre q 60 extort the
last penny An the morning the little
corn king sto~l on the edge OF The nit
and watched the ebb ana flow OF the bat
tle.
whenever tho clamorous shorts
howl the price In the face of uurespon-
sive takers. he pushed TO the front OF the
line and Oct out more corr.
some OF the dealers thought the Juvenile
looking speculator was IN straits and was
running 90 wind up his string They
fAfnUNA ON tlf ufAl hNt hHIA AAAfHA q" H.s q
corn at 47izc Phillips turned instantly
from seller 10 buyer from bear TO bud
and snapped up every man who was Offer.
ing to shade the price that he was max
ing The decline stopped nt once. Phil
lips showed the corn pit that be- was its
master. that he could regulate 10 az viii
Tho fellows who tried 20 get some or the
corn kings money IN the deiu-ion that De
was weakening are now wondering where
they will get on on Friday.
Won Him Great Prnise.
Phillips conduct today won him rr n
praise Few men have been able Co keep
4 cool head under like cir umstanccs lie
parted with ao0G0 bushels. about ore
tenth OF his holdings. He bought ioo.-
on when the bears tried 10 drag him off
his pedestal He made $1,000 Appar-
entity. he g. going 10 keep the settling
prire around - cents II tho shorts a e
mciitatiug a coup on tho l1E' day they
may wake up 70 hnd that phtDips has
closed out his line.
He claims now thdt he cannot he squeef-
cA whatever may happen. As long -
no keeps on selling more than M rs
and holds tho market down 20 20 ceHt
ne is seemingly tOo uimb.e 20 he cso"a i
of tho market with BIS corner othe.
spccuiators have been broken by buy ns
at n big price In order 90 hold up the
market and playing their funds on mar
gins.