Los Angeles herald., 1905-04-25
MAY WHEAT DROPS 7 1-2C
ON CHICAGO EXCHANGE
Another Exciting Session on Sale OF
Millions of Bushels-CIique Un-
loaded In Great Volume
BY Associated Press.

loaded IN Great volume
BY Associated Press.
CHICAGO, April 24.-Wheat for May
delivery sold down to 921sc bushel, a
decrease of TIC compared with Satur-
days closing quotations. At the close
the market had rallied to 93c. u
The sensational decline today, follow
ing the big break of last week, vas the
result of general liquidation partici-
pated in by John w. Gates, "erstwhile
bull leader" Millions of bushels of
May wheat changed ownership during
the days exciting session.
At the close of trading it was claimed
by close observers that all of the enor-
nous line held by the Wall street
clique had been liquidated. The mar
ket became steady in the day on an
improved demand, Armour & Co. be-
ing credited with heavy purchases of
both the May and July options.
The slump in May created extreme
weakness in distant deliveries the July
option closing at net loss of cents.
Corn, oats and provisions likewise
were affected by the break in wheat,
May corn being off ~ and "a at the
close. July corn is down IL. July
oats show loss of A@3sc. Provisions
are down 71s to 32@s.
During the first few minutes of busi-
give the market some support, but
traders in general regarded the move
merely as an attempt to create
higher market on which to dispose of
additional Gates wheat. The selling
was SO general and so persistent that
soon all efforts to stop the decline were
abandoned.
Everybody seemed to have July wheat
for sale and few appeared willing to
Pnfn hn 1.
the price of May dropped to 92hc.
Meantime the July option had sold
off to S4%c. Many traders were of the
opinion that during the heavy selling
early In the session the remainder of
the Gates line of May wheat was en-
tirely sold out.
In addition to the jump in the price
of May distant deliveries were affected
by heavy rains throughout the winter
wheat section and predictions of more
rain to follow increased the bearish-
ness
During the last part of the session
the market was comparatively steady
The July options was given support by
Armour & Co. and fresh rumors were
rife that Gates has associated himself
with Armour for bull campaign in
the more distant option. There was
also good general demand buying be-
ing based on the theory that the price
of May has reached a level consistent
with so-called legitimate conditions.
The fact that May wheat in this
market was selling at a lower price
than at Minneapolis helped to stimu-
late demand. Notwithstanding the i'm
proved demand prices made little re-
sponse fluctuations in May during the
last hour being confined within a cents
range. At the close the May delivery
sold at 93c, net loss of cents. July
was down &c at S4A@S47sc.
Corn-The market was unable to re-
sist the break in wheat, heavy liquida-
ton causing extreme weakness. July
opened ss@%c lower at 4SB@47asc and
closed at 461sc. May sold between 45Mc
and 4SBc, closing at Acc.
In sympathy with wheat and corn
sentiment In the oats pit was bearish
but prices showed only small loss.
July closed at 291s@29Ac. Notwith-
standing higher prices for hogs pro-
visions were extremely weak. At the
close July pork was off 30@30Ac, lard
was down 1Oc and ribs were TIC lower.
Market Ranges
The leading futures ranged as fol-
lows:
Wheat. No. 2-May, 921s@925sc; July,
S4% @S4Bc; September, SOh@SO4sc.
Corn, No. MAY, Acc; July, 461ac;
September 46%c.
Oats, No. 2-May, 9ssc; July, 29M@
29Ac: September. 2S%c.
Cash quotations were as follows:
Flour-Easy.
Wheat-No. 2 spring, 92c; No. 3, S5@
95c No. 2 red. 92h@9Sc.
Corn-No. 2, Ace; No. 2 yellow 46%c.
Oats-No. 2, 29Ac; No. white, 3OA@
32c; No. white, 29R@31Hc.
Rye-No. 2, 75c.
Barley-Good feeding, 3S@S9c; fair to
choice mailing. 40@p49c.
Flaxseed-No. l, $1.25; No 1 north
western, $140.
Timothy seed-Prime. SO.
ProVlsions-Mess pork, per bbl., $12.10
q1215; lard, per 100 lbs, $7D7O21s;
short ribs sides Qoose), $6,75@D6S71s;
short clear sides (boXedD, $6.97A@7.
Whisky, basis of high wines. $123.
Glover. contract grade. $3.50.
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