The Montgomery advertiser., 1902-01-15
Chicago Grain and Provisions.

CHICAGO Jan. l4.-There was tumult today in the grain pits. For time panic of depres- was subordinate to the failure of George H Phillips to advance margins on his deals and the consequent unloading ot many million markets. After the early wide and rapid fluc- tuations and heavy short market had ab- sorbed the Phillips stuff to the profit of many a bear. the markets quieted and gradually came under usual influences The close was much better than had been expected. May wheat suffered net loss of #, May corn ssa F. May oats h@As and May rye Sc. Provisions closed independent io@l21s to ls9i7ls higher.
 When just before the opening of the board the notice was posted at the request of Phil lips that houses having open deals with him close them out at once, traders became badly frightened, Late last night it was known that Phillips was in a tight pinch to make good rye deals made yesterday Bears in the wheat pit began augmenting the size of the load of long wheat which rumor credited him with Bulls who had been wavering for the past few days became frightened and the result was that when the starting gong sounded May soc. Such prices were bargains to the heav- fly short bear crowd and everywhere covering was the feature, But liquidation both by longs and the Phillips houses kept up at tre- mendous rate. The Phillips stun was estl- mated at five and a half millions. all of which put out almost at the very start oe the market The large extent of the short account is credited with having saved the market from a panic; Covering and some late bull
  elA. but the effect of the failure was still felt and the market sagged again to Sohs to have their effect and the market quieted down. The slightly lower cables, which were overlooked at the opening showed but small reflection of the weakness yesterday in this market and the continued reports of no mois- ture in the Winter belt helped press pi ices up- ward again. Some bulls came in the market at the low prices and May closed barely weak E down at SlQ5ih. Local receipts were 6S cars. 2 contract grade; Minnesota and Duluth
 
 points of 47s, against ss4 last week and 47.i 2 year ago. Primary receipts were 557 900 year ago seaboard clearances in wheat and visible supply decreased 5as, 600 bushels:
 Corn opened weak and lower. The selling for the Phillips account was estimated at half million bushels. In general the reac- tions were much the same as in wheat; Maj opened Ih9lA to l%@I% down at 64hd65 Selling orders were much in evidence through out the session. The cash situation was dull and the salvation of the pit rested almost en- tirely on the covering of the heavy short ac- counts. After the opening slump there was a days close The advance was lost, however. when wheat weakened again. There was some attempt at pulling and late in the session the %d1ac lower at 65L. Receipts were 7I cars
 Oats had the same trouble to contend against bushels sold here to close the Phillips deals As in other markets. shorts were the buyer3 This pit, however. showed a considerable in
  lower at 45, slumped to .44M, but jumped back quickly to 46fs Bc higher than yesterday. A good many traders who sold short at the open ing were caught for losses. hut after the early excitement trade quieted down and eased ma terially. Bulls did not attempt much support to this marekt. May closed steady. 1sQA lower at 45Ss Receipts 2e2 cars.
 Rye-the pit which caused all the trouble had the hardest day of all. Yesterday the fancy deal which Phillips is said to have started was raided by one two elevator concerns and at one time there Sc de- precision. Support had buoyed prices up. but brokers became afraid of the Phillips deals and had demanded the full 10 per cent. mar gins. He was understood to be over 1000 900 long and when his closing notice was posted at the opening May prices were 4at to Sac down at 62n6l. The heavy liquidation that began at once was than this usually small pit could stand, and May dropped even to 60 At this figure short covering and long buying hv a prominent house which absorbed nearly all the Phillips stuff brought reaction tn 65 The close was weak. Sc lower at 63S,.
 Provisions showed marked strength end in dependence immediately after the opening. At the start there was a depression in the grain slump but outsld buying and an improved hog market buoyed prices to a firm close. May pork closed | 5n i7le up at $I7. l7ie. May lard 74a O. higher at Sc e77'2: angd May ribs lou 2i.c advanced at S8 67lsd8, 70.
 The leading futures ranged as follows: