The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1900-11-27
PHILLIPS CGRNGs 4 SUCCESS
PRICE AT THE CLOSE HAD
DROPPED TO FORTY-NINE
CENTS
PARTICULAR AS TO GRADES
Out of Five Hundred and Eleven
Cars Received at Chicago,
Only Fifty-One Reached
Contract.

CHICAGO, Nov. 26-In the ascending
scale Of prices made for November corn
by belated shorts a new mark was
touched todaY-50c, an advance of &c
from the close Saturday, and of Sc
from the best previous price. The close
was 1c lower, Phillips bidding 49c. The
action Of the appeals committee in turn
ing down as below contract grade two
cargoes rendered Phillips by Counsel
man and BaTtlett-Frazier had the eX-
pected effect of strengthening the posi-
ton Of the bull leader and adding further
worry to the troubles already heaped
upon the shoulders Of the shorts. For
the first time in several days Phillips
took an active hand in the game as an
open bidder Tor small and large lots.
The opening price was 46c and there was
a gradual advance TO 1870, Phillips TAX
ing most Of the offerings. The first bid
Of SOC was by Carr, for 5000 bu and it
brought some stop loss orders or the
market. Phillips filling one of $1,000 bu
for Logan and making a number Of
smaller Sales his sales exceeding his
purchases by about $4,000 bu. While
November gained 4c, December was also
strong on covering by shorts and a big
trade early selling a 3624c and closing
at S632c May closed unchanged at 363sc
There was some changing from Decen-
ber to May at &c premium for Dece1n-
Der. ACceptances We're heavier, but for
deferred shipment and the elevators,
disheartened by the failure of their at
tempt TO foist kiln dried corn ON Phil
lips, were not in the market for low
grades. The receipts, III cars, included
only 81 cars contract. There were 5000
bu in by canal boat and 40 cars and
Il ,000 bu transferred from private to pub
lie houses, some of it possibly to be
turned down by the appeals committee
later.
SQUABBLE OVER GRADES.
4 dispute arose over the quality of corn
being loaded on the steamer Pabst at the
Counselman elevator c, in Chicago. The
loading began in the morning with diff
ferent quality Of corn from that tendeIed
Saturday. It was reported on favorably
by Chief Supervising Inspector Smile and
accepted by Mr.. Phillips inspector. Some
10000 bushels had loaded when Mi
Smile left the dock and declared there
could be no objection 'if the quality was
kept up.
Down on the board of trade, where
November corn had risen in the pit TO 81
cents, almost as much excitement was
OccasiOncd when Charles Counselman
called MIR. Phillips from the pit. They
We're at once surrounded by a jastling
crowd Of spectators, eager to hear the
ND--NA u hC4 A4C US ClC q lOI OAI4SI,
towering head and shoulders over the
slight speculatOr, said TO him: M.
Phillips, 1 don't want to give you any
thing but contract corn, and am having
No. 2 corn loaded on your vessel"
"All I ask, NIr Counselman. is 10 get
contract corn, and with that I will be per
fectly satisfied
That was the extent of the conversa-
ton, hardly belingerent enough to satisfy
the expectations of the spectators, but j
was suggestive of an armed truce.
Another engagement was on in a few
hours. for, after $1,000 bushels had beer
loaded on the Street at South Chicago
Phillips inspector reported a poorer quail
ity Of corn was being dumped into the
boat The work Of loading was ordered
stopped, and Mr.. Phillips went to the
state grain department and demanded
that the appeals committee be sent dowr
to examine the cargo. This committe.
could not go then, but will, it is expected
look at the corn tomorrow morning.
PHILLIPS THE MASTER.
The man with the corner in the hollo7
Of his hand is apparently not ready Il
let it get away from him. He ha
watched the speculative careers of othe
men with corners and believes that mos
of them lost because of their greed L
extort the last penny. All the mornin:
the little corn king stood Oh the edge .
the pit and watched the ebb and fioV
of the battle. Whenever the clamorou
shorts hOwled up the price in the fac
Of unresponsive takers he pushed to tn
front Of the line and let out more corn
Some of the dealers thought the juve
nile-lOoking speculator was in straits an
was running to wind up his string
They jumped on the market and tried t
sell corn at 4712c. Phillips turned in
stantly from seller to buyer, from bea
to bull. and snapped up every MAJ
who was offering to shade the price tha
he was making. The decline stopped a
once. Phillips showed to the corn pi
that he was its master; that he coul
regulate it at. will. The fellows VIII
tried to get some of the corn kings mon
ey in the delusiOn that he was weakenin
are now wondering where they will &c
off on Friday.
Phillips conduct today won him grea
praise. Few men have been able to kee
cool head under like circums stances
He parted with 100000 bushels about one
tenth OF his holdings He bought 1O0, o.
when the bears tried to drag him OF
his pedestal. He made $50. 000 Appar
emily he IS going to keep the settlin
price about 50 cents.
TOdays price of corn is the highes
since June, 1885, when a predicted famin
ran up the price of cash corn. De
cember corn felt the influence of the shoT
grading in November and went up =
over Saturday.