Daily press. [volume] (Newport News, Va.) 1896-current, 1905-04-23
PREPARING FOR JULY DEAF. I
Board of Trade Scene of Wild Disord-
er While the option Drops Ten
Cents Shorts Then Become Frieh.-
ened at Steady Buying of Later
option-clcses at $500.
my Associated prcss.)

CHICAGO, ILL.,. April 22.-One Of
the most celebrated deals ever known
IN the Chicago board of trade came to
Il climax today. A daring effort by
John w. Gates and associates to con.
tiol The whoa, available in America fO.'
delivery during the month of May was
apparently ended today with n whole
sale sacrifice of prospective profits TO
escape possible huge losses on exist
Ing investments.
Incidentally, the result was one o.
the widest sessions ever Witnessed iii
the Chicago wheat pit At one TIM,
prices SHOW ed n loss of Ii 1-2 Gems;
q !n:she for tie day. the price of the
option Icing driven down in sens:l.
tional series of ruslies to % 1-2 cents
ncr husEvl. The closing quotation was
100, as, against 100 less than six
moths ago.
Little Financial Loss.
e.ieneral opinion tonight is 10 the
erect that Gales and his friends
emerged from the battle with but lit
tic, if any actual financial loss. Cos.
sin insists that they effected an al.
lance with &r,funr and other leading
traders. whereby the Gates party while
Obliged 10 summarily liquidate May
wheat nn an enormous scale today
were nevertheless fully protected
through prior and concurrent opera
tons of the allies in both May and lar.
er options. Another view of The sitiia.
ton according to some observers is
that the new grouping of astute spec
ulators, including the redoubtable
Gates himself has merely cleared the
decks for still more gigantic corner
in wheat for delivery during July. The
idea Is that the high price heretofore
prevailing for. May wheat has induced
a securing. of tile country by grain
ira iers 10 secure wheat to sell to tine
bull leaders. ' r
To Buy at Own Figures.
I,y dropping the price ten cent;
hnsho. today spectators, assumed to
lie in control. have made it clear that
IL The country is raked over for wheat
to bring here. they, moan tc buy it at
figure of their own making
The sound Of the big bell at the
opening was the signal for mighty
roar of voices. din possibly neve.
before eQrailed. according to men who
were present nj the stormy session
hat marked the most exciting periods
in tile famous Letter and Harper deals
Clothing was Torn, hats smashed and
hotlies bruised in the frantic efforts
OF he traders 10 sell the grain. Shorts
mad apparently completely covered and
longs. little and large. hurled their
grain at the hands that were closet
against it.: Nobody seemed to wan.
May wheat above a dollar.
Hfhsn s1.D0 was reached The will
roar that. marked the opening was
doubled in volume.
Buying For July Delivery.
But while the nearby option was
plmnging downward there was steady
buying movement going ON in July.
Brokers, presumably working for Ar.
mour and his associates, whether In
Guiding Gates or not. were taking OH
liberal lots of the latter option. In
one hour alone Twas estimated that
these brokers had bought more than
3.U0O,O00 bushels.
| This buying of July prompted fright
ened shorts to cover. they believing the
Gates forces and the Armour crowd
h2'l cclnbilind to bull the mcnth at the
cxpeeset Of the hard hammered May.
Tonight 1t was estimated. that i've.
million bushels Of the May delivery
were ,lnloaded here ard at Minneap..-
oils. i.S