The daily morning journal and courier., 1902-01-15
CORN KING TIGHTLY PINCHED
GEORGE H. PHILLIPS FAILS TO
 ADVANCE HIS MARGINS.


 Phillips Gave Orders That Houso
 Having Open Deals With Him Clos,
 Them Out at Once.
 Chicago, Jan. 14-There was tumult to-day in the grain pit. For time a
 panic of depression threatened every
 thing. All other news was subordinate
 to the failure of George H. Phillips to
 advance margins on his deals and the
 consequent unloading of many million bushels of cereals on the already weak
 ening markets After the early wide
 and rapid fluctuations and a heavily l short market had absorbed the Philips stuff 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 a net loss of half
 cent; May corn 3-S@1-2; May oats 1-S@ | IA and May rye cents. Provisions
 closed independent 10612 1-2 cents to | 15@17 1-2 cents 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 fright
 ened. Late last night it was known | that Phillips was in tight pinch to
 make good his margins because of the small raid on his rye deals made yes terday. 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 two days became frightened and the result was that when the start ing gong sounded, May wheat was sell ing one cent to 1 1-2@5S cents down at so 1-2 to so cents. Such prices were bargains to the heavily short bear crowd and everywhere covering was the feature, but liquidation both by longs and the Phillips houses kept up sales at tremendous rate. The Phil lips stuff was estimated at five and half millions-all of which was put out almost at the very stadt of the market. The large extent of the short accounts is credited with having saved the mar ket from the panic. Covering and some late bull support put the price for May up again to S1 IA. but the effect of the failure was still felt and the market sagged again to 80 5-S. By the noon 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 a small reflection of the weakness yesterday in this market and the continued reports of no moisture in the winter belt helped press prices up ward again. Some bulls came in the market at the low prices and May closed barely weak, 1-2 cent down at S1 IS
 Seaboard clearances in wheat and flour equalled 5s7 ,O0o bushels.
 Corn opened weak and lower. The selling for the Phillips account was estimated at half million bushels. In general the reactions were much the same as in wheat. May opened 1An 4 to 5s@a cent down. at 64Ia to e5. Selling orders were much in evidence throughout the session. The cash sit uation was dull and the salvation of the pit rested almost entirely on the covering of the heavy short accounts After the opening slump there was a sharp reaction to 65%, slightly above yesterdays close The advance was lost, however, when wheat weakened again There was some attempt at bull ing and late in the session the reaction brought a close only slightly weak, 3s0 F cent lower at 65A
 Oats had the same troubles to con. tend against as the other pits. There were about 600,000 bushels sold here to close the Phillips deal As in other 1 markets shorts were the buyers. This | pit, however, showed considerable in- dependence at the opening. May started | A@B cents lower at 45 slumped to 441a, | but jumped back quickly to 46%, X 1 cent higher than yesterday. A good | many traders who sold short at the opening were caught for losses, but af- ter the early excitement trade quieted | down and eased materially. Bulls did | not attempt much support to this market. May closed steady 7h@A cent over at 455s.
 Rye--the pit which caused all the -rouble had the hardest day of all. Yesterday the fancy" deal which Phil ips is said to have started, was raided oy one or two elevator concerns and at me time there was three cents depres- jion. Support had buoyed prices up, ut brogers became afraid of the Phil ips deals and had demanded the full en per cent. margins. He was under tood to be over 1000, 900 bushes long lnd when his notice was posted at the pening May prices were "A to 54 ents down, at 62 to 61. The heavy li- Iuidation that began at once was more han this usually small pit could stand nd May dropped even to SO cents. At his figure short coverings and long uying by a prominent house which ab orbed nearly all the Phillips stuff rought a reaction to 65 cents The losing was weak, cents lower at 66s4. Provisions showed marked strength nd independence immediately after the pening At the start there was a de- ression on the grain slump, but out i ide buying and an improved hog ! 1arket buoyed prices to a firm close. lay pork closed 15@171h cents up at l 1171a; May lard 71a@1O cents higher at t 7712. and May ribs 10612 cents advanc- 2 d at S67k@S7O | Vienna, Jan. 14.-The apostolic puucio | ere Mgr. F. Taliani, will otf1ciate at the neral next Wednesday of the late Senor \ 'se Teresa Miranda, Mexican minister C
 Austria Hungary, who died here Janu- 2 " Il. n