The Birmingham age-herald. [volume] (Birmingham, Ala.) 1902-1950, 1908-09-29
WHEAT MARKET IS
ON THE DOWN GRADE
Prices Are Weak Almost the
Entire Day
BIG INCREASE IN STOCKS
Corn Is Weak Under Bear Pressure in
Spite of Cold Weather and Close
Is Lower-oats Are Lower.
Provisions Unchanged.
BIG INCREASE IN STOCKS

Chicago, September 8-Wheat prices
on the local exchange were dragged down
today by bearish statistics, the principal
feature of which was an unusually lib
eral increase in the available stocks of
wheat in the United States and Canada.
The close was at almost the lowest point
at net losses of sc to es924c. Corn and
oats were also weak but provisions were
steady.
With the exception of a slight rally
during the first half hour the wheat
market was weak the entire day and
trade was of a listless character the
greater part of the session. Influenced
by the weekly statistics and by weak
cables the market opened easy with prices
unchanged to Ac lower compared with
Saturdays closing quotations. Worlds
shipments, while not SO liberal as ex-
pected in some quarters were still con-
siderably in excess of the previous week S
movement and also that Of the cores
ponding week last year, being n,2o'ooo
bushels, compared with 10104,00O bushels
last week and 10, 640000 bushels last year.
The amount on passage also showed an
increase of 2, $4,000 bushels for the week
Shortly after the opening several COM
mission houses became fair bidders Tor
wheat and this demand raised prices to
a point about &c above the previous close
The market, however, was unable to with
stand the bearish influences and soon
weakened again. Declines at Minneap-
oils and Winnipeg were partly responsible
for the renewed weakness.
The lower prices at Minneapolis were
due largely to an increase of $4,000 bush
els in stocks there during the past two
days, while the decline at Winnipeg was
largely the result of predictions of big
increase in receipts of new wheat Dur
ing the last half the market was bear
ishly affected by rumors to the effect
that the visible supply statement would
show a surprisingly liberal increase in
the available stocks of wheat in the
United States and Canada. The official
figures, which were made public a few
minutes before the end of the session,
amply verified these rumors, inasmuch
as the increase in stocks was estimated
at 5,229,O00 bushels, compared with a de-
crease of 25O,0oO bushes the correspond
ing time a year ago. Export demand
here and at northwestern markets was
dull but late reports lrom the seaboard
claimed SO boat loads had been taken
for export. Additional rains in the win
ter wheat belt were another reason for
the heaviness of the local market The
market closed at almost the bottom
prices. Clearances of wheat and flour
We're equal to 100000 bushels. Primary
receipts were 2,416,0O0 bushels, compared
with 11H,O00 bushels the corresponding
day year ago.
Minneapolis, Duluth and Chicago re-
ported receipts of 2,044 cars, against 2,oSl
cars last week and 713 cars a year ago.
The corn market was weak all day
despite a cold wave which extended as
far south as Texas. Severe frosts were
reported from many localities in the corn
belt, but in many instances the claim
was made that the crop was too far ad-
vanced to be damaged to any great ex-
tent. The principal feature of trade and
that was chiefly responsible for the weak
ness, was liberal sales by leading long
which induced free selling by pit traders
and by small holders. Wet weather help
ed TO inspire some selling. There was
a fairly good demand for cash corn and
prices were 1ac below Saturdays figures,
Local receipts were Ill cars. with So
of contract grade The market closed
weak with prices 1sc higher to ssc lower.
Trade in oats were quiet and the mar
ket was Influenced mainly by wheat and
corn At the sample table prices were
steady to 1ac lower, with good demand.
The market closed weak with prices I'M
changed to Ad5s lower. Local receipts
were 2S5 cars.
Provisions were moderately active and
prices fiuctuated within a narrow range.
The feature of trade was the buying of
January ribs and the selling of October
pork by a local concern whose transac-
tions along similar lines were a notice
able factor of last weeks trading. The
market closed steady with prices a shade
lower 10 10 cents higher. Estimated re-
celpts for tomorrow: Wheat, "a cars; corn
ears. oats rs cars. hogs, 1900 head.
.eadinR futures ranged as follows: