The Paducah evening sun. [volume] (Paducah, Ky.) 1906-1929, 1909-09-14

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strong and free from all bodily ais
comfort. besides having regained cor
rect weight and shapely iigure.
ers. but II made little impression on
the market. The early sellers began
reinstating their wheat only to find
that the market had been pretty
well drained II developed that a
number of commission houses and
brokers that usually act for c. w
Partridge had taken on a big line OF
wheat. This started a stampede OF
the pit traders who had been ham
mering the market and values re-
sponded quickly and substantially.
Continental Market Gained.
Although the early cable advices
from Liverpool showed only partial
response to the previous days big
advance here, the continental mar
kets also gained materially. The
September congestion here uHdoubt-
eddy Influenced shorts In December
wheat. The dilemma OF September
shorts called attention TO the fact
that December prices here were rel
atiyely lower than In any other mar
ket. This and the strength in Eu-
rope along with light stocks OF grain
IN all directions finally threw the bal
ance toward higher prices The Sep
TENDER delivery scored an advance
OF I sc for the week. while Decem.
Der and May each gained 3Mc.
Two Conflicting Conditions.
Wheat traders at this time have
two conflicting conditions to consider
The first three months OF the winter
wheat movement IL over and there
Is no important accumulation OF
wheat at central markets and the
visible supply Is phenomenally small
Cash wheat prices in all markets are
at good premiums over the futures
This is the bull encouragement. On
the other hand the big northwest
spring wheat crop 10 harvested, the
threshers are rushing TO get the
wheat 10 market and the heavy move
ment already has started. Duluth and
Minneapolis showing good increases
In stocks last week.
Az the crop moves the northwest
needs will be quickly supplied and
then the surplus must be hedged in
the Chicago market. This selling
pressure OF millions OF bushels here
Is the thing counted on by the bears
10 depress prices.
The thing which will determine
the price level IN the end will be the
marketing OF the surplus wheat OF
this country abroad. At present Rus.
s,a and the Danube are pouring
wheat into Europe. the Canadian
northwest Is ready to sell heavily and
IL r. up to the wheat raisers OF the
northwest to meet these conditions.
Farmers Holding Wheat.
On this situation a local authority
has this 10 say: "As TO the farmers
holding their wheat in the north
west and southwest. Il means that
the decline 60 a safe merchandising
basis will be deferred and that Can
ada and Russia and other countries
that have a surplus will fll up for
elgn buyers. and that the more wheat
Is held back and the longer that
prices are kept above an export basis
the greater the difficulty to be en-
countered later Is disposing of the
surplus.
TWO months have already passed
when export clearances should have
been much larger. but now other
countries are in the market as sellers
As we have a surplus TO sell this year
II Is likely that unless there Is a de-
cline to a merchandising basis. what
ever that Is. the greater will be the
carry-over at the end of the year. In
other words, unless there is about
$50 900. 900 bushels sold for export
this year, there will be a good COM
Portable surplus at the end of the
crop year.
There is less leadership in the
Chicago wheat trade Just now than
at any time for a year. The Patten
interests are bearish and predicting
lower prices The Armour opera
tlons have been on the bull side, but
OF late that house has evened up
largely in September contracts. The
northwest Is selling wheat here and
Duluth Is preparing to ship a few
cargoes TO Chicago this month. A
run OF bad weather might help buy
ers for a turn. The heavy or light
receipts northwest are likely to turn
sentiment one way or the other.
Government Figures.
The governments figures on spring
wheat which were issued during the
week suggest big crop. The OH
cial figures Indicated a yield of $780,
600 900 bushels. or 10000 900 bush
els less than a month ago, and SO,
900 600 bushels more than was har
vested last year. The three north
western states, which have S3.2 pei
cent. OF the total spring wheat acre
age, have a crop estimated at 226i
0'10 900 bushels. or 81 900 900 bush
els more than last year. Washington
has crop OF $4,000, 900 bushels
against 27.lG2, 900 bushels last year
A loss of s points was made in thu
condition of spring wheat in Nortl
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