| Show YUU YOUNGS NG KIN G RULES CORN COHN I rj 1 C I George Georg H ii Phillips JS Shows hoS S Mastery of Market Mark 4 4 KEEPS THE TIlE PRICE AROUND ABOUND 50 CENTS I 4 Attempts to Baffle Him Hinl Are AreY Tain Y Rill 4 I Chicago Nov Noy 26 November corn touched SO 56 cents today It made an advance of 5 cents for the day of 10 cents a bushel for the week and of al almost almost almost most 1 15 cents withIn tUlin four Jour weeks George Phillips sold what corn coin chang changed ed cd hands at that point shorts did the buying bu ing that advanced the market to the SO 50 O cent quotation The 5 cent ad advance advance advance I I vance over the close of last week made the day dy a notable one ne for the cam campaign camp campaign p A roar and a tl cheer gave notice of the achievement achi veme t and there was a 8 flocking toward the al already already ready overcrowded corn pit from frum fry m all allover allover allover over the floor The tiptop figure was made in the first hour Bour November starting at 46 cents sell seU selling ing lag between 46 41 and 56 50 cents and clos clo closing ing at 49 4 cents The slight final re recession recession recession cession was like the others which have Leen teen experienced l brought about Hy ily tJ selling t by the bull buil leader The young man with the corner in inthe inthe inthe the hollow of his hand is apparently not ready to let Jet it get away from him I He has watched the careers of other i men with corners and believes that I most of them lost because of ot their greed to extort the last pen peny y All morning corn corp king stood on the edge of U time Ule e pit and watched the ebb and flow of the battle Whenever the clamorous shorts howled up th tb price in the face of unresponsive tak takers takers takers ers he pushed to the front tron t of the line I and let out more corn Shows Himself Master ter Some S me of the dealers thought the juve speculator was in straits and was running to wind up his string They jumped on the and tried to ro sell corn at 47 cents Phillips turn turned turned turned ed instantly from seller to buyer from bear to bull ar and l snapped up every man who was offering to shade the price that he was making The decline stop stopped stopped ped pod at once Phillips showed to the corn pit that he was as its master ma ter that he could regulate it at will The fol followers followers followers lowers who tried to get some of the theOrn corn Orn kings money in the delusion that he was weakening are now wondering where they will get off on Friday Frid The closing price was as 49 48 cents a 8 reaction due to Phillips buying It was significant cant to some traders that the firms who are reputed to be beat beat beat at the mercy of Phillips have not given any sign of excitement or worry They have not shown their hands in the pit They are watching affairs as closely closel as the king of the golden cereal There is still un some talk of special trains com corn cornIng coming comIng ing from the country with corn enough to make good the obligations to t Phil Phillips Phillips Phillips lips To the outsider there is no sign of this predicted movement Little Corn Com In Sight The receipts for fot the day including Sunday were more than gOO cars not more than then It I per percent cent graded g ad d No 2 Compared Compa red to the requirements for set settling thug day dar this thin was not a drop in m the thEt t ih c C Y bucket Advices from the corn belt are that corn is damp and under grade gr de deVery Very little of the new crop has been taken from the husk The rains of the past two weeks have stopped outdoor operations The Th excited market was the unmistakable admission of the corn trade that Phillips has a cinch on his cor corner corner corner ner Some of the other brokers who ho tried to nurse a little corner in No November November November vember corn last ast summer gummer and who got g t tired about the time they had worked work d the bulk of the contract corn off the market and nd left a smooth path for their successor envy the little fellow but they are not throwing anything in his path takes Makes 30 OO In One Day Phillips conduct today won him hint great praise pr ise Few men have been able to keep a cool head under like circum circumstances circumstances circumstances stances He parted w with fth bushels about of his holdings He bought when the bears bear tried to drag him off his pedestal He made Apparently he is going to keep the settling price around 50 fit O If the shorts are a coup c up on the last day they the may wake up to find that tha Phillips has closed out his line He claims now that he cannot be squeezed whatever may happen As s long J ng as he keeps on selling more than he buys and holds the market down to b 60 0 cents he is seemingly too nimble t to tobe tobe be crowded off the market with his corner Other speculators have been p 1 f T y c broken by buying at a big price in or order der dec to hold up the market and paying out their funds on margins George A Seaverns is said to be giving givIng ing aid to Phillips Some think the elevator man is backing his former em employee employee employee in the trade At any rate the drying and house bouse of Seaverns I which in the past has been able to turn turnout turnout lOUt out contract corn with great rapidity in times of stress has not added a I bushel to the supply since the Phillips I corner has developed Mr Ir Seaverns I inactivity is not credited to pure bene benei benevolence i olence in the success of his former I I employee Highest Price In Five Years price o ot of corn is the highest since June 1895 when a predicted famine ran up the price for cash corn December corn felt the influence of the short grading in November and went up half a cent over Saturday The action of the appeals committee in turning down as below contract I grade two cargoes tendered Phillips by CoUnselman and had hadI the expected effect of strengthening the I position of the bull leader and adding i further worry to the troubles already II heaped upon the shoulders of the shorts k l I |
