The Wichita daily eagle., 1901-04-23
DAYS GRAIN MARKET
Bulls Were Rampant at Chi
cagO Yesterday.
CORN WENT UP TWO CENTS
Phillips Has the Market Tied
Up Again.

Chicago. April 22-Bullishness was ram
pant in the wheat and corn markets to-
day. Nearly all Of the news affecting
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 &c,
while wheat registered a closing bulge
of IL. Oats closed sc higher, and pro-
visions practically unchanged. In the
corn Pit the Phillips deal in May corn
came to the fore after fortnight during
which it merely kept the market nervous,
but comparatively narrow around 44c for
Nay. Up TO today 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
market seemed inclined to boom there
were indications that the willy manipula-
tor was working to check any sudden
bulge, His announcement that he would
take in every bushel offered him on May
contracts brought the paramount i'm
portance Of Phillips continued bullish at
titude forcibly before traders. MayI, il is
estimated, there will be 100000 bushels
Of contract corn which can be delivered
70 him, but even this would not satisfy
his claims, as shorts have guaranteed
to deliver him between five and seven
million bushels additional That shorts
will be able TO get that amount here for
delivery before the last OF May is. of
course, food for debate. The fact that
the receipts today were but s. cars, with
only s contract grade, had much to do
with charming the gentlemen who have
on their shoulders the burden either OF
raking this corn from country cribs or
settling up with Phillips. They scram-
bled in wild fashion today for the privi-
lege of taking the loss already theirs
rather than stand by their guns in The
hope that he and his following would find
themselves in deep water before May 1.
To make his position more secure it IS
said Phillips already has considerable
corn ready for shipment east. It was
noteworthy fact today that while the
price level nearly the whole session was
higher than at any previous stage OF the
crop, very little was sold far from the
top price. Phillips started the excite
ment by bidding st the opening. May
opened Il to 1ac higher, at 45sG447sc, and
bounded up to 4615c during the forenoon.
At this price every bull in the pit had a
good profit in sight. Their sales caused
q reaction to 46, but shorts absorbed ev-
erything with such avidity that the mar
ket reacted sharply and closed &c higher,
and closed 11zc higher, at H7sc.
Trade in wheat was active. The mar
ket for it was the brOadest in weeks,
the activity being sustained with scarce
ly 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
fair visible decrease were Influential at
the start, May opening 15G%4c higher, at
u1sd1atc. The demand was general from
outsiders and from local shorts, as we'll
as confident longs. During the forenoon
May climbed to 72%c, additional incentive
having been found in reports Of a strong
continental demand in the corn strength
and in the visible figures, which showed
a greater falling of than had been looked
for Realizing sales on a liberal scale
caused a reaction to 72lsc near the end Of
the session, but the market rallied firmly
and closed 1ikc higher at 72i5c- July
wheat shared in the activity and closed
at 727kc, compared with Saturday close
at 7lssc. Exporters reported A loads ia
ken for export Seaboard clearances in
wheat and Hour IN some cases being for
two davs. were Lose, 900 bushels. while
primary receipts were $40, 900, against ga
600 last year. Minneapolis and Duluth re-
ported 324 cars, against S54 last week ana
82i a year ago. Local receipts were 66
decreased 2.O05, 600 bushels. Worlds ship
ments were s,2s6.000 bushels. The
amount OF wheat and -four on ocean pas
sage decreased I. $50 GOO bushels.
Oats were strong and active throughout
the session. Buying was general and
several large transactions took place. It
was reported thsS country interests were
canoelling selling orders and buying IN
stead, owing TO late seeding. The corn
strength and the weather were bullish
factors. Receipts were 2o3 cars. May
sold between 255s and 261sc, and closed sc
higher, at 257sQ26c.
The provisions market was neglected.
Prices, however, ruled steady in sympa-
thy with the corn strength, although
hog prices were lower. The range was
narrow July pork closed a shade higher,
at 81 57lk; July lard unchanged at $. o2la,
and July ribs PIC lower, AT $7-92lz.
Estimated receipts tomorrow; Wheat
100 cars; corn, 140 cars; oats, As cars;
hogs, Is eco head
Onhtn AMI pRO1IICE MkRKETS