The Saint Paul globe., 1905-04-23
BULL POOL DEAD,
MAY BREAKS Tic
A Panic In May Wheat, Which
Drops 111zc, While July Is
Off Only a Cent

CHICAGO. April 22.-wheat for May
delivery sold here today at 9s5kc, a sheer
decline OF l1izc from the closing quota
lions on Thursday, the last previous ses-
sion OF the board of trade. Excitement
seldom paralleled accompanied the sensa-
uonal slump The cause of the break was
an apparent final abandonment of the
supposed gigantic effort of John w. Gates
and other Wall street notables to corner
trade In May wheat Today as on Thurs
DAY. millions of bushels OF May wheat
Were thrown upon the market. As a re-
suit the price of the May option started
down the toboggan instantly when the
gong sounded for the beginning of busl-
ness. The wild downward plunge contin-
ued throughout the day with the excep-
tlon OF one or two slight rallies. During
the last few moments of trading one of
the few -upturns occurred and the final
nSures was sl.OO bushel even. Under
active support from Armour & Co. the
July option In wheat experienced only a
small loss, the net decline for the day
wholly undisturbed by the furry, closing
prices today being practically Identical
with the latest quotations OF Thursday
II seemed to most traders to be evident
from the start that the Gates coterie had
withdrawn support from May wheat.
Opening quotations on May was off 1c TO
Zc at 81. .Os TO 81 .0s. July was shade
lower to 1sGhc higher at S72sc to S7ssc.
WITHIN five minutes May had sold down to
$l.OIA. From all sides May wheat was
offered for sale. but the only buyers ap-
peared 10 be traders with short lines 10
cover Houses that have heretofore been
presumabie operating for the so-caIled
wall street crowd Were heavy sellers to-
day from the outset. and as trading prog
ressed the offerings from such quarters
increased in volume.
Active Demand for July
At the same time the July option was In
active demand from Armour This condi-
ton of affairs was coincident with re-
port that representatives of Gates and
Armour at a secret meeting had made a
joint agreement to liquidate Nav holdings
and switch into the July option, thus
any possible loss from the attempted
squeeze" in May might offset With
startling rapidity the price OF May kept
tumbling headlong. giving hardly so
much as breathing time to the traders
who had been caught on the wrong side
of the market. Scenes in the pit were
among the widest ever witnessed on the
floor, traders shouting themselves frantic
in an effort to make up break prices The
lowest point of the day was reached a
few minutes before the close, the price
touching 9S15c. a clean drop of 11hc
from Thursdays final quotations. The
clang of the bell for the close OF busi-
ness, however, caught the market at the
additionally magic ideal. 81 a bushel
While May was experiencing such a
downward whirl the price of later deliv-
cries dropped only trife. July selling
on to S6Ssc- In addition to the slump in
May, predictions of rain throughout the
wheat belt had weakening influence on
the July option. The close for July was
firm at S6&4 6S65sc. Clearances of wheat
and flour were equal to 1O4 500 bushels
Primary receipts were 654 900 bushels
compared with 227. 800 bushels a year ago.
ported receipts of 1868 cars. against 229
cars last week and 96 cars a year ago.
Corn
The extraordinary Developments in the
wheat pit reduced trading I'm the corn
market to minimum. Indeed the corn
= al
ing the severe slump in May wheat. sem
timent among the few traders remaining
In the corn market was quite bullish.
As result quotations for corn held
relatively firm throughout the day july
opened unchanged to a shade higher at
Ass q47%ac to 4TAc, sold off to 47ssc and
closed at 47%c.
Local receipts were s2S cars, with p OF
contract grade.
Oats. like corn, held firm, possibly for
lack OF selling pressure. The demoraliza-
tion Of the wheat market had little in
nuence. Shorts We're the best buyers OF
the day. July opened a shade higher at
2s1zc, sold between 294 q29ssc and 291k6
2sssc and closed at 2sizc. Local receipts
were $50 cars.
Provisions
A 10c advance in the price of live hogs
had steadying effect on provisions
Trading was very quiet. At the close
July pork was off a shade at SO 79IIee
I2;75 Lard was up shade at s7.S5.
Ribs were unchanged at 81 17JL.
Estimated receipts for Monday: Wheat
14S cars; corn, 224 cars; oats. III cars:
hogs. 29. 900 head.
Cash quotations were as follows: Flour
easy; winter patents. 81 5064 so: winter
sItraights. str l 81. .40s4 SO; spring patents 81 30
g5.SO; spring stTaights. s41O14 40:
bakers. $2.50d3. so. No. ? spring wheat
9Sc9S1. %; No. g. s5cq 81. 05; No. - req
sSlecn$l. O9. No. corn. 471kc: No. ?
yellow, 47lkc- No.. oats, soc: No 9
white, 32c; No. white. 29$. d30stc. No.
rye. 76c. Good feeding barley. 3763Sc:
fair to choice mating. 40G47c. No / flax
seed. 81 20; No. 1 northwestern. 81 40
Prime timothy seed. s. .90d3. 90 Mess
Pork; per bbl;, sl2 4Oa12. 45. Lard. per
loo lbs. 81 .071zz To-. Short ribs sides
Qoosel. s6.75G7 90. Short clear sides
Cboxed), 81. &lk47.00. Whisky, basis of
highwines. 81 %. Clover. contract grade
$l4. Receipts-Flour. $1,000 brls: wheat
220400 bu; corn, 345. 100 bu: oats 27O, 900
bn; rye. 1900 bu; barley. I24'30O bu.
Shipments-Flour. 27.S00 brls: wheat. A.
200 bu; corn. 100000 bu: oats. 1872. 400 bu:
rye, 14,30O bu; barley. 12.0 600 bu. On the
produce exchange today the butter mar
ket was easy; creamery 24G3oc: dairies.
2242Ic. Eggs weaker; at mark. eases
Included, 15c; flrsts. 15hc; prime firsts.
l6c; extras, l4c. Cheese strong, 14c.