The Birmingham age-herald., 1909-04-21
HEAVY DECLINE IN
 WHEAT MARKET Prices Breaks Nearly 4 Cents
 Under Pressure
WEATHER IS BIG FACTOR
Bulls Do Not Agree With the Weather Man In Optimistic Crop Reports, But Prices Yield to
 Hammerine.

Chicago, April 20-Wheat prices on the board of trade broke from 2hc to 4ssc per bushel from the high point of the day and the market closed extremely weak and only a trihe above the low mark. Corn closed about steady, oats were easy and provisions weak.
 Almost complete demoralization pre- vailed in the wheat pit for a brief period in the late session and only the most determined support by bull leaders saved the market from utter rout. Immense quantities of wheat were dumped into the wheat pit during the day and the strength of the bulls was taxed to the utmost to prevent the occurrence of the sensational slump earlier in the session. As it was, prices declined in the first half hour from 1isc to 2a2hc from yes terdays close on general selling, but quickly recovered much ofthe loss on buy ing by shorts.
 It was a fight between the bulls and the weather man. with wheat for July de- livery the bone of contention Leading bulls have oontended that on account of drouth last fall 1t would be impossible to deliver on July contracts any great amount of wheat from this seasons crop, but reports received today from the south west seemed to disprove this assertion. With the advent of growing" weather the new crop was said to be making rapid headway. One dispatch claimed that the outlook in Central Missouri had greatly improved during the last few days, and that fields pronounced dead earlier in the season now show pros peots for an average yield" The situation in the northwest was equally optimistic. Seeding in Minnesota and the Dakotas' is in full blast. With continued favorable weather it was predicted that by the end that the acreage seeded will be the larg- est ever known.
 In addition to these domestic condi- tions the foreign situation was also against the bulls. Cables were decidedly weak, Liverpool being Id to 1hd and the weekly crop summary claimed that the outlook for the wheat crop of Europe in general was excellent. Following so close the exceedingly liberal shipments from Russia last week. as reported yes terday, this news proved too much for the market to withstand The market opened weak with prices off hc to 1Q11so compared with yesterdays close, the July delivery showing the greatest loss. Initial quotations on this option were $l15H to s1.15s4 Before the end of the first half hour the price had declined another cent on general selling. The market then rallied considerably on covering by shorts and for a time held comparatively steady. In the final hour, however, the market again slipped from the bulls and prices tumbled from 21so to 4ssc from the high point of the day and from S31 to 6c, compared with yesterdays high mark. The bottom for July was reached al q. .l2A. May closed at s1 .241s. and Sep tembsr at q .06G1 .051s.
 The corn market held up remarkably well considering the severe slump in wheat. Wet weather, present and pros pective, was the main reason for the f1rmness which was manifested at various times during the day The market opened firm but weakened early in the day ow- ing to the selling of large quantities of the May and July deliveries. Later, how ever, the market again became firm and at the close prices were 1sc lower to ss91ac higher, compared with yesterday S final quotations. May sold betwen 7O1s@ 71Ac and closed at 70%c.
 Oats were firm at the start owing to the strength of corn, but eased off later in sympathy with the break in wheat. The Iowa crop bulletin which showed that seeding had been delayed by weather was a bullish factor early in the day. At the close prices were N@asc lower to 3sc higher than the previous close.
 Provisions displayed moderate hrmness early in the day because of a 5c advance in live hogs, but weakened later in the session owing to a profit-taling based to some extent on the break in wheat prices. At the close prices were a shade higher to 15c lower