The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1901-04-25
CORN HELD BY PHILLIPS
WHO PUSHES THE PRICE TO ANOTH.
ER 4 RECORD.
Wheat Strong and Higher i'm SYM
patay-Good Gain I'm Oats and
Advances in Provisions.

CHICAGO, April 24.-The manipulated
market for May corn scored another rec
ord-breaking advance to-day. closing lssc
higher. Wheat closed %c and oats sc
higher. largely in sympathy. Provisions
at the close were 21ed 1ikc improved.
The concentrated condition of May corn
in the hands Of Phillips and his following
OF bulls was fully apparent in the course
of the market. Bids on an ascending scale
which set a fresh high record for the crop
at every fractional spot brought out only
meager sales. And this was in the face OF
the assertion by elevator interests that
country acceptances last night were con-
siderably larger than for some time. On
the other hand. however. was a firm foun-
dation for bull sentiment. The days re-
ceipts eighty cars. with only ten of con-
tract grade. were the smallest in eighteen
months. Crop bulletins reported that no
corn had been planted north OF the Ohio
river. and for the first time i'm some days
there was a cash inquiry. 1t is doubtful If
any actual transactions took place for
shipment, however. as Phillips bid 5Olkc in
the open market for No. 3 and got none.
May opened unchanged to &c higher at
4615c to 47c. and i'm a few minutes shot up
to 4Sc. The short interest. apparently, has
been pretty well eliminated. as the bidding
was mostly by bulls, led by Phillips. who
got only 100000 bushels Of May. At the top
this support was withdrawn for a time,
and the market reacted suddenly to 47c.
where it steadied on renewed bull support
and reacted sharply to 4sc. For an hour
or so the market fuctuated narrowly under
this figure. but near the close. in an at
faupnf IN fill a fau country orders WAS hid
to 4S14c. A reaction to 477sc followed. but
the close was strong, 1ssc higher at 4ssc.
Traffic in wheat futures was active. May
opened sc to sc higher at 711c to 71s4c. be-
cause cables were steady and in sympathy
with the corn strength. Country belief in
gorgeous crop prospects was reflected in
selling orders, and for a few minutes there
were indications of easiness. May, how
ever, worked only to 71%Q11kc. Outside
sentiment turned bullish. and ruled thus 10
the end. The aggressive corn strength and
highly encouraging export talk were the
main factors, but a heavy worlds visible
decrease was also influential. The seaboard
reported sixty-two loads taken for the
other side; cash sales here were put at half
a million. largely to "a St. Louis exporting
house. May ascended steadily to 72%c be-
fore offerings became sufficient TO check
the advance. They were to secure profits.
May was thus worked back TO i2qI2tc.
The close was strong ana nc nlgner at izp
721sc. Seaboard clearances were 112.0O0 bu.
Primary receipts aggregated $4,000 bu.
compared with 294, 600 bu last year. Local
receipts were 81 cars. one OF contract grade.
Minneapolis and Dulth reported 23 cars,
against 163 last week and 20 a year ago.
The strength of wheat and corn, an ex-
cellent demand for the cash article and the
backwardness of the season combined to
give the oats market activity and strength.
Oats for May delivery were in special de-
mand from elevator people. and jumped
from nc to a full cent over July. Receipts
were 1853 cars. May sold between 25&c and
262c and closed sac higher at 25ssc.
Provisions were dull and neglected. The
opening was easy. but prices steadied later
In sympathy with the cereal markets. July
pork closed TIC higher at S14.52B: July lard
Sc up at s.. 02k6s.05. and July ribs 2l1c bet
ter at 81 .90fT7 .92k.
receipts tomorrow: Wheat. 10
cars: corn, IS cars; oats, 175 cars; hogs.
p, 1000 head.