The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1901-05-16
PHILLIPS FORCED THE PRICE OF
THE MAY CORN OPTION
UP TO 6Oc
WHEAT GAINED FIvE-EIGHTHs
July Corn and Oats, Following Dry
Weather Reports, Advanced u
Like ADMINISTRATION
Unchanged.
Clos ing.

CHICAGO May 15.-Dry weather an l
damage claims gave an upward impe us
TO the wheat market today. and July
- closed 5sc higher. July corn closed nc
and oats made new records. The former
gained &c and the latter 212c Provisions
ruled dull and closed without material
Weather conditions constituted the
dominant factor in the wheat market.
aided by steady cables. Un1eT a rush Of
yesterdays short sellers to cover, on the
failure of promised heavy rains in the
Southwest, July wheat opened a shade
to bd14c higher at INC TO 71Ac. Offer
ings were unequal to the demand and
helped by adVices of free buying for eX-
port, wheat steadily rose to TIC. At
this point there was a moderate move
ment III profit-taking and reaction to
UHGCn$sc followed. This was quickly re-
covered and the close was strong &c
higher at 7l5sG71Ac. Local receipts were
90 cars, of contract grade Minneapolis
and Duluth reported 152 cars against i42
cars last week and ITS cars a week ago.
Primary receipts were 926C00 bu. Sea-
beard clearanceS were equal to $4,000 bu
OF wheat and flour.
Strength and activity characterized the
corn market. July opened 1sc to nc high
er at 4jAc to 447sc, and Immediately the
price broke to 44as@44Ac. Almost IS
quickly it reacted, selling to 455kc after
which, on profit taking, it reeese1 to l5G
45lsc. This loss, too, was par tally re-
covered and the close was strong, sc
hleheF AT sac. May corn was theatI1-'
cal in behavior under persistent prompt
ing by Phillips, the bull leader and broke
all records for the last nine years. The
opening price was unchanged at SAC.
Phillips bid, but got little, though he did
not stop till 60c was reached. At this
price Phillips is said to have accepted
private settlements from three houses
for an aggregate of 10000 bu. After the
high point had been reached a quick re-
action to SEC was recovered. This was
followed by a sharp rally to E9c and the
close was &c higher at Sc Despite the
higher bids made by Phillips only 120-
600 bu were sold to him. and this quantity
II was claimed will be actually delivered
The advance in May was also influential
in the upturn in July. although reports
of backward farm work were factors
Receipts were 291 cars, 81 of contract
grade.
May oats were also bid up by PhiIIips
and Sic. the high price of the crop was
scored. There were few offerings at any
time and the bulk of the trading was in
the July and September which were
strong on bullish bulletins, official and
private, and on big local and outside de-
mand. Crops over the greater part Of
tic South, and especially the lower M s.
souri, valley, are said to have suffered
from drought. Iowa and Nebraska oats
are said to be doing fairly, with pros
peers not as promising as last week. May
opened where it left off yesterday, 277sc,
ana was rushed up to Sic. 1t closed PIC
higher at SG3sc. July sold between 27$zc
and 2Sc, and closed 3sGDAc higher at 2Sk
QZSt2c. Receipts We're 1Q cars. Cash
sales reported were 10000 blu.
Provisions were dull and fairly steady
IN sympathy with corn. July pork closet
nc lower at $470 July lard unchan zed
at T.s0 and July ribs unchanged at ST. So
The estimated receipts for tomorrow
are; Wheat. 80 cars; corn, $50 cars: oats.
lac cars, and 31,0C0 head of hogs
me leading FUTURES ranged as follows:
open. High Low Close