The Birmingham age-herald., 1909-04-24
ANOTHER BREAK IN
 PRICE OF WHEAT After Sharp Decline Prices
 Close At An Advance MOST NEWS IS BULLlSH 
Corn Declines as a Result of Heavy Selling By Longs, Who Have Been Buying Freely-oats and Pro-
 visions Close Steady.

Chicago, April 28.-Demoralzation was again in evidence in the grain pits on the board of trade for a brief period today during which time wheat for July delivery sold off to $1.OS7s. which was %c below the point touched during yes terday's sensational slump. At the same time corn for May delivery brol<s more than 4 cents from yesterdays high point. All of the loss in wheat and a large part of that in corn was subsequently regained, wheat closing firm at net gains of shade to hc compared with the previous close. Corn closed at net losses of ssc to 1ssQ11ac. Oats and provisions closed steady.
 The fresh break in wheat prices oc- cured shortly after the opening, which was 1sc lower to 311c higher. The ad- vance at the start was due chiefly to a shrap rally at Liverpool, following considerable weakness there earlier in the day. Taking the advance in the English market as an indication of rally here, shorts plunged in to cover on first trades and prices were given a quick up-turn. July opened at $1.1o1kQ1.11, and May at s. .23@d. .241s Three or four of the lead ing commission houses which were the principal sellers yesterday then renewed their selling operations, and the market soon became extremely weak Early buy CTS switched to the selling side and as prices declined fresh stop loss orders were reached, which accelerated the downward movement.
 Before the decline was checked July had sold off to s1.OS7s, May to s1.2Oa, and September to $101iS, while December dropped below the dollar mark to 9994c.
 Covering by shorts then caused an- other rally and during the remainder of the day much steadier feeling was man ifested.
 Delay of seeding in the northwest, due to cold weather, was the chief bull ish influence of the day. News in gen. eral was favorable to the bears. Argen- tine shipmens were over the estimated at 2,936000 bushels for the week and Australia supplied over S0O,00o bushels. Most of the crop reports, which came in. were less bullish, the planting in most states showing decided improvement compared with a week or so ago. The Kansas report makes the condition of the crop in that state SS as against s6, the governments April figures. and the acreage now left o,O92OOo acres versus 6, ,424,OOO acres seeded last fall.
 The market closed firm with July at s1.1oA May closed at s1.221s. and Sep tember at $1.0214.
 Corn prices declined as the result of unloading of large lines of May deliv- cry, which several of the leading com mission houses had been accommodating for the last few weeks. Initial quo- tations on May were at 7OAd707sc and on July 6S1a@6Ss4c. Before the end of the first half hour May had dropped to 67slc and July to 6614c. The sleilng was in- spired to some extent by liberal ship ments of corn from Argentine, the week S movement being placed at 1877, 900 bushels or four times as much as during the previous week. On the break shots and cash houses became active buyers and prices rallied materially although all the earlier loss was not regained. At the close prices were still ssc to 13s@11ac be- low the final quotations of the previous day, May being 691sc and July at 671ac.
 Oats followed the trend of the corn market. Prices showed a slight gain at the outset and then with the break in corn decline of nearly 1c occurred. During the last half day a firmer tone prevailed and at the close prices were only shade to L@ssc below yester- days closing quotations,
 Provisions were firm at the start, be- cause Of a strong market for live hogs. but weakened along with grain and all though some recovery was made during the last part of the day all of the loss was not regained. At the close prices were shade lHEher to 71sc lower.
 T.aadin0 a S fOl1oWS.