The Birmingham age-herald. [volume] (Birmingham, Ala.) 1902-1950, 1908-09-30
WHEAT DECLINES
MORE THAN A CENT
Sentiment Is BeariSh During
the Whole Session
VISIBLE SUPPLY is HEAVY
Corn Is Weak All Day as Result of
Renewed Selling and the Close Is
Lower-Oats Are Easy and
Provisions Are Weak.
VISIBLE SUPPLY is HEAVY

Chicago, September 29.-Wheat prices in
the local exchange declined more than lie
today owing to the heavy selling pressure
brought out mainly by a record breaking
increase in the worlds available stocks
of wheat. The close was near the low
est point at net losses of sale to 1q11se
compared with the previous close. Corn,
oats and provisions also were weak.
Sentiment in the wheat pit was very
bearish all day and the market was
under heavy selling pressure the greater
part of the session. Leading long sold
freely and there was also liberal selling
for short account. Influenced by declines
at all of the leading European markets
the local market opened weak with prices
off 1sQ14e to ss&94c compared with yes
terday's close. The weakness abroad was
due mainly to the rapid accumulation Of
wheat at the principal grain centers OF
the world and during the early trading
the local market was depressed by rum
ors to the effect that the worlds Wis
ible supply statement would show an
enormous increase for the week. Liberat
receipts in the northwest also had bear
ish effect during the first part of the
day. When the visible supply statement
was given out later in the day 1t fully
justified the early pressure as it showed
an increase of Ii, 100000 bushels for the
week, which is the largest gain ever re-
corded. At the same time Minneapolis
repoeted an increase in stocks of 100000
bushels for the same past three days, a
much more rapid rate of increase than
for the same time last year-and prices
at Minneapolis and Duluth were mora
than one cent below yesterdays close.
Business at the sample tables here was
dull at premiums prevailing yesterday.
Total export business for the day was
reported at 90 boat loads and export
ers admitted that the decline in prices
gave promise of much larger business.
The market failed to rally from it's weak
ness and closed at about the bottom.
Clearances of wheat and flour were equal
to 257,0O0 bushels. Primary receipts were
2,242,0O0 bushels, compared with 1,22SO0O
bushels the corresponding day year
ago. Minneapolis, Duluth and Chicago re-
ported receipts of 1871 cars, against 1850
cars last week and LOIS cars year
ago.
The corn market was weak all day as
a result of renewed selling by longs who
had been for the past week or ten days
endeavoring to dispose of their lines. The
support was poor, the greater part OF
the session despite the low temperature
which prevailed throughout the corn belt,
The general impression seemed to be that
the cold wave would not seriously injure
the new crop. The September option
showed special weakness during the last
part of the day, selling off 1Ac from
the high point Cash corn was 1ac lower.
There was fair rally in the future de-
liveries during the last hour but the
close was weak with prices off AQssc
to 1850. Local receipts were 322 cars
with 129 of contract grade.
Oats were easy in sympathy with wheat
and corn with the exception that the Sep
TENDER option was firm on buying by
shorts. Selling by cash houses was a
feature of trade. Prices at the sample
tables were AQ1ac lower for the cash
grain and shipping demands were said
to be limited. The market closed weak
for the futures but firm for September.
Local receipts were S43 cars.
Provisions were steady early in the
day but became weak on renewed liqui-
dalton of October pork and closed at
net losses of 71A@10c to Csc. A late de-
cline of 5Q10c in the price of live hogs
and the weakness of corn were the chief
bearish influences. The market lacked
any support from local packers.
Estimated receipts for tomorrow: Wheat
26 cars, corn "a cars, oats 13S cars, hogs
$4,000 head.
f..4..,or I, cod