The Topeka state journal. [volume] (Topeka, Kansas) 1892-1980, 1905-02-25

last week Fluctuations have been mild,
with a lower tendency. For a time 1t
looked as trough there might be some
neavy unloading by the big Chicago bull
interest, but nothing of the sort has oc-
CURED this week. 1t Is generally believed
that the big, long, line held by some Chi
cago professionals is still intact, but that
II IS a heavy load to carry.
For some time past we have held to the
belief that wheat values ranged too high
and that sooner or later the speculative
situation would have to give way to the
seek more legitimate level.
The statistical position of this cereal
IS no more bulliSh at this writing than Tor
several months, and we still adhere to
the belief that the bear side of the argu-
ulative standpoint. The temperature con-
dftions have become milder and with the
snow and ice 1t is apparent that present
crop conditions are favorable, and there
are no evidences Of injury from cold
weather and the presence of ice.
The daily newspapers from time to time
speak of the possibility of peace betWe
Russia and Japan. Such reports. of course,
newspaper correspondents, but each re-
appearance Of the peace rumor certainly
does not do the bull contingent any good.
The available supply of wheat decreased
1000 bushels last week, compared with a
week in 1904
The continental wheat stocks February
were reported Sc, 704, 900 bushels, against
81, $4,000 bushels January !, and 81, 736, 900
bushels February /, 1904.
CORN-The corn market last Monday
started at practically unchanged prices
from the final figures of the week previ-
Gus, since Which time values have ruled
fairly strong and considerably higher for
all positions, and this fact, notwithstand-
ing the weakness manifested in other
grain pits, as well as the decided decline
in provisions. The demand for corn from
exporters and feeders continues good. We
have been advising the purchase OF corn
the market has advanced from 3 to 4c
per bushel, and at this writing both the
llegltimate ana the speculative position OF
this cereal is as strong as was the case
when the market was selling at the low
price on the crop.
There is absolutely no news at hand that
could warrant any one in going short of
the market We feel that purchases even
on this advance should earn the buyer a
handsome return on the investment before
the maturity of either the May or July
contract.
Bradstreets available supply of corn de-
creased 100000 bushels last week, COM
pared with an increase of 100000 bushels
for the same period in 1904.
The continental stocks of corn are prac-
tically unchanged from year ago, show
n" 6A pFi sna ma lneeeas has ruled dull
through the whole of the week. Fluctu-
We feel that oats will do to buy on all
soft spots. There seems to be quite a
short outside interest in this cereal while
the professionals Of Chicago are arrayed
on the other side of the market.
OVISIONS-During the early part of
the week the provision market ruled
steady to strong, but the packing interest
forced the price of hogs some lower, and
incident thereto we have had some lower
prices for pork, lard and ribs. In our
opinion this is a purely manipulative de-
cline and in no way affects the legitimate
price of all hog products
As indicated in our previous letter pork, |
lard and ribs are selling at not to exceed |
their cost of production and for that rca- |
son we continue to think them good, safe !
Investments, and anticipate a decided |
bull movement just as soon as the pack
ers are in position to force prices high |
er.
We believe the big houses of Chicago
are largely long of the product and that |
on every fractional decline they are add !
ing to that line. We feel more friendly |
than ever to the bull side of the provis- |
ion market.