The Paducah evening sun., 1910-04-26
ACTION IN PIT
ALL LAST WEEK
WHEAT TRADEBS HAVE PLENTY
OF VARIETY.
The Market Opens Low, But Closes
High-Armour Does Much
Trading.
KANSAS CROPS THREATENED.

OuicabO, Apih ID.-lrdderS IN
wheat had plenty OF action this week.
and the volume Of business transact
ed in the pit was large. The bears
had things running just about to
their liking early in the week, but
later the bulls had their inning. The
market started of lower on Monday
and continued its downward course
until near the middle OF Wednesdays 8
session, when the buying by shorts
TO secure profits was the principal
feature. This sort OF buying contin-
ued throughout Thursdays session
and on Friday the principal bulls in
the market began to push things.
Good buying by the Armour house
during the day sent prices to the
high point Of the week. May selling
at s1.09h July at sl.021s and Sep
tember at s1O1. On Wednesday
when the shorts started to cover. May
was lowering about s1O5, July at
1914 cents and September at 97%
cents.
While the market was at these low
figures all Of the big bears started
covering their short wheat, securing
handsome profits The Armour Grain
Lichstern and Rankin led
a force OF probably half a dozen 9TH
er bear traders. any one OF whom
frequently handles important lines OF
These in turn were follow
ed by many OF considerable, although
somewhat lesser, Importance. An
enormous business was done, the
property unloaded coming partly
from a large number OF smaller longs
II was noticeable that practically all
the buyers OF wheat were bears at
heart. most OF them simply buying
because the decline was extreme and
L is probable that a good part OF the
property taken will be used as am
munltIon for further bear campaign
ing.
Armour Buys September.
The Armour Grain company pur-
ohases were mainly OF September,
contrary to the firms recent action.
which was chiefly selling OF July. II
is n growing belief IN the trade that
the September option taken on was
for the double purpose OF covering
shorts and OF securing available am
munition with which 20 attack the
big longs In that delivery. More
Of action than usual was
shown by the bear spectators. With
few exceptions they covered their
short stun at the lowest prices of the
week The market was drained of
wheat. 80 great was the aggregate
buying. and the decline was more
than recovered from later on. At
the low point last week July wheat
was on precisely 10 cents per bushel
from the recent high point. and Sep
tember was on about as much.
On Thursday light receipts, slight
Improvement In the milling demand.
a reiteratiOn OF former crop damage
reports and additional buying to COW
er shorts were forced a further ad-
vance In wheat. Quite a number Of
he local SPECTATORS who covered
wheat on the breaks "Wednesday con-
iinued TO play for further advances.
They we're opposed 20 belated shorts.
who were inclined TO fight the ad-
vance, and by quite a number of
ongs. who were glad to find a hard
spot on which TO unload some of their
holdings. The demand, however.
Was sufficient TO absorb all offerings
md finally forced a stampede OF the
Early short sellers. There WAS con
inued buying of September wheat by
he Armour Grain company and Bart
ett-Patien, covering a large line of
September by Cutten and active scalp
ng operations in a large way from
he buying side by other large trad
RS.
Patten Buys.
The advance on Friday was due
argely to the receipts OF further