The Topeka state journal. [volume] (Topeka, Kansas) 1892-1980, 1905-04-15
Weekly Nfarlket Letter.

Weekly Market Letter.
FURNISHED by J. E. Gall. Commissions,
Grains, Provisions, Cotton and Stocks.
Office ITO West Sixth street. Telephone
4S6. Correspondent Christie Grain and
Stock Co., Kansas City, MOL
Kansas city, No, April a.
WHEAT-Continted manipulation in the
May future and the government report
showing The condition OF winter wheat On
April 1 were the principal features or TINS
weeks market In anticipation OF a 1aNor-
able government report snort SeInng pc
came so popular that new low records
were made on the new crop months. jury
and September prices declined to S61se
and 811c respectively, but as a favorable
report had been anticipated the market
soon rallied Today's closing prices on
July and September are practically un-
changed from those of week ago. The
market has. however, been a very nervous
will continue so until the May deal is out
of the way and the growing crop is fur
Their advanced and not so susceptible to
damage from changes IN temperature ana
weather conditions as at present We be-
lleVe July wheat TO De an exceileht PUT
chase as every bear argument possIDle
has been used to pound the price down
and this future has gradually but steadily
declined until 1t is now selling at 1oc Per
bushel below the high point of some sixty
DAYS ago. The governments estimate OF
the average condition of winter wheat on
April l was 91.6 as compared with 16.0 in
1904 and g7-3 in 1908, and an average eondl-
ton for the past five years OF s5S. The
ever, be relied on as to the ultimate re-
suits and wheat that viii be harvested,
crop, and there are many enemies Such
as drought, hession fly and various other
things the crop may encounter before
harvest time. 1t is well to bear in mind
that the unexpected frequently happens
and there is no doubt but that the short
side of the market has been and is stin
the most popular with the majority. The
market is heavily Oversold and you don't
want to overlook the fact that every
bushel of short wheat will have to be
bought in at some time or other Ihere.
have been some reports this week that IN
various localities the hession fly has made
its appearance, also Ihat wheat IS turning
yellow; some fields that were badly SPOT
ted have been plowed up and planted
with either corn or oats Should these re-
ports become more general and the situa-
ton look at all serious you can look Tor
sharp advance of probably ) or cents
per busheI. Present stocks are going into
consumption very rapidly and as 1t will
be practically 90 days before any new
the milling demand be sufficient to take
all of the first Offering we doubt If there
viii be much, # any, new wheat oeilvered
on July contracts. Buy July wheat:
Corn-The unsettled condition of the
wheat market. continued fine weather and
reports 10 the effect that farm work IS
progressing rapidly under favorable con-
ditions and considerable corn has been
planted held the corn market in check to
a certain extent. The market has, how
ever. had a very strong undertone to it,
and todsy's closing prices show an ad-
At-s9-ANA
week ago. This weeks visible supply is
reported at 8eS0,000 bushels as compared
with 9, 500, 900 bushels a year ago. Chicago
stocks Of contract corn are one and one
half million bushels less than a year ago.
Receipts have been light and will proba-
bly, continue to fall off, as country stocks
are well cleaned up, farmers are now busy
in the field, and it also pays much better
to feed the corn than to ship it. There
has been some talk of a squeeze in the
May delivery. and people who have been
heavily long of the market for some time
of the market this week. Elevator in
terests were also big purchasers and hogs
are selling at the top price of the sea
son. The average price that hogs
sold for IN Chicago yesterday was 5.64 per
an advance of &c per hundred for the
July corn, and not be afraid to buy all
that you can margin &c per bushels and
keep adding to your line up to soc. We
firmly believe that july corn viii sell at
55c per bushel before the expiration of the
option" and possibly before the end Of
OATs-There was no special feature to
the oats market this week. Today's clos
ing prices are practically unchanged as
Weather conditions have been practically
perfect for the growing crop and had it
not been for the glready big short inter
ests in the market and free profit taking
BY shorts covering. the probabilities are
that the market would have sold consid-
erably lower This weeks visible supply
shows a decrease of SOS. 600 bushels It is
rIInored that elevator interests are buying
the May and selling the July futures We
are still of the opinion that July oats at
Soc or over are a sale
PROVISIO NS-The provision market
ruled Just about steady this week and to-
days closing prices are practically un-
changed, as compared with those of a
week ago. Packers and professional
traders were the principal buyers and
there were not many orders in the market
from outside sources. The volume Of
business done was comparatively light.
The foreign demand for both meat and
lard was a little better and at stronger
prices Hogs continued to advance and
the tor price for the season was reached
yesterday, the average price at which
they sold in Chicago was 1854 per hun
a week ago There is no doubt about a
consfdera bic short interest in the market
and which will have to be covered sooner
or later. as the price of provisions has not
kent pace with the advance in hogs and
hog products have been selling for some
time below their cost of production, and
as there viii have to be a day Of reckon
ing. which we believe viii be in the very
near future, we still favor the long side
of the provision market
CHRISTIE GRAIN AND STOCK co.
New York Stocks.
wall St. New York April 15-STOCKS
Opening prices of stocks today moved
up strongly at some points, whIle the gen
eraI level of the market was little changed
from last night, 9. handful Of stocks show
ing concessions on realizing Smelling ran
off 1sk points and Locomotive q point The
trading in the transcontnentaI group was
large and excited There were running
sales of S.000 shares Of st. Paul at 1856 to
7S5sk compared with 1874 last night, and Co.
0a0 shares of Union Pacific at 1867 and
1851 compared with 1876 last night New
York Central and Illinois Central rose