The Paducah evening sun. [volume] (Paducah, Ky.) 1906-1929, 1909-03-16

let go a large quantity OF wheat.
Despite the frequent storms pri.
mary arrivals have been liberia
enough to bear out the government's
Figures on reserves back in the coun.
try, and the total arrivals last weei
were a little larger than those Of q
year ago. Actual cash sales to mill
|ers are below normal for the seasos
|of the year. Last weeks receipts hers
were not only more than double this
shipments, but were also more thar
double the receipts of a year ago. Act
uai shipments from here last weel
were but a little over one-third a,
large as those of the corresponding
week last year.
Theories Fair. but Price Wins.
Il Is remarkable hat scarcely q
theory advanced or a position main
tanned by the bull leaders in the last
three to five months-except that OF
pHIce-has been proven true. In
other words, the bulls have lost their
arguments. but won the money. II
this comfortable position can be main
tanned to the end Of the deal there is
little call for a change OF base.
II was confidently contended last
autumn, following the long run of
large receipts due TO fine weather.
plentiful car supply and stiff prices.
that receipts would fall of sharply
after January and that primary ar
rivals for the last half of the crop
year would be on semi-famine basis.
Each week since has proven the un-
of those predictions. Even
the most conservative also held the
belief that there would be a large and
steady flour trade, with large milling
capacity at work, very soon after the
opening of this year. This predic-
ton has also been defeated by the
high prices, the consumer and dis
tributer is buying grudgingly and
sun SCOTS at the miller who paid
high prices early to protect himself
against the expected famine. North
western milling stocks. which natural
ly should have been rapidly depleted
after winter wheat prices advanced
so far above their natural level. are
larger now at the big centers than
they were before Jan. 1. Current re
ceipts are even now running ahead
OF the current grinding.
European Famine stil Remote.
Predictions Of an acute situation
seem as far removed from fulfNment
as have similar conditions at home.
Europe refuses TO become seriously
exercised at the croakings OF alarm
lists. Her causes are plain enough.
Supplies on ocean passage are within
less than 2,OOO,O 900 bushels of the
highest total on record-Russia and
Australia are each shipping nearly
three times as much as they were
shipping a year ago, India will be in
the field with a surplus In forty 10
sixty days, and Is even now selling
from the crop TO be harvested next
month.
Shipments from Argentina from
January / to date have fallen only
Z 100000 bushels behind the totals
which surprised the world only
~ear ago. As against this falling of
from Argentina there Is am increase
n the same period from Australia OF
2,244.O00 bushels. Meanwhile Il il
true that the winter wheat area seed
ed is a trife less than was actually
harvested last year.
It is equally true that the average
of the winter wheat crop is
now far better than when II went into
winter quarters, as conditions have
except in very limited areas, been the
best imaginable most of the winter.
May and July wheat each gained
practically 1c last week, September
gained &c. and December. inactive
most of the week, gained &c.
Corn Situation Is Mixed.
Rough weather, bad roads and bull
sh sentiment in the country kept
,orn receipts a little below those of
he preceding week at all western
markets. The total fell
lbout 1,5OO, 600 bushels short of that
1f year ago. The eastern demand
was materially better. and there was
/ little export business done. the lat
Ter due partly to low freights and
he urgent need of a few cargoes
abroad to piece out the interval be-
fore the new crop Argentine corn
will be available.
Speculative buying OF futures now
S presumably based on the belief that
country markedngs Will soon be very
Hight, following the opening of spring
work. In this connection II must not
be lost sight of that there is big
stock in Chicago or within the radius
Of the outer belt line railway I'll
must also not be overlooked thaf