New-York tribune., 1901-08-05
TOPICS IN CHICAGO.
CONDITION OF THE CORN MARKET
LACK OF VEGETARLES-CASE
OF PHILLIPS.


Chicago Aug. 4 CspeciaD.-An of Chicago as wen
as the big agricultural country back of it, seems 10
have gone "dafy' on the question Of markets
There was probably never a time in the history Oh
the West when the discussion OF the ordinarily dry
question of prices universal Inc "ioie
West has gone specializing in corn anu there i
2 volume OF business in this cereal on the Board Oh
Trade such as the commission men nave not seen
before In n number Of years. The general demand
for corn on the part OF specializing farmers law
yers bankers business men, belboys and chamDer-
maids as well as representatives of every other
known calling in this latitude, has landed the price
safely in the ffties in Chicago and just now there
ave indica tions that the big demand VIII lahd II
soon In TIE sixties. There Is scarcely man.
woman or child in the city who has not heard from
some relative some friends relative in the coun-
try who relates a narrowing tale of the immense
damage that has been inflicted on the corn crop II
some particular locality. BY the time all OF these
stories get safely launched on their never ending
travels among all OF the people who Will listen 10
then-and everybody just now is eager to listen
II is no wonder that anybody who has the price
grabs IT and starts for the Board Of Trade. Inc
Interest that has centred IN corn is 80 iirst in
wheat The latter crop is conceded to have been
ha @ tbs largest in the history OF the country. This
IS not the kind Of news however th9t me pnIr ptt
wants hear. Just now the call Is Tor caianitSi
and how the latter can best be turned L" pF"i'lca'
account
Tho smallest boy in Chicago seems to have bet
to-
corn crop than does the Eastern president OF any
of the great railroads. He seems to know intui-
lively that a good bad corn crop means re-
specuvely prosperity or adversely to the West ana
he has been in possession of this Information ever
since he was old enough 10 know anything. lie Is
keeping track OF the weather map and the official
corn crop reports the various States with V!g!-
lance that would be worthy OF veteran specu-
lator. out OF the tPlk over corn has come great
deal Of discussion over other food products. TIL"
sod " do Il Fs-IH
damage TO the corn. meadows and pasturage has
also brought about semi-famine conditions OF the
vegetables that ordinarily used for canning.
The country west of the Mississippi River Will pro-
duce no supply Of fresh fruits and vegetables be
yo.t that needed for immediate use. and there IS
-eritarle boom in canned goods IN consequence;
g.iI 40 % r cent m over tbe ie1irtS 6f fortnirht ago
Every housewife i discussing the new scale OF
prices with the family grocer and The usual out.
Them for the Board of Trade commission man
one OF the odd things about the whole matter IS
that Phillips he so-caIlod Corn King" who IS the
father Of all Of the bulls Tor the present
crop. has apparently been the largest sufferer hy
the advance In price. Mr Phillips claims that he
does Yet know whether he IS broke or not
From III" recent developments IL appears tEa- this
Is only one Of the many things ;hat Mr.. Phillips
does not know. An attempt ~ an examination -
the books at the behost Of the Chicago Board u
Trade authorities develops :he fact ;a1t whole
lot Of people were Specializing through the Phillips
house Ike a lot OF drunken sailors, and that the
books were kept in about the same happy go-lucky
style. Mr.. Phillips. Mr.. nm and a Mr. Collins
all interested In the Phillips house, claim that
they each have credit balance IN their trading ac-
counts but they hint that other members
Of the concern had balances on the wrong side OF
tn. account Mr.. Phillips claims that there was
Ssbur<enSnts on the MAY corner than there should
have been. and that the mistake was du" 10
carelessness ana incompetent bookkeeping. It ap-
pears also that ono % the members ~ the concern
rad deaf balance Of SGoono. OF which there Was
not the fantest hope "t repay nleil, anu 'ds th'
accounts OF customers had overran the!r margin
such an unpleasant Thing as the calling OF margins
had been thought OF In the Phillips concern.
The extent Of the speculation in grain in the
West s best shown by the swindllns attempts that
have been made 10 take advantage OF the wide
fluctuations. A fill city, S. D.. sent in
bogus checks Omaha bank along with orders
to sell large quantity Of corn. 1t was evidently
his desire make quick but effective killing IN
the market and let commission men whistle FOR
their money If the plans or the market went
wrong. An attempt was also made by an Eastern
swlndng concern TO harvest llr sp'''uu I Cl"P -.
some aurng circulars under the name Of Phillips
& Co. inviting the Westerner to come in with his
money and get rich another bis pool on the buli
side Of corn.
There is a crowd Of stock spectators in Chicago
the members Of which were among the earliest and
most successful the bull side OF the market, who
are now as radically ana aggress!Vely bearish
Some OF them members Of the old American
Steel and Wire crowd ana they devOtlng a
good share OF their attention selling short the
same stocks which they bought inaustriously
several months ago. TIE chief object Of their bear
attacks however is the United States Steel Cor
poraton's securities. They selling them with
a persistency that has proved cXaspecating to the
Eastern projectors of the big enterprise, and the
westerners feel so sure Of the strength Of their
position that they openly defy the Fasteners do
their worst There seems TO have been just enough
United Steel stock sold at hoIna and abroad
make II impossible for the big men Of the East
Cipitating the whole floating supply upon them
selves. This would make II necessary to DO the
promoting all over again. Meanwhile, the Western
bears each decline only to secure am
munition for fresh bear attacks
BY a bit Of carelessness and poor management
has started four steamers in the Chicago European
trade will pay Sl9 80 to the United authori-
ties the privilege of carrying four deadheads to
Liverpool the fret steamer that went out. G.
TrumbulI White, newspaper correspondent, his
wife and and Miss Bella Wells. daughter of n
prominent official of the Chicago Shipbullding
Company, shipped members OF the crew OF the
steamer Northwestern. The signing of the ships
articles was enable the boat 10 carry passen-
gers without passenger license. The passengers
LEFT the vessel at Liverpool and duly booked
reported to the United States Consul at Liver
pool The latter's report to the Chicago customs
authorities and the report OF the manager OF the
steamer line showed that the wages OF the four
members of the had been paid. Under
the law this money reyerts to the United States
marine hospital fund. Thus the new line Is
quiring knowledge piecemeal of the usages of
ocean traffic.
AUTOMOBILE CASE POSTPONED.
Alexander Velgret. the newly imported French