The Topeka state journal. [volume] (Topeka, Kansas) 1892-1980, 1907-10-12

| myers, broker, ground floor Columbian
building, Topeka, Kan.1
| The situation in the wheat market
continues strong and is attracting world
wide attention by spectators and grain
men.
A year ago today, December wheat
Chicago market closed at 747kc; it closed
yesterday at $1.04Z.
Comparisons are not always odious,
but sometimes valuable. The United
| corn and oats crops of 1907 at 20 per
cent less than 1906, or $500 OF, 900 bushels
againsts 1926. 900, 900 in 1906. The ST.
Louis correspsonsdesnt writes as fol-
lows:
Corn is now consumed in over a hum
bred ways.
Wheat and oats each, in only about
half dozen ways.
The U. s. fruit crop is reported to be
the poorest in Al years.
Hay, choice grades, sell about $1.00 per
hundred pounds.
Bran now ranges around s1.2o per
hundred pounds.
Corn at 62 cents per bushel equals
$1.10A per hundred.
Wheat at $1.00 per bushel equals $1.67
per hundred.
Oats at Sc cents per bushsel equals
$1.75 per hundred.
The cheapest of all food appears to be
corn.
The government report issued Thurs
day, October 10, makes the condition q
per cent on the growing crop of 2,44S,
900, 900 bushels.
The crop of 1906 was 2,907, 900 900 bush
els.
At present prices of bran, shorts and
middlings, millers can use 4 or pounds
more wheat to a barrel of flour than
last winter, because the bran sells for
$24 per ton instead of $14 as last season.
Root and fruit crop shortages in the
world will likely add Is per cent to
bread consumption. What will this do to
values?
If the wheat crop is 600 million bksh-
els and 4 pounds more are used for
barrel of -four, in consequence Of high
price animal food, then equal to 40,000,-
COO bushels of wheat may be turned into
bran. leaving only about $50 millions
for flour, or about home requirements
If Americas surplus wheat carried
over will supply Europe's wants then
prices may be high enough for the pres
emit If not, what? There is strong
demand for good cash wheat at about
December prices by millers.
We think whatever surplus was left
over July / has been literally drawn
upon. If the American spring wheat
crop has no more than so per cent as
much flour in it as in 1906, then present
cash pric es are not high. The first run
of primary receipts from the northwest
may depress the market before another
advance is probale. Can the movement
be large? The winter wheat movement
Is letting up. Foreigners appear to own
most of our visible except No. red
Primary receipts for all wheat since
Julv 1 have been 5S millions VS.. ga mil
lions same time in 1906. The worlds
crop is conceded to be 10 per cent less
than 1906, or about 400 millions less.
Money makers are enlisted on the bull:
side of all grains.
There is one peculiar factor about the
situation at present in the stock mar
ket. SO far as traders are concerned, and
that is the extreme nervousness of both
bulls and bears. Dull as the market Is.
everybody is frightened. The rank and
Ale of spectators appears to be wholly
at sea. Canadian Pacific and st. PAU
10 a little moving picture act and the
hears grow pale around the gills- Then
some poor old industrial succumbs and
he bulls are harrassed by doubts. 1t
s a tvpical condition at the end of a |
great decline.
This state of affairs makes one thing |
practically certain, we have reached the
md of utter stagnation. We VIII havo
! market now. limited perhaps In the
Volume OF business, but rife with events |
II one sort or another. As to the feehng
II uncertainty, we may get away from |
h;s disturbing factor by combining OPP |
.ratiors to purchases of good stocks on |
7eclines. They won't go much lower
md they will, on the next important
movement go a great deal higher.