The Topeka state journal. [volume] (Topeka, Kansas) 1892-1980, 1905-02-18
1885, Correspondent Christie Grain and
Stock Co., Kansas City, Mol

clique's control of the May option caused
a stampede among the shorts who. in try
lnS 10 cover, DID the Price up on them
selves, the same as fellow who bids
against himself at an auction. The bulls,
also the elevator interests, took advantage
of the situation and unloaded large guam
tllleS OF their long lines and about five
million bushels Of long .whear was dumped
on the market. There has been absolutely
nothing in the legitimate situation to
warrant any advance whatever.
bushels.
Chicago stocks of contract wheat in
creased last week
Cash wheat trade has been very light.
Outside markets did not follow the Chi
ca 20 advance.
and Minneapolis mills reduced the price
10c per barrel.
Wheat and flour exports for January
We're less than % per cent of year ago.
Wheat and flour exports for the past
seven months show a falling off Of e5
million bushels, and were less than so per
cent of the corresponding times of last
year.
The market has acted this week lust as
1t has on all previous big bull movements
just before the break.
The market generally looks the strong
Both the July and September options
have sympat hized to a certain extent with
the advance in the May option, and it
VIII not be surprising if it develops later
on that the same people who have feen
instrumental III putting. up the price Of
shorts have been selling July and Septem-
Der wheat On the way up and will ride
down with il when the break comes and
make money or both slu 5 of the market.
Our advice On wheat has hs,en to sell It
on the bulgeS or buy it on the Ore AXIS, a80
to those who have followed it there has
been a profit of several cents per bushel
on both sides OF the market for them,
the extreme range from high to low dur
bushel.
The extreme range of the May option
this week was 4l5c per bushel.
CORN-The corn market was very
strong and broad one this week There
has been a good general demand from all
sources, particularly from exporters and
feeders. Exports nave been heavy and we
understand exporters have paid 44c and
over at country points. Enormous quan-
titles are being consur1cd and contra ted
for by feeders. Offerings and receipts
supply, also Chicago contract stocks, both
showed decreases. As there IS quite
short interest in the Chicago market on
a further sharp advance the shorts will
undoubtedly run to cover the same as
they did in wheat and in all probability
bushel. The corn situation is a very
strong one, and becoming more SO daily.
We have been advising the purchase of
which time it has advanced &c Per buSnel.
We firmly believe that It viii advance at
least &C per bushel more, and strongly
recommend the purchase IN oil soft spots,
and we repeat our advice to buy corn,
advance which will surely come
OATS-There is little to be said about
practically unchanged: Stocks are heavy.
and we believe considerably more than
sufficient to carry us through into the
the principal seller on all hard spots. The
trade has been light and the market
practically featureless. The extreme
range in the price of the May option for
the week only being &c per bushel
PROvIsIONs-Th provision market
terest being shown in this market by the
public, consequently the packers have had
interest to keep the prices of produce
down to buy their hogs against they have
Chicago on Wednesday shows an advance
of Csc per hundred over the previous week
and within &c per hundred of the PRICE
at which they sold for a, year ago, while
hog products are selling about % per cent:
less than a year ago. AS ribs. pork and
lard are all Selling at not to exceed their
cost of production we consider them good,
safe investments and predict good,
sharp advance from present prices when
the proper time comes, which means
whenever the packers see fit to put it into
effect. If you buy ribs, pork or lard now
mour owns his and you certainly ought to
be willing to take a, chance along with
him when you can get in on the PROPOSE
ton to equally as good advantage as he
can. Our advice is to buy ribs and pork
and hold on to them for a good, fair ad-
vance and which will surely come.
COTTON-The cotton market has been
pretty much a onesided affair this week.
and has favored the longs from start to
finish. the extreme range in the New York
May option being SEC per hundred, or
equal to $3.50 per bale. Last nights mar
ket closed practically at the top price for
the week. Receipts have been light, ex-
cold and unfavorable weather
tor. There is undoubtedly very heavy
short interest in the market and until at
least a certain per cent. OF the pears nave
been forced to cover we can look for |
higher prices Secretary Hester's state |
ment of the worlds visible supply shows !
& q n5 sn,I1aa stocks are g. 44O2S5 bales as
compared with 3,516,199 bales week ago, |
or decrease Of 2 go4 bales for eTo the T wee
New York Stocks.
Wall St, New York. Feb 1s:-SrOCKS
The opening. stool. market today was
largely one of specialties and the trad
ing was rather quiet. The United States |
Rubber stocks advanced point and Lead,
smelting and Metropolitan Street Railway
a large fraction. There was an active de-
nand for Chicago Great western on a
Use of q and 500 shares of Union Pacific
sold at I261S and 126ss compared with last
light. Consolidated Gas opened down
The movements were of a mixed char
acter. allied stocks moving contrary wise.
For example. Reaaing an 1,1i1s P 5eDie
vania and other stocks under united
control advanced. In the industrial quar-
.er all stocks generally rose, put Oniteo
states Steel fell back. The principal fea-
ure of the trading was the sustained al
-ance in Union Pacific, which touched
9e7L coiTcident with rise in Northern
Securities on the curb. Southern Pacific
9acifc rose a. St Paul also showed
strength. Stocks, of southern . ana south
western railroads We're mostly under
PRESSURE including Illinois Central, Louis
lille & Nashville Southern RaI 4Tasy Kan
Union Pacific started upwards again
Lfter the publication of the bank state,
nent and reached 1855 Prices hardened
n sympathy but the general movement
Vas narrow. Great Northern preferred
ose Z. Central Railroad Of New 4 Jersey,
erred 3 United Fruit 3, Federal Mining 3,
nd Chicago Great Western, America11
Telephone. United States Express ana
cotton OIL a point or more Toledo, ST
1ouis & western preferred and Pressed