The San Francisco call., 1905-02-07
COFFEE MARKET.
Its Present Status and the Outlook for
1908

Its Present Status and the Outlook for
1905.
The New York circular OF Henry Nordlinger
& Co. says OF coffee:
In tNe course OF last month a healthy re-
action set n. caused In the frst instance by a
somewhat protracted increase In the receipts
AZ E2o and Santos. in the second instance by
ne recsnt upaeavsl IN Russia. and in the third
instance hy the renewed efforts OF European
importers P s, TO establish lower buying basis.
TIES who for some time past have been accu-
mulattng the actual stuff sel as contracts
on the exchange took the bulk Of the offer
ings. Their confidence has not been shaken
IN the least. as the conditions which form the
basis Of their operations are not expected TO
fully develop Until later IN the crop year
These conditions are the srnsllness OF the pres
ent crop and the expected smallness Of the
Trade demand has again been disappoint-
tngly Light Complaints have reached US from
ihs mere On soco4nt o. the great decline in
cotton We consider this depression in trade
circles IN the Southern States as only a tenn
pors-y affair, as the great bulk of the cotton
crop was marketed at prices which must have
been very remunerative 20 the planters. From
The Western and Northwestern States the re-
ports which reach US show that there is a
reluctsnce on the Part OF dealers to stock up
on account OF the experience encountered a
place AFTER they had made considerable pur-
chsses We consider this fear entirely ground
less
TIE PRESENT AND FUTURE.
The present position Of the market differs
IRON thar OF year ago with regard TO sew
eral important features Then We had large
outside element speculators OF the widest
kind buying hundreds OF thousands of bags Of
cpIlee Alis cement Is not IN the market this
year. We also had at that time unpTecedent-
ecly large receipts OF mild conees. while this
year the receipts OF these kinds are running
even smaller than in normal years on the
other hand Ii cannot be denied that the con-
tention OF the bulls that the current Rio and
100000 bags is not borne out by the current
receipts al Rio and Santos which still run
heavier than such crop would warrant.
There are OF course, explanations given and
plausible ones, why the receipts do run 50
heavy; Tor instance. il is stated that large
states for January-FebrJsry shipment from
Brazil, and Brazilian shippers being unable TO
oplaln the goods from the connlsarios who
aold tha bulk Of the stock at Rio and Santos
Lad 10 60 inland TO the planters in order to
iii their contracts. This increased the receipts
~ the ports OF Rio ana Santos beyond the
quantity that II would ordinarily have been
but what has come forward from the planta-
uuus has simply reduced the holdings of
planters thai much and the receipts during
The coming months should show up smaller
, than al any time before during the same
The stocks Of Brazil coffee on January
in The principal European ports were: 1902.
$3.50 6is bags; 1905 4.So0. 4es bags; so that,
while Europe is carrying 600.o00 bags more
than IN 1902. il has about 10000 bags less
N ACCORDANCE Win the nest Information
obtainable there are to come forward Of San
tos coffee during the next FIVE months not
more than $50 600 bags a drop in the bucket
as compared with the consumption Of the world
during the same time.
The next Santos crop in accordance with
present indications win be fully one million
hsgs less than the current one. II does not
ar0ear feasible 10 therefore that Europe
VII succeed in rehabilitating her stocks. even
if she waits for the movement Of the next
crop for when that time comes she viii no
5Cuht encounter the competition OF American
buyers. JUST she did last summer