The Paducah evening sun., 1910-02-08
WHEAT DROPS :
A FEW POINTS
UNDER STRONG ARRAY OF BEAR
lsH INFLUENCES.
Practically No Exporting During the
Week-CorD Showed Strength
With Little Decline.
PROVISIONS MAKING GAINS

Chicago, Feb. S.-Wheat values
gave way last week under an array
of bearish influences. Probably the
most effective of the bearish factors
was the heavy movement from the in
terror. The total was enormous at
all points except Chicago, the out
side markets being relatively higher
and therefore more attractive to the
seller. Values gave way very grudg-
ingly, however, under the bearish
influences. Short selling was in
dulged in very cautiously. Water
man, the Albany miller, is said to
own practically all the cash wheat in
Chicago, and the concentration of
the local stock into single indivi-
dual ownership was recognized as
dangerous for the short seller. The
latter, however, is watching the pri-
mary market receipts very closely.
Bearish Sentiment Stimulated.
The bearish sentiment was also
stimulated by the slow cash demand
for wheat. There was some talk of
shutting down of some of the Min
neapolis mills because OF the poor
demand for flour. The small mills
reported the flour business very dull.
with no new bids at workable
limits. One small mill shut down
and Others are expected to follow
suit early this week. Winter wheat
mills assert that spring wheat mil
lers have been invading winter
wheat territory with cut prices for
some time, and have been making
every effort to place large quantities
of flour. Some of the northwestern
mills are still grinding literally for
this time of the year. but this is near
ly all old business and will soon be
cleaned up.
Puzzle To Cash Dealers.
The stiff premium over the May
price for February wheat that is be-
ing maintained is proving a decided
puzzler to the cash grain dealers.
There is very little demand for
wheat on milling account-in fact,
the cancellations of former sales
were about as large as the new busi-
ness, and both were triflingly small.
The principal owners of cash wheat
here and elsewhere hold the theory
that the bulk of the stock, both in
the visible supply and in private
warehouses has been mostly sold to
mills. II the dullness apparent in
the cash wheat trade at all the big
centers continues for any length of
time it will likely result in more
cancellations by the interior mills
that own wheat here or at other
market centers.
Bears Held In Check.
While the bears were inclined to
keep close to shore during the great
er part of the week, aggressiveness
on tho part of a much larger and
more powerful party of believers in
lower prices than has been seen be-
fore in the wheat pit this crop year
is a certainty unless primary re-
ceipts fall of soon. Current marked
ings from the interior are probably
the heaviest ever recorded in the
midwinter season. In fact, they
would be counted large for an after
harvest season in most years. Dur
ing the first week or two of the
heavy marketings 1t was thoughtl
they were caused by railroad "clean-,
ups" Of storm-delayed grain. Dur
ing the last week in January, how
ever, the total receipts ran up to
about 100000 bushels above those
of a year ago, and for the week just
closed they show much larger
proportion Of grain. Only the fact
that the local stock of contract
wheat is almost exclusively by
Waterman has thus far held local
bears in check and prevented their