The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1904-03-19

WHEAT HAS A SLUMP
suLLY's FAILURE CAUSES coNsiD-.
ERABLE LIQUIDATION /.
But Even Before the Cotton Kings Coll
lapse Was Announced the Bears Had
Control the Market Trading Is Brisk
at the Close. ~ .

CHICAGO March 18-Mysterfous SELL
ing pressure on large scale near the.
close of trading on the board of trade:
the. final gong sounded, the announce.
ment being made. that Sully, the cotton
king, had failed. Sully suddenly ae-s
CURED membership 1 on the board Of ara h1ss
liquidation in the late trading today. was
said to- be for his account. The slump
in wheat was 25sc for May and 29sQ2Nc.
for July. Corn is down 1Ac, oats W % 3se.
and provisions 15@377sc.
The wheat market was already In the
hands of the bears before any tremorf OF
the Sully failure was felt Immediately,
tie firmness,. due to comparatively ssteaoy
cables and to reports of dust storms m
Kansas. Private adyices also stated that
few places in Western Kansas had re-
ceiyed any moisture of consequence. IN
itial quotations in May were unchanged
to &c higher at 94%@951sc. July was
@Nc higher to sac lower at 1914 @S99sc TO
S9%c. Acting under the impression that
the drought in the Southwest was. not
yet broken, many OF. yesterdays s aaIe
began to buy wheat back, From Ss ses
ings on the, market. Later the selling
became more pronounced ana prices
started downward The declining tend.
ency was accentuated by weakness "a; at
Kansas City and by a rumor that the
strike on the Argentine railways had
been settled. Early buyers turned sell
| II
profits There was also considerable sell,
ing for the short account. The early Dull
influence seemed to have wholly dlsap-
peared. 1t was at this juneture tnat
prominent commission house began exc.
cutting selling orders for large quantities OF
wheat. Vague rumor quickly connected
the name Of sulH, the cotton king. with
ment Of sully's failure was not forth
coming, however, until some little time
later. Trading was exceedingly brisk the
last few minutes and on eaeh sale. Io"et
the extreme low point, with May at 81
Clearances Of wheat and -four were
were 4s5,t00 bu,.. against, 100000 bg
year ago. Exports Of wheat and flour 9,I
for the week, according. to Bradstreets'
Duluth and Chicago reported receipts of
349 cars, compared with $40 last week
and 273 a year ago.
Corn Likewise Droops.
Considerable strength was manifested
in the corn pit early in the day and prices
showed a fair advance Commission
houses houses were active buyers and the pit
crowd also favored the buying side. H1gn-s.
er cables and reports of an excellent cash
demand here and in the East were the
strengthening influences: For time the
market withstood the declining tendency
in wheat but as the session drew near
the close the selling pressure became TOO
severe ana d sharp UlSdh OCSoiiOo. ~
close was weak and near. the bottom:
May opened unchanged to nc higher at
531s @53ssc. After selling between 5lA
and 537sc. the close was at 5l7sc July
ranged between 4S7sc and 51Ac, closing
at 491gc, loss of 11zc for the day. Local
receipts were 165 cars. with 10 OF con-
tract grade.
A strong cash situation and small re-
ceipts maintained a firm tone In oats the
greater part of the session. There was
good general demand, with commission
houses the principal buyers. Offerings
were 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 1s@Ac to A@ssc higher at
I401s @401Ac, May sold between 39e ana
4o5sc, and closed at sesse; July ragged an E
with net loss of ss@19c. Local re-
ceiptS were 115 cars.
Provisions were weak on continued sen
ing by commission houses The selling
was largely in way of liquidation, and
was mainly the result of weakness IN
wheat Packers and local shorts sup
| ported the market, but 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
May pork off 375sc at $f3 25. May lard
was down 171sc at s6.S21k, and ribs 15@
171hc at Sc. @6. TN.
Estimated receipts for tomorrow are:
Wheat, 20 cars; corn, 1850 cars; OATS 10
ears; hogs, $4,000 head.
Range OF Quotations.
The leading futures ranged as follows:
4 Oy,oT, TJiof 7 ow Close