Indiana daily times. [volume] (Indianapolis [Ind.]) 1914-1922, 1920-02-02
Local Bank Clearings
Money Rates Will
Be Market Feature

Money rates and the decision Of the
supreme court on the stock dividend case
will be the ruling factors in stock mar
ket transactions Monday, according to
the following market letters sent out by
wire today from the New York and Chi
cago Offices Of Thomson & McKinnon,
brokers:
"Atocks-A dozen issues in the indus
trlais constituted the entire market to-
day. There was show of strength early
in General Motors, Baldwin and Stude-
baker but before the session was half
over rue supply Of stocks began TO in
crease. The general list was inactive and
shows only minor variations in quota
tions. The rails were more active today
and rather surprising. in view of the
fact ihat nothing definite is known as to
the pending railroad legislation. A state
meat was published that an agreement
IS ex pected by the middle of next week.
bat this is an old story and has been
often repeated, and may or may not be
due. The one important point that is In
savor Of the railroad list is that the
necessity for legislation is so great that
Il seems foresOne conclusion that bill
must be framed before the end of next
month, and, inasmuch as the market is
thoroughly Hquidated, the railroad list
is certainly IN strong technical posi-
ton. The general market on Monday
VIII be Influenced by money rates and
decisions from the supreme court. Tech
nically, the market is in good position
and could advance with any encourase-
ment
Corn-Nearby deliveries OF corn have
responded to the level Of the cash mar
ket This has kept the more deferred
deliveries steady. but feature in the mar
ket was the absence OF any broad new
demand. There is some ressVn for be
l!eving that the acute cash position Is
being relieved Southwestern markets
arc receiving consignments from Ne
braska and Iowa. Primary receipts are
larger than last year, this weeks total
being 100000, against 100000 a wear
ago. Higher temperature and clear skies
are prAd!cted for the west. A realization
VIII increase the effectiveness Of motive
power. The short interest in the May re
livery seams to have been freely covered.
EconoIntc situa zion. q well al shipping
facilities. are reflected in resaies of grains
by seaooaTd exporters. We believe the
marSt is in position TO respond readily
70 any improved movement from the west.
OatS-The oats market encountered
realizing sales whenever strength ap
psaTed and made poor response to efforts
of believers II al ultimate scarcity. The
seaboard Is rcselliag oats purchased .or
export shipment because Of slow move
ment from me west. Newspapers feature
ing into che future production ~ grains
It NAV be argued from this ina: the oats
viii De mo.e freely sown than tne corn.
as the LABOR question enters more largely
into corn production than n oa:s. Stocks
have been decreasing and export business
has been doing So- quite a time rast.
We note. however, that the deferred de-
lveries do not make a worth while re-
Spouse, suggesting tbe thought that
these prices discount the situation.
Observation-Disclosures of lard on jan
uary contracts were sGain free today.
There is a fair demand for certain cuts
OF meats. otherwise cash trade is slow.
The immediate course Of values will
probably be governed by the size of the
movement OF hogs"