The Topeka state journal. [volume] (Topeka, Kansas) 1892-1980, 1907-10-26
Weekly Market Letter.
TFurnished BY J. E. Gall, CommlssIOIIs'
Grams Provisions, Cotton and Stocks;
Office ito west Sixth street. Phone 4SS'l

Kansas City. Kan. Oct. 24-WHEAT
70 review the market this week,
based on routine commercial news, sta
tistics or legitimate cons1oeratlo
would be virtually a waste OF enot.
The paramount factor, as a cert
presidential candidate would say was
Wall street. That was the great issue
during the week, the vital force' lne
prime lever that swung prices ooWn
ward. For the first time in years tne
ewes of the speculative grain trade were
centered on the stock ticker: many
times heretofore it was the reverse an
Wall street closely watched tne 81 az
ticker. The tremendous slump IN Sc
curities ruthlessly swept aside all
legitimate influences in the wheat mar
ket and, although the general sltua
ton is now as strong as ever, Wneal -, 10
off several cents for the week. Dut, -,
one sense it's a blessing in disguise
to the bulls, for it placed wheat on
the bargain counter" or as one
prominent speculator expressed II,
aBuying new December wheat unoer
Thursday afternoon 1T was down 70
eSIhc Several times heretofore 1t Went
below 81, only to quickly rally &C or &C.
Europe is swapping it up quickly, pc
offers up to today are accepted;
Clearances continue enormous around
5000. 900 bushels week. one autnor,.s
estimates that our exportaple surpius
may be entirely wiped out by Feoruarg
/ IF so, wheat will easily be arouno
fine s1.25 mark before then 1nstead OF
81 Worlds visible supply of Wheat
20 900 900 bushels less than year as
Foreign crop conditions commune Du n+
fish. Great Britain, damage py We
weather France and Germany, seed
ing DELAYED Austria, Hungary, may
have to import wheat; no rams anu SUI
very dry. Bulgaria ana RoulIlaiLa
droI,th continues. Russia, a probaple
shortage of over 100000 bushels; ex-
mort tax on wheat being seriously con
sidered. Drouth news from Auslrai,a
and India grows worse oalIy. Ing ~
hope or salvation of the pears nes ~
nresent and the harvest begins In a
few weeks. Should anything serious
happen to the crop there the cream VI
the bulls might be realized. Wesle 1,
Minneapolis. Duluth, Chicago, st. LOUIS
go Kansas City will get about l,oOo
cars less this week than year ago.
cash wheat at these markets Is very
CORN-The inability to properly re-
x,iew the wheat market applies equally
to corn. 1t was swayed by the SAN
great infuences-the Wall street pdhlt
and. as a result corn is down apou'
cents Not very much after all, con-
oidering that the new December is stu
nm in the vicinity of 60c. Corn recelple
Continue decreasing materially ana, at
Chicago. St Louis ana no han1 Is t thjs
Week than a few weeks ago. Less than
5000. 900 bushels Of corn i'm in the he Snlcag
Elevators and only 100000 busnels OF
~ Contract grade. Kansas City pub
' rle elevators have only about $4,000
t,,,sbAIs of corn, and receipts here are
averaging under 25 cars day. Inc
hie decrease Of nearly half a billion
, p.s in this wears crop should make
itself sharply felt in the price soon
There are no substitutes that can take
its place for feed, as everything is alb
,,ormallv high. The weather recently
10, ~. ;deal for the curing of the crop.