The San Francisco call., 1905-04-25
CHICAGO BOARD OF TRADE.
Future Grain and Provisions.

CHICAGO. April 24.-Wheat for May de-
livery sold down to 929c a bushel. oe
crease of 1ac compared with Saturdays clos
ing quotations At the close the market had
rallied to 93c. The sensational decline to-
day. following the big break of last week
was the result of general liquidation par.
tcipated in by John w. Gates, the erstwhle
bull leader. Millions of bushels of May wheat
changed ownership during the days exciting
session. At the close OF trading IL was claimed
by close observers that AL of the enormous
l:ne held by the Wall street clique had been
Hquidated. The market became steady late
in the day on an improved demand Armour
& Co. being credited with heavy purchases
Of beth the May and July options The slump
in May created extreme weakness in distant
deliveries the July option closing at a net
loss of &c. Corn. oats and provisions like
May corn being off 1lac at Acc at the close
July corn is down Ac. July oats show Joss
of AGSsc. Provisions are down 71ac to 32lac,,
The break in May wheat began with fiitd1
transactions. opening quotations being nc t.
4c lower at e6dssc July was off I46fasc at
business Armour & Co made effort to
give the market some support, but traders
in general regarded the move merely as. an
to dispose of additional Gates wheat. The
selling was so general and so persistent that
soon ali efforts to stop the decline We're
abandoned Everybody seemed to have July
wheat for sale and few appeared willing to
buy. Before the session was half over thu
price of May had dropped to 92i2c Meantime
the July option had sold off to S4a.c. Many
traders were of the opinion that during the
heavy selling early IN the session the re-
mainder of the Gates line Of May wheat was
entirely sold out. In addition to the slump
in the price of May distant deliveries were
affected by heavy rains throughout the winter
wheat section and predictions of more rain
to follow increased the bearishness. During
the last part OF the session the market was
comparatively steady The July option was
given support by Armour & Co. and fresh
ruraors were rife that Gates has associated
himself with Armour for a bull campaign in
the mere distant option. There also a
sood general demand, buying being based on
the theory that the price OF May has reached
a level consistent with so-called Legitimate
conditions. The fact that May wheat in this
market was selling at lower price than at
Minneapolis helped to stimulate demand. Not
withstanding the improved demand, prices
made little response fluctuations in May dur
ing the last hour being confined within a
1c range At the close the May delivery
sold AT 93 a net loss of cents. July was
down &c at %4S47sc.
Corn was unable to resist the break II
wheat, heavy Liquidation causing extreme
weakness July opened %IMc lower at 47A@
47at e and closed at 4612c. May sold between
454Sc and 4sHc, closing at Acc
IN sympathy with wheat and corn sentiment
in the oats pit was bearish, but prices showed
only small loss July closed at 29s029Ac.
notwithstanding higher prices for hogs pro-
visions were extremely weak. At the close
Tulv pork was off 30@321ac. lard was down
I0c and ribs were 7he lower.
The leading futures ranged as follows:
Articles Open. High. Low. Close