New-York tribune., 1912-08-12
CROP MARKET REVIEW
More Losses than Gains in
Week-The Slump in Cotton.

In the broad field OF produce cIasseo
among or dependent upon the crop mar
kets there were more loSses than gains
i'm price in the last week. and the pros
poets. based on the government crop re
port issued on Friday. are that IT Will
be difficult TO reach recent high Levels
for grain In the near future.
While wheat was feverish and some
what irregular carly in the week. with
advances in the early trading. declines
followed regularly and the tendency vas
constantly downward, although occasional
slight rallies eXerted A restraining inffu-
once. There was hope for a time that
the heavy export business would check
the downward movement. but the crop
report Of Friday put an end 10 that. as 1t
showed tho probs billy of an exportable
surplus large enough To satisfy all reason
able demands. and export wheat declined
a cent bushel for the week. \ new rec
ord for Weld an acre has been made. ana
the wears IN which this years aggregate
has been exceeded are very few.
corn prices showed remarkable irregu-
larity. the September option in particu-
lar leading a decline early I'm the week, re-
gaining the loss, advancing about two
cents I'm ono day. and closing the week
about = cent higher. the export grade
showing a loss OF half cent for the
week. The early decline In the Septem-
Der option vas due to the failure of the
country movement 10 increase, as had
been expected.
oats held their own all the week With
slight variations, the cash markets clos
ing steady but quiet and showing a gain
Of &c a bushel for the week.
The slump I'm cotton was the sensation
OF the week the climax Of the drop mark
Ing a decline OF nearly 80 points or more
than s. a bale from the high record or
July % when March options sold at
Il. zoe. Trade interests and the general
run OF cotton operators have paid more
attention 10 the welcome and opportune
rains. which broke the drouth in Okla
homa and Texas than TO the bullish in
fuence Of the government report making
the average only 1914 per cent. These rains
knocked the support from under bullish
predictions, and optimism regarding the
crop has reached a stage where many
conservative operators fear II will go too
far. especially in view OF the fact that
in late August and September weather
conditions are usually such that fresh
crop scares are not al all unlikely.
In coffee speculative prices have shown
a decline for the week, the movement
hxr GiOp a
reactions At the close OF the week for
eign operators started a bear movement,
based on Brazil's failure 70 respond 10
pessimistic crop reports, and the whole
list OF options went below the lS-cent
level. with the spot market showing a
gain OF a quarter OF cent for Rios IS.
The vegetable and fruit markets nave
felt the pressure OF increased supplies.
and many instances OF reductions in
wholesale prices have been noted but on
the whole high grade and so-called fancy
products have held their own. Large
quantities OF fruit and vegetables have
reached here from Southern shipping
points either sufficiently out OF condition
TO cause material reductions In price or
so badly OF that they were actually un-
salable Butter. cheese and eggs have re-
sisted efforts TO boost prices. except. per-
haps on special grades, creamery extra
butter showing net loss OF hc pound
and fresh gathered eggs a loss OF SIC a
dozen from the average prices OF week
ago.
While packers are sending out notices
Of advances in the prices OF the various
cuts OF dressed beef. II is noteworthy that
the average price OF good TO prime steers
on the hoof has not advanced In this mar
ket in the last week, although some spe-
cially fine cattle topped the $40 limit in
Chicago, 50 so being the top price here.
This point is not the only one in connec-
ton with the prices OF meats, as veals
dropped nearly a cent pound, lambs
a half cent pound and sheep l2tac a
hundred pounds in the week. the only
livestock showing an increase being hogs.
which made a gain OF five cents hun
dred on the weeks average.
IL will interest housekeepers 10 see how
soon, II ever. these reductions Will be re-
rected in the retail markets and how
much the wholesale advance Of iad2c a
pound on cut meats will be extended
when they buy at retail. Blame, OF
course. will be placed on the packers for
advancing prices on cuts when hoof prices
hold only steady. and the law OF supply
and demand will probably be twisted all
out OF shape in the effort TO explain why
an advance Of tive cents a pound on
"chuck" beef at the big houses means
an advance Of anywhere from three cents
to all the traffic will bear when the con-
sumer comes after supplies. The featurA
OF the advance on cut meats is the fact
that the heaviest increase was on the
lowest grades, they being raised two
cents, against an advance Of half a cent