The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1901-04-26
CLOSING OUT HIS LINE
SELLS SEVERAL MILLION
BUSHELS OF MAY CORN.
Wheat Makes n Small Advance on
Fly Damage Rcports-Oats Tn
ang Provisions Higher.

CHICAGO. April 25.-What looked like
the beginning of the end Of the Phillips
May corn deal was the feature of specu-
lation on Change to-day. Though heavily
sold. this option closed only sc lower.
Wheat advanced on damage claims and
moderate receipts. May closing i4c higher.
Oats closed unchanged and provisions "a
Csc TO 71zc improved.
The basic strength of the corn market.
Independent of the manipulation which had
made speculation in the May delivery a
nerve-racking proposition. was shown by
the yellow cereal during to-day's session
of the Board Of Trade. Phillips. credited
with attempting to run a corner, sold at
least 2.Oco. 900 bushels of Msy com snd
in doing so showed how firm was his hold
on the market. Although fluctuations
were violent. the close found May at 4Sc'
the price at which the bull leader had ad-
mitted his willingness TO sell. Meanwhile
he bought as much July as he had sold
of the nearer future. The market for May
opened &c lower TO Sc higher At 4f.sc 10
4s1ac. A big elevator house, through It's
representative, offered Phillips 4Sc Tor 4W.-
600 bushels Of May and SOt II OtheI
shorts, in wild alarm. tried TO cover, ana
sent the market to 49c. the highest price
of the crop for delivery, in "a few MIN
ulcS. PHILIPS SOlQ at Tx " CIV
way down to 4Sc. AT this price his realz-
ing stopped. He left the pit Tor a time
and this gave rise to a rumor tnat ne
had made a private settlement with shorts.
bearing that the market was about 10 col
lapse as ii did following the private set,
Element of the November deal, scattered
longs FASTENED TO unload and May proke
to 474c. Phillips at this point re-SnteIeH
the pit and a sharp rally 10 4sSsc tOlloWeu.
Later the market got back 10 4'1zc, put
again recovered and the close was at SOC,
- IL q 4 = estimated INA
the Phillips line of May at the close was
| about 100000 bushels. 1t is inquired thal
there will be this amount In store mere III
Nav, and that il will be delivered 10 nun
To-dav's receipts were seventy-two cars,
the smallest in years. From this the gen
| eral market derived much of its bulhsh,
ness. July corn sold between 44tsc ana
| 451ac, and closed AQ2sc higher at 4o1zc.
The market for wheat was active
strong and the broadest in weeks. MAY
opened 1s@Ac lower at &c TO Use IN sym,
patty with an easy tone at LiNerpooi anu
because the weather was hlgHly sdusAoS
tory TO farmers. Liberal sales We're maot
at the start, but there was a demand lol
| such breadth that an attempt was maue
to get the stuff back. The market In con-
sequence rallied to 725sc and later, lhhu'
enced by damage reports from -
where, IL was said, ny raNases MS -
ginning TO be apparent, up 10 ~
| 731ac. Realizing sales caused a reacuon u
| 72ssc during the afternoon. but dne clost
was strong. 12c higher IT '9@sI. INT "a" a.
market was dull. Seaboard c~learances ~
wheat and -four were equal to 5oZ.uOO push'
els. Primary receipts were 3@a.JO Doshels
compared with 444,O0 last year. Mlhiieap,
oils and Duluth reported a total OF IL
| cars. against 247 last week and $40 a yea
| ago. Local receipts were 43 cars, one OF
| contract grade.
Oats were fairly active and firm IN sym
| nathv with wheat and corn. May SOLO De
tween 26ssc and 267sd27c and closed un'
changed at 26Ssc.
Provisions were quiet but nrm III s.m'
natby With an advance of prices at the
wards. Fluctuations were narrow. july
pork closed &c higher at sla4f:; uiy lar'
211d5c up at s6.O71a. and July ribs disc III
proved at s7.9711QS. W.
Estimated receipts tomorrow: Nheat
AZ cars: corn. 90 cars: oats. 25 cars; hogs
| 10000 head.
oolino futuree ranged as follows.