The Paducah evening sun. [volume] (Paducah, Ky.) 1906-1929, 1910-07-05

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upon request by the Emergency
Laboratories. 32 West 25th street,
New York City.
vances in the Canadian markets
were rather sensational, and the
news from Winnipeg indicated that
lhot weather had inflicted serious
damage on crops In a part of the
Canadian northwest. bad crop re-
ports poured in also from North
Dakota and kept prices strong at
Minneapolis and Duluth. The Off
cial weather news Of the day. how
ever. showed cooler temperatures
in the Canadian northwest follow
,ng the hot weather OF Saturday and
Sunday Temperatures were also
mild in Minnesota and South pa
kota. where the rainfall had been
considerable in the preceding as
hours. Meanwhile. railroad adviccsI
regarding crops northwest were UNI
favorable and the stock market was
very weak. thus giving much color
TO the reports OF crop experts and
strengthening the general belief Of
important crop losses. News from
the winter wheat country was the
reverse from that OF the spring.
wheat fields.
Prices Keep Soaring.
Prices kept on soaring on Tues
day. speculative attention being riv-
etod 10 the wheat fields OF the north
west Al other sections were ignored.
There was very little news In the
rohash OF crop damage claims that
poG:cd IN. but there was no lack oil
volume. Strangely enough. the news
was as effective IN exciting the trade
as before. and prices made new highl
points for the present advance.
There was enough new speculative
and investment buying. as well as
covering by distressed shorts. TO alb
.sorb an enormous quantity of wheat. !
Although there was plonty on sale |
az caca sharp advance. each one Of
the latter went further than the
one before II was notable, how |
ever. that the rcccssions were more |
sudden and severe as the day adj
yanced. There was "a great deal OF /
eastern selling OF long wheat In this
market which had been taken the
previous week or since. after the
stock market began 10 weaken on
crop damage claims. Foreigners also /
were selling moro OF less wheat
here
Profits Weaken Considerably.
on Wednesday the bulls began 20
take some of their profits and the
market was weakened considerably.
a higher start was In sympathy
with the Minneapolis market. The
strength there was brief. as Il was
met by heavy and influential selling.
Not only was the early northwest
advance wiped out. but n decline
was substituted in the active trad
ing profits on a rising merkot dur.
ing the three or four DAYS previous
were Increasing their sales. and mis-
cellancous longs finally caught the
temper of the trade and unloaded.
There was "A great deal of vigorous
short selling, but II was confined TO
a few local spectators. Less hys-S
teria and more deposition 10 DELHI
erately weigh up the legitimate IN
nuencos affecting wheat were seen
In Wednesdays market. The trade
assumed that the big advance IN
prices IN the last two weeks had not
only discounted the damage. but had
carried the markets out of line with
the southwest. The latter was feel
and new wheat. with every prospect
that the pressure of both would in
crease later.
Rain Weakcns Wheat.
on Thursday rains in North Da-
kota further weakened wheat. and
the Kansas crop report showing a
condition nine points higher than
was given by the government re-
port, helped the decline along. On
Friday, however, there was another
change in sentiment the heavy sell
ing of the two previous days hav-
ing put the trade in an overbearish
position. Excellent buying was in
evidence, and much of the decline
of Wednesday and Thursday was re-
covered. July wheat at the end of
the week was / X cent lower, Sep
tember y cent lower and December
lost 4 cent.
Good rains. covering a greater
part of the corn belt. along with
free offerings OF cash and futures by
the country, procipitated a great
deal of speculative selling in that
market last week Quite a number
of traders who had a chance to view
the corn fields were very bearish in
their ideas. In some cases the corn
was reported to have doubled in
height during the last week. July