New-York tribune., 1905-04-25
MAY WHEATBREAKS AGAIN
Gates Sad to Haze Lost S8 900, 900
Armour Caught, Too.
IBY TELEGRAPH TO THE rR1sUNE.l

Chicago, April 24.-Another big crash in the
wheat market to-day caught John W. Gates and
Armour. causing them to lose hundreds of thou
sands Of dollars in tremendous raids by the
bears on May and July wheat A drop of seven
cents in May wheat followed the attempts of
the Gates contingent to clean out their hold
ings.
When the price got down to 921a cents Armour.
who took over the Gates holdings, endeavored to
check the decline before it's effect could be felt
in the July option, but failed. After beating
back Gates and his following the victorious
bears turned upon Armour and forced two
cent decline in July, Armour's favorite option.
Bedlam reigned in the pit throughout the
days session. Those familiar with the inside of
the situation figure out that Gates has lost not
less than SSO00OO0 on the May wheat DEAL and
he stands TO loss all the way from SjO0OO0 to
S1oOOOO more before he gets rid of all his hold
ings. Gates is said to have disposed to-day of
100000 bushels and is believed to be still long
7.OOO,OO0 bushels
The remnants Of the Gates line of May
wheat were thrown unsupported market
This recession from the dollar mark the
last price Of the previous session. was rapid and
spectacular, and was accompanied by demonstra-
uons in the pit almost equal to those of Saturday
When the final bell closed the days operations
May wheat was being offered at 90 cents. a net
loss Of cents on the days trading. First trades
on the May option to-day ranged from 90 cents to
80 cents. P. A. Valentine, of Armour & Co.. was
seemingly giving the market heroic support. His
best efforts, however. availed little in the OF
a rally, the only effect being temporary check
to the downward plunge of prices. The trade ap-
peared to suspect Armour Of wishing to bolster up
prices in order to make market for the remainder
Of the Gates line Of May wheat.
From all sides wheat was offered in overwhelming
volumes When it was found that support was use
less Clique houses unloaded the sinking mar
ket holdings estimated at several million bushels.
The price hammered 95 cents within the first
hour. Before midday 921a cents was reached Mean
time a new fear had taken possession of traders
In general Many operators had bought largely OF
July wheat because Armour was said TO have taken
100000 bushels Of that delivery last week. These
operators to all appearances suddenly detected a
movement on the part of the bull leaders to get
out Of the July option The result Of this suspicion
was bear raid on the more distant option. fol
lowed by two-cent decline the price Of July drop
ping from S6a4 TO 8t94 cents.
ThSs ~@lkening in July was regarded with more
concern by a large element in the trade than was
the DAYS crash in May values
In the last hour of trading the market held com
nara tfCeIV steady demand being of good character.
Armour K Co. credited with heSVy purchases
of orh Nav and July wheat. Pit traders IN general
also bought freely, the opinion being unlversally
expressed that the price of the May delivery RAD
NOW reached a firm footing. The market cl0Sed
steady with May at CSC. Final quotations. on july
were at S4s. to S47s cents net loss OF cents.