South Bend news-times. (South Bend, Ind.) 1913-1938, 1917-04-22

Market Review by
Thomson & MCKinnon

acknowledgements of the
past "a hours are of a character 10
accentuate the state OF doubt that
has recently existed and which has
been operating toward a minimum
Of investment transactions. Coupled
with the uncertainties existing in our
own capital we have today further
evidences of unrest and murmurings
of revolutionary dispositions among
the people OF Europe.
In taking a calm view Of our Sc
curity market OF the moment we
would therefore have before US for
consideration the prospective large
expenditures and high taxation in
this country should war continue.
Should the prospect of peace loom
up before US we will then have to
consider the industrial readjust-
ments that will follow so that taken
together there is nothing upon
which 10 base optimism at the mo-
ment. Should we have an advance
We would favor selling stocks.
COTTON-The action of todays
market was quite logical. The liqui-
dation that occurred places the mar
ket technically in a good position
and with trade in the market alb
sorbing offers on a scale down. con-
tracts became scarce and as soon as
a demand developed from shorts
this feature became apparent This
will probably be in evidence in the
market for some time.
Crop prospects will vary from
week to week in accordance with
weather conditions prevailing and so
long as business continues good
pressure from the owners of the
remnant of the crop. The only
thing TO bear in mind at all times
is that the level Of value is high and
therefore conservatism should al
ways be the watchword.
We favor purchases on good
breaks.
WHEAT - The only development
in wheat, if it can be called de-
velopment, is the appearance of a
slowing down in the -four demand.
Minneapolis states that shipping di-
rections on old sales are coming in
rapidly but new demand has dropped
off sharply. AS long as the recent
extreme premiums for cash wheat
and consequent action Of the futures
has been due TO a widespread do
nestle demand for -four, the above
item may be the handwriting on the
al nj e
vancing prices. Market has been
just as erratic as for several days,
volume of trade quite limited but
the selling apparently of better char
acter than the buying. Private crop
advices from central and southwest
ern portions Of the belt are practi-
cally unanimous in referring to i'm
proved appearance. Some OF the
trade in the southwestern market eX-
hibits skeptcism over the Kansas
state report recently issued. For
eign inquiry at the seaboard was re-
ported slow and buying of the fu-
lures in small volumes. Demand is
expected TO continue but TO be di-
rected more toward the Canadian
crop. IL is likely that a general cas-
ing in cash wheat would result in
material decline all around.
CORN-Feature in corn was con-
tinuation of easy tendency in cash
market noted yesterday to the ex-
tent that buyers were backing away
from all offerings except immedi-
ate shipment. Today this is noted
in the interior IN addition to this
the country is asking for bids on
shorter time shipment than recent
ly. Volume of trade limited. alb
sence of buying power being notice
able.
OATS-Selling of oats was gener-
al and rather liberal in sympathy
with corn. Cash handlers were mod
crate buyers and some of the local
operators were giving support
ONISIONS-Trade i'm hog prod
ucts restricted, some scattered liqui-
dation going on while locals were
buyers.
THOMSON d McKINNON.