The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1904-03-19
MISUNDERSTANDING
HEAVY SELLING BY SULLY MAIN
CAUSE OF THE BIG DROP.
May Closed IS Cents Lower and
July 3-4-EhrIy Trading Was Bull
ish-COrn and Oats Decline.

CHICAGO. March 1s.-Mysterious selling pres
sure on a large scale near the close of trading
the Board of Trade to-day only explained
shortly before the final gong sounded, the an
nouncement being made that Suly. the cotton
king. had failed
\ Sully suddenly acquired membership the
Board of Trade only a few weeks ago. Consid
cradle Liquidation in the late trading to-day was
said to be for his account. The slump in wheat
was 25sc for May and 25sa2sc for July. Corn is
down 1z4c IzGSsc and provisions l5c to 37l2c.
The wheat market was already in the hands
OF the bears before any tremor of the Sully fail
ure was felt. Immediately after the opening
there had been little frmness. due 10 compare
lively steady cables and to reports OF duststorms
in Kansas. Private advices also claimed that
few places in western Kansas had received any
moisture of consequence
Initial quotations on May were unchanged TO
&c higher at s43sc 95Hc. July sake
higher TO CSC lower at ssi4c to s97sc Acting
under the impression that the drought in the
Southwest not yet broken many of yester-
days sellers began to buy wheat back. From
s9lsc July to Ss&c. with only small offer
Ings on the market.
Later the selling became more pronounced and
prices started downward. The declining ten
dency was accentuated by weakness Kansas
City and by the rumor that the strike or the
Argentine railways had been settled Early
buyers turned sellers and many prominent longs
took profts. There was also considerable selling
for the short account The early bull influence
seemed TO have wholly disappeared
1t was at this juncture that prominent COM
mission house began executing selling orders
for large quantities of wheat. Vague rumors
fng With tbs fne name oil suy tne cotton
nouncement OF Sully's failure was not forth
ing was exceedingly brisk the last few minutes
and on each sale lower point, with May at
Clearances of wheat and flour were equal to
III, 100 bm Primary receipts were 4s5. 100 bu,
against 100000 a year ago. Minneapolis, Duluth
and Chicago reported receipts of $40 cars COM
pared with $40 last week and 27s year ago.
SHARP BREAK IN CORN
Considerable strength was manifested in the
corn pit early in the day and prices showed a
fair advance. Commission houses active
buyers, and the pit crowd also favored the buy
ing side. Higher cables and reports of an ex-
celent cash demand here and in the East were
the strengthening influences.
tendency in wheat, but s the session drew near
the close the selling pressure became too severe
and sharp break occurred The close was
May opened unchanged TO &c higher at 5ssc
the close was at Size July ranged n1 between SsS
$50 t and sac closing at 4s1.c. loss of 13sc
| ten of contract grade
OATS FOLLOW WHEAT.
strong cash situation and small receipts
maintained firm tone in oats the greater part
| of the session. There a good general de-
mand, with commission houses the principal
| buyers. Offerings light until late in the
| day, when the extreme weakness in wheat
brought out considerable selling by pit traders.
An easier tone prevailed at the close. After
opening 1sGAc to Ad&sc higher at 4O1sc to 40I4c
May sold between Ssc and 4O7sc and closed at
SSAc. with net loss of 9sakc. Local receipts
were lis cars.
PROVISIONS WEAK.
Provisions were weak on selling by commits
| sion houses. The selling largely in way
| of liquidation and mainly the result of
| weakness in wheat. Packers and local shorts
supported the market, but the demand from
| that source only acted a slight check on the
| declining tendency. The close at the low
| point of the day. with May pork off Size at
| s13.25. May lard down 1712c at s6.S2i2 and
/ ribs 15G1Tizc at Sc 15Gf6.I712.
Estimated receipts tomorrow: Wheat, 20 cars;
corn, 100 oats, 113 cars; hogs is. 900 head.
| Leading futures ranged as follows: