The Paducah evening sun. [volume] (Paducah, Ky.) 1906-1929, 1908-12-29

of Inc to permit OF anything being
done.
Despite the handsome Increase in
export business made In the first
three months of the present crop
year, the end OF the fifth month
shows the gain entirely lost. so great
was the dropping of in clearances
during October and November. The
calendar year promises to end with
a; least i0.000.G0 bushels less
wheat exported than a year ago. and
the shrinkage for January is assured
10 be even greater unless very
prompt, unexpected and highly i'm
probable revival of export sales is
begun.
Final Estimate of Crop.
The final official estimate OF the
1905 crop made the total about 80
coo, 900 bushels greater than that of
last year, or 6G4,GO2,OO0 bushels. as
against 634.OS7,O00 bushels in 1907.
The carry-over in all positions from
the 1907 TO the 1908 crop was Co.
900. 200 bushels. against 1875. 100000
bushes carried into the 1907 crop.
Il will be seen, therefore. that the
difference of 10000 900 bushels in
this carry-oyer has been Offset. eX-
cept for 36.0OO.OOO bushels in the
larger crop. These figures show
that but little further export business
is necessary to reduce supplies to the
dangerously low level, but they do
not show that with present high
prices and big visible supply that the
country Is by any means on a do
nestle basis where the export trade
can be ignored.
Chicago has lost the benefit of
hedging operations in wheat. for
merry extensively done here for grain
handlers in the Canadian northwest.
Canadian bankers refuse to counte-
nance hedging operations in Ameri-
can markets on the ground that the
grain dealer has no protection, as he
could not deliver his property except
,at home in settlement of contracts,
and that he was liable to put his
head into a moose by putting out
hedges abroad In former years the
hedging sales here by exporters, mill
ers and others who were moving the
Canadian wheat amounted TO 5,00O,-
900 to 100000 bushels most of
the year. The absence fthis selling
pressure takes considerable weight
of the Chicago market, but means
that in case OF any excessive advance
here a larger proportion Of the grain
will be delivered.
Corn Goes Higher.
Strength in wheat and covering by
shorts also helped corn prices. AT
the end of the weeks business De
cember had gained X cents, May
q cent and July q cent. Bartlett
Patten were believed to have covered
over 1000 00 bushels. and there
was other fairly large buying by a
fair proportion of the smaller Local
shorts Patten admitted that he sold
corn. but it is not known whether
or not he has become a bull in the
cereal. The corn showed a handsome
lprofit and It is believed that he sim
lply wanted the profit. The taking
of profits was presumably on the
theory that lighter interior receipts
following last weeks decline would
result in smaller arrivals here.
The export situation in corn is re-
garded as one of the most discourag-
/ ing ever known in the Chicago trade
at this time of the year. Exporters
have been unable to close much bust.
ness even on declines. foreigners
running away from each decline
Corn was offered Tuesday at low fig.
ures from every market in the coun.
TRY without elicitlng any important
bids. Foreign markets seem to b,
allied up with corn which was con.
signed some time ago because ex
: