The Montgomery advertiser., 1905-04-23
cuIc.cn GnAIN ANn PROYIsIONs.

Chicaro April 22.-Wheat for May de- livery sold here today ct eshc bushel. a tations of Thursday. the last previous ses. sion of the Board of Trade. Excltemen' seldom paralleled accompanied the sensa- tional slump The cause of the hreak was an annarent final development of the sup posed gigantic effort of John w. Gates ana other wall Street notables to corner trade in May wheat Today as on ThursuaS' millions of bushels of May wheat were thrown upon the market. As a result the price of the May option started down the ioboggan instantly when the gong sounded for the beginning of business. The wild downward plunge continued throughout the day with the exception of one or two sleht trading one of the few upturns occurred and the final figures was $1 buShel even. Under active support from Armour X Com, pany the July option in wheat experienced only a small loss. the net decline for the day being tsc a bushel. Corn. oats ana provisions were wholly undisturoed ny the furry, closing prices today being practical ly identical with the latest quotations or Thursday
 It seemed to most traders to be evident from the start that the Gates coterle hau withdrawn support from May wheat. Open ing quotations on May were off le to 2c Ghc higher at s7% @S7% Within five minutes May had sold down to S1.Oi. From all sides May wheat was offered for sale but the only buyers appeared 10 De tTaaers with short lines to cover Houses that have heretofore been presumably operating for the so-caIed Wall Street crowd were heavy sellers today from the outset and as trad ing progressed the offerings from such quarters increased in volume. At the same time the July option was in active demand from Armour & Company. This condition of affairs was coincident with report that representatives of Gates and Armour At secret meeting had made joint agreement to liqudate May holdings and switch into the July option thus forming the basis for a deal in July wheat by means of which any possible loss from the attempted "squeeze .srrl,t I,a gF aFf fr rapidity the price of May kept tumbiing headlong. giving hardly so much as breath ing time to traders who had been caught on the wrong side of the market. Scenes Tn the pit were among the widest ever Wit messed the floor, traders shouting them selves frantic in an effort to make or break prices The lowest point of the day was reached few minutes before the close, the price touching 9shc clean drop of II lac from Thursdays final quotations The clang of the bell for the close of business however, caught the market at the tradl- ttonally magic ideal, Sl a bushel. While May was experiencing such a downward whirl. the price of later deliveries dropped only a tTifle. July selling off to s6?c. In addition to the slump in May predictions of rain throughout the wheat belt had weak ening influence on the July option The close for July was firm at s63a Qt St 7sc.
 The extraordinary developments in the wheat pit reduced trading in the corn mar ket to a minimum. Indeed, the corn pit was almost deserted. Notwithstanding the severe slump in May wheat sentiment corn market was quite bullish As result quotations for corn held relatively firm throughout the day July opened unchang ed to a shade higher at 41 $ e 47 4 to 47 S4c. sold off to 47 3sc and closed at 1T 94 c.
 Oats, like corn, held firm. possibly for lack of selling pressure. The demoraliza- ton of the wheat market had little influ- ence. Shorts were the best buyers of the day. July opened a shade higher at 29lsc. sold between 29t4 Q29ssc and 29 F q 29 9s c ehd closed at 291gc. Local receipts, l5O cars.
 A 10-cent advance in the price of live hogs had a steadying effect provisions. Trading Was very quiet. Al the close July pork was of a shade at SIP. 2 F e 12. { 3. Lard 'ya lp shade at 35. Ribs were uhchaRl 2 .t $7.l7h.
 Tho 1na linz fntnres ranged as follows.