The Topeka state journal. [volume] (Topeka, Kansas) 1892-1980, 1902-11-29


WHEAT-The past week was moderate
weeks. but still above the normal east of
the Rockies. Rains have been more Or
less general over the wheat and corn
states The subsou has plenty of mois-
ture and there is no lack of water for
1--we stock The growing wheat crop is al
most uniformly renorted as maxine a fine
appearance The HesSian fly is being re-
ported from several localities but are only
regarded as serious in a very limited
area IN the early sown heat. and the bulk
OF the crop Is late sown tbs season Indi-
cations are that there is a slightly re-
duced acreage of winter wheat compared
with last year The movement to mar
ket Centers Is satisfactory but there is an
inclination to hold what remains in first
hands. Milling wheat IS in good demand.
The situation in San Francisco Is strong
er than last week Freights took q pro
uOunccd drop which materially aided the
price OF wheat. The demand from Eu-
rope continues light and It Is not likely
that it will show much Improvement as it
Is generally believed that Europe will i'm
port on a smaller scale from now on IN
Quiry from Australia continues and the
amount already sold is quite factor IN
the local situation on the Pacific coast
considering the reduced crop. The one
important thing in the speculative wheat
markets is Armours trading It has
more eject on the market than all the
legitimate factors such as cables re-
ceipts. weather. visible supply and cash
demand put together. The average spec
uiator would give more to know what
for ali the other news. There was a
sharp break from top prices. IT'S for May
ana it was learned Armour had dumped
the greater part Of his line Every one
now IS watching for Armour to take his
line back He s sCaipiug on big scale
and has a prestige that is an important
factor as price maker. and the trade in
general is trying 70 follow his lead Out
side business IS increasing but there Is a
feeling that wheat should have a set back
to around &c foC< May. to keep the mar
ket IN healthy condition With only
100000 bushels contract wheat in Chi
cagD. it Is easy for a trader With elevator
facilities and unlimited amount OF
money and plenty of nerve to make NUM-
erous profitable turns in a scal1i1y 1-sr
on line of ) to 10 million bushels. 1t Is
evident that the Armour plan Is TO sell
wheat when the buying fever is on and
tthe II Jazz wren the crowd IS neaNllE
short. on 2 good break \ man in Ar
mour's position who has the facilities for
making contract wheat out OF the lower
grades has a great influence over the
trade in general The fact that ne car
prevent others from turning cut contract
grades and under the present conditions
and scarcity of contract wheat tho
market is unusually easy to handle There
IS no pressure Of wheat on the market
and low grades are bringing slightly bet
ter prices. being picked I'D by rnfllers
The Argentine situation will soon become
a factor in European wheat markets Il
IS said the January February offerings
from Argentine to Liverpool are l0c les
than American CroD prospects there ar,
nne. harvest Just at nand. and Indications
are that Argentine wheat viii be used L..
q club by the foreign buyer to dspress
American wheat The big operators tel
Us wheat Will be worth a great Zeal nor,
money next May If this Is true why dc
they sell out their lines on a cent or tw,
cents advance We insist that 76c Ma
wheat in Chicago IS not on the bargain
counter. II prices were ten or fifteel
cents bushel lower there would be goos
reason to expect higher prices. but III
price IS so high now that there is risl
IN buying.
CORN-The corn situation has not mn
terially changed during the week