The Salt Lake tribune. [volume] (Salt Lake City, Utah) 1890-current, 1909-04-23
EXPECTED BREAK IN
WHEAT MARKET COMES
Heavy Selling Sends Prices
Steadily Downward Through
out Days Trading.

=, CHICAGO. April 22.-Liquidstion was
J. rom the clang OF the opening bell to the
finish long, wheat, was dumped into the
pit, and the decline was precipttste
at times that commission houses were
considered fortunate IL they succeeded III
fSSeeufnT fSe I'M, stoPloss orders within &c Of
which covering by shorts or by owners OF
downward indemnIties more than offset
the realizing sales; but these were brief;
as rule At the low point July recorded
O. loss of 4aMitc from yesterday and May
dropped 4ic. This was break OF 9tc for
July compared with the highest point
begun just 4 week ago, and a decline OF
sac for May.
The erstwhile leader OF the bulls was
not In evidence personally In the pit, hav-
ing left the city yesterday on a. western
trip. The Pa,ten house. however, was
well represented by brokers. who, 1t was
claimed, kept unloading wheat as rapidly
as conditions would permit Selling by
other leading commission houses also was
on an enormous scale, three or four con.
Germs being credited With sales during the
day agsregatlng between 100000 and -
0OG 900 bushels.
Meanwhile. several things tended to
contradict the theory advocated by the
bulls OF a scarcity OF wheat. The wheat
producing countries of the southern hemi
sphere, which have been listed as being
extremely short OF the cereal. were COM
paratIvely heavy shippers during the last
week. according TO semi official estimates
made today, Argentine alone sent out
100000 bushels. which is nearly 500: 0QG
more than was shipped a week ago. while
Australia, which had been set down as
being completely exhausted OF wheat. eX-
pressed more than 100000 bushels. At
the same time, adyices from all sections
OF the winter wheat belt In this country
told OF generally favorable conditions for
the rapid growth OF the fall-sown crop;
Gables also were weak. the Liverpool
market being Oft Id. despite the moderate
rally here yesterday,
The market opened weak at net declines
OF s@lc TO llc. July being at Sl.12I 10
s1.l33. During the first few minutes July
dropped to Sill, but rallied quickly again
about 1c, The advance, however, brought
out fresh realizing sales, This procedure
the exception that on each break prices
dropped a li.tle lower than the previous
drop, At the bottom July sold at sl.09a,
May at sl,2oI and september at sl:0ls.
and sl:2l FOR May, a net loss for the day
OF lc for each option.
After advancing to a new high record
mark for the May delivery, the corn mar
slump In wheat and closed al net losses
OF &c TO l3c compared with the previous
closing The high point today for May
was nc, which was reached soon after
re and closed at Io3mI0sc,
The break in wheat, decline OF sc to
Dc In the price of the cash grain and more
favorable weather for farm work caused
heavy selling Of oats, which resulted iD
declines at the close ranging from Ia &c
to &c, compared with yesterdays finals.
The May delivery ranged between 55lc
and 56sc, and closed at 56M561c:
Provisions weakened on selling based
on the declines in grain after the marke I
had displayed moderate strength early in
the session. Al the close prices were q
shade 10 175c lower