The Birmingham age-herald., 1905-04-23
SENSATIONAL DAY
 IN THE WHEAT PIT. Net Loss of II 1-2 Gents Re- corded in Chicago THE GALES CLIQUE IS SAFE Report Was Current That Gates Made Agreement With Armour and
 Left May Wheat to
 Itself.
THE GALES CLIQUE IS SAFE

Chicago, April 22.-One of the most cele-
 brated deals ever known to the Chicago
 Board of Trade came to a climax today.
 daring effort by John W. Gates and as-
 sociates to control all of the weat avail
 able in America for delivery during the
 month of May was apparently ended today
 with a wholesale sacrifice of prospective
 profits to 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 a loss of 1l1ac bushel for
 the day the price of the option being driven down in a sensational series of rushes to 9s1ac per bushel. The closing
 was $l, against $1. 9 less than six weeks ago.
 General opinion tonight is to the effect that Gates and his friends emerged from the battle with but little if any actual financial loss. Gossip insists that they ef- fected an alliance with Armour and other leading traders, whereby the Gates party, while obliged to summarly liquidate May wheat on enormous scale today, were nevertheless fully protected through prior and concurrent operations of the allies in both May and later options.
 Merely Cleared the Decks. Another view of the situation accord ing to some observers, is that the new grouping of astute speculators, including the redoubtable Gates himself, has mere ly cleared the decks for a still more gi- gantic corner in wheat for delivery dur ing July. The idea is that the high price heretofore prevailing for May wheat has induced a securing of the country by grain traders to secure wheat to sell to the bull leaders By dropping the price 10 cents a bushel today, the spectators assumed to be in control and have made it clear that if the country is raked over for wheat to bring if here, they mean to buy it at figure of their own making. The rushing of the price down today, it is argued, was more drastic action than was for the moment at least required by the Gates and Armour interests the re- suit being that they accordingly jumped the price back to $1 per bushei.
 The Gates party, it is said, had figured that the movement of wheat to market would be practically exhausted before the month of May arrived The factor that is alleged to have caused them to give up the deal was the steadiness with which heavy shipments from the Interior contin- ued-this and the disappointing long drawn out dulness of the flour demand, and the apparent unconcern of the millers Scenes Were Remarkable. Scenes attending todays startling de- cline were such as seldom are witnessed in the worlds greatest wheat pit. Almost frenzed in anxiety, 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 mighty roar of voices, a din possibly never be- Io6 uppnrdinO tO who were present at the stormy session that charac- terized the market during the most ex- citing periods of the famous Letter and Harper deals Clothing was torn, hats | smashed and bodies bruised in the fran tie efforts of the traders to sell the grain Shorts had apparently completely covered and longs. little and large hurried their grain at the hands that were closed l against it. Nobody seemed to want May wheat above a dollar. When $1 was reached, the wild roar that marked the opening was doubled In volume. But while