The Birmingham age-herald., 1909-04-23
WHEAT TUMBLES
 IN WILD MARKET
Bull Campaign Appears to Have
 Been Abandoned
DECLINE IS FOUR CENTS
Corn Market Weakens After Reaching New High Records and the Close Is LoWer-Oats and Provi-
 visions Are Also Weak.

Chicago, April 22-Further sensational declines ranging from to cents in the price of wheat today marked what is considered by many traders as the wind up of the famous bull campaign en- gineered by James A. Patten and CO., terie of his followers. The market closed at almost the bottom after July had sold at s1.Os5s and May at S1.2Os4 per bushel. Corn, oats and provisions were affected by the severe slump of wheat and closed weak.
 Liquidation was the order of the day in the wheat pit. From the clang of the opening bell to the finish, long wheat was dumped into the pit and the decline was so precpitate at times that commission houses were considered fortunate if they succeeded in executing stop loss orders within &c of the limit. There were times during the day during which covering by shorts or by owners of downward in- demnities more than offset the realizing sales, but these were brief as a rule. At the low point of the day the July deliY- cry recorded loss of 4kQ4ssc from yes terday's final quotations, and the May op- ton drop of 4Mc This was a break of e1zc for July, compared with the highest point touched during the campaign, which
 
 Sihc for May.
 The erstwhile leader of the bulls was not in evidence personally in the pit, having left the city yesterday on western trip. The Patten house, however, was well rep resented by brokers who, 1t was claimed, kept unloading wheat as rapidly as con- ditions would permit. Selling by other leading commission houses also was on an enormous scale, three or four concerns being credited with sales during the day aggregating between 100000 and 100000 bushels. Several things tended to contra dict the theory advocated by the bulls of a scarcity of wheat
 The wheat-producng countries of the southern hemisphere, which had been list ed as being extremely short of the cereal, were comparatively heavy shippers during the last week, according to semi-official estimates made today. Argentina alone sent out 2,S00 900 bushels, which is nearly 500,0O0 bushels more than were shipped the previous week, while Australia, which had been set down as being completely anni- Inflated exported more than 600000 bush els. At the same time advices from all sections of the winter wheat belt in this country told of generally favorable condi- tions for the rapid growth of the fall sown crop. Cables were also weak, the Liverpool market being off a penny de- spite the modest rally here yesterday.
  of ss@ho to 11kc, July being at s1 ,1Hs@ LEA. During the first few minutes the price of July dropped to $1.11, but rallied quickly again about cent. The advance, however, brought out fresh realizing sales. This procedure was repeated throughout the entire day, with the exception that on each break prices dropped little low CT than in the previous drive. At the bot 1 ton July sold at $1 09ss, May at $1 20% and September at M.01%. Final quotations were $1 $1.097sQ1.1O for July and s1.21 for May, a net loss of precisely cents for each option during the day.
 After advancing to new high record mark for the May delivery the corn mar lSet weakened in sympathy with the se- were slump in wheat, and closed at net losses of %@11ac, compared with the prev ious close. The highest point touched to- day by the May option was 72c, which was reached soon after the opening. There was considerable prof1t-taking in that de- livery, and the more distant futures were subjected to short sales because of inn proved weather conditions in the corn belt. During the day May sold between 70ssc and 72c, and closed at 701a0705sc. The break in wheat a decline of A0 1kc in the price of cash grain. and more favorable weather for farm work caused heavy selling of oats, which resulted in declines at the close ranging from 1s@Ac to &c, compared with yesterdays final quotations. The May delivery ranged be- tween 55a4c and 56ssc and closed at 560 56hc.
 Provisions weakened on selling based upon thesdeclines in grain, after the mar ket had displayed moderate strength earlier in the session as a result of a 5q10c advance in live hogs. At the close prices were a shade to 171sc lower. Leading futures ranged as follows