The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1905-04-23
GATES STILL GAME
TURNS TO JULY CRNP
Believed He and His Friends
Emerged From Battle With
Little, if Any, Financial Loss.
Another Gigantic Strug-
gle Is Said to be
ll Coming.
tl,y Associnted prcss. j

"a CHICAGO. April 22.--One Of the most
celebrated deals ever known on the Chi
cago Board Of Trade. came to q climax
to- day. A daring effort by j ohm w. Gates
and associates TO secure control OF the.
wheat available in America for delivery
during the month OF May WIS apparently
ended to-day with a wholesale sacrifice.
Of prospective profits to- escape possible
huge losses on existing Investments In
cidentally. the result was one OF the wild
est sessions ever witnessed In the Chi y J..
cago wheat pit. AT one time. prices SHOW
ed loss ofi11ia cents d bushel for the
8day,&the price OF the option being driven
down In sensational series OF PUSHES to
9s y cents per bushel. The closing quo.
tation was 1oo as against 123 less thai.
six weeks ago. & IN
SO General opinion tonight is to the Mef-
feet that Gates and his friends emerged
from the battle with but little, II any
they effected an alliance with Armour
and other leading traders. whereby the
Gates party while obliged to summa-
rily 1iquidate May wheat on an enor-5
NOUS Acale TO day, were nevertheless
fully protected through prior and con-,
current operations OF the allies in both
May and later options Z. Another view Of
ers, is that the new grouping of astute
SPECTATORS, including the redoubtablc
Gates himself, has merely cleared the
decks for IA still more gigantic corner In
wheat for delivery during July. The idea
is that the high price heretofore prevail
ing for May wheat has induced a securing
OF the country By grain traders to Sc
cure wheat to sell to the bull leaders. BY
dropping the price ten cents a bushel to-
day, The spectators. assumed to be lin
control have made 1T clea r. that II the
country Is raked over for wi eat to bring
here theys3mean to buy It at a figure
Of their own making.
Clothing Torn; Bodies Bruised.
The sound OF the big bell at the OPEN.
Ing was the signal for a mighty roar OF
voices, din possibly never before equalcd,
accord ing to men who were present q :
the stormy sessions that marked the
most exciting periods In the famous sLel-
ter 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 complete
ly 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.
When 81 was reached, the wild roar
that marked the opening was doubled In
volume. But. while the nearby option
was pIunging downward, there was
steady buying movement going on In
July. Brokers. presumably working for
Armour and his associates, whether In
Guiding Gates or not, were taking on
liberal lots OF the latter option. In one
hour alone. 1t was estimated that these
brokers, had bought more than 100000
bushels \.
This buying OF July prompted fright.
ened shorts to cover they believing the
Gates forces and the Armour crowd had
combined to bull the month at tho ex-
pense OF the hard hammered May: To-
night it was estimated that five million
bushels or the May delivery were unload
cd here and at Minneapolis.