New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1913-09-29
CROP MARKET REVIEW
Cotton Trading the Feature
Grain Prices Lower.

ed on several occasions and a break
after the close on Saturday wiping out
nearly all the bullish strength OF the
days business. The advances have been
due TO heavy rains in the belt, which have
damaged the crop, to renewed activity on
the part Of spinners both here and abroad.
and to general improvement in the
trade demard.
The reactions and the upset which
came after Saturdays market had closed
were due to the uncertainty as to action
In Washington on the Clarke cotton fut-
uresf fax amendment TO the currency
measure. 1t was not generally believed
that the measure would be carried
tax of $50 on a hundred bales and there
was a strong impression that the So
called Smith-Lever compromise would be
adopted, providing for a nominal tax OF
90 cents hundred bales and a stipula-
ton that contract dealings In futures
shall be on the basis of nine government
grades, with a penalty attached for vio-
lation.
The late news Of Saturday gave what
was said to be the text OF the Underwood
substitute for the Clarke measure, which
carries the main features of the Smith
Lever plan. This came too late to affect
the regular dealings, but caused marked
decline In trades after the official close
While the whole futures situation Is up
in the air, the market naturally Is In an
erratic and excited condition, and while
weather and crop and trade conditions are
all conducive to firmness and higher
prices there is a rush to dump holdings
over whenever legislation tending TO in
terfere with future trading seems likely IL
90 through. Some OF the more conserva-
tive traders In the local market express
confidence that some compromise eliminat-
ing the harsher features OF the Clarke
measure will be adopted. and that the
market will very soon adapt itself TO the
changed conditions.
AS for the trade itsel IL is to be re-
membered that previous sharp advances
in August and September have been fol-
lowed by setbacks Il October. but with
the American cotton goods business in
good shape and foreign spinners evident
~ anxious about the supply and calling
for stock the consensus Of opinion ig
toward a higher range of prices. Spog
markets have advanced with futures,
New York showing a gain of 70 points OF
50 80 bale. from the low OF the week.
while the Southern markets have made
corresponding gains.
Grains Declining.
All the grain markets have shown de-
clines for the week. the drop in wheat
having been due TO heavy receipts at
three big Northwestern points, heavy
shlpmcnts from Russia. where the crop Is
in excess OF last years, and the unusually
fine quality of American grain. The
world Is supply of wheat increased L, $4,000
bushels. against an increase OF about
100000 bushels year ago, and the con-
tract stock in Chicago is 5556.O00 bushels.
against 1.7Sl.cOO bushels year ago.
While the crop In Canada is 100000
bushels larger than last year. and the
tariff question may be an important fac
tor later on, at present everything seems
to point 10 retention of the Canadian
tariff until at least the next session OF
Parliament, which. will keep our own
countervailing duty in force until spring.
With a crop nearly s00,000O00 bushels
under last years, and much below the
ten-year average. corn has decreased in
price, partly aided by the decline in
wheat. In addition TO the falling off in
the corn crop, there is falling off in
oats and barley and a shortage Of ap-
proximately 100000 tons in the hay crop.
Receipts Of corn have been heavy. the
contract stock I'm Chicago increasing 6SI-
gJaTo IN, 1pnrpGsinR
influence in the local market was the ar
rival OF a cargo Of Argentine corn and
reports that another cargo had been
cleared from Buenos Ayres.
Abundant receipts and large increase
in available supplies have depressed the
oats market, aided by offerings OF Cana
dian oats In the Eastern states at lower
prices than American. II Is felt In many
quarters that bullish conditions have been
discounted, although the crop Is more
than SOO,OC0Oo0 bushels less than year
ago.
The Canadian crop IS about 100000
bushels over last years, and there is a
possibility OF large importations under the
new tariff, which with the difference or
two pounds extra IN the Canadian weight.
would Mt cents leave a profit Of some
thing over cents on the grain from over
the border
Coffee Advancing.
Coffee prices have advanced. the trads
having come to the conclusion that there
is going to be a shortage in the Brazilian
crop. There were some violent fuctua-
tons at times, but In the main the local
market followed the lead OF the firmer
European markets and Brazilian advfces.
and while the advances have generally
met setbacks, due TO heavy realizing
sales, foreign buying has In measure
counteracted selling by roasters on this
side and the price of spot has followed
the advance In futures.
Santos has held steady in the face of
Increased heavier receipts. and this. with
the cost and freight market about 10
points higher, gave the local market firm
ness. Country buying. however, is still
limited 10 immediate needs.
The country produce markets have gen.
orally shown reductions In prices. butter
and eggs excepted, the demand for best
qualities OF these being In general more
than the supply. There is no shortage OF
other seasonable products. except, per-
haps, domestic white beans; neither has
there been any marked surplus. PRICES
have averaged lower, and in some in
stances the market has not been cleaned
up of supplies to the satisfaction of ship
pers. but these cases have been few.
In livestock calves have gone up to
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