The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1901-04-04
STANDING PAT
THINKS HE HOLDS THE ri IN
THE CORN AND OATS PITS.
Enormous Liquidation Causes Heavy
Declines i'm Corn and Whent-Pro-
visions Irregular. Pork Weak.

CHICAGO. April 3.-Titanic speculative
forces combated each other in the cereal
pits to-day. \ fierce attack by the bear
contingent compelled a sharp decline in ali
the grains. Longs, led by Phillips. suf-
fered severely, but retired from the field
still unbeaten. Phillips was driven from
the wheat market, but held to corn and
oats, which he is credited with controlling.
May wheat closed 17sQ2c lower. May corn
Use down and May oats Ad5sc depressed.
Provisions closed l71sc higher to l5c lower.
Bear forces, which had been gathering
their energies for the onslaught meant. 1t
was believed by many. for the crushing Of
George III. Phillips. credited with being in
control of the market, broke out at the
opening of the corn market. as they also
did in wheat and oats. Enormous selling
pressure, influenced somewhat, perhaps. b.
weak cables, was exerted at the opening.
May was sold from 42s4c to 42c. compared
with Mondays close at 43iRc. This marked
a decline of over &c since Saturday, yet
Phillips and his following, acting through
a new force of brokers, rallied TO the sup
port of the market and added still more
TO his holdings, even then estimated close
10 10,O00,O0O bu. May gradually worked back
to 43c, when the bear attack. aided BY
weak longs, again began its %hammering
tactics and sent May back to 4024c under
a deluge of corn. The bulls, aided b.
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 l3sc under Monday at Also.
Local receipts were 99i cars, 50 of cOntracl
grade. for two days. Country offerings
were meager, but the shipping demand Was
also slack. Phillips has put up $4a,OvO mar
gins on corn since Saturday-S2O,OW on
Monday and S2OO,00 to-day.
Wheat was acLve and weak under the
weak cables, heavy. receipts and good
weather. May opened 1zc 10 1ssc lower at
75Sc TO 73c under liquidation led by Phil
lips. Twice slight rallies took place under
reports of heavy export sales, but the
liquidation continued, and May yielded TO
TlRQ71fsc. Proft-taking by shorts caused
a rally near the end. but the close was
weak, May ltsM2c lower at f2Ssqi2hsc. Ex-
port sales We're said to aggregate more
than 100000 bu. 10000 from here. Pri-
mary receipts were $4,000 bu, compared
ances in wheat and -four were equal to
5S2.v vi bu. Local receipts for two days
were III cars, one or contract grade. 4aain-
neapolis and Duluth reported 421 cars,
against SOC last week and ga a year ago.
Oats showed remarkabl bic steadinesS N
the face of surrounding and
there was considerable buying for a reac-
ton in consequence. In this market, as IN
corn, Phillips. heavily long, stood firm.
Good outside buying and an excellent cash
demand also worked TO sustain the market.
May sold between 245sc early, and 2512c,
and closed AQ5sc lower at 24asc. Receipts
were 354 cars.
Provisions were active and irregular, the
market being strong for lard and ribs, bur
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
SIS. As: May lard between $S.371a and $3.50,
closed 171ac up at sS.471z, and May ribs be-
tween $3.50 and $3.50, with the close &c
improved at $S.25.
Estimated receipts tomorrow: Wheat, 30
cars; corn, 25 cars; oats, $50 cars; hogs,
25 600 head.