Evening times-Republican. [volume] (Marshalltown, Iowa) 1890-1923, 1902-01-14
GRAIN TRADE EXCITED
Failure of Phillips Causes a
Quick Slump in all
the Pits.
Drop of Cent and a Half in
Wheat at the 0p.
enins.
Later All the Markets Rallied.
Trade Was Enormous..Live.
stock Strong.

Chicago, Jan. 4-All grains opened
panicky today on the announcement
that George H. Phillips had been forced
to close out all his open deals for want
CT sufficient margins. Everything else
in the way OF news was overlooked ir
the excitement of the failure. LIBERIA
receipts and slightly lower cables were
insignificant compared with the 5000,-
0Co bushels Of long wheat said to be held
by Phillips, which the crowd expected
would at once be thrown on the market
May wheat opened 1 to 11tdlss cents
lower at seG10is. The bears were In
high spirits and pounded at prices. the
many took advantage of the state of at
fairs to cover their short lines to good
advantage. Trade was enormous. The
pit was in frenzy and deals were SC
rapid that 1t was almost impossible tc
distinguish which way the current ran
After the first slump concerted support
by the bull faction pressed May up to
S1A, but this would not hold long in the
heavy selling, and it slid back to SOS. AT
the end of the first hour the recovery
haa reached S0h for May.
For time after the opening ex-
element wheat turned dull, but later
On heavy liquidation became very active
again. May dropped back to s01s and
the market disappointed many early
buyers. The pit. however, was heavily
short and in spite of selling by COM
mission houses shorts bought so liberal
~ that prices reacted and closed weak u
OF cent down at SlGS1ls.
May corn siumped 1kd1A cents to II
Ga OF a cent at 6411 to IS at the opening
The tone here was very weak. Phillips
was the only influence. Cables were
slightly lower. There was heavy selling
1t is not understood that Phillips is
heavily interested In corn, but selling
went on at a tremendous rate at the
opening. A great deal Of it, however,
vas wanted on the decline and there
was slow recovery for May to 652.
followed by a setback of 65A.
After rally in corn the market
turned very weak and almost ran back
10 the low opening point. Shorts covered
freely and May closed weak h@h of a
cent at ssh.
Oats had the strongest tone Of any
grain Trade opened very excited and
OF once assumed large proportions. May
started A@h of cent lower at 45 and
sasged to Az. but the strong bull sup
Fort pushed back the onslaught OF bears
end prices went to 46ss, decided i'm
lrovement over yesterdays close. APP
parsntly there was little Phillips selling.
After the early bulge the weakness in
other grains gradually had Its. effect and
day eased back to 45ls.
Rye was the most excited pit on the
floor early. A fancy deal had been
carried in this cereal and 1t was the
raid on Phillips yesterday in this pit
that started the brokers asking for the
full 10 per cent margins in all his deals
and which led to his closing. Rye opened
~ to So cents down at 81 TO 81 on the
failure and slumped to 60. Philips is
said to have carried 100000 bushels
long. At the low figures prominent
house began to absorb nearly everything
offered and the price rallied to 60.
Provisions were weak at the opening,
but had a fair recovery on outside buy
ing and an improved hog market.