Santa Fe new Mexican. [volume] (Santa Fe, N.M.) 1898-1951, 1905-04-24
WHEAT GETS
ACR0BAT|C
Turns q Double Back Somer.
sau|t and Continues to
Go Down.
OVER THIRTY CENTS
Has the Nay Option Declined Since
Report of Gates Corner...Market
Feverish and All Stocks OF.

New York, April 24-Violent and
feverish fluctuations of prices of
stocks this morning indicated the un-
settled state of speculation. Opera
tors were confused in the interpreta-
ton of the acute weakness with which
the market closed on Thursday last,
before the holdays. The return to
the stock exchange list of the North
ern Pacific was another confusing ele-
ment. To these were added the slump
in wheat on Saturday, indicating a
collapse of the corner and the furry
in the call money market on Thurs
day. To add to the uncertainty the
London stock market was closed to-
day and offered no indication for guild
ance before the market opened here.
Efforts were manifest to control the
market by suppressed special stocks.
The buying centering in Louisville and
Nashville, Atlantic Coast Line, Ten
nessee Coal and Lead, which lifted
point or more This had the effect
of steadying the market after the op-
ening drain but the downward plunge
of ten points in Northern Securities on
the curb weakened the market again
as soon as 1t was reported Within
fifteen minutes after the opening one
hundred shares of Northern Pacific
were sold at 16S followed by another
100 shares at 1.67 1-2 This stock has
been quoted at 18O, bid, and it was
hoped by the speculative element that
1t would be supported at 10 or above.
During the first hour of trading, Union
Pacific sold off some IL points, U. S.
S. pfd. Ia, Amalgamated Copper 2,
Chesapeake and Ohio Smelling and
Car 3-4 and number of other lead
ing stocks point or more. Coal re-
lapsed PIP points under last Thurs
days quotations, st. Paul fell 23-8
and New York Central and Canadian
Pacific and General Electric 2. Colo
RADIO Fuel dropped 8 IA points.
A double back somersault was per-
formed by May wheat. Instead of set
tling into 'reminlscence the option
promptly started this morning with
repetition of last weeks sensational
acrobatics Some of the first trades
showed fall of 4 cents bushel, the
price opening SO to SO cents as against
81 at the close of Saturday. After the
initial plunge the price for May wheat
showed a tendency to rally, reacting
temporarily to 81 "a. If the selling
was from representatives of John w.
Gates it was we'll disguised, the mar
ket presenting the appearance OF a
general bearish attack rather than any
attempt at further liquidation of hold
ings acquired during the attempted
corner. P. A. Valentine, of Armour &
Company, is generally accredited with
buying considerable May wheat while
the quotations were between 96 and SO
cents and to this was attributed the
recovery to 81 3-4. Fresh selling, how
ever, from outside sources soon pound
ed the market down worse than be-
fore. 1t was not long before the current
figures for May were SO IL cents,
net loss of 6 IL cents bushel COM
pared with Saturdays close at SO IL.
The market showed fall of nearly
thirty cents from the point at which
the Gates party was supposed to be
in full control of the deal some weeks
ago.