The Coeur d'Alene press. (Coeur d'Alene, Idaho) 1892-1907, 1905-04-29
CLIMAX ON WHEAT
Widest SESSIONS EVER SEEN
IN THE CHICAGO PIT.
). w. Gates Crowd Failed 70 Corner
Al May Wheat in AmerIes-Pries
Dropped Nearly nc q RusheI In a
pay-cornsr on July Wheat Is Look.
ed fOr-MnlIons Of May Delivered.

celebrated deals ever known on the
Chicago board Of trade came TO q eli
max Saturday. A daring effort by
J. W. Gates and associates to control
al Of the wheat available in America
tor delivery during the month Of May
Was apparently ended with whole
sale sacrifice OF prospective profits to
escape possible huge losses on e1.
listing investments.
Incidentally there was enc OF the
widest sessions ever Witnessed In the
Chicago wheat pit. Al one time prices
showed a loss Of Ilsse q bRshel Tor
The day. the price Of the option being
driven down ia q sensational series
OF rushes TO ssae bushel. The clos
ing was 81. az against sl.2S less than
three weeks ago
Scenes attending the days startling
decline were such as are seldom wit
messed in the worlds greatest wheat
pit. Almost frenEied with anxiety. the
traders in the wheat pit. awaiting the
opening bell. huddled like steers about
70 stampede. The sound OF the big bell
was the signal for a mighty roar OF
voices. a din possibly never before
equaled, according 10 men who were
present al the stormy sessions that
marked the most exciting periods In
the famous Letter and Harper deals,
Clothing was torn. hats smashed and
bodies bruised In the frantic efforts
20 sell the grain. The gallery was full
of spectators, while the fo0r 81 the
board was crowded with traders and
brokers. The din could be heard plain
~ Ia the boulevard below. making
wholly inaudiblc the chatter OF horses
hoofs on the asphalt The crowd ia
the pit surged and pushed as the
break 10 prices continued. and mem
bcrs on the wrong side. in efforts 20
cover losses. shouted themselves
hoarse, with Precipitation streaming
down their cheeks as they vainly
sought 90 stop ,ae runaway market
General opinion IL 90 the effect that
Gates and his friends emerged from
the battle with but little. II any. act
uai loss. Gossip insists that they ei'
fected an alliance with Armour and
other leading traders. whereby the
Gates party. while Obliged suHmarily
10 liuuIdate May wheat, on an enor'
nous scale. we're nevertheless fully
protected by their prior operations Of
The allies 10 both May and later op-
tons.
Nay Mean More Gigantic Corner.
Another view os the situation. &C
cording 70 some observers. lie that
lhe new group d aStute spectators
Including the redoubtable Gates, has
cleared the road for a stu more g.
lRanilc corner In wheat for delivery
during 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 10 the bull traders. By
dropping the price II cents bushe
the spectators. assumed 10 be IN con
troll have made II clear that II th'
country il raked over for wheat e
bring here they mean 10 buy IL ut
agure Of their own making.
More Drastic Than Anticipated.
The rushing Of the price down, !
was argued. was more drastic action
than was for the moment, az least
required BY the Gates and Armour In
terests. the result being that they &C
cordingly jumped the price back to 5
, a buHhel
The Gates party, II Is said, had hg
, ured that the movement to marke
would be practically exhausted befor
1.-The month 81 May arrived. The fac
tor that is alleged to have caused then
to give M the deal was the steadines
with which heavy shipments from tn
. interior continued. and the disappoint
! ling long drawn ont dizziness Of III
: iour demand, and the apparent uncoI
: Germ Of the millers.
: shorts had apparently completed
! covered. and longs. little and larg'
hurled their grain at the hands this
were closed against Il. Nobody seen
ed to want May wheat above do
lar.
When 81 was reached the wild ros
l. that MARKED the opening was double
4 But while the nearby option wa
II plnnging downward there was stead
II movement going on in July. Broker
y presumably working for Armour an
. his associates. whether including CAT,
Q or not. were taking on liberal lots
g. the latter options. In one hour aloT
Il was estimated that these brokel
had bought more than 100000 bus
els.
h This buying OF July prompted frigh
10 ened shorts to cover, they believiT
" that the Gates forces and the Armo'
b crowd had combined to bull the mon
,r at the expense Of the hard hammers
rs May. Saturday night II was estimate
II that 100000 bushels Of the May d
livery were unloaded here and at Nj
neapolis.
!. Leave JladlVostoek.