CHICAGO WHEAT MARKET.
SLUMP AND RECOVERY.
DEALING TN "FUTURES." NEW YORK, April 16. Mr. Scott, chairman of the Committee of Agriculture, has introduced a bill into the House of Representatives at Washington prohibiting dealing in "future" wheat, cotton, and agricultural produce. The Chicago wheat market was demoralised to-day, May wheat slumping to 1 dollar 26 cents and July to 1 dollar 14 cents, until 15 minutes before the close, when Mr. Patten furiously bought 3,000,000 bushels. May wheat subsequently recovered to 1 dollar 27A cents, and July to 1 dollar 153 cents. Enormous business was transacted. STRONG MARKET IN LONDON. (Received 8.30 a.m.) LONDON, April 16. The wheat markets are strong and animated, despite the large quantity afloat, and ample immediate supplies. A more active demand exists for cargoes, and sales have been made at 44/- and 44/3, holders being very firm. Parcels | afloat sold at 4rt/3, and Australian spot 40/-. Beerbohm estimates the shipments for the next four weeks at an average of 850.000 quarters weekly, whilst requirements may easily amount to 1,150,000 quarters, owing to the very large demand in England, Italy, and Germany. There is an excited market for flour at a general advance of 1/6 to 2/. Adelaide April and May shipments sold in Glasgow at 34/- landed.
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