The Paducah evening sun., 1910-01-11
THE NEW YEAR
BREAKING RIGHT
BRINGS ADVANCE IN GRAIN
PRICES ALL ALONG LINE.
Cold Wave Cripples Movement OF
Wheat-Millers Are Heavy
Buyers on the Market.
BULLIsH SENTIMENT IN CORN

Chicago. Jan. 1.-THE first week
OF the new year saw an advance in
grain prices all along the line. On
only one day last week-Wednesday
did the market prove responsive 60
selling pressure and less responsive
to bulllsh news influences. The mar
ket on that day had a somewhat over
sold appearance. This technical po-
sition was recognized by enough of
the longs to keep quite a supply OF
wheat on sale all day.
An improved demand for cash
wheat was in evidence last week and
this was probably the most important
bullish factor. A reduction in the
estimate of the Argentine export
surplus also helped the bulls.
Revival of the Flour Trade.
On Monday milling sales sggre-
eating 500 900 bushels were made
This indicates an early revival of the
-four trade. Foreign markets were
generally higher. affected by the un-
favorable news from Argentina.
Rains there were interfering with
threshing; there was a further reduc-
tion in the estimate of the export
able surplus and very few charters
OF steamers were being made for Ar
gentine wheat. One of the Argen-
tine experts estimated the export
able surplus at the same as last year
to 90 900 600 bushels less. Another
expert said that the government es-
innate OF a crop of $50, 900 900 bush
els was too high.
Although there has been a slight
increase in the receipts of wheat in
this country the cold wave all over
the west has crippled movement TO
market and farmers deliveries have
fallen away to almost nothing. Mon
DAYS total arrivals-three days ac-
cumulation-were 1.427O00 bushels
which compared with 572 900 bush
els a year ago. This news. however,
as we'll as other bearish statistics,
had little effect on the market.
Bullish Sentiment Ran High.
Bullish sentiment again ran high
on Tuesday. The trade was consid-
erably Influenced by the strength
shown in Europe. where values were
affected by the situation in Argen-
tina. English markets were also
very much disturbed because OF the
poor quality OF thes amples OF Ar
gentine wheat received there. Con
tinental European buyers Of cash
wheat were taking hold freely in the
English markets. The expanding
bullish sentiment in Chicago was not
only sufficient to Offset a great deal
in the way Of bearish statistics, but
also to absorb much long wheat that
had been put on the market.
After the break on wednesday.
coming as II did after a bulge OF
y cents since the close OF the prev
lous week. and with a reduction in
the short interest. a number OF the
shrewdest observers OF speculative
conditions, who previously had been
bullish, expected to see a lower mar
ket for a day or two at least. On
the following day. however, sellers
Of wednesday, in attempting to buy
back their lines. caused an upward
rush OF prices late in the session.
On Friday, when the May price
was advanced to s1.15. the high
point OF the week, holders. led by
the Armour house. started TO turn
their paper profits into real money
and the price suffered a slight de-
cline. May showed a net gain for
the week. however, Of 2H cents.
while July was Y cents higher.
Trade Expected 20 BE Big.
II Is generally expected that the
trade in all grains from now on will
be large. Spectators the country
over generally have made money in
the advancing cotton, grain and pro-
vision markets and a broadening OF
the public interest in grain IS looked
for by commission houses. The farm
er and country traders usually do
BUSINESS on the bull side OF the mar
ket. The farmer has become a pow
erful factor In the grain market and
values in the future depend a great
deal on his attitude. II the farmer
continues to hold his wheat and IL
the milling demand for -four shows a
speedy revival. the believer IN high
er prices will have the best end of
the campaigning. II the stream of
wheat from the producer should get
up TO the normal volume attained
before the railway troubles develop
ed in the northwest and the long
period OF rough weather began in the
southwest, IT would put the bulls
somewhat on the defensive.
Nevertheless the market has less
to fear from its enemies than from
its friends. The latter appear too
and unanimous just at
present. while the enemies have been
battered beyond much power to do
effective work. A slow, waiting
game in which milling demand for
cash wheat was light and the move
ment from first hands continuous,
might easily prove tiresome to own
ers of wheat whose sales would
prove a heavy burden.
An unfavorable situation also
could be developed IL the interior