The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1902-01-15
CHICAGO CHANGE.

CHICAGO, Jan. 14.-There was tumuIt
today IN the grain pits. For a time a
panic or depression threatened every
thing. All other news was subordinate
to the failure of George III. Phillips to
advance margins on his deals and the
consequent unloading of many million
bu Of cereals on the already weakening
markets. After the early wide and rapid
fluctuations and a heavily short market
had absorbed the Phillips stuff to the
profit of many a bear, the markets quiet
ed and gradually came under usual in
huenceS. The close was much better
than had been expected. May wheat suf-
Tered a net loss of 42c, May corn asG12c,
May oats 7s@Ac and May rye &c. Provis-
ions closed independent 10G121sc to $50
l772c higher.
When, just before the opening of the
BOARD, the notice was posted, at the re-
quest of Phillips, that house having open
deals with him close them out at once,
traders became badly frightened The
Philips stuff was estimated at $500, 0O1-
all Which was put out almost at the very
start Of the market. The large extent
OF the short accounts is credited with
having saved the market from a panic
Covering and some late bull support put
the price for May up again to size, but
the effect Of the failure was still felt
and the market sagged again to SOssc
Some bulls came into the market at the
low prices, and May closed barely weak
zee down at S1QS11sc. Local receipts were
6S cars, two of contract grade; Mime
apol1s and Duluth reported AL cars, max
ing total for the three points of 49,
against 384 last week and 474 a. wear ago
Primary receipts were $751; 600 bu. compar-
ed with $4,000 bu a year ago. SeabOard-
clearances in wheat and flour equaled
551,OOo Du. The worlds visible supply de-
creased $4,000 blu.
Corn opened weak and lower. The SELL
ing for the Phillips account was estimat-
ed at 500,00 blu. In general the reactions
were much the same as in wheat May
opened 11sQ74c to 3s0S4c down at slice to
69c. The cash situation was dull and
the salvation of the pit rested almost
entirely on the heavy short accounts.
AFTER the opening slump there was a
sharp reaction to 657sc-slightly above
yesterdays close. The advance was lost
however, when wheat weakened again.
There was some attempt at bulling, and
late 1n> the session the reaction brought
a close only slightly weak, 3s@15c lower
at 65Ac. Receipts were III cars
oats had the same troubles to contend
against as the other pits. There were
about 100000 blu sold here to close the
Phillips deals. In other markets shorts
were the buyers. This pit, however.
showed considerable independence at
the opening. May started AGAc lower at
45c, Slumped to 441ac, but Jumped back
quickly to 465s@467sc higher than yester-
day. Bulls did not attempt much sup
port to this market. May closed steady,
4s0Ac lower at 455sc. Receipts were .92
cars.
Rye had the hardest day of all. Phil
npS was understood to be over Goo 600
ou long, and when his failure was post
ed at the opening, May prices were 434c
to 5Ac down at &c to Gle. The heavy
liquidation that began at once was more
than this usually small pit could stand,
and May dropped even to Soc At this fig
ure short covering and long buying by
prominent house, which absorbed nearly
all the Phillips stuff, brought a reaction
to Soc. The close was weak &c lower at
$3.50.
Provisions showed marked strength and
independence Immediately after the OPEN
ing. At the start there was a depression
on the grain slump, but outside buying
and an improved hog market buoyed
prices to firm close. May pork closed
154l7c up at 17.1712; May lard, 7326lOc
higher at $9.7712. and May ribs 10G121Ic
advanced at IS. 6715dS. 20.
The estimated receipts for tomorrow
are: Wheat 80 cars; corn, 55 cars; oats,
10 cars, and $4,000 head of hogs.
The leading futures ranged as follows: