The Topeka state journal. [volume] (Topeka, Kansas) 1892-1980, 1901-05-25
Gram Letter
Furnished by A G. Goodwin, Commits
sion Merchant, Sol Kansas avenue

sion Merchant, COL Kansas avenue
Chicago, May 25.-WHEAT-In alb
sence of Liverpool cables, account of
holiday over there until Wednesday,
our markets We're unchanged and vol
unne of business small. 1t was a. typical
Saturday half holiday n arket- Re
ceipts in the northwest only moderate,
230 cars against SOB year ago; 80 cars
at Chicago, out of which cars graded
contract, and 135 cars at Kansas City.
1t is a fact that the trade. as a rule.
like to get into a wild and excited
market where the chance of loss or
gain is great, while the chances of
making money and the chance of loss
is greatly reduced on a quiet and nat
ural market The Chicago Inter-Ocean
of last week, in its wheat article, calls
attention to the rapid depletion of
stocks at nearly all market centerS,
and to the fact that July is now only
Al days away, and that conditions now
warrant better prices, which are sure
to result with any increased interest
from the outside. Traders have in mind
the bulge of last year when July wheat
advanced % cents a bushel and touched
1872 cents in July 1t started about
month later, and the trade has not re-
covered from the advance and SubSe-
quent decline. Anything now that
would affect the growing crop would be
sure to give US a healthy advancing
market, while the existing cash demand
reduces the risk of purchases to a
minimum. Beerbohm, in his wheat re-
view, under date of May 10, states that
the only weight on the n arket has been
the weakness in American markets, and
calls attention to the fact that the con-
tinental demand for white wheats. as
shown by distribution of 207 geo quart
erS out of a. total of 100000 quarters
that arrived off English coasts this
week has been diverted to the CONT
nent, and adds that this continental
demand is a strong factor and over
balances fine growing crop prospects
and every other weak feature in the
market The Chicago Record Herald
calls attention to the fact that it is
surprising how low stocks have been
permitted to get at some points, viz,
only 100000 bushels at New York. $4,000
bushels at Toledo, and SOC, 600 bushels a t
81, O0O, 600 are at three points, viz, 10,0O0.
600 at Chicago, IA 600. 600 at Minneapolis,
and 10000 600 at Duluth. Duluth claims
that most of its supplies are sold to go
east AIinnea polls can hardly be ex-
pected to spare much of it's Ia, 600. 600
bushels. Its millers have a hundred
days to go before a new crop is ready
for them. The best cOnfirma ton of the
that No. 2 hard export wheat is worth
basis 6915 cents at Kansas City, while
this class of wheat usually sells at a
21S to 3 cents discount under milling
wheat Some traders are surprised that
wheat does not break on crop prospects,
The. above figures account for it.
CORN-Corn was quiet and volume of
business small Market eased off near
latter part of session on liberal offerings
by CON mission houses The ending of
the May deal was the incident of the
week Receipts continue liberal, but
cash demand is excellent. We look for
no material decline in corn, and be-
lieve purchases on soft spots viii result
in at least good scalping profits.
OATS-Oats are firm and no bearish
features in the market Acreage is very
small this season and crop not looking
well. Investment traders are buying
July and September oats. and this class
of buying alone will prevent any ma
terial decline. AS compared with other
markets and market conditions, oats
are entirely too low, and we believe
are a safe investment.
PROVISIONS-Pro are dull;
very little trading Receipts at the
yards only moderate. and prices steady
for hog products. The trade is bearish
on hog products, and are selling July
pork moderately, but packers absorb
these offerings. There seems to be a
firm undertone to hog products.
A G. GOODWIN.