The Topeka state journal. [volume] (Topeka, Kansas) 1892-1980, 1900-04-23


WHEAT-Cables came I'd lower this
morning and closed at the same quota
ton Northwest receipts were nearly 200
cars smaller than a year ago and Chicago.
receipts only 40 cars. Exports were fair
" good, half a million bushels wheat and
flour wheat shipped from the four
ports. May liquidation. assisted bv bear
plungers, broke the May price through
62c, where 1t has been pegged for so long.
few exceptions We believe wheat is
humping on rock bottom and advise its
purchase Following is a letter from J..
F. Harris under date of Saturday April
21st Mr. Harris was right on corn, when
everybody outside of the big pool traders
tnought ne vas wrong, and we believe he
is right on this wheat. No well informed
trader can dispute his arguments, as fol-
lows: Every possible bearish fact, fic-
ton. theory or argument has been used
to depress the price of wheat, and, al
though conditions have been more bear
one imagined at the beginning of this per-
iod, yet the market has not touched as
gentine exports have been very much
larger than expected. over thirty-four
million bushels in three months. This is
about half the reported exportable sur
plus OF that country, leaving about thir-
ty-six million, or thirty-eight million, to
be shipped in the coming nine months
Very little of the Australian surplus is
going to Europe, the South African mar
ket absorbing it The Gillian crop is SO
near failure that a large quantity will
have to be imported from California In
no European country is there so good a
crop outlook as last year. There will be
a shortage in the French crop of 100000
or 100000 As to Russia the Liverpool
correspondent of our Board of Trade
speaks as follows: There seems to be
no likelihood of a resumption of ship
ments on a. large scale this season. Hith-
erto, seeing how highly the ministry of
agriculture estimated the crops OF last
summer, we have hoped against hope for
a commencement of liberal shipments.
but We have now abandoned all hope, for
it is hardly likely that a country, but We
have now abandoned all hope, for 1t Is
hardly likely that a country WnlCn Is III
porting parcels of wheat and rye, as
Russia is beginning to 90, will ever be
can and Argentine, as a seller on inter-
national market
Outside of the United States present
and prospective supplies of wheat are not
! only materially smaller than last year,
| but below the normal.
The reason why prices are now &c to
! 10c lower than last year must be sought
| of oppressively large stocks, for it is con-
ceded by both bull and bear that visible
and invisible stocks are probably 100000
| to 100000 smaller than year ago
Times are prosperous, the domestic
| consumption is unusually heavy ard e1-
| ports are liberal. nearly four million last
| week. The sole cause of the depression
is the supposed excellent crop outlook. but
| when this is closely scrutinized It will be
found a doubtful proposition Nearly one
| quarter of the winter wheat acreage is in
/ Ohio, Michigan and INDIAN, and the gov
/ eminent statistician has declared that
/ neither of these states can raise half a
! crop. In several other states conditions
| are rather poor only III AauSdSs OhAs1-
bona and Texas, in the territory east of
| the Rocky Mountains, are they parucu-
larry good It is seldom that conditions
are as good at harvest as in April, and
| people who are selling the crop short as
if it were threshed and in the granaries
| will doubtless have abundant occasion to
reconsider and regret their action
This kind of sentiment from good peo-
| pie is the cause of our writing bull letters
| lately. and we believe we are right
CORN-Corn broke a fraction early IN
| the session, but good buying appeared and
the market steadied up to the close, re-
| gaining nearly all of its loss and closing
| strong. We believe corn IS entrely Toe
| low now.
| PROVISIONS There were 80 900 hogs
at the yards and market SC lower this
| morning. which caused a general STAN
| pede among timid holders. Liquidation
| of May pork has been complete and real
| izing sales in July have. all been made
We believe pork is going higher We have
had a good shake out 1900,