The Wichita daily eagle. [volume] (Wichita, Kan.) 1890-1906, 1902-01-15
TUMULT IN
GRAIN PITS
Failure Of Phillips TO Advance
Margins on Deal
THREATENS A PANIC
Close Finds the Market Under
Usual Influence.
RYE SUFFERS sc LOSS
Wheat, Corn and Oats Lose
From l-8 10 3-8c,
RYE SUFFERS sc LOSS

Chicago, Jan. f4-There was tumult
today in the grain pits For time
panic Of depression threatened everything
and all other news was subordinate to the
failure Of George II. Phillips to advance
margins on his deals and the consequent
unloading Of many million bushels OF GER
calls on the already weakened markets
After the early wide and rapid huctua-
lions and heavily short market had alb
sorbed the Phillips stuff 10 the profit OF
many a bear, the markets quoted and
gradually came under usual influences.
The close was much better than had been
expected. Nay wheat suffered net
loss of I-2c. May corn 3-SII-2c and May
oats I-sa1-4c and Nay rye SC. Provisions
closed independent 10Q121-2c 10 l5Gl7I-2c
higher.
When just before the opening OF the
board the notice was posted at the re-
quest of Phillips that houses having open
deals with him close them out at once
traders became badly frightened Late
list night It was known that Phillips was
in a tight pinch 10 make good his margins
because Of the small raid on his 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 BAY wheat was selling 10
11-2l5-Sc down at sQ1-2c 10 sec. Such
prices were bargains 70 the heavily short
bear crowd and everywhere covering was
the feature But IiquidatiOns both BY
longs and the Phillips houses kept up at
a tremendous rate. The Phillips stuff
was estimated at five and a half millions
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 panic
Covering and some late bull support put
the price for May up again 20 81 l-4c, but
the effect Of the failure vas sttll felt and
the market sagged again 10 50 5-Sc. By
the mon hour the usual conditions began
To have their effect and the market quiet
ed down. The slightly lower cables which
were overlooked at the opening showed
but q small reflection of the weakness
yesterday il this market and the contin-
ued reports OF no moisture in the wheat
belt helped press prices upward again.
Some bulls came in the market at the
low prices and May closed barely weak
1-2c down at S1TS1 1-Sc. Local receipts
were s. cars. , Of contract grade; Mime
apoIis and Duluth reported Ill cars, max
ing a total for the points OF 40 against
384 last wwek and Al year ago Pr
mary receipts were 557 600 bushels COM
pared with SCI. 600 bushels year ago.
Seaboard clearances in wheat and -four
eouailed So go bushels The worlds Wis
ible supply decreased IS. Gro bushels
Corn opened weak and lower. The
selling for the Phillips accounts was
estimated at half a million bushels IN
general the reactions were about the
same a in wheat. May opened 1isGit 70
ssaas down. al 6nz 20 o. Selling orders
were mitch IN evidence throughout the
session The cash situation was duh
and the salvation Of the pit rested almost
entirely on the covering OF the heavy
shor taccounts. After the opening slump
there was sharp reaction 70 o7ss, silgnt-
lv above yesterday s close. The advance
was lost. however. when wheat weak
ened again There was some attempt
AT bulling and late in the session the re-
action brought a close only slightly weak.
ss1Ia lower. at 65ia. Receipts were IL
cars
oats had the same troubles TO contend
against as the other pits. There were
about coo 90 bushels sold here TO close the
Phillips deals. As in other markets
shorts were the buyers. This pit, how
ever. showed a considerable independence
at the opening May started "a 3 lower
al A. slumping 70 49, but jumped hack
quickly 70 46ssu7s higher than yester-
day. \ good many traders who sold
&
losses but after the early excitement
trade auleted down. Bulls dfd not at
tempt much support TO this market May
close dsteadv, 1sG2l lower. II So Re-
ceipts were sc cars.
Rye the pit which caused al the
trouble. had The hardest day Of all. Yes
rarisv the fancy deal which Phillips Is
said TO have started was raised By one
or two elevator concerns and at one time
there was three cent depression. SUPPORT
had buoved prices up Dut brokers be-
came afraia OK the Phillips deals and
had demanded the fun ten Fer cent mar
gins HE was understood To De over : co.,
Gee bushels long and when his closing not
ice was posted at the opening MAY prices
were q, 70 81, down az * 10 o. The
heavy liquidation that began at once vas
more than this Usually small pit couid
stand ard May dropped even % g. A. this
figure short and long buying began hy a
prominent house which absorbed nearly
an the PhmiIlips stun which brought 4
reaction 70 soc. The close was weak three
cents lower 81 63aac.
Provisions showed marked strength ard
Independence Immediately after the open
ins. Al the start there was a depression
on the grain slump but outside buying
and an improved hog market oIsoyed
price 70 a Erm close May pork closed
I51l7lzc Up a. 1-.IT1z. May lard i1lec
higher at s9.-7l- ard Nay rios az - adj
vanced al $Ss-l. Gs-74
Estimated receipts for rou1orrov- Wheat
= ears corn s ears, oats. I'D cars hogs.
sac head
17.V.t .ss1 o20-4s-u -sa5Hz