The Birmingham age-herald., 1908-08-22
WHEAT MARKET IS SOMEWHAT LOWER More Liberal Offerings Cause
 the Decline RALLY FAILS TO HOLD Cold Weather In the Corn Belt Aids the Price of the Cereal, While Oats and Provisions Close
 With Losses.
RALLY FAILS TO HOLD

Chicago, August 21.-Reports of frost in several localities in the Canadian north west caused spurt of bullish enthusiasm in the wheat and oats pit on the board of trade today, but the strength in the former was dissipated by predictions of a liberal and speedy movement of the new spring sown crop. Oats closed firm but wheat, corn and provisions were weak.
 The wheat market opened weak, due mainly to the apparent indifference Of foreign traders to the advance here yes terday as evidenced by declines at nearly all the principal European grain markets. The decline abroad was ascribed to more liberal offerings of wheat from Russia and ports on the Danube, and to favor able prospects for the Argentine crop. Trade in the local market was very quiet for a time, but the receipt of dispatches telling of low Temperatures last night in Manitoba, Saskatchewan and Alberta brought out an active demand from sev- eral leading commission houses
 These advances, together with an ad- vance of more than 1c at Winnipeg, soon started a rally which carried prices more 'iihii AC dDONO lH6 Optnl0S QuOLdLlOnSs September advancing from 931ac to 947sc. December sold up to 955sG95Ac, and May to 999sc. About midday a prominent com mission house began to sell freely, which started general selling by pit traders The result was a break of 1c, which land ed all deliveries a trif1e below the open ing figures. This selling pressure was in- Snjrad n a 1arpa fof,t hu ports which predicted heavy movement of new wheat in the northwest next week. Minneapolis and Duluth it was said, were expecting from 400 to 800 carloads on Monday. The market failed to recover from this setback, a heavy tone prevail ing the remainder of the day. The close was weak at almost the lowest point Clearances of wheat and flour were equal to S72,000 bushels. Exports for the week, as shown by Bradstreets were equal to 3,907, 900 bushels.
 Primary receipts were 754,000 bushels, compared with ,000 the corresponding day year ago. Minneapolis, Duluth and Chicago reported receipts of 2S2 cars, against 2S1 last week and PA a year ago.
 Cold weather in the corn belt and the strength of wheat induced considerable purchasing of corn early in the day, which caused moderate strength The principal demand was for the May de- livery, trade in September being quiet owing to the congested condition of that option. The market weakened in the last of the day In sympathy with the break in wheat, dislodging a number of large sales. The close was easy, although De- cember and May were still trif1e above yesterdays final quotations. Local re- ceipts, 253 cars.
 Oats were independently firm all day, and closed at moderate gains for all de- liveries. One of the chief factors in the situation was the crop report of a local bank which was made public today, and which placed the total yield for this year at 23,0O0,0O0 bushels less than the esti- mate made by the government in August. The low temperatures in the northwest also strengthened the market. Local re- cepts were still meagre at 123 cars.
 With the exception of brief period of steadiness early in the day, growing out of buying by local packer, provisions were weak all day Liquidation of Sep- tember and October holdings was chiefly responsible for the weakness. The close was about the lowest point.
 Estimated receipts for tomorrow: Wheat 92 cars, corn 185, oats 121, hogs Il, 900 head.
 Leading futures ranged as follows: