The Birmingham age-herald. [volume] (Birmingham, Ala.) 1902-1950, 1910-08-07
PRICES DECLINE IN
THE WHEAT MARKET
Bearish Influences for the Day
Are Strong
CROP REPORTS BETTER
Corn Advances Under Influence of Ex-
pert Sales and the Close Is Higher.
Oats and Provisions Close
Mt a Decline
BY JOSEPH PRITcHARD

Chicago, August 6.-(Special.)-
When some of the local longs in wheat
attempted to secure profits on the ad-
yances made here Thursday and fri
day general selling by the trade was
soon inaugurated and prices declined
net losses for the day being 1A@1Ic,
with the nearby months the weakest
spot of the list.
Bearish influences seemed to develop
during the day and these were given
considerable attention by both the bulls
the largest cash grain men in the
northwest, in message to the writer
said that the wheat that was being
thrown into the Minneapolis pit was
doubtless against new spring wheat
which is. now being made ready for
movement to points for distribution
With this fact in front of the longs and
the fact that there are now 10000 0Oo
bushels Of wheat "hedged" in the Chi
cago market, it may be seen thal II
will take more than the French news
as a bull factor to place prices al
a higher level and hold them there
Primary receipts during last week were
1O,515,000 bushels, which was $500 OOO
In excess of the corresponding period
year ago. Receipts at Minneapolis
and Duluth were 1412 cars, and at Win
nipeg GA cars, compared with S2S and
$50 cars, respectively year ago. These
figures show that the wheat crop Is
much larger than the bulls and the
farmers care to have the public know
When the French news, telling of the
crop losses there because of heavy rains
In the district where harvest is now
under way, there was considerable talk
of foreigners being willing to take our
Lbreadstuffs at full prices. There were
reports of small sales from Baltimore to
the continent but a message from the
Maryland city today said that Meth er
Rotterdam, Liverpool, nor Antwerp re-
piled to the cables asking for bids
on wheat for export One of the largest
ash grain houses in the trade repor.-
ed the bids on wheat abroad as SC out
of line and this. too. including dis
tressed" freight.
The corn market showed advances of
70 q 1c, the strengthening influence be-
ing the sale of 10000 bushels OF cash
for export and a bid for $4,000 bush
els more for shipment via Montreal
While it was said that THIS was old
business, it showed the direction of
the market. at the moment. %. Stocks
here are well cleaned up, and the last
lot mentioned could not be obtained
Local professionals were the LEADING
buyers, while the selling was scat.
tered. The country is not buying corr
on a large scale, which denotes thai
crop prospects are normal.
The Missouri August com condition
as wired by C. A. King & Co., of To
ledo, Is placed at so, compared with
rs In July; SO last August, and 60 last
october, when the crop was 10000 BOC
bushels. The government July pros
pect was for 25S,000,00O bushels.
Oats We're weak and % % 4c lower
fluctuations being within narrow
range and the market having drag
ging tendency.
There were declines of 10@15c In the
price of hogs at Chicago, and the pro-
vision list declined in sympathy. The
weakness in grain doubtless caused
some selling of not only the nearby
but of the deferred futures of the on
tire list. Offerings were mainly in the
way of liquidation by longs The buy
ing was led by packers, who took lard
and ribs, and this buying steadied
values late in the day.
Future quotations wera 10 foJ1arx.