The Washington times., 1902-08-31

ted him s103,60O. This was in June, two
of purchases and sales. The operation
opened on May 25. Phillips was short
100000 bushels at that time. He sold
900 at 66A and 100000 at 667s. AZ
ter Il little wavering the market went to
669s. broker offering 1OO.O 900 at that
price Phillips figured this was the bot
tom price. The broker in question kept
up his offer, but no one seemed anxious
to buy. Phillips slipped quietly up and
uttered the usual: "Scld'
At the Lowest Ebb.
Make It 200. .OOO." said the broker.
Phillips nodded an assent. Then 1t was
the young speculator had a talk with his
friend HILL He told Hill of his ideas
and of his conviction that wheat had
reached It's lowest price. Go ahead il
you have faith in it, said Hill. Buy
20G 900 more
Phillips, firm in his conviction. con-
Quoted the operation, getting 100000
more bushels at 66ss. Then the market
began to rise and one week after the
last purchase wheat was selling at 10
with plenty Of purchasers.
Phillips had another talk with Hill,
the result being the purchase of still
another 200 900. The next Gay TIE price
was up to Il. and before the day had
closed it had reached 7219. Phillips sold
400, ,0o0 at -, and bought it back the
same day at a lower figure. Then he
again scld 900 at S2iz. and bought it
back at s1A. He carried his entire hold
irgs up to s5% and made profit of
S1GS.O01 in exactly thirty days.
Another Speculation.
E In November of that same year the
farmers friend made another specu-
lation that netted s1s7.o00 in less than
a month. There was an operator trying
to corner corn for May. He tired of that
and changed his plans to July. firing
of that he changed TO September and
then he changed again to October. The
market was fuctuating from 36 to A.
He carried all the cash corn during
those months.
This was shipped out until there re-
maiued in store only 100000 bushels OF
contract corn in Chicago. Phillips fig
ured the situation as a certainty. The
man had the game in his own hands.
Fancy my astonshment,' said ne.
when the fellow began selling Oc-
tober corn and then November. This
selling created bearish feeling on the
option. Others began selling.
1 went TO Hill and told him he would
have cinch II he would sail in and buy
:. 900 600 bushels. Hill told me TO go
ahead. and did, buying November and
selling May at the same price. There
was money in the saving on carrying
thought the seller of the No.
vember. BY November l. I had accu-
mulated 100000 at an average of S6s.,
and for ten days November cash corn
was saIable at SS. 1t advanced steadily
to ~. Then l began TO sell. l sold $780,
300 bushels between ~ and 45. and by
November Goth l had made the pile"
Appeals From Victims.
1t was on this deal Phillips was ap-
pealed to so frequently by men who
aere getting bitten. He operated SO
quietly that no one knew what he had
lone until his task was completed No
one paid any attention to him. But
they did after they realized the situa-
ton.
Another chance will come along" said
Phillips. closing his Interview. Every
one should understand the value OF ths
farmer. They will realize some day
il they won't dig potatoes they must
pay the man who does, for they can't
get away from the soil. and they must
get their living from it. If man is
pounding boiler iron. or erkirg in a
bank. he may think he has nothing 10
10 with the farmer. But ne has, and he
,an't get away from it. 1t is natures
law"