The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1901-04-23
PHILLIPS TO THE FORE
HE HAS CORN SHORTS PINCHED FOR
TWO TO FOUR MILLION BUSHELS.
Bulge Of Two Cents in Corn, One and
"a Half in Wheat. Three-Eighths
in Oats-Provisions Dull.

CHICAGO. April 22.-Bullishness was
rampant in the wheat and corn markets to-
day. Nearly the whole gamut of news af-
fecting these markets worked for higher
prices. Corn. after an exciting day, during
which prices were over the highest previous
level, closed with an advance OF PC, while
wheat registered a closing bulge of11Sc. Oats
closed Sc higher and provisions practically
unchanged.
In the corn pit the Phillips deal in May
corn came to the fore after a fortnight dur
ing which il merely kept the market nerv-
Gus but comparatively narrow around 44c
for May. Up to to-day the opinion that the
bull leaders vast line had been gradually
diminishing under cover of brokers had
been spreading. This was merely %conjec-
ture, however, for at times when the mar
ket seemed inclined TO boom there were in
dications that the willy manipulation was
working to check any sudden bulge. His
announcement that he would take in every
bushel offered him on May contracts
brought the Importance of Phil
lips's continued bullish attitude forcibly be-
fore traders. May 1. IL is estimated, there
will be 3,00. 1000 bu of contract corn which
can be delivered to him. But even this
would not satisfy his claims. as shorts have
guaranteed to deliver him between five and
seven million bu additional. That shorts
will be able to get that amount here for de-
livery before the LIST of May is, of course.
food for debate. The fact that country
offerings last night were practically moth
ing. and that the receipts to-day were but
eighty-six cars, with only eight cars grad
ing contract. had much TO do with alarming
l. L1 49, -, tLzs~ ,1.,lloro
the burden either of raking this corn from
country cribs or settling with Phillips. They
i'm wild fashion to-day for the
privilege of taking the loss already theirs
rather than stand by their guns in the hope
that he and his following would find them
selves in deep water before May l. To make
his position more secure IL Is said phillips
already has considerable corn ready for
shipment East. 1t was a noteworthy fact
to-day that while the price level nearly the
whole session was higher than at any pre-
vious stage of the crop. very little sold far
from the top price. Phillips started the ex-
element by bidding at the opening. May
opened &c to iRc higher, at Also TO 443sc.
and bounded up 10 46l1c during the fore
noon. At this price every bull In the pit
had a good profit in sight. Their sales
caused a reaction to 46c. but shorts alb
the market reacted sharply and closed &c
higher, at 46ac. July sold between 1880
and CSC and closed lhc higher, at 441sc.
iIdut III "itdt Nao tAN az AhAA
was the broadest in weeks. the activity be-
ing sustained with scarcely an interruption.
For the first time in days the favorable
weather and liberality OF receipts were
treated with contempt. A sharp advance
at Liverpool. bullish worlds statistics and
the prospect OF a fair visible decrease were
influential at the start. May opening kc to
sc higher. at 1&c TO 1Ac. The demand
was general from outsiders and local shorts
as well as confident longs. During the
forenoon May climbed TO ,2ssc. additional
Incentive having hpQn fOflnd I'm TpDOTtS OF "A
strong continental demand, in the corn
strength and i'm the visible figures. which
showed a greater railing OF than had peen
looked for. Realizing sales on a liberal
scale caused a reaction 10 72hsc near the end
OF the session. but the market rallied firmly
and closed li2c higher. at PIC. July wheat
shared I'm the activity and closed at 72'sc,
Compared with Saturdays close at 1lssc-
Exporters reported forty-seven loads taken.
Seaboard clearances, In wheat and flour, In
some cases being for two days, were 1,OS2,-
600 bu. Primary receipts were $4,000 bu.
against $4,000 bu last year. Minneapolis
and Duluth reported S2i cars. against S5A
last week and 32i a year ago. Local re-
ceipts were sixty-six cars, none OF contract
grade. The visible decreased zoos. 900 bu:
worlds shipments were S.2So,OO bu. and
wheat and flour on ocean passage decreased
1.660. 900 blu.
Oats were strong and active throughout
the session. Buying was general and sew
eral large transactions took place. IL was
reported that country interests were can
ceiling selling orders and buying instead.
owing TO late seeding. The corn strength
and the weather were bullish factors. Re-
ceipts were 23 cars. May sold between
25S,c and 26isc and closed &c higher. at
25A@26c.
The provision market was neglected.
Prices. however, ruled steady, In sympathy
with the corn strength. although hog prices
were lower. The range was narrow. July
pork closed n shade higher, at s1457z; July
lard unchanged. at sS.02l5, and July ribs 21sc
lower, at 1924.
Estimated receipts to-morrow-Wheat. 100
cars: corn, 40 cars; oats, 435 cars; hogs.
$4,000 head.