The Minneapolis journal. [volume] (Minneapolis, Minn.) 1888-1939, 1902-01-14
RANGE MAY WHEAT
OTHER GRAIN MARKETS
Phillips Episode Introduces an Ele-
ment of Panic.
CHICAGO GRAIN

ment of Panic.
Chicago, Jan. 14.-All grains opened pan
icky to-day on the announcement that George
Phillips had been forced to close out all his
Liberal receipts and slightly lower cables
were insignificant compared with 100000 blu
of long wheat, said to be held by Phillips,
which the crowd expected would at once be
thrown on the market. May wheat opened
with a bad slump, lie to 114@15sc depressed,
at 801a@80c. Bears were in high spirits, and
pounded at prices, though many took adyan-
tage of the state Of affairs to cover their short
lines to good advantage. Trade was enor-
nous. The pit was In a frenzy and deals
were so rapid it was almost impossible to dis
the first bad slump, concerted support by
the bull faction pressed May back to S1Ac,
but this would not hold long on the heavy
selling, and it slid back to SO5sc. At the end
of the first hour the recovery had reached
807sc for May. Local receipts were " cars,
two OF contract grade; Minneapolis and Du-
luth reported AL cars, making total for
the three points of AT cars, against 1874 last
week and Ala a year ago.
For a time after the opening excitement
wheat turned dull, but later, on heavy liqui-
slipped back to so1zc and the market disap-
pointed many early buyers. The pit, how
ever, was heavily short. and. In spite Of the
bought so literally that prices reacted and
May CLOSED weak, but much higher than was
expectad-3zc down, at s1@s1Ac;
soss@soMc: Cash: No No red s41sGs5kc; No:
red. 1a@s5c; No. hard winter. 777a@7ehc;
srn spr aaga sasas No. s Rsfsa
Nay Cor Corn siump p i%g1Ae e ss@Ac at
e41sc to Coo, at the opening. The tone here
was very weak, and Phillips was the only
influence. Cables were slightly lower, but
were Insignificant. There was heavy selling.
1t Is not understood that Phillips was heav-
lily Interested in corn, but the selling went
on at tremendous rate at the opening. A
great deal Of it, however, was wanted on the
decline, and there was a slow recovery for
May options to 65Ac, followed by setback
of Nc. Receipts were Ill cars.
After the early rally in corn, the market
turned very weak and almost ran back to the
low sna IS here as9
at 65Ac.
Close: January, s12sc; May, e5Ac; July,
64B@65c; No. 3, 61@61kc.
Oats had the strongest tone of any of the
pits. Trade opened very excited and at
once assumed large proportions May start
ed A@Ae lower at 46c,. and sagged to 441kc,
back the onslaught of the bears and prices
readily went to 1880, a decided Improvement
over yesterdays close. Apparently there was
little Phillips selling, and the pit continued
in the somewhat Independent tone it had
shown for the last few weeks. After the
early bulge the weakness of the other pits
gradually had an effect and May eased back
to 451ac. Receipts were 292 cars.
Rye was the most excited on the floor early
A fancy DEAL had been carried in this GER
cal and it was the raid on Phillips yesterday
in this pit that started the brokers to asking
for the full 10 per cent margins in all his
deals, and which led to his closing. Rye
opened 4Ac to SIC down at &c to Gle on the
failure. and slumped to 6Oc. Phillips is said
to have carried 100000 blu long in this pit
At the low prices a prominent house began
to absorb nearly everyt thing offered and the
price rallied to Csc.
Close: January 44%c; May. 45ssc; July,
40Ac; September, 335sc; cash No. 2, 451a9
45Ac; No. 3, 45D45Kc.
be Po11o xyir,p r.,oo fha $50.