The Paducah evening sun., 1910-03-29
BULL MUSCLE
WAS STRAINED
HARD WEEK IN THE WHEAT
MARKET.
Tough Work 20 Score Moderate Ad-
vance I'm Prices Was the
Experience.
CORN Is IN BETTER SHAPE

CORN is IN BETTER SHAPE
Chicago. March 29.-Despite a
food OF unfavorable crop reports
reaching the market last week. Il
required a constant application OF
muscle and Drawn on the part of the
bulls to score a moderate advance
In prices. The trade is confronted
by a mixed situation. Conservative
reports show that irreparable damage
has been done In Eastern Kansas.
but with timely rains the acreage
affected Will cut on but little more
than the increase over last year in
the acreage seeded last fall.
Last week. however. there was no
trace OF rain, or no signs of any In
the immediate future in the states
affected and tire bulls had the best OF
the argument insofar as the new
crop was concerned. just at pres
ent the trade Is giving its undivided
attention to Kansas weather re-
ports Friday a holiday. the brok-
ers and traders were fairly standing
In line In the corridors OF the board
waiting for a chance 10 read the Of
fetal bulletin giving the weather IN
'dications. The official forecast was
Tor a continuance OF clear and warm
weather similar to that Of the last
few days.
Fear of Rain Acts as Check.
In way the market has been
held in check all week bp fear OF
the effect the fret rain would have
on prices. A false rumor OF a thun-
derstorm IN Kansas one day during
the week broke prices cent In a
few minutes. Just what effect gem
leral rains over the big wheat states
would have Is what makes holders
extremely cautious and causes profit
taking by buyers on every good up
turn In the price When the market
closed for the week gains In prices
over the close OF the previous week
amounted TO q cents for May and
l2 cents n the new crop months
Bearish Situation.
The supply and demand situation
10 far as The old crop Is concerned
| Is bearish. While Visible stocks
still are less than a year ago. they
are making steady gains on last
years total. Farm reserves are
much larger aud millers generally
are well stocked up with wheat, with
lsiocks OF -four much larger than IS
generally reported. The milling de-
mand recently has Jagged In all
markets. and cash premiums. espe-
elally for red winter. have decreased
considerably. Anything short OF
contract grade has been selling at a
discount. where a few weeks ago
almost any good wheat brought cub
stantial premiums over May delivery.
The foreign situation also IL bear
ish. with stocks larger than last
lyear. crop conditions generally fav-
orable and prospects for future cup
plies causing no worry. despite the
slow and restricted movement from
Argentina. American wheats are
far out OF line for export. except low
grade Manitobas and durlms, the
iformer occasionally selling n mod
lerate lots on breaks. but. so far as
United States wheats are concerned
the market Is decidedly on a domes-
tic bass. More so than has been
the case for a long time.
Patten Line Offset.
One OF the offsets to the bearish
Estimation. statistically. which has
been effective is Patten line OF
september wheat, supposedly OF sew
Ieral millions OF bushels. The Pat
ten holding IL. OF course. accompa-
lnied BY the usual following. and this
Feature Is probably more important
in the pit than the western damage
reports.
The bears In the market still per.
lsist in the belief that the damage
reports are greatly exaggerated. and
Ialthough they admit that some dam.
Iage has been done. they claim thai
1.-THE native crop killer" aud the i'm.
Iported "crop experts" have beer
lglyen greater opportunities for pes
simism by skipping the good field.
land telling about the bad ones.
| Although II was only a few weeks
lago they maintain that the crop wal
being smothered with ice. snow and
sleet. which are supposed to contain
moisture. these conditions have pro
NOTED the circulation OF the mos
sensational reports in many year
Imainly claiming s5 per cent los
by winter killing and drouth.
Serious Reduction.
Those closest IN the big bull In
terests in the trade claim that thel
have been adding to their lines ca
leach depression aud are firm believ
Iers I'm a serious reduction In th'
wheat acreage from winter killing
(which cannot be made good by rains
II was the opinion OF the nine ou
Iof ten traders that II the weathel
continues dry a few days longer
bull market OF great force may b
lexpected. Those who study the 9th
Ter features of the trade situation II
Iconnection with the crop nUws argu'
that the falling OF in farm Offering
of wheat, both northwest and south
lWegt last week indicates danger q