The Topeka state journal. [volume] (Topeka, Kansas) 1892-1980, 1909-05-05

N1OEnlnX 0Tain 1lcttSE Oy WIG
FURNISHED by Logan and Wolcott. Grain
Commission Merchants. Rooms 3o5 and
30S Commerce Building. Members Chi
cago and Kansas City Boards OF Tradel
|, Chicago, ILL.,, May 5.-WHEAT-It
was general gossip last night that the
four cent advance in July wheat Tues
day was largely due to the market be-
ing congested, traders having oversold
the past few days on change 20
bright warm weather Crop news, the
world over is not coming as god as ex-
pected and there is the foundation for
the greatest crop scares as well as the
largest bull market the trade has
known in recent years. Part of Kan
sas is short of moisture and Oklahoma
is also too dry. There is the presence
of green bugs in northern Oklahoma
and southwestern Kansas, which IS
enough to cause alarm among the
shorts, especially as the July wheat is
in strong hands and stocks the world
over are SO closely adjusted to re-
quirements. A crop scare under such
conditions means more than ever be-
fore. To have a four cent jump in a
day without a bull leader shows that
| the market has more merit than. the
| trade had supposed.
CORN-Corn specialists said that
there was only 226,000 bushels contract
corn here on which shipping orders
| have not been given. There were load
4
vators SO that the total stocks of corn
in all positions here last night was not
| figured at over 100000 bushels.
| OATS-Specialists are disappointed
! at the action OF their market and say
that number of outside longs are TAX
! ing profits because of improved wealth
er. The official report from Iowa indl-
| Gates there will be decrease in the
| acreage from the early expectations
| and it is not likely to exceed last year
| last year because better oats have beer
| used for seed.-Inter-Ocean.
Northwest weather clear, mild
Chicago. May 5.-wHEAT-The big
money is within easy reach of the longs
in July wheat. Longs who purchased
good sized lines less than a week ago
/ have continued buyers ever since. Tn,
4 speculator must stop and reason for 9
/ time. The long side of July wheat 1.
1 not as desirable at the moment as Il
was Monday. 1t may possibly advances
! to a much higher level today, but tn,
likelihood is that there will be a Dis
Il movement in the way of profit taking
and 1t will take heavy and continuou.
buying to Offset the selling. While con
ditions at the moment are vastly differ.
ent from those surrounding the whea
market on the recent sensational price
4 break a decline from the present leve
is among the probabilities.-The Exam
liner.
Liverpool, May 5.-Hungary and Ger
Il many reports on crop outlook say
crops backward and conditions unfav-
= orable. !? e.! grea ., 2E1
orable. Belin closed " higher; Buda.
pest closed u lower on rains which viii
help to relieve the drough.-Broomhal
| Liverpool. May 5-Wheat opened firm
lshorts nervous, support was result o
frmness of American cables, unfavor
able American CROP advices and goos
demand for cargoes and parcels. which
were held at an advance. Other factor
were the firmness In spot and Englisl
lcountry markets and less favorable re
lports from Hungary. 1t is expected tina
1.-THE strike in Argentine viii extend t