The Birmingham age-herald., 1908-09-05
REAC TION OCCURS
 IN WHEAT MARKET Profit Taking Is the Principal
 Cause of. Decline BEARS CONTROL PRICES Fears of Frost Damage In Corn Region Are Dissipated by Warm Weather
 and Prices Decline-oats
 and Provisions Easy.
BEARS CONTROL PRICES

Chicago September 4.-Profit- taking sales had weakening effect on the wheat market here today. but prices showed only slight declines, the future deliveries clos ing at net losses of 1s@4c to 9sc. Owing to the congestion in the September deliv- cry that option closed at a gain of A0 9sc. Corn, oats and provisions closed easy.
 Listlessness pervaded the wheat pit to- day and prices were confined to a rather narrow range, about %c for the day. Pit traders were inclined to the selling side of the market on the theory that after TOUT days of steadily advancing prices the market was due for reaction. The sup port given the market the past few ses- sions by bulls was lacking today and this was partly responsible for the bearish tone which prevailed the greater part of the session. Weather in the northwest was ideal for threshing and moving the newly harvested grains and receipts at Minneapolis and Duluth were large enough to afford mlllers ample opportun- ity to supply their needs, the two points having total arrivals of 543 cars against l66 a year ago. Flour sales at Minne- apolis were again reported extremely lib- eral. Some improvement in the export de- mand for wheat was observable both here and in the east, but no large amount of business was reported. Wheat for Septem- Der delivery was still badly congested be- cause of the concentration of large bold ings in strong hands, and at one time sold at full cent premium over De- cember. The market closed irregular. September being firm and the new crop months easy. Clearances of wheat and flour were equal to 3S7,OOO bushels Ex- ports for the week as shown by Brad streets were equal to 5,396OO0 bushels.
 Primary receipts, S74,OOO bushels, com pared with 776000 the corresponding day year ago. Minneapolis, Duluth and Chi cago reported receipts of 595 cars, against 524 last week and 315 a yearNago.
 Rising temperatures throughout the corr belt having dissipated frost damage fears. the corn market was subjected to consid- erable realizing, which caused some weak ness. Offerings, however were not suf- ficiently liberal to cause any material de- clines. Crop reports continued to give a varying account of the outlook for the crop, but barring frosts, it is generally conceded the yield will be fully up to the average. The market closed easy with prices 1s to A@ssc lower. Local receipts. PAS cars, 58 contract grade
 Oats were dull and easy; local and out side holders were inclined to take profits and there was. also good selling by cash interests against increased offerings from the country. Demand for cash oats was not so urgent of late and prices de- clined 1ac. At the close prices were 1s@ Ac higher to ssc lower Local receipts, 192 cars.
 The feature of trading in provisions was liberal sales of lard and ribs by local packers, which caused moderate weak ness. Hog receipts at western packing centers were a trifie in excess of those of the corresponding day year ago. The market closed with prices off 21aQ1213c, compared with the previous close.
 Estimated receipts for tomorrow: Wheat 57 cars, corn 2S5 cars, oats 261 cars, hogs 5000 head
 Leading futures ranged as follows: