The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1904-03-19
SULLYS FAILURE
VEAKENS MARKET
Violent Break in Cotton and
Grain Checks Advance in
Stocks.

The market opened strong and there
was quite little outside buying at
traeted by the continued rise land. there
was. also. some very urgent short covering
which afterwards was supposed to- be- for
D. j. Sully whose failure was announced
shortly after clock The market then
broke quite freely and the violent break
in cotton and grain had a disturbing Ell
feet. The market closed steady, but at
about lowest prices of the day. Wheat
ruled very weak.
- What the Brokers Say.
& Wheat ruled very weak. Professionals
were the buyers early on dry weather in
Kansas and Oklahoma, but the market
failing to respond. these purchases were
thrown over. Hfgh-prfced holdings came
out on decline on stop loss order. The
news offered little of encourag cement to
the bulls. Cables weak The Modern Miller
was decidedly bearish, reporting improved
iprospects over all winter wheat area EngF-
1 sh cables reported Argentine strike as
settled. Liverpool closed practically I'M
changed.
early trade and prices were marked up
sharply 7ou.s cash supply on comparatively
little business PIT shorts were buyers
on adverse opinion on board Of trade sIegal
advice regarding the. proposed rule max
ing No. 8 deliverable on contract. The
high level could not be maintained in view
of weakness in wheat, and there was
sharp break late in the session, especially
in July The cash situation is unaltered;
Demand is very poor and all grades of
local receipts, excepting the no grade,
were from 1c. TO 175e lower on the s sample
tables. Liverpool closed sd higher
OatS-There was some frmness dis
played by oats during the morning. The
local crowd was bullish, and in the alb
senee of any large trade maintained mar
ket for a time. Prices, however, fell in
line with wheat towards close. Receipts
were moderate and indications are for a
better movement from Illinois.
]. c. Geraghty & Co.'S correspondents
say of stocks:
Logan & Bryan-The market was lit
tie easier. 1t showed strength early. but
later in the day it sold off, being affected
to some extent by the failure on the cot
ton exchange. This is of course a tenn
porary influence. After SO persistent an
advance the market should naturally re-
act some Prevailing conditions are.
however, unchanged. Stocks are cheap
and general commercial and banking sit
uation very favorable. A good bank state
ment is expected tomorrow, although the
/, item of loans is somewhat in doubt. We
see very little to create any great selling
pressure on the market. There is still an
important short interest and Very@ lit
tie to dissatisfy holders of stocks with
their investments.
Bache & Co.-Room traders appeared to
be noting the advance and some profit
e soon disappeared, and under the leadership
of steel the general list worked higher.
The feeling iD the West is more bullishly
inclined toward the market, and Chicago
houses We're actively buying the general
list The market became react1onary in
the last hour on the announcement OF
the failure of the leading cotton operator
in the New York market and the collapse
of bull speculation in cotton. The reac-
tionary tendency was in evidence up tC
the close, but manifested itself more in
the diminution Of business than to de-
cline in prices.
3 O'Connor & Van Bergen's correspond
entS say of stocks:
Opening steady but quiet, our market
again developed pronounced strength
with speculative conditions unchanged
Short covering, together with a rather in
creased demand from commission houses
led to material advances, and the oc:
casional pauses in the trading showed
7 little or no stock for sale other than by
traders taking small profits or selling fol
2 a reaction, liquidating sales being in nc
way conspicuous After the noon hour
however, demand slackened, and prices
fell off, encouraging the bears and selling
= by early purchasers The announcement
of the failure of Sully & Co. on the cot
ton exchange came as a surprise and g
general selling movement took place il
stocks. carrying prices off to below Thurs
day nights closing. A feeble rally fol
lowed and the tone became hesitatins
and uncertain, the effect of the failure
on, our market not, being fully under
stood. The close was fairly firm at some
improvement from the lowest.