The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1901-04-04
OF THE PHILLIPS
CROWD
FLUCTUATIONS WERE WIDE
Corn and Wheat Both Show Heavy
Losses, Likewise Oats-PrOvi-
siOns From 15c Lower to
II 1-2c Higher.
Ere
Close. Day,

CHICAGO. April S.-Titanic speculative
forces combatted one another in the ce-
real pits today. A fierce attack by the
bear contingent compelled a sharp decline
in all the grains. Longs led by Phillips,
suffered severely. Phillips unIoaded
heavily in the wheat market, but held to
corn and oats, which he is credited with
controlling. May wheat closed 1BQ2c
lower; May corn, 17sc down and May oats
S4q7sc depressed. Provisions closed 171ac
higher to 15c lower.
Rear forces, which had been. gathering
their energies for an onslaught, meant, it
was believed bye many, for the shaking
out of the Phillips holdings, broke out
at the opening of the corn market, as
they also did in the wheat and oats. En-
ormous selling pressure, influenced some
what, perhaps, by weak cables, was eX-
erted at the opening. May was sold from
42S4c to 42c compared with Monday close
at 4S12c. This made a decline of over &c
since Saturday, yet Phillips and his fol-
lowing, controlling many millions of
bushels, held fast, and added still more
to their holdings. May gradually worked
back to 43c, when the bear attack, aided
by weak longs, again began their ham
mering tactics and sent May back to 40%
under deluge of corn. The bulls, aided
by shorts, who covered to secure profits,
forced the price back to 1850. This was
followed by another sharp reaction and
the close was weak, May 17sc under Mon
day at Also. Local receipts were 394 cars,
% contract grade, for two days. Country
offerings were meagre but the shipping
demand was also slack.
Wheat was slack and weak under the
combined influence of the corn market,
weak cables. heavy receipts and the good
weather. May opened u to lSsc lower at
7S7sc to T3c, under liquidation led by Phil
lips, Twice slight rallies took place under
report of heavy export sales, but the
liquidation continued and May yielded to
7J12Q15sc. PrOft-taking by shorts caused
a rally near the end, but the close was
weak, May 17sd2c lower at 723s617212c Ex-
port sales were said to aggregate more
than one million bushels, 100000 from
here. Primary receipts were 1,A0,0 coo
bushels compared with 1867 GOO bushels
last year. while seaboard clearances in
wheat and flour were equal to 2000
bushels. Local receipts for two days were
127 cars one of contract grade. Mime
apolis and Duluth reported 421 cars,
against 306 last week and 3l4 a year ago.
Oats showed remarkable steadineSs in
the face of surrounding weakness, and
there was considerable buying for re-
action In this market, as in corn, Phil
lips. heavily long, stood firm. Good out
side buying and an excellent cash demand
also worked to sustain the market. May
sold between 255sc early and 2412c and
closed $4@7zc lower at 24zsc. Receipts were
S54 cars.
the market being strong for lard and ribs,
but weak for pork. An excellent cash
demand led to heavy buying of lard and
ribs for future delivery. May pork sold
between S15.65 and SIS. 40 and closed 15c
lower at $15.45; May lard between s. 371E
May ribs between $50 and $3.50, with the
close &c improved at 49,
The estimated receipts for tomorrow
are: Wheat, 80 cars; corn, 225; oats, 3S(
and 70. 900 head of hogs.
The leading futures ranged as follows:
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