The Topeka state journal. [volume] (Topeka, Kansas) 1892-1980, 1905-02-17

The rallies in wheat carry it each time
to a higher figure. The recessions stop
above the last drop in price: We can look
Soc to soc, to 81, to 81. 05, to $1.1O, and now
we seem to have said farewell to $l15 IN
the same way. The market closed yester-
ady at s1.21Ss, and probably we may never
see $1.20 again. We might have a cent
or so reaction from these prices. and if it
comes buy some May wheat without any
misgivings. It is a purchase on all breaks.
A Chicago brokers' advice is: when
break for wheat Make that your policy
and play the string out that way. Listen
own conviction In all my experience
there has never been bull season so
been one so distrusted. The distrust and
fear still prevails and still keeps. the
masses out of the trade. This has been
its safety as a speculation It IS this that
has kept it as near sure thing as any
one ever found to play. For a whole year
production has been demonstrated to be
behind consumption, and speculation has
never given to this sure thing the least
support. Every miserable exploded theory
has been called up To obscure the real
situation, and it is the same way today
Let us hope that these flimsy arguments
will create another weak place to buy,
and if so I would strongly advise you to
take hold.
Madam Tumor has it that Armour is
the large buyer of all futures to cover
short sales, and that John W. Gates is
the leading holder of long contracts and
the Wheat offered below $3.50 / wish to
say that whoever is running the wheat
deal at Chicago is no amateur at the
business. He is onto his job. be it John
w. Gates or any other set of New York
millionaires. It should be remembered
rich millionaire spectators do not BUY
something and then look down the throat
of ticker to see if he can sell out and
make NC or 1Ac profit, but he looks over
the situation and buys a good big bundle
and more on an advancing market to hold
for a Csc or soc advance. This IS the
way most Wall street mil1ionaires have
made their millions.
Primary receipts and cash demand from
milling interests all justify very nucn
higher prices. Bread is proportionately
cheaper on the table than any other in
dustrial foodstufr. / favor buying May
wheat on the breaks now that prices are
higher than at any time on the crop and
the bears are to advance prices TO cover
as or 80 million bushels they have short
in the Chicago market
I would advise you to buy corn If you
are not in touch with the long side of
little setback. The big movement is over;
the market is oversold; feeding is pay
below the average of last year; the quail
ity is far above that of last year, and the
crop is probably muc1 smaller than the
maximum estimates It is good time
of the crop experts: Jones q lnglis are
men whose regulations cannot be alto
gether broken down II Il one year year eve 5aU
You'll be ready to shout. They're all
right; always thought So. The short
seller in corn must learn Ihat ne mas NOT
once had. The farmer has possession of
his market He has redeemed the trade
Capitalists control neither MIN nor me
grain The storage places are on the
farms, where they should be- Tnere VIII
he times when corn is sale as there
iongef to see the heaviest sales when it
Il at The lowest prices and below the cost
or production