The Paducah evening sun. [volume] (Paducah, Ky.) 1906-1929, 1909-08-31
TAME AFFAIR
In ALL POINTS
WAS WHEAT MARKET DURING
FIRST OF PAST WEEK.
On Friday the Armours Created
Some Activity-Patten Returns
From Europe.
TRADE IN OATS rs LARGE

Chicago. Aug. 31-The wheat mar
ket was a tame affalr during the first
few days OF the last week. and dur
ing that time the bears succeeded in
hammering prices down to 9GA
cents for September delivery. The
market was draggy al all times until
Friday, when several things happen
ed 10 give IL great strength. with the
result that net losses for the week
were very slight. The most import
ant factor in helping prices TO a high
er level was the fact that the Ar
mour' concern had turned bull on
wheat. .hEG~sXTT8
In the opinion OF the general trade
the market Friday was an Armour
AFFAIR throughout. This concern was
calling attention 10 the light stock
OF wheat the untitled sales of flour
and the slow rate OF accumulation at
market oenters. An increasing NAM
Der OF traders came around 10 the
view that perhaps the bear campaign
had been begun too early. and thai
perhaps much OF the bearishness In
The situation had been discounted
Few OF the larger shorts. however
held this view. Some Of them took
advantage OF the swells TO put out
more short wheat
Smaller shorts Surrender.
Smaller shorts. however. oapitu-
helped the general advance along
They were given a bad scare early
by the sudden jump In price OF Sep
TENDER delivery. This ran up "a
cents in a very few minutes on mod
crate buying by scattered shorts and
commission houses. The market at
that time was bare OF offerings and
was quite responsive to the attempt
OF the frightened shorts 10 cover
This in turn made shorts In other
months uneasy. but the deferred de-
liveries failed 20 advance as fast or
as far as September At the close
of business on Friday. September
wheat showed loss OF but a cent
for the week, while December and
May lost y cent each
Spring Wheat Marketings.
Marketing Of spring wheat thus far
appears 20 be starting rather slowly
arrivals at Minneapolis and Duluth
aggregating only about half OF those
of a year ago at this time. This fact
IL being used as a bun argument BIZ
the Armour house. That firm was
undeniably ranged squarely on the
bull side OF wheat late in the week
and working persistently for higher
prices. The Armour house Is doing
a very large business in a commits
sion way. and rs customers are fol-
lowing the advice TO buy wheat. that
house sent the following to its GUS
toners: Everyone IL afraid OF the
Northwestern movement. They ex-l
pect the crop TO move all at once
with big -four sales untitled and with
eastern millers buying. an accumu'a-
ton can hardly be looked for until
late in September az least. Should
farmers after the first rush OF wheat
dislike prices and refuse TO sell. what,
would happen?"
Rainstorm Retards Narketings.
Wheat prices in the northwest
were weak enough az one time DUR
ing the week to indicate that a big
run Of the new crop grain was eX-
pected? But so far the marketingsI
have failed 20 materiallze and the 10
cal trade Is at a loss 10 understand
the limited movement because wealth
err conditions in the northwest havel
been favorable for harvesting, thresh
ing and marketing. In the event of
heavy run, however. sufficient 10
put Minneapolis miilers easy on the
big sales OF -four that they have
made thus far. the Southern Mime
sofa and South Dakota wheat will
be forced to find It's way to
Chicago. Some OF the shorts IN Sep
TENDER delivery believe that the new
wheat marketings northwest will
very speedily food out the mnlers
and necesaitate putting out hedges In
Chicago. Some of the local specuia-
tors were inclined TO believe that the
comparatively light marketings from
the interior were due to indisposition
on the part OF the farmer to sell
Others in the trade, however, be-
lieye that the slow start was because
Of the ralnstorm early this week.
Export Situation.
No Improvement has taken place
In the export situation. In fact, the
progress was in the opposite direc-
ton. chiefly because OF the recent
weakness In the European markets.
Bids from abroad we're few and far
between and long way below a
basis The largest and most
grain handling interests
In Chicago believe that wheat values
will steadily drift downward until
Europe begins to buy here on a lib
eral scale. Recently Europe has been
declining faster than America, and
The export business meanwhile has
been done as before by Russia, with
Canada second and the United States
getting a very insignificant and oc-
rasional scrap Of the business. These