The Birmingham age-herald., 1909-05-05
SHARP ADVANCE
 IN WHEAT PRICES Trade Believes That Patten Is
 Sill In the Market CROP REPORTS BULLISH
Corn Makes Only Moderate Gains In Splits of Fact That Bears Ham, mer Prices-oats Close Strona
 and Provisions Weak.

Chicago, May 4.-Wheat prices ad-
 vanced from l 1so to 4c today on vigor-
 ous support by leaders of the bull cam
 have previously deserted the cause. The
 market closed with all deliveries sell
 Ing at the top price on the day and at
 net gains of -Ac to 3% Q3Ac Corn and
 oats also closed strong, but provisions
 were rather weak
 Sharp upturns in wheat occurred late
 in the day, although the July showed
 moderate gains early in the session
 The traders seemed to discredt the
 rumors set afloat at the time of the
 severe slump in prices two weeks ago.
 that the Patten interests had aban-
 doned the Ideal" owing to adverse
 publicity. This house today was
 credited with heavy purchases of the
 July delivery. while at the same time 1t was moderate seller of the May
 option. At the high point today the July delivery sold at $1.16, 40 above
 the low point of the session and more
 than loo above the low point touch ed
 on the recent sensational break. May at the same time sold at SIPS. a gain of 9% e compared with the low mark
 recorded on April 26. when the tide
 turned in favor of the bulls. The de- ferred futures showed gains of nearly
 Sc from the low point of the day, Sep
 tember advancing to $1.05a4 and Decem- Der to $1.035s.
 The principal bullish influences were the Oklahoma and Ohio state reports.
 The condition of the crop of the for
 mer state is officially estimated at IA compared with IS month ago, while in Ohio the condition of growing wheat
 was placed at 66, which, although rep resenting an improvement of points. compared with last month Is 26 points below the condition of the crop a year ago. Western Kansas also sent in more emphatic reports of damages to the new crop by high winds and dry weath :
 CT, and In few instances by the green
 bug. The foreign weekly crop sum
 mary also indicated that the European wheat crop had not shown the gains generally expected since growing weather set in. The northwestern
 markets failed to follow closely the advance here, the situation there being
 somewhat depressed by the more favor able weather Tor farm work both
 sides of the International boundary. Considering the sharp advance in wheat, the prices of corn made only moderate gains and final figures showed | a rise of only E @ ssc compared with 1 the previous close.
 l. Leading shorts hammered the mark ct all day, but made no headway except I to restrain to some extent the advanc- l ing tendency produced by the bulge l in wheat. A statement issued early in l the day showing stocks of corn in pub . l lie and private elevators here was a l bearish factor, the total stocks being l larger than generally predicted. Dur ing the day July sold between 6S1s and CSC, and closed at 6Ss O 69c
 Trade in oats was dull and the mar ket was rather weak early in the day, but became lrmer later in the ses- sion because of the strength of wheat. Improved weather conditions for farm
 work formed .the basis of the early
 heaviness The range on July for the
 day was 491a @49Bc. At the close
 prices were BQ 1sc higher, with July
 at 49Ac.
 Despite 5@1Oc advances in live hogs. during the last half hour of the day and closed at declines of 2A or Rc. Cash interests which have recently been on the buying side were among the sell lers today. Receipts of hogs at the principal western packing centers were
 more liberal than for the correspond ing day last year and this had de- pressing effect.