The Birmingham age-herald., 1908-09-12
SHARP REACTION IN WHEAT MARKET Prices Open Firm and Advance
 Follows Quickly SLUMP ON PROFIT TAKING Corn Makes New High Records for the Season, But Finally Closes at a
 Loss for Day-oats Weaker
 and Provisions Strong.
SLUMP ON PROFIT TAKING

Chicago, September n.-Profit taking on large scale caused a weak close in the wheat market today, following a mod crate bulge at the start and final quota tions showing net losses of AQ3sc to 5s@ &e. The market also closed weak after establishing new high marks for the ses- sion. Oats were weak but provisions were strong.
 The wheat market opened firm with prices shade lower to 3sQ112c higher and during the first hour fresh gains of nearly 1c were made in all deliveries as a re- suit of active buying by bull leaders. The bullish enthusiasm seemed to be based on the excellent demand for flour in the northwest and on the brisk inquiry for cash wheat in all the principal centers in this country. News of the day failed to show any new feature which would tend to encourage increased holdings of wheat. On the contrary the wheat mar lset was easy and the movement in the northwest was again exceedingly liberal. Receipts at Minneapolis and Duluth today were more than four times as large as they were the corresponding day last year, being 999 cars, while the total pri- mary receipts were more than double those year ago. Toward the end of the first hour long wheat in large quantities began to come into the pit. number of the leading longs apparently taking ad- vantage of the early bulge to dispose of part of their holdings. As the session advanced offerings became still more lib- eral and before the end of the day more than 6,000,000 bushels, it was claimed, had been sold by about dozen traders. These heavy sales caused a sharp slump in prices late In the session, from which the market failed to rally.
 The market was affected to some extent by accumulation of stock in the north. west, Duluth reporting an increase of l. 100000 bushels for the week, and Minne- apolis claiming an increase of 5000 bushels. New York reported l2 boat loads had been taken for export, but locally the export business was at a standstill Demand for cash wheat here was tame at yesterdays premiums Outside mar kets for cash wheat were firm early but weakened later In the day. The market closed almost at the bottom. Clearances of wheat and flour were equal to 21000 bushels. Exports for the week as shown by Bradstreets were equal to 3,013OO bushels Primary receipts were 1,561 O00 bushels, compared with 699.000 the cor responding day last year. Minneapolis, Duluth and Chicago reported receipts of 1oS7 cars against 596 last week and 407 a year ago.
 All deliveries of corn sold at new high record marks for the season, September at one time selling at S1asc, December touched 702sc and May 6S1sc. The fresh ad- vance today was due to an active general demand based on the continued drouth in the corn belt. No relief from the excess sively dry weather was in sight, the weather bureau giving clear skies for to- night and tomorrow. After the first hour sentiment became less bullish as a result of liberal realizing sales, the selling being especially free in the new crop months. This caused a decline In those deliveries, but the September option was held rel atively steady by an advance of 1kc to 1c in the price for cash. The market closed easy with prices AQ9sc lower to ssc higher Local receipts, 267 cars, S5 con- tract grade.
 Extreme dullness prevailed In the oats market, the interest of traders being al- most entirely in the other markets, being firm early in the day and weak toward the close. At the sample tables cash oats were firm to 11c higher. The market closed easier at net declines of AQ3sc to ssc. Local receipts, 1S5 cars.
 Trade in provisions was active and the market was strong all day. Local pack CTS were fair buyers of nearby deliveries while outside investors bought the Janu- ary products. The strength of grain and further advances In hog values were the chief bullish influences At the close prices were up 10c to 2Oc and 221ac com pared with the previous close.
 Estimated receipts tomorrow: Wheat, 57 cars; corn, 260; oats, 299; hogs, 11,0O0.
 Leading futures ranged as folloMs: