The Topeka state journal. [volume] (Topeka, Kansas) 1892-1980, 1905-04-22

Kansas City. April p.
WHEAT-The wheat market this week
has been one of mystery in it's action and
kept the trade more bewildered than ever
as to the outcome. The combination of
weather conditions the principal feature
of the deferred options have kept the
trade on the anxious seat pretty much
of the time The May price at the OPEN
ing of the week was nc lower than the
close of the Saturday previous, but the
market turned strong later on in the
week due to the Gates CLIQUE coming in
to the market and giving the impression
that they were going to see their deal
would indicate that they had abandoned
that idea, and long wheat, at least por-
them came out freely and the result was
a break of 01sc per bushei from last
nights close. But as the May deal stands
in a class by ITSELF the July ana Sep
TENDER options were not materially af-
fected but sympathized temporarily to
the extent of about one cent a busheI
but which loss was soon recovered and
today's closing prices on the July and
September options are only off &c per
bushel for the week While today's clos
ing price on the May option shows q
decline of 5szc from the nigh point of
Monday and Tuesday. Weather cOndt-
tions continue perfect. for the growing
crop and the weekly government report
SAYS the general condition of wheat has
been maintained, rain Is; however need
ed in some localities. The visible supply
showed a moderate decrease compared
with a small increase last year and the
total visible is less than a year ago All
reEorts as to the condition of the grow
ing crop are bearish 1t is well to bear
in mind however that the unexPected ire
0uentlv happens also that April weather
never made a wheat crop Of course
the happenings of previous years IS no
criterion, but 1t is significant that IN each
serious damage to the growing crop oc-
CURED after April. The way July wheat
rallied TODAY in the face of the weakness
in the May future indicates that the long
side of the market for July wheat Is IN
good strong hands who VIII protect their
interests. The Armour interests nave
been talking bearish for some time but
future this week and will probably be
quite a factor in the market from TINS on
We recommend the purchase OF both july
and September wheat
CORN-There has been little me TO the
corn market this week One or the prln-
cipal features to the market mas Deen Ihe
transferring of long May contracts 70 Ju-
w and September, which weakened tne
,1aa I-ov delivery but Widened the preml-
INNS on the deferred options Many small
lines have been Hquidated and the long
stronger hands from day to day. Eleva-
for interests have been free buyers again
fris week. there was also liberal buying
~ all soft SPOTS by prominent commits
lref for some time. Cash corn Is in good
demand at the full May price and IN some
instances a premium, and as long as these
conditions exist there Is little Likelihood
Of lover prices for the deferred options.
W7rile receipts have come about up to
cancellations they have not been large
and as the price OF live stock makes corn
worth more to feed than it will bring on
the market there is no fnducement to
shin it We still advise the purchase Of
July corn. believing that it will sell at
90 0SksTs2The oats market does not prom
ise much on either side Good demand
and light receints may hold them around
present prices for some time. Under con-