The Wichita daily eagle. [volume] (Wichita, Kan.) 1890-1906, 1901-04-05
PHILLIPS Is NOW KING
Believes He Has Control of
the Market.
LOCAL SHORTS ACTIVE
In Their Endeayors to Find
Place of Safety.

Chicago, April 4-Corn and oats recov-
cred part of yesterdays loss today. while
wheat held steady. The grain trade was
excited, shorts covering chiefly under the
influence of cables. May corn closed 1zsc
and May oats &c higher. Wheat closed
B0i4c lower and provisions at a loss Of 5
@25c
Hands across the sea" came to the
aid of holders of May corn and Phillips,
the bull leader had little to do to save
to witness a favorable turn of the mar
ket as a recompense for yesterdays set
back. The Liverpool market rendered no
| able service in refusing TO follow the de-
| cline on this side yesterday. This atti-
| tude frightened shorts and for halt an
hour at the opening, trade was wild. The
volume probably aggregated less than
yesterday, but everybody except Phillips.
who bought but twice during the day was
in it. Compared with the previous close
at 4lssc the market opened with bids
ranging from 42c TO &c. Phillips took
~, 900 bushels. The market worked back
| TO 42Ac during the forenoon. About noon
commission firm offered $50, 900 bushels
May at 4zAc. Phillips offered the same
price for another similar lot He didn't
alarm among shorts. The market began
suddenly advancing and stopped only af-
ter 1880 had been touched. The close
was az az. lac over yesterday and only
nc under Monday. Local receipts were
rs cars Of contract grade.
Wheat was al ne least firm OF the
grain markets. May opened a shade 70
447sc higher at 72zz 97H1sc under the infiu-
ence of the Liverpool market, which did
not respond TO the weakness on this side
yesterday. Those who had bought on the
slump the previous session, expecting an
upturn found a very weak market. Under
their offerings the market eased of.
Country lots came cut on the decline and
May was forced down to 71Ltc under yes
terdays weakest point. A sharp cash de-
mand and the Strength in oats and corn
later caused covering by shorts and May
rallied 10 727aQ9sc- The close was steady,
May 1sQizc lower at ZIG Excepting the
excitement at the opening, the specula-
tive atmosphere was more clear and the
feeling less uneasy Exporters reported
81 loads taken Seaboard clearauces in
wheat and -four were equal TO 224,0O0
bushels, not including Baltimore, which
port, owing 10 wire trouble, was not heard
from. Primary receipts were $4,000 bush
els compared with $4,000 bushels last year
and Minneapolis and Duluth reported 269
cars against 343 last week and 467 a year
ago. Local receipts were 90 cars, none Of
contract.
Speculative business in the oats market
was not heavy, but prices were strong
and the market recovered nearly all Of
yesterdays decline The corn strength
and good cash demand-and the cash
article was worth half q cent more than
May-were Strengthening factors. It was
believed that Phillips is now in control Of
the market, having taken over the lines
of other longs. He did little in the mar
ket, but country buying orders were num-
erous Local shorts, however, were
strenuous in their endeavors to get into
safety. May sold between 25Q25&4c, and
closed sc higher at 25$c. Receipts were
324 cars.
The undertone of the provision market
was easier on selling by packers although
there was a good demand from Liverpool
for lard and ribs. The weakness of May
pork. for which there was no particular
demand was the chief factor in depress-
ing other hog products. May pork sold
between SEAS and s14.95 and closed 25c
lower at $3.50. having recovered partially
in sympathy with corn. May lard sold
between SS.52q 3215 and closed sc down at
S. 421s; and May ribs between SS.30QS. 12j1s
with the close sc depressed at $50.
Estimated receipts tomorrow: Wheat,
80 cars; corn $50 cars; oats 20 cars hogs,
zg,00o head.
GRAIN AND PRODUCE MARKETS.
Chicago.