Arizona republican., 1905-04-25
MAY HIT THE BOTTOM
A Further Slump in Wheat Affecting
 the Whole Market.

Chicago. April 24--Wheat for May delivery sold down to 92!k a bushel. a decrease of 71k as compared with Saturdays closing. At the close the market rallied to go. The sensational decline today following the big break Of last week was the result of general liquidation participated in by the erst- while bull leader, Gates. Millions of bushels of May wheat changed owner ship during the days exciting session. It is claimed by close observers that all the enormous line held by the Wall street clique was liquidated. The mar ket became steady late in the day on improved demand. Armour and com pany are credited with heavy pur- chases of bOtli the May and July op- tions. The slump in May created ex- treme weakness and distant deliveries. the July option closing at a net loss of ? cents. Corn. oats and provisions were likewise affected by the break in | wheat. May corn off 1h@A at the ] close. July corn is down and July oats show a loss of T. G @s cents. Provisions are down 71z to 3215.
 l The break in May wheat began with the initial transactions. the opening ! quotations being 21a to lower at go | to 9S. July was off 14G B at sea S61a. | During the first few minutes of busi- | ness Armour and Co. made an effort ] to give the market some support but ! traders in general regarded the move as merely an attempt to create a high ] CT market on which to dispose of ad- 1 ditional Gates wheat. The selling was [ so general and so persistent that soon all efforts to stop the decline were ] abandoned. Everybody seemed to have July wheat for sale and few appeared willing to buy.
 Before the session was half over the i price of May dropped to 92A. Mean time the July option sold off to s4z4 Many traders are of the opinion that during the heavy selling early in the session the remainder 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 1 that more rain would follow increased the bearishness.
 During the last part of the session the market was comparatively steady The July option was given support by Armour and company, and fresh ru- mors are rife that Gates had associated himself with Armour and company fol bull campaign in the more distant
 option There is also a good genera
 demand. buying being based on tho
 theory that the price of May ha: reached a level consistent with so- called legitimate conditions. The fac
 that May wheat in this market is sel-
 ling at a lower price than at Mime apolis helped to stimulate the demand Notwithstanding the improved demand
 prices made very little response
 fluctuations in May during the las
 hours being confined within a cent; range. At the close May delivery solC
 at 93, a net loss of cents. July i'
 down 2 cents at S4za d 7s. The corr
 market unable tc resist the break 1T
 July wheat there were heavy liquida-
 tions, causing extreme weakness. July
 opened & to 5s lower at 47h@472s
 closed at 461z. May sold between 45H
 64SA. closing at 46.
 In sympathy with wheat and corr
 the sentiment in the oats pit wa:
 bearish, but prices showed only a smal
 loss. July closed at 29A @ F. Notwith-
 standing the higher prices of hogs
 provisions are extremely weak. At the close July pork was off 30 4321A, larC
 was down 10c.