The Topeka state journal. [volume] (Topeka, Kansas) 1892-1980, 1903-02-07


WHEAT-The favorable condition of
growing wheat has been fully main
tained during the past week, according
to reliable reports from all over the
winter wheat belt. In this state the
condition of the growing wheat, &C
cording to late reports, is not quite so
faVOra BILE account of freezing and
thawing weather without snow protec-
ton the greater part of the winter
During the past few days there have
been heavy rains and snow over the
state, giving relief as far as these com
plants are concerned There is not
much wheat moving and the amount
held in the country is believed to be
somewhat less than usual at this time
of the year. Live stock have Wintered
well so far: the number of hogs is
small and there are not many cattle
on feed. After declining from S2% to
TIC May Wheat at Chicago has become
firmer and has advanced nearly three
cents a bushel from the bottom. Spring
wheat and eastern winter wheat mar
kets are firmer. No new elements of
Importance have entered the situation
during the week. The worlds export
movement was fairly liberal being
larger than expected from Russia and
the Danube. The visible decrease in
this country was small European
markets, especially English, are sensi-
tive to changes in prices in this coun-
try The speculative market is still
AOtAAA4AdLC0 B5 OAlE OF Two DlS lEdQ6IS
who largely control the market In
the decline of last week the outsiders
were the ones who lost the money. II
is believed, however, that the big trad
ing interests still have large holdings
OF May wheat. Ten days ago a ma
jority of the traders were bullish and
long, as Armour led the bull forces and
was reported to be buying on the weak
spots and selling on the advances. This
tip was that May Wheat was going to
7-,f, 971
market were loaded with wheat above
soc, as the Armour holdings of some
thing like twenty million bushels We're
sold out. Tt is natural that after a
decline Of SAC from the top price in a
week that those who bought and. have
lost should feel sore. 1t is seldom there
mas been such a general feeling of this
kind than prevails at present. To the
man who tried to follow Armour there
IS a Keeling that the bull news given
out was not entirely legitimate There
are only three things that can success
Lu1iy DUH wheat or any other commod-
lty, any great length of time 1t is
crop damage, an enormous cash de-
mand, and manipulation. Ten days
ago sentiment was bullish and the
trade had leader. Now it is mixed
with no leader in sight and legitimate
conditions should govern the markets
actions for some time to come We
are friendly to the long side and be-
heVe Chicago May wheat a good pur-
chase on the soft spots
CORN-There has been no fnportant
change in the corn situation during the
past week. The country generally is
! disposed to sell, but the shipments are
limited by the car shortage. and sun
plles are accommodating at interior. rail
road points. Considerable corn is vet
IN the fields and some husking is still
going on There was more or less com
plant of bad roads during the week
/ IN the western states farmers are anx-
lous to get to their spring blowing
| having been put behind on account Of
the wet fan. Consequently as soon as
It becomes seasonable for pIowing All
efforts are expected to be strained that
way, and falling off in farmers de-
/ hVeries will result. The feature in the
speculative markets is that there an
pears to be plenty Of May corn for sale
above 45c. Armour is reported to have
unloaded several million bushels lately
ana the professional element are di-
Vlded as to the policy of bulling if al
ANYTHING over 45c for May. The figure
looks high as compared with forme1
I years with plenty of corn back in the
country. To the conservative trader
who is not afraid to back his deal
with ample margins when he knows bf
IS on the right side the short side O.
corn offers unusual Inducements
A. q. GOODWIN COMMISSION 90