Wheeling register. [volume] (Wheeling, W. Va.) 1878-1935, 1901-05-07
THE YOUNG GRAIN KING.


speculation that has undergone a ire
mendous bull movement lately The
Chicago grain pit is the scene OF re-
markable operations by a mild man
nered young man who has effectually
cornered two of the most important
food products, wheat and corn. Young
George H Phillips has the situation Ia
his grasp and the entire farming COM
munity of the great west at his back.
The farmers have voluntarily fiocked to
his standard with offers of assistance
and encouragement and for the first
time in history there is something like
concert of action among them, a con-
dition it has often been sought to
bring about in the; past but never with
success. The entise farming commun-
ity believes implicitly in young Phil
lips and he has certainly justified their
confidence Though a mere boy in
years and to all appearances, he has the
old SPECTATORS and reputed monarchs
of the Chicago Board of Trade at his
mercy He has successfully folled the
shrewdest of them at every point in
their endeavors to defeat him and now
he has not only the actual grain in his
possession but, as stated, has marshall
ed the entire farming community in
solid array at his back.
Cool and smiling, the Young specula-
tor seems to act through intuition and
without effort, yet he keeps the entire
situation within his perfect control.
Moreover, he has the sympathy not only
of the farmers but of the public, which
of the "cornering" of a great food pro-
duct Phillips is warning only against
opposing speculative interests. The
farmers are benefitting, while the bur-
den is made as light as possible for the
actual purchasers of cash corn and
wheat. The fact that Phillips is trying
to market his cash corn a good deal
under the May price showed the plan
was to make the short sellers pay trib
ute while making every possible con-
cession to men in the legitimate trade.
In spite of all the evidences of a May
squeeze in the corn pit, there appears
no inclination to make on cutlery
against it,
1t is understood that the present is a
countrymen's deal. 1t seems to be felt
to do what the big professional has done
SO often in the past In truth, this alb
sence of any feeling against the Phil
lips May corn deal is one of the extra
ordinary phenomena of the situation.
If some great millionaire operator
were marking up the May price, as
Phillips and his country bulls are now
doing, there would be vehement pro-
testing from every quarter against an
Ubiquitous squeezing of the public.
That, however, does not happen to be
the operation in the coarse grains at
present, but it is a squeezing, rather, of
the big men by the public. The men
who have the corn sold for the great
professional interests everywhere-the
exporters, the short sellers and the cash
handlers of one sort or another.
Speculative interests alone are nurs-
ing severe losses.
The Phillips corner stands unique
among corn deals. In the early seven
ties, when the crop was half it's present
size, one Richard cornered it twice. In
1882 Deacon J. B. Hobbs. then, as now,
prominent in temperance work, at
tempted corner for New York syn
dictate. When he was heavily loaded
A. bears called for twenuty points
margin and the deal went to smash.
In 1892 Deacon" S. V. White. of
New York, and Coster and Martin tried
it, and put the May price to 81. Then
the elevator combination sold them so
much that they failed, and Deacon"
White is said to have lost 81 900 900.
lCoCAl piISSo ait Nuo utSucSt SlllsS
the White deal of 1892 The following
shows young Phillips great corn cor
ner at a glance:
Long line of May corn. Il, Gee 600 bushels
Average cost price, AZ GEMS bushe.
Amount sold, 5000 600 bushels.
Average price obtained, so cents bushel.
Profit to date. cents bushel on sales.
Profit on 100000 bushels sold, $500, 900.
May line still held, S,0Se eco bushels.
Present profit speculation, sSSe,000.
Long line of July corn, 5,oo0,ooO bushels.
.erage cost price IS cents bushel.
Sales estimated, 100000 bushels.
Average price obtained As cents bushel.
Profit, cents bush2l, s6o.oco
Long line May oats S,ooo 900 bushels.
Average cost price, = cents bushal.
Sales. 100000 bushels: average, Is cents
lu.ash