Salt Lake Herald-Republican | 1905-04-21 | Page 1 | May Wheat Dumped on the Market

IWAY WHEAT DUMPED ON THE MARKET MA i Ii I Break of Five Cents in the Price and the Gates Deal Dealin Dealin in Next Nex Months Options Received Its Death Blow 1 HICACO April 20 The celebrated C j deal in May Ia wheat attributed to John W y Gates received seemingly its death dea th blow Wow today Possibly as munch much as a bushels for May ilay de deIy delivery livery Iy were wele dumped out on the market As a It result there was a break of 5 cents a bushel in the price the quotations for May falling from 4 to 08 03 I Some operators ol professed an opinion that the slump was wa due to heavy east eastern eastern ern ermi holders of May lay wheat unloading because of notable unrest in itt the time stock tock market the alleged purpose of the sell seU sellers sellera ers era being to get free to protect securities securities ties in Wall VaU street A A much more prevalent belief however was that Gates tiring of the burden had shifted the May lIay wheat deal to Armour and others One thing was said mid to be lain tain tam that Gates had sold tremendous quantities today toay through at least one house here When the price of May lay Mayfell Mayfell layfell fell under commission people poured wheat out on orders This caused eau ed a sheet sheer drop to lOSh 1086 The total sales of May I were estimated all aU the way front from to bushels While hile the bear turn was wat on in hi May IKY the th Armour people were supporting I July wheat against selling drives caused paused by general rains It was ar argued I gued that Armours enormous buying for July was for the Gates crowd eith either I er covering heavy short sales Hales made from down or possibly going long longI I I I for the Wall Vall j street dealer At the I close dose of the session May jumped back to leaving the net decline decU e for the I lay day da 3 1 r July closed less les than one quarter of a 0 cent ent off at 87 to 57