South Bend news-times. (South Bend, Ind.) 1913-1938, 1914-05-06
ARGENTINA WANTS
TO KEEP HER CORN
Report From Jim Patten That
South American Countries
Need Grain Sends Prices Up
in Chicago Pits.
BY JOSEPH p. PRITCHARD.

CHICAGO. May 6.-AlthOugh Jim"
Patten was in New York Tuesday, a
message from him carried great
weight and helped to not only ad-
vance the price OF corn at Chicago,
but TO hold il at the higher levels
reached Advices from him TO his
Bartlett Frazier Co-told OF
the desire on the part OF the southern
hemisphere to cancel or postpone
shipments Of corn. He says he fears
there will not be free arrivals of Ar
gentine corn in the United states until
late in June or possibly in July, and
that unless the western farmers sell
freely after corn planting has been
finished there is not likely to be much
Of a break in this cereal: that Argen-
tine shippers paid as high as one cent
per busheI TO extend the time of ship
ment five days On one lot Of corn,
and that four cents was paid TO eX-
tend the time OF shipment from the
first half of May. one buyer said
that he had two cargOes bought from
Argentina for April shipment, and that
one was reported as having been
loaded April 18th and the other April
14th, but that neither vessel has ac-
tually sailed from Argentina as yet.
Mr.. Patten says that the American
corn Will be wanted for some time
to come.
Weak speculative accounts have
been buttressed by fresh margins or
closed up, speaking now of the bulls.
Shorts are scanning the financial
heavens for some new form of disaS-
ter TO force fresh liquidation, a return
TO normal. healthy conditions would
be their undOing.
A special cable from BuenOs Aires.
Argentina, says that il rained heavily
there on Monday in the western and
northern section and that the corn
market was strongly affected Tuesday
in consequence. Traders there are
pessimistic regarding the quality of
the corn to come out and fears are
generally expressed of serious dam
age with much of it unfit for export.
This change in conditions surround
ing the corn market Of the southern
hemisphere was the leading help and
caused many shorts here TO cover. The
net gains for the day at Chicago were
$50 rs cents.
May wheat showed more strength
than any in the list. and closed steady
and unchanged, while the deferred
months were 3-S a 5-Sc lower. A fea-
ture of the wheat market was the
heavy selling Of July by the Armour
/ Grain Co, followed by other COM
mission houses in the trade This
wheat was absorbed largely by spec
ulators and cash handlers, as it is
! generally believed that the deliveries
/ Of winter wheat in July will be OF
/ enormous proportions. There were
/ no reports of wheat purchases on
/ this account. There were no sales
of cash wheat reported to go to
store. Cash business was small at
80, 900 bushels.
Oats held up in strength because
Of the advance in corn. coupled with
the lighter offerings in the pit and the
better cash demand-310, 900 bushels
/ selling here for shipment.
/ Provisions were fractionally better
/ on the continued light hog movement.
coupled with the strength in corn.
/ Close:
WHEAT-May 90 IS; July So SIS;
/ Sept 81 3-S "a -.
CORN-May 661-4; July. new,
/ sc is G1-4; July, Old &c 3-S; Sept,
new, 90 IS; Sept, old. 90 "a.
/ OATS - May 81 SIS "a; July
/ 81 SIS: Sept. 80 IS.
PORK-Alay 1885; July 1897 ID;
Sept 1895.
LARD-May 1895; July 1910; Sept
/ 1927 1-2.
/ SHORT RIBS 80 May $1O.97 1-2;
/ July 11.12 ID; Sept. 1925.