South Bend news-times. (South Bend, Ind.) 1913-1938, 1917-07-15
WEEKLY REVIEW BY
THOMPSON & M'KlNN0N

The census report on cotton CON
sumed during the month of June
again shows consumption in excess
of the corresponding period of a
year ago. Weather news was again
1ullish, Texas reports indicating dry
and hot in the greater part of the
state. Under the conditions that
have prevailed there since the last
gov eminent report il would seem
that deterioration must be going or.
and unless quickly relieved by boun-
tiful rains, the next government re-
port will show very bullish state Of
affairs there. In addition 70 the
strong technical and statistical posi-
ton of Gotten and the bullish crop
conditions. We have before us again
the prospect of an end of the war,
and whether this materializes i'm
mediately or within six months It
Will md the world oare Of supplies
and "A demand from everywhere for
the staple. Under SUCH circum-
stances we can Zee before us nothing
bearish.
Todays foreign news is largely n
reiteration of the various cables Ii
yesterday. and while there are no
new developments u report il is
evident that changes of world wide
Importance are taking place. What
has already taken place in the cen
trail empires is sufficient in itself TO
form a basis for the Optimist upon
which 10 base a hope for a peace
conference. in the near future. The
market today is in a very peculiar
position. the prospect of peace on
the one side, while a continuation Of
the war presents the same bearish
features which have been before Us
for several weeks and which must
no adjusted in manner satisfactory
TO the capital in order 10 again re
Vive confidence and investment de-
mand for securities The original
weakness in the market was created
by the necessity as well as prospect
Of very high taxation, particularly on
war profits, and a further effort be-
ing made 10 regulate the price Of
commodities, and thus limiting
profits. From reports recently puo-
Hshed large producers have prac-
tically submitted TO government reg
ulation as To their outpIt. and in
addition 20 this the federal trade
commission are 10 investigate costs
20 fix selling prices. This coming So
soon after the action of the inter
state commerce commission has
naturally created doubt and caused
m
eminent needs and asks for expan-
sion and increased output from the
steel mills. and from other indus
tries. Increased facilities on the part
Of the railroads In every other
branch Of industry the same neces-
sity for expansion exists. How can
capital provide for all this ard pro-
vide revenue for prosecuting the
war, if they are 20 he deprived Of
substantial profits? Upon the solu-
ton of this problem will depend
the future Of the market Leading
opinions from exchange circles IA
vor the purchase Of rails and antic-
ipate temporarily lower level for
iudustrials.
CORN-Light showers over ma
ior portion of corn district. predic-
tio1s Of unsettled and cooler in the
south west. have Offset a further ad-
vance i'm cash corn. Market has re-
covered from the depression appar-
emily because OF covering by recent
sellers, there being a noticeable re-
Guction i'm new business because Of
fear Of overnight political develop
ments Although cash corn was to
cents higher here and west, the de
mand still remains firm from indus
trials and feeu dealers. The absence
OF export business being reflected
il prices at Baltimore. corn selling
there ~ S1.g1 against $l.95 in this
market The extreme discount %
the crop futures under old corn is
responsible for moderate congestion
on all selling waves. Il seems like
y however that the restrictions
around exports and the radical
chanee in the foreign situation
:cakts the selllnS preferable.
OATS--Absence OF hedging sales
IN volume against the new cat crop
Is responsible for the stubborn UNI
dertone iu the market. Demand for
the futures came mainly from for
lner sellers. offerings of new oats
continue small and the south re-
ported as cutbidding Chicago.
Premiums for SpOf oats were IL to-