The Birmingham age-herald. [volume] (Birmingham, Ala.) 1902-1950, 1910-04-07
HEAVY DECLINE is
SCORED IN WHEAT
Suspension of Grain Firm Is
Cause of Weakness
THE SELLING IS GENERAL
the Decline I'm the Wheat Market.
Oats and Provisions Also
Decline Sharply

Chicago, April 6.-Grain and provision
prices experienced a severe sinking spell
today, inspired to some extent by the
suspension of a prominent cash grain
concern-the second one for the week.
Pork was especially heavy, the price
of the July at one time being s1.321a be-
low the previous close. General liquida-
ton, accompanied by heavy sales by
leading bears. caused the weakness At
the close wheat show net losses of Ia
to ~; corn was down rs. and oats were
off son to 1@1B. Provisions closed at
net declines of 421a to 1924.
The wheat market was extremely weak
all day, and at the low point prices
showed losses of nearly &c, compared
with Mondays final figures. The an
nouncement before trading began of the
suspension of a firm identified closely
with the cash corn trade brought out
considerable selling In all pits, although
the pressure was especially noticeable in
corn. A number of other bearish fac
tors contributed to induce free offerings
of wheat Among these were additional
showers in the southwest; sharp declines
at Liverpool; poor demand for the cash
grain. and the Ohio report, which gave
81 year ago.
Prices at the opening were off 20 to
11s@12sc. July being at s1.O5% to $1.05A.
and September at sl.o21a to SLOPPY. The
tendency of prices was to sink still lower
all day. although on several occasions
slight rallies occurred on buying by
shorts. The low point for July, which
was reached late in the session, was
$1.041s; September dropped to sl.O11a. The
new crop months rallied in the final half
hour, and closed about &c above the
low figures.
Persistent liquidation characterized
trading in the corn pit, and, as a result
of the selling pressure, the price of all
deliveries dropped more than 11zc below
the closing level of Monday. The closing
out of accounts of a leading concern,
owing to the suspension OF the firm, was
perhaps the most important factor in the
situation, although the exceedingly slack
demand for the cash grain prompted
liberal sales. The price of the cash grain
was Off 1c to &c; No. 8 yellow selling at
551aQ57c.
The May delivery sold between 5sHc
anG 59ssc.
The market closed weak at almost the
bottom, May being down 1ssc at 5Sssc.
Oats were weak all day, because of
the slump in wheat and corn. Many
OF the leading longs sold freely. and there
was also liberal sales for short ac-
| count.
| The range for the May delivery was
between 4@41Mc and 421sQD4214c. =
The close was weak, with prices ss@Ac
| to 1G1I4c below Mondays final figures.
The continued declining tendency of
corn prices prompted free selling of
provisions today, which resulted in sensa-
tional declines. Pork was the weakest
on the list, and declined s1.221s to H.321a
from Mondays close. Lard and ribs
showed less radical losses. The selling
was chiefly of a profit-taking nature.
May pork dropped from $500 to $685.,
and the July option from $3.50 to sA.o0.
The market closed near the low point,
final figures on the May products be-
ing as follows: Pork, $23.s5; lard. s13.22h.
and ribs, $13071a The net loss on May
lard was 471sc, and on ribs. 421ac
Future quotations were as follows: