The Birmingham age-herald., 1909-04-17
RECOVERY IS MADE IN WHEAT MARKET Sharp Reaction Follows Slump
 of Previous Day CLOSE SHOWS AN ADVANCE Corn RegaIns All Losses Suffered on Previous Day and the Close Is
 Very strong-oats and Pro-
 visions Close Firm.
CLOSE SHOWS AN ADVANCE

Chicago, April 16-A large part of the loss sustained in the severe slump in wheat prices yesterday was regained to- day and the market closed strong with prices 9sd1kc lower to 14@1asc higher com pared with the previous close. Corn and oats displayed unusual strength, the May delivery of the former touching a new high point for the season. Provisions also closed firm.
 The wheat market was an extremely choppy affair during the early part of the session, but during the final hours senti- ment crystalized into decided bullishness brought about chiefly by heavy purchase of the July option. Trade in the May de- livery was brisk at the outset, leading longs being free sellers. Later however, this option was neglected in favor of the more deferred futures Pit sentiment to- day was created principally by foreign advices. Official statistics indicated that the wheat movement this week from Ar gentina and Australia was at low ebb, the exports from the former country be- ing 2,344,O 900 bushels. compared with 3,72S,- 600 bushels the corresponding time a year ago. This was generally considered a sure indication that weekly statistics next Monday would reveal marked falling off In the worlds movement and in the amount on passage A message from Du- luth claiming that the break in prices yesterday at Winnipeg had resulted in sales there of thirty-two boat loads of Manitoba wheat for export also inspired additional bullish feeling. Sales of cash wheat here was limited but the south west reported continued brisk demand with prices at St. Louis at the high point of the year
 After pursuing an uneventful course, compared with the turbulent previous ses- sion, the market broke on liberal profit taking on May. The price of that option dropped from s1.27ss to $125A in a short space of time, while July sold off more than 1 cent, declining from $1.16ss to s1.15ss. Leading bulls promptly came to the support of the July option and the price of that month quickly rallied, but the May delivery was less buoyant. Tho top for July was reached at $1171s. Clos ing trades on that month were made SLY while May finished at s1.271s September sold between $1.061s001. .07A, and closed al SLOTS.
 Corn regained all of the loss sustained during the slump of the previous session. and the May delivery advanced to a new high point for the crop, sales being made at 691Ac. The nearby delivery was bought freely by several leading bulls in the wheat pit, and shorts also were active bidders.
 Wet weather in the corn belt, which will delay the movement, constantly de- creasing receipts and firm cables were the chief bullish influences. During the day May sold between 6Sssc and 69Ac, and closed at 69as9691sc, a gain of 14c com pared with the previous close.
 The feature of trade in the oats mar ket was active buying of the September delivery, based on delay to seeding by wet weather. That option showed net gain for the day of 1ssc. The market In general was strong all day.
 Buying of large quantity of lard and ribs by an influential local packer caused moderate strength in provisions. The up- turn in the price of coarse grain also had a bullish effect. At the close prices were unchanged to 71ac higher.
 Cash quotations ranged as follow: