The Birmingham age-herald., 1908-10-24
WHEAT DECLINES
 UNDER PRESSURE Weakness of European Mar ketS Causes Depression ARGENTINA NOT MUCH HURT Corn Is Firm In Spite of Wheat's Slump, the Upturn Being Caused
 By Unsettled Weather-oats
 Firm-Provisions Easy.
ARGENTINA NOT MUCH HURT

Chicago, October 23.-W ealness of Flu ropean grain markets had depressing effect today on the local wheat market. %Q1c. Corn was firm; oats steady and provisions easy.
 With the exception of a brief period early in the day the wheat market was inclined to be weak and at the close prices were almost at the bottom. In- 1uenced by declines at European grain centers the market opened easy with prices hQ14c to ssq1ac below yesterdays close. Within the first ten minutes, how ever. prices had been run up about 1sc on active buying by commission houses and pit traders which were based on O portion of the dispatch from Argentina re- garding the amount of damage to the growing wheat crop by the recent frosts. According to first versions of this dis patch the damage was estimated at about 40 per cent of the total crop. Later when it became known that the 40 per cent re- ferred to only one district and that the damage to the entire crop was no more than SIlad been previously estimated great many of the early buyers turned sellers, which caused quick decline. Dur ing the remainder of the day the mar ket continued weak and before the de- cline was checked prices had dropped ap proximately 1c from the high point of the day. Wet weather in the southwest inspired some selling throughout the ses- sion. Rains were again general in the winter wheat belt west of the Mississippi 4..I Mol. and Iowa, but the precipitation east of the Mississippi river was still negative quantity. Receipts of wheat in the south west showed some falling off but the movement in the northwest was still lib- era1. Exporters claimed an absence of export business here or at the seaboard, but the actual clearances of former sales were liberal being SS2,0O0 bushels.
 Total exports for the week as reported by Bradstreets were equal to 6,12S000 bushels. Cash wheat here was easy and offerings were liberal Primary re- ceipts were 1,077,000 bushels, compared with 1003,0 900 bushels the corresponding day a year ago. Minneapolis, Duluth and Chicago reported receipts of 631 cars, against S73 last week and 54 year ago.
 Corn was firm all day despite the slump in wheat. Unsettled weather in the corn bet was one of the chief bullish n-
 
 from two to four inches of snow and Ne braska also reported a heavy snow fall. The close was firm with prices a shade to 1hc higher. December chased at 6S14Q 632sc and May at 62%@62&c. Local re- ceipts, 106 cars; 22 contract grade.
 Oats were easy early in the day because of selling by cash interests, but rallied in sympathy with the firmness of corn. Cash oats were inclined to drag and prices were 1sc lower. The market closed steady with December 411so and May at 491kc. Local receipts were 179 cars.
 Trade in provisions was dull and the market was inclined to be weak nearly all day. Receipts of live hogs at western packing centers were liberal today and predictions were for a continuance of the heavy movement At the close, prices were 5c higher to 10c lower. Estimated receipts for tomorrow
 Wheat, "A cars; corn, Il cars; oats, 146 cars; hogs, 1900 head. 0
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