The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1905-04-23
WILD SCENES IN
THE GRAIN PIT
Clothing Torn, Hats Smashed and
Bodies Bruised.
RUSH TO SELL MAY WHEAT
COMPLETE COLLAPSE OF THE
GATES CORNER.


IL celebrated deals ever known on
the Chicago board of trade came
TO a climax today. a daring effort
by John w. Gates and associates to
control all of the wheat available in
America for delivery during the month
of May was apparently ended today
with wholesale sacrificing of pros
pectiVe profits to escape possible huge
losses on existing investments. Incl
IDENTIFY the result was one Of the Wild
est sessions ever witnessed in the Chi
cago wheat pit At one time prices
showed a loss of liz cents bushel
for the day, the price of the option
being driven down in a sensational Sc
ries of rushes 10 9S1z cents per bushel-
The closing quotation was 81, against
$l.25 less than six weeks ago
Gates Lost Little.
General opinion tonight is to the
effect that Gates and his friends
emerged from the battle with but lit
tie, if any, actual loss. Gossip in
sists that they effected an alliance with
Armour and other leading traders
whereby the Gates party. while obliged
summarily to liquidate May wheat on
an enormous scale today, were never
theless fully protected by the prior
operations of the allies in both May
and later options Another view Of the
situation. according TO some obserV-
ers, is that the new grouping of as
tUte spectators including the redOubt-
able Gates, has cleared the road for
still more gigantic corner in wheat
for delivery during July
Wheat Is Scarce.
The idea is that the high price here
tofore prevailing for May wheat has
induced a securing of the country by
grain dealers to secure wheat to sell
10 the bull leaders. BY dropping the
price 10 cents d bUshel today the specu-
latOrs, assumed to be in control. have
made il clear that if the country is
racked over for wheat to bring here
they mean to buy il at figure of
their own making. The rushing Of the
price today. ii was argued, was more
drastic action than was for the mo-
ment. at least, required by the Gates
and Armour interests. the result be
ing that they accordingly jumped the
price back to s. a bushel-
Dramatic Scenes.
The Gates party. it is said. had fig
ured that the movement to market
would be practically exhausted before
the month of May arrived. The factor
that is alleged to have caused them 20
give up the deal was the steadiness
with which heavy shipments from the
interior continued. and the disappOint<
ing long dTaWn-Out dizziness of the
flour demand. and the apparent uncon-
Germ of the millers. Scenes attending
tOday'S startling decline were such as
are seldom witnessed in the worlds
greatest wheat pit. Almost frenzied
with 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 "a
mighty roar OF voices. "A din possibly
never before equaled. according to mon
who were present at the stormy SeS-
sioHS that marked the most exciting
periods of the famous Letter and Harp
er deals Clothing was torn hats
smashed and bodies bruised i'm the fran
tic efforts Of the traders 10 sell the
grain Shorts had apparently complete
" covered. and longs little and large.
hurled their grain at the hands that
were closed against it Nobody seemed
to want May wheat above a dollar
Roar Doubled in Volume.
When 81 was reached the wild roar
that marked the opening was doubled
in volume. But while the nearby Op-
ton was plUngiug downward there was
a steady buying movement going i'm
July. Brokers, presumably working
for Armour and his associates. whether
including Gates or not, We're taking on
liberal lots of the later option In one
hour alone il was estimated that these
brokers had bought more than 100000
bushels.
This buying of July prompted fright
ened shorts to cover, they believing
that the Gates forces and the Armour
crowd had combined to bull the month
at the expense Of the hard-hammered
May. Tonight it was estimated that
; 900 600 bushels of the May delivery
were unIoaded here and at Minneapo-
lis