The Topeka state journal. [volume] (Topeka, Kansas) 1892-1980, 1905-03-04

WHEAT-The wheat market this week
mas been just about what we anttc1pat tea.
ing proposition, the tone has been decided
~ Dear1sh, the May positions at one time
sel1ng as low at SI121z- There was IN
questionably some heavy unloading by the
chicago professionals and that selling OF
course induced the letting go by the out
SIDE to more or less extent. Aside from
the immediate future giving US many at
tractlve opportunities for a scalp, we 90
not see anything to warrant wild ductua-
ions at the present time.
1nere is a vast difference between the
prices in force at this writing and those
we had ten days back, and while wheat is
the talent to adjust itself to a bear theo-
~ from sl15 than was the case with
wheat selling above $1.20.
We are unalterabiy of the opinion that
To-Day bringing at least 10c more than It's
intrinsic value and that some time before
very close to the dollar mark. The last
han OF this week brought considerable
new blood into the wheat market. based
ing SO close to the May, there should be
partial recovery from the sensational
decline from $1.2l1A. This trade, we believe,
is purely speculative and does not add any
real strength to the wheat situation We
unhesitatingly advise the sale of this &C.
real on all hard spots even from the pres
C0RN-The corn market this week has
strength the major portion of the time.
Our bullish ideas are so well known it Is
length on that particular point.
The demand from feeders continues
good Notwithstanding the higher level OF
value, Just now there is more specula-
tive interest in corn than in any other
grain The big professionals of Chicago
are long OF the market and on top OF &C
advance the country is really just begin
ming to realize that the market is legitt-
mately strong and that there is little pos
S1bllity of much recession in price.
Chicago commission houses are equally
as bullish as are we, and many of them
are talking 60c for both the May and the
July option. Statistically, corn is much
stronger at this writing than at the same
time last week
OATS-Oats ruled moderately strong.
We think in some degree this cereal will
follow corn. There should not be any
material set back in values and we can
not see how any one interested in oats
can see anything other than a bull mar
ket. The country is still heavily short
and we would not be at all surprised to
see concerted move on the part of the
present owners of oats (whO in fact are
the Chicago professionally to mark values
PROVISIONS-Pack house products
displayed a nervous tendency through the
week, at one time showing quite a decline,
which, however, was quickly recovered.
We are still as friendly as ever to the bull
side of the argument and believe it is on
~ matter of time until the packers will
find 1t to their advantage to create a bull
movement. Lard and ribs particularly ap-
peal to US and we advise conservative
purchases of both products.
STOCKS-The stock market has had
quite an upturn and the volume of BUSH
ness has been so great that the public tn-
doubtedly is largely long on the general
list We rather lean to the idea that on
ticularly the industrials and high priced
railway shares.