The Wichita daily eagle. [volume] (Wichita, Kan.) 1890-1906, 1904-03-19
PRESSURE TO S Ell |
Sully's Failure Aided a De-
cIining Tendency
BEARS RULED THE PIT
Corn, Oats and Provisions
Showed Losses.

Chicago. March 1S-Mysterious selling
pressure on a large scale near the close
of trading on the board of trade today
was only explained shortly before the
final gong sound. the announcement be-
ing made that sully. the cotton king. had
failed. sully suddenly acquired mem
bership on the board of trade only few
weeks ago.
Considerable liquidation in the late trad
ing today was said to be for his account
The slump in wheat was 29sc for May,
and 25sGs4c for July. Corn is down 124c,
oats Fa3sc and provisions 10 TO Ss12c.
The wheat market was already in the
hands of the bears before any rumor of
the Sully failure was felt. Immediately
after the opening there had been light
firmness due to comparatively steadp
cables and to reports of dust storms In
Kansas. Private advices also stated that
few places in western Kansas had re-
ceived any moisture of consequence. Ini-
tiaI quotations on May were unchanged
to &c higher at s77sc TO 95isc. July was
the southwest was not yet broken and
many of yesterdays sellers began to buy
wheat back. From S91sc. July rose to IS
&C, with only small offers on the mar
ket. Later the selling became more pro-
nounced and prices started downward
The declining tendency was accentuated
by weakness at Kansas City and by
rumor that the strike on Ihe Argentine
railways had been settled.
Early buyers turned sellers and many
prominent longs took profit. There was
also considerable selling for the short
account. The early bun influence seemed
to have wholly disappeared. 1t was at
this juncture that a prominent commits
sion house began executing selling orders
Cor large quantities of wheat Vague
rurnors quickly connected the name OF
Sully. the cotton king. with this selling.
Definite announcement of Sullys failure
was not forthcoming, however, until some
little time later. Trading was exceed
ingly brisk the last few minutes and on
each sale lower price was recorded
The close was at the extreme low point
with May at 92Ac and July at SIC.
Clearances of wheat and -four were
equal to 111c0 bushels. Primary re-
ceipts were 421 900 bushels against 100000
a year ago Exports of wheat and flour
for the week, according to Gradstreets
wereeoual to $500. 900 bushels. Minneapo'
lis. Duluth and Chicago. reported re-
ceipts of $40 cars. compared with $40 cars
last week and 27S year ago.
Considerable strength was manifested in
the corn pit early in the day and prices
showed a fair advance. The close was
weak and near the bottom. May opened
unchanged to &c higher at 5Sisc 70 533sc.
Alter selling between 5lAc and $3.50,
the close was at 51ssc. July ranged be-
tween 1875 and size, closing at islsc,
loss of 11zc- for the day. Local receipts.
163 cars.
A strong cash situation and small re-
ceipts maintained firm tone in oats the
greater part Of the session. An easier
tone prevailed at the close. After open
ing kaAc to Ease higher at iO1sc 10
4O1sc. May sold between 80 and 405sc. and
closed at S92sc. July ranged between
3SIsc and 39lsc. closing at 3sAc. with a
net loss of 2sq2c. Local receipts were
lis cars.
Provisions We're weak on continuer sell
ing by commission houses. The selling
was largely in way Of liquidation and
was T ainly the result of the demand from
that source only acted as a slight check
on the declining tendency. The close
was at the low point Of the day with
the May pork off S71zc at $685. May
lard was down 171Rc at se.S2' and ribs
15G171zc at S6.75ds.U7i5
Estimated receipts for tomorrow:
Wheat. 20 cars; corn, $50 cars; oats, lis
cars: hogs IS 80 head.