Tensas gazette., 1905-04-28
Widest SESSION
EYER WITNESSED
FRENZIED WHEAT TRADES
TEAR CLOTHING OFF.
GATES CLOSES BIG DEAL
Attempt to Corner May Wheat Aban-
doned to Escape Huge Losses on Ex-
listing Investments. Wheat Down
II 1-2 Cents Per Bushel.

Chicago.-0ne of the most eele-
: brated deals known on the. Chicago
board of trade has come to close. A
daring effort by John Gates and asso-
ciates to control all the wheat availa-
BILE in America for delivery during
the month of May was apparently
ended with wholesale sacrifice of
prospective profits to escape possible
huge losses on existing investments.
Incidentally the'result was one of the
widest sessions ever witnessed in the
Chicago wheat pit. At one time prices
showed loss of IL 1-2 cents bush
ell for the day, the price of the option
being driven down in a sensational Sc
ries of rushes of 9S 1-2 cents per bush.
Ell. The closing was 81 as against
$l.l3 less than six weeks ago. General
opinion is that Gates and his friends
emerger from the battle with but lit
tie If any actual financial loss. Gossip
insists that they effected an alliance
with Armour and other leading trad
ers whereby the Gates party, while
obliged to summarily liquidate May
wheat ON aa enormous scale, were
nevertheless fully protected through
prior and concurrent operations of
the allies in both May and later OPP
tions. Another view of the situation,
according to some observers, is that
the new grouping of astute spectators
including the redoubtable Gates him
self, has merely cleared the decks for
still more gigantic corner in wheat
for delivery during July. The idea is
that the high prices heretofore pre-
vailing for May wheat has induced a
securing of the country by grain trad
ers to secure wheat to sell to the bull
leaders. BY dropping the price 10
cents bushel, the spectators assum-
ed to be in control have made it clear
that if the country is raked for wheat
to bring here, they may be able to
buy it at figure of their own making.
The Gates party, l. is said, had fig
ured that the movement of wheat to
market would be practically exhausted
before the month of May arrived.
Scenes attending the starting de-
cline were such as seldom are witness
ed, the traders in the pit awaiting the.
opening bell, huddled like steers about
to stampede. The sound Of the big
bell was the signal for a mighty roar
of voices, din possibly never before
equaled, according to men who were
present at the stormy session that
marked the most exciting periods of
the famous Letter and Harper deals.
Clothing was torn, hats smashed and
bodies bruised in the frantic efforts Of
the traders to sell the grain. Shorts
had apparently completely covered
and the longs, little and large, hurled
their grain at the hands that were
closed. Nobody seemed to want May
wheat above dollar. When 81 was
reached the wild roar that marked the
opening was doubled in volume. But
while the nearby options were plung...
ing downward there was steady buy
ing movement going on in the July.
Brokers, presumably working FOR Ar
mour and his associates. whether in
cluding Gates or not, were taking on
liberal lots of the option. In one hour
alone, it was estimated that brokers
had bought more than 10000 bush
els.
This buying of July prompted fright
ened shorts to cover they believing
that the Gates forces and the Armour
crowd had combined to bull that
month AZ the expense of the hard ham,
mered May. 1t was estimated that
100000 bushels of May delivery were
unloaded here and at Minneapolis.