Ottumwa tri-weekly courier. [volume] (Ottumwa, Iowa) 1903-1916, 1914-04-11
MARKET NOTES

New York claimed that upward OF
100000 bu of Argentina corn had been
bought there yesterday, and messages
said that the more buyers took the
greater were the offerings. Samples
submitted to the inspectors there, were
passed upon as No 2 yellow. Samples
Of the new Argentine corn We're re-
ceived here yesterday and regarded by
experts as No. yellow. Moisture tests
made in New York showed 1902 and IA
per cent. Chicago bought another
cargo of Argentine corn yesterday and
was figuring on another. One New
York house sold 100000 bu Argentine
corn to Philadelphia at SAC for April
shipment and &c for May-June ship
ment Another house sold 10000 blu
to that market at 63A @64c for May
shipment. Early reports said one house
has sold 1O5 cars for April to July
shipment at eual to &c for May in
Chicago. 1t was also said that good
sales were made to the interior. New
Orleans is trying to secure reduced
rates from there to northern interior
points. Peoria distillers were here yes
terday trying to secure the same rates
on corn from the east as are in force
from the west to the east.
Confidence prevailed among corn
traders last night. The bulls said the
shorts had increased their lines on the
break and had sold more against the
reported purchases of Argentine corn
than they will be able to buy back In
several days. They pointed to the scat
tered demand for car lots from interior
points at high prices. and said many
feeders in the interior were heavily
long May here and want to cash corn
next month to ship back to the country.
Those who look at conditions in the
corn belt states alone are bullish on
conditions there, as many points have
little corn and are buying from others.
This the bulls think will mean great
deal later. as.the country movement is
light and interior elevator stocks are
small.
Taking a broad view of the corn
situation, the bears say that, admitting
all the claims Of the bulls are true. the
situation outside of the corn belt is
bearish. The season in the south and
southwest is rapidly advancing to a
time when consumption Of corn falls
off, as grass becomes plentiful. The
east, they figure, will soon be filled up
with Argentine corn, and the demand
from there that usually comes to this
market is likely to be light. They say
that there is no use ignoring the i'm
ports of Argentine corn, as it has al
ready cost the trade lot Of money,
the same as imports of Canadian oats
have cost the oat trade. The largest
industrial consumers in the east were
able to get alorg most of the last six
months in 1913 with light purchases Of
our corn and bought 100000 bu from
the Argentine, and have large pur-
chases OF it already made for future
shipment. There is 100000 bu corn
afloat in the harbor here, little Of
which has been sold to the east for
shipment at the opening of navigation.
1t is the claim of the corn bears that
present prices discount all bullish con-
ditions while the bulls contend that
all bearish factors have been used up
and that until there Is increased pres
sure of cash corn they do not expect
breaks to last. A conservative trader
1T is not the size of the
corn that makes the price as much as
the way it is distributed"
Every decent horse at Chicago yes
terday was cleaned up, but trash was
bad selling proposition. Heavyweight
chunks weighing 1900 to 1850 lbs have
sold remarkably well and full made,
real drafters, even If not up to great
size, have sold strong.
On the other hand, it was catch as
catch can trade for all mean stuff,
with prices ranging between $40 and
$175 for the lighter geldings and mares