The Paducah evening sun. [volume] (Paducah, Ky.) 1906-1929, 1909-05-11
CROWD BEARS
OUT OF PIT
Bulls Have All the Best Of
Week In Grain.
Natural strength OF Market Is shown
Report Forces Up Prices
Of Wheat.
MLLERs ARE BusY BUYING

Chicago, May 11.=There have
been large doings In the wheat mar
ket during the last week notwith-
standing the fact that the market at
present Is supposed to be without q
bull leader. May wheat, despite the
absence OF James a. Patten. made a
new high level. selling up to 81 29h
Crop news the world over came IN
bulllsh all during the week except on
Saturday and this was the founda-
tion for the greatest crop scare as
well as the largest bull market that
the trade has known in recent years.
Part of Kansas was short OF mois-
ture, though good rains came Friday
night and Oklahoma also II too dry
There Is also the presence OF green
bugs in Northern oklahoma and
Southwestern Kansas. which was
enough to create alarm among the
shorts. especially as the July wheat
is in strong hands and stocks the
world over are so closely adjusted to
requirements. A crop scare under
such conditions means more than
ever before. The big Jump In prices
without a bull leader SHOWS that the
market has more merit than the
trade has supposed.
Large snorts wore evidently un-
easy over the outlook and in their
attempts 10 cover they materially dis
turbed smaller shorts and forced
big all around advance The great
est buying was In July delivery.
which made the greatest gain for the
week-5A cents. Leading May longs
sold this month industriously with
the result that i.s net gain was ONLY
n little over half the advance In July.
September advanced 5M cents and
December was cents higher at the
close OF business on Friday.
Fireworks On Friday.
Friday saw the greatest display of
fireworks In the wheat pit that the
traders have seen IN recent years.
The trade had two important condi-
tons to take into account in making
prices. the weather and the govern
ment report. Wheat prices had the
wickedest action OF the year on that
day. The July price was at SLICK
on an early dip. advanced TO s1.1Th,
broke TO s1.I3 before midday. rallied
TO sff5 before the official crop re-
port was made public and then had
n quick and strong advance to
Sf.17%. or AZ cents up in less than
an hour, holding at sl.17 near the
close. Reports OF rain Southwest.
fear OF bearish crop figures and the
topping OF pyramids precipitated the
early break. The crop report was
more bulllsh than expected. both as
10 abandoned area and average con-
dltlons. Coupled with the appear
ance OF the government report came
the news that the report OF rain in
the southwest was incorrect and the
shorts became panlc-stricken. prices
advancing rapidly. A big prospective
shortage In the 1909 yield put shorts
IN a panic aud they were buying In
head-long fashion without much re-
gard for price. There was mean
while great deal OF competitive buy
ing on the part OF new investors.
The government figures showed
the acreage OF the winter crop as
2T.sI7.OOO acres. This Is a decrease
OF 81 per cent. or 2.47s.OO0 acres
from the harvest area OF last year
and decrease Of "a per cent. or
2.1G3.DO0 acres. from the seeded
area OF last fall. The average con-
dition Of the growlny crop was given
as s3.5 per cent. or only per cent
better than the condition published
for April I.
Hut One Construction.
Only one construction OF the re-
port was given by the wheat trade
here. II was counted unqualifiedly
buillsh. The 1000 acres 70 go
10 harvest Is the smallest since 1904,
when 2s,s66. 900 acres were harvest
ed. The loss of 4s27.0OO acres dur
ing the previous winter-wheat year
having been due TO very similar con-
dltions as those prevalent In the last
ak months. when there was a great
deficiency of moisture in the subsoil.
In view OF the fact that addition
nj acreage has been plowed up since
May I, to which date the govern
ment reports were complied. the win
ter-wheat area that Is left for harry
est Is probably the highest OF recent
years. The abandoned acreage Is
nearly up to the average OF the last
five years. which includes two years
OF remarkable loss. the green bugs
years OF 1906 and 1904.
Figured on the various pars OF
yield used by recognized local auth
critics. the prospective winter-wheat
crop is variously estimated at Ss5.-
100000 bushels to 404.O00,OOO
bushels. This is about 36,0OO.OOO
bushels to 100000 bushels less
winter wheat than was harvested last
year. when the crop was 437,g0S,0OO'
bushels. The figures will undoubted-
ly have much effect In Europe. where
the inadequacy OF last years winter
wheat crop in the United States Is