The Paducah evening sun. [volume] (Paducah, Ky.) 1906-1929, 1908-12-29
BULLS ON TOP ON
CHICAGO MARKET
Hold Balance of Power in
the Wheat Pit.
Buying Strength Concentrated; Sell
ing Scattered-Corn and Oats
Follow Suit.
HOLIDAY TRADING Is LIGHT

Chicago, Dec. 29.-The bulls in
the wheat market held the balance
of power last week. and were abe
TO secure gains In prices, despite the
Hight holiday trade, small offerings
making 1t an easy matter to control
the market. The market during the
greater part OF the week was good
one from the scalpers point of view.
the daily fluctuations affording the
trader a good chance to gather in a
little Christmas money, providing he
happened to guess right. December
wheat scored a net gain OF 2i9 cents
for the week, May l Is cents and
July IA cents.
II was evident from the action of
the market that shorts were quietly
lgetting under cover to a considerable
extent In both May and December
delivery. In fact, the strength OF
December had considerable influence
on more distant months. Much bull
ish inspiration also came from the
northwest, where receipts are light
and cash premiums remain firm.
The local speculative situation re
mains practically unchanged, except
that the long interest was much con-
coutiated and the short interest more
scattered. The big longs have shown
no disposition to sell out, while the
usual desire on the part OF the shorts
TO even up before a holiday was suffl-
Client TO help values along. In fact.
this buying by the shorts Offset the
most bearish news OF the week.
Bearish News Prom Argentina.
The news was from Argentina. ana
WAS the most bearish from that coun-
TRY since the harvest began, a fort
might ago. The cables reported that
the weather conditions were IDEAL
clear and hot--and favorable for saw
ing the crop Direct cables TO Chi,
cago houses raised their estimates on
the cXportable surplus of that coun-
try anywhere from 100000 to-
/ y .Vuu .o60 bushels from earlier fig
ures. A private cable from Liverpool
stated that the La Plata wheat will.
move earlier than usual this season.
Regardless OF this kind OF news ana
the resulting decline IN Liverpool
prices. the market here turned strong
and advanced on the buying b,
shorts.
The sentiment now among the
wheat traders is that the situation is
working more In favor OF the big
holders The balance OF power is
held by few spectators. and so
long as they are willing 10 buy wheat
on every weak spot. and the selling
pressure remains limited. they look
for a gradual advance. Each day the
bears thought the foreign news
would bring the bull leaders nearer
to the point where they would begin
to sell. but to their disappointment
the bulls showed no inclination to
weaken and prices advanced instead
Of declining.
Milling Dcamnd Light.
The milling demand for wheat, al
Is usual at this time OF year. is very
quiet. with sales few and far be- I,
tween and Of small quantities. Many
dealers, however. are looking for
much better demand after January 1
Premiums at Minneapolis are being
firmly maintained, with a moderate
demand. Nothing OF consequence is
being done for export account hold
ers OF Manitoba wheats being firm in
their views and Offering sparingly,
while domestic wheats are too far out