The Birmingham age-herald. [volume] (Birmingham, Ala.) 1902-1950, 1908-09-24
FIRM UNDERTONE
IN WHEAT MARKET
Opening Is Irregular With Ad-
vance In Prices
SELLING FOLLOWS FREELY
Wheat Finally Closes Hieher-corn
Advances Again on Fear of Frost,
While Oats and Prov-
sions Are Higher
SELLING FOLLOWS FREELY

Chicago, September 23-Beneath the see
saw of prices in the wheat market today
there was a strong undertone based large
ly on comparatively firm cables and a
belief that northwestern receipts had
reached their maximum. December closed
with a net gain of &c. Corn and oats
likewise closed higher and provisions at
a slight gain.
The tap of the opening gong found
large short interest which had sold conf
IDENTIFY on the rains in the winter wheat
country They were confronted, how
ever, by cables which held firm in the
face of the decline on this side yester-
day by reports that the weather in the
Argentine was inimically dry, and that
arrivals at Minneapolis and Duluth had
reached, not to say passed, their maxi
mum. Opening prices under the rush of
covering orders were irregular, Decem-
Der ranging from a shade under yester-
day to Nc above the best figure, being
81. OO1sa1. OOH. Within the first hour 40
&c had been added to this price. Heavy
selling was invited by the bulge, and in
the unloading which followed one firm
alone is said to have gotten rid of 3,O00,-
COO bushels. December receded to 99kc
under this pressure, but rebounded
promptly on renewed activity by the
bulls, who were impressed by the manner
in which the heavy offerings had been
absorbed. A factor in the recovery was
a report of a freezing temperature in the
Canadian northwest, and the weather in
general calculated to lead to a curtail-
ment of the movement. December at the
close was &c over yesterday at 81 .OOss@
1.OO1s
Primary receipts were LESS, 900 bushels,
as compared with $4,000 bushels the cor
responding day a year ago. Local re-
ceipts were 55 cars, z of contract grade,
while fresh arrivals at the three markets,
Chicago, Minneapolis and Duluth, aggre-
gated 1881 cars, against 1858 last week and
SIS a year ago. Export sales were re-
ported at % loads. Minneapolis receipts
in the last four days aggregated 10000
bushels.
While the fluctuations in the corn mar
ket showed to some extent the effect of
the wheat market, prices were held well
up on covering by shorts, who were buy
ers of both September and the new crop
months.
The market was agitated not only by
the light receipts-146 cars here with 6S or
contract grade-but by fear of frost fol-
lowing last nights rains. December
prices covered a range of &c, and the
close at 651aQ65Ac was 5sQ4c up.
Oats were fairly strong all day, despite
considerable selling of distant deliveries
by cash grain interests. Buying on all
soft spots was of an influential character,
and the cash market ruled firm to &c
up. The sample market was slow. De-
cember sold within a range of re and
closed as@1sc over yesterday, at 4SB@49c.
Selling of nearby products in the pro-
visions market held the entire list in
check, despite the appearance of new in
vestors who were buyers of January.
That delivery, however, closed with a
gain of 21sQ5c. Estimated receipts for to-
morrow: Wheat AZ cars, corn 176 cars,
oats 1888 cars, hogs 5000 head.
Leading futures ranged as follows: