The Birmingham age-herald., 1909-08-17
SOME STRENGTH IN WHEAT MARKET Prices Advance But Sell Down
 Before the Close VISIBLE SUPPLY IS SMALL Dry Weather in Corn Region Causes Firmness and Prices Close High
 er-oats Close Firm and
 Provisions Strong.
VISIBLE SUPPLY IS SMALL

Chicago, August 16.-Cont1nued excellent demand for the cash grain was responsi- ble for considerable strength, manifested In the wheat market during the greater part of the session today. Liberal real izing sales, however. caused a loss of all early gains. the market closing scarce ly steady. Corn was strong on dry weather complaints. Oats closed firm and provisions strong.
 A sharply higher range of prices was scored in the wheat pit at the opening of ss611c compared with Saturdays final quotations. Although the market con- tinued strong the greater part of the day, opening figures were the best of the session, with the exception of September, which gained trihe early in the day. On several occasions there was some re- action owing to realizing sales but each recession induced renewed purchases, re- sulting fin a fresh rally until late in the session, when the market lost its resil- iency and closed heavy with prices a shade lower to hc higher, compared with the previous close. Strength of foreign markets, particularly that of Liverpool, where prices were Aa121ld higher, a bulge In corn, a comparatively small increase in the visible supply statistics and an ur- gent demand for cash wheat here and in the southwest, were the most potent in- ffuences in the situation The visible SUD- ply of wheat in the United States in- creased only SS,000 bushels last week, compared with an increase of 1.052, 900 bushels the corresponding time a year ago, significant fact in view of the extremely heavy movement of a new win ter wheat Regarding the cash situation here local cash interests reported they were bidding cents over the September price for 30 days shipment to Chicago for No. red on track At Kansas City and St. Louis also, cash prices made fair advances despite liberal arrivals. Wealth. conditions in the northwest generally favorable for harvesting and threshing of the new crop.
 The drouth In northern Kansas and Missouri and eastern Nebraska was still unbroken and as a result of this shorts in the corn pit were urgent bidders for that cereal the greater part of the ses- sion, which caused a sharp advance in prices. In accordance with the demand by the shorts there was also active buy ing by the leading elevator interests. Off, fer,ngs came chiefly from holders who were anxious to secure profits The mar ket broke quite severely in the final hour, when prices dropped about 1o from the high point of the session as result of realizing sales. At the high point of the day prices were 1ssQ2Mo above Sat surday's closing figures. The close was firm. with prices up ss0%c to 1ssGdhc.
 Further delay to threshing by wet weather had a strengthening effect on the oats market. which was also bullish- ly affected by the upturn in corn. The market at times was subjected to consid- erable selling pressure from traders and country commission houses.
 Cash interests also sold freely of the September delivery. The market closed firm, with prices unchanged, 1s9Ao higher.
 Provisions were active and strong. Trade was chiefly in the January prod ucts, which were in good demand both by shorts and for investment purposes Prices at the close were 10c to 121k@3oc higher.
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