The Wichita daily eagle. [volume] (Wichita, Kan.) 1890-1906, 1900-11-27
KING 0F CORN PIT
Mr.. Phillips Matches the
Squeeze of the Market.
HAS 1T HIS OWN WAY
Wheat Has No Place Com
pared With Corn.

Chicago. Nov. 9s.-In the ascending
scale Of prices paid for November corn
by the belated shorts a new mark was
touched today-5O cents-an advance of
cents from the close Saturday and Of
cents from the best previous record.
The close was l cent lower, Philips BID
ding 4s cents. The action of the appeals
committee in turning down as below con
! tract grade two cargoes rendered Phil
lips by Counselman and Bartleu-Frazer
mad the expected effect of Strengthening
the position of the bull leader and ad-
ding further worry to the troubles al
ready 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 for small and large
lots. The opening price was 4 per cent.
There was a gradual advance to 491zc,
Phillips taking most of the offerings. The
bid of 50 cent was BY Carr for 5000
bushels, and it brought some stOp-loss
orders on the market, Phillips filing one
Of $4,000 bushels for Logan and making
a number of smaller sales, his sales ex-
ceeding his purchases by about 5000
bushels. While November gained &c, De
cember was also strong on covering by
shorts and q. big trade, early selling al
S61sc and closing at 361ac. May also
closed unchanged at 253sc. There was
some changing from December to May
at &c premium for December. Accep-
tances were heavier but for deferred
shipment, and the elevators, dishearten-
ed by the failure Of their attempt to
foist kiln dried corn on Phillips. were
not in the market for low grades. The
receipts, 611 cars, included only 81 cars
contract.
A dispute aross over the quality Of the
corn being loaded on the steamer Pabst,
at the Counselman elevator, In South
Chicago The loading began in the
morning with a different quality Of corn
from that rendered Saturday. It was
passed on favorably by Chief Superyis-
ing Inspector Smile, and accepted by
MT. Phillips inspector. Some 5000
bushels had been loaded when Smile let
the dock and declared there could be no
objection if the quality was kept I'D.
Down on the board Of trade where
November corn had risen in the pit TO
500, almost as much excitement was oe-
casioned when Charles Counselman call
ed Mr. Phillips from the pit. They we~e
at once surrounded by a iostling crowd Of
spectators eager to hear the converse
ton. The big elevator Speculation. tow
ering head and shoulders above the
SLIGHT Spectator, said to him: 'Afr.
Phillips I don't want to give you any,
thing but contract corn, and I am hav-
ing No corn loaded on your vessel.
"All I ask. Mr. Counselman. is to ger
contract corn, and with that I shall be
perfectly satisfied"
ton, hardly belligerent enough to sat sly
the expectations of the spectators, but it
was suggestive Of an armed truce
Another engagement was on in few
hours, for after $500 bushels had been
loaded on the steamer at South Chicago
Phillips inspector reported that poorer
quality Of corn was being dumped into
the boat The work Of leading was or
dered stopped. and Mr. Phillips went to
the state grain department and de-
manded that the appeals committee be
sent down to examine the cargo This
committee could not go then but viii,
it is expected, look at the corn tomor-
row morning.
Wheat was noticeable chiefly for its
dullness, a condition due TO the i'm
paired wire service which curtailed news
reports to loss Of friends to the supe-
rior attraction of corn and to the APP
proach of the Thanksgiving holiday.
The tone Of the market throughout was
easy under the influence Of Indifferent
cables. an Increase Of 192 600 bushels on
passage. the heavy Russian and Danu-
bian shipments, 100000 and decrease
in the visible of only 129000 bushels
where a much larger decrease had been
expected. December opened i to s0Ac
lower at 71T707s071c, sold between 71Ec
ard 70t5 0705sc, closing 2s0i6c down. at
705s0702c Incomplete reports put sea-
board clearances in wheat and -four at
32s. 900 bushels. Aggregate receipts at
primary points were 1065.000 bushels. com
pared with 2,1S50o0 for two days last
year Minneapolis and Duluth reported
75s cars. against S65 last week and 1.S37
a year ago. Local receipts were 123 cars.
none of contract grade.
In oats there were only few trades
IN the way OF changing December for
more deferred futures The market was
dull and neglected in favor Of corn. De-
cember sold between 217sd23c and 215tG
27Se and closed a shade down at EH1
2t7sc May was at a Is cents difference /
Receipts were 104 cars.
Provisions were easy early on the
heavy run Of hogs and a slack cash de-
mand The market was poorly supported
by bull leaders and the hacking interest
sold November lard freely or all bids.
Later the market turned strong on 2
sharp commission house demand for pork /
and in sympathy with the corn strength
Most Of the bulge was lost however.
on prof1t-taking. January pork sold ne-
tween SO 07iz and SO 90 and closed f2i4c
M at SI2 20; January lard between 81 SIS
and Sc .95. closing unchanged at s. o. ard
January ribs between 81. and IS - q
6 .4e with the close unchanged at s. -
Estimated receipts toxaorrow: Wheat.
7s5 carsi corn, 81; oats, 2l5; hogs 3Ae01
head.