The Kimball graphic. (Kimball, Brule County, Dakota [S.D.]) 1883-1905, 1905-04-28
ANOTHER SLUMP IN
MAY wheat MARKET
Fal of i. 10 Cents Per Bushel
Marks Close OF the Big
Gates Dealing.
END OF A GREAT coRNEF
Single Clique" House Said to Havs
Unloaded 100000 Bushels Dur
ing the Dealing on the Chi
cago Board of Trade.
END OF a GREAT coRNEF

Chicago. -April 20 Duplicatin
Thursd"y's sensational decline the
price of May wheat dropped precisely
III. cents per bushel. The sharp break
Mas generally admitted as additional
confirmation thai, the dead in May
wheat has been abandoned by ohm
w. Gates and his Wall street followers.
May opened lM2c lower ut Sl.OSm log.
and declined 20 $l.03. Distant futures
were weak as II result of the slump in
May. Predictions of rain We're another
curse OF Weakness. July opened at
SIH WS1"sc. and declined to si6sc.
Intense excitement prevailed in the
pit. as values continued to tall. hut
compared with Thursdays heavy trad
ing the volume of business was small.
Armour G Co. in It.
II. ~. Valentine. of Armour 4 Co,
was in the pit in person, watching the
operations. 1t is estimated l.a00 900
bushels of wheat We're sold by one
of il being generally believed To bc
clique" wheat. The %"cliaue" selling
smashed the market for May To $l.t2
before there WIS amy sign OF reaction.
At this point. viii II net loss OF cents
shown IS compared with Thursdays
close. the market rallied, recovering to
S!.04.
The rally was only momentary, how
ever, aud renewed selling brought about
another slump. May going 10 9Sl2 cents
and dosing al 81. Less than six weeks
ago The price for May was Si.2lia. ot
This sensational decline OF % cents the
net loss today WAS 1lla cents pr bushel.
Gates Quit Early.
1t WAS evident from the opening Of
business that the brokers for John
Gates. the repulsed leader Of the CO.
terie that was supposed to be engaged
in an attempt To corner May, had With
Drawn support from the market. The
days developments indicated that not
only We're Gates and his friends failing
to support the market, but that they
We're actively engaged in uisposing of
their holdings.
After the Trading was over operators
on 'chonse freely expressed the belief
that Gates and his friends had gotten
out OF the May deaf with little if any
loss, as there We're numerous stories of
an agreement with Armour and other
leading traders, following which May
was left TO its own The re-
port Was general hat Gates had fully
protected himself by immense pur-
chases of July. presumably for .Armour
during the past few days. and Was
said to furnish te basis OF L. agree
ment.
Pits Wild Scenes.
The scenes IN he pit We're mons
the widest EVER witnessed there. al
though the trading was not so heavy
in volume as ON Thursday. the last
previous business day. The gallery
today was full of spectators, while the
floor of The board was crowded with
traders and brokers The din of the
pit could be heard plainly on the
boulevard below, making wholly in
audible the CHATTER of horses hoofs ON
the asphalt.
The crowd in the pit surged and
pushed rs the break in prices con-
tinued. and members Oh the wrong side.
in their efforts to cover their losses,
shouted themselves hoarse, with per
SEPARATION streaming down Their cheeks.
rs they vainly sought to stop the run
AWAY urket.