The San Francisco call., 1913-08-16
IMPORT CORN TO
KEEP DOWN PRICE
Drought Guarantees Great
Shortage and Consumers
Look to Argentina !.


CHICAGO, Aug. 15.-Corn rushed up
so high today that the trade seriously
the question of imports
from Argentina. The market closed
steady at an advance OF liz @1A net.
All other leading staples, too, showed
rise compared with last night-wheat a
shade to L9ssc. oats 1h@1kc and
provisions 51z @12hc.
Scorching weather twnlcn was de-
to say nothing of the drought region
southwest, and which was predicted to
spread widely to the east) made corn
prices buoyant from the start. Shorts
especially took alarm at the scantiness
of receipts in Chicago, and because of
the collapse of theories that the mar
ket would have setback owing to rain
in northern Illinois and other innpor-
tant districts of the central states.
Rumors were persistent that one of
the largest industrial consumers in the
United States had been buying Argen-
tine corn on q large scale. 1t was
authoritatively stated IN this connec-
ton that at current prices the South
American grain could be brought from
cheaper than Chicago corn could be
laid down at New York. The effect of
such reports, however was only. to
emphasize the existing scarcity and to
twist prices higher. One expert esti-
mated the feed shortage of all kinds at
/, $50 900, 900 bushels.
wheat values HdTd6neQ CHaGHy III
sympathy with corn. Some fear was
expressed as to frost scare in the
Canadian northwest The prospect or
wheat being put on the free list had a
restraining effect. though, on the bulls.
Oats after being inactive and COM
paratively weak most of the session
made a spectacular rally In the last
hour The pptnrn was due cern mainly trager to
starting to buy oats apparently with
Provisions received strong support
was also affected by the strength of
hogs.
Wilson's Chicago Advices
CHICAGO, Aug; 1.-THE interest !, in
tied, in fact. that with all the bullish-
ness in corn and oats, moderate re-
ceipts, large clearances and heavy rains
in Canada. the response was only
small added fraction TO the value of the
December and May options. while Sep
tember showed no such strength as
YESTERDAY. We feel that wheat Is DOR
and that purchases on the dips should
prove profitable.
Corn--All futures made new high
ary weafher eaf ene sean
Professional spectators sold at the
outset on the theory that there would
be. a backset following better reports
from Illinois since the. recent rains.
Later. when a few early sellers tried to
cover. the market scored a very sharp
bulge then making the high points.
While the market is very strong at the
advance. we think it would be wise to
accept some profits at this level with a
view of replacing again lower.
Oats-A1though oats started slow and
were comparatively inactive for a
while. the market made up. for lost time
later. Many of the successful corn
traders. were buying oats very heavily.
Provisions were somewhat firmer.
larger packers, and the offerings of
hogs here were lighter, with prices
about &c higher.
K Chicago Grain and Provision Futures
|. FURNISHED by ]. c. Wilson Co.. San Francisco.
Member Of the Chicago Board of Trade)
CHICAGO. Aug. 15.--The leading futures
foil