New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1913-02-03
CROP MARKET REVIEW
Grains, Cotton and Coffee I'm.
der BeariSh Conditions.

ditions in tho West. the market has hac
that there is a lack Of bullish sentiment
but there appeared 20 be hestancy about
! aggressive operations either way, ant
price changes as a rule were narrow Al
| times there was firmness shown. due e
anxiety TO cover on the part OF shorts and
| the feeling that. owing 10 the unsettled
! political situation in Europc, il was un.
Z safe to stay on the short side. but the ad.
vance Of one day would he followed by a
! reaction the next. and the last tradinq
of the week was at a loss Of cent a
busnel Cor No. red To- arrive. The Dear
! lsh views expressed on the floor of the
! Produce Exchange on Saturday by Jane,
/ A. Patten. OF Chicago, had influence with
some traders being based on the Balkan
! situation and the expectation that a gem
! cral European war. the only thing which
in his estimation would keep prices OF
/ cereals IT their present level, would be
| ayertcd. Having a direct bearing on that
| phase of the situation was his statement
that Russian holders. with the largest
crops of wheat. rye. barley and potatoes
/ 'N'A SiONll llI'lt, nave bt'II WY NtllINh
while the crop is still unsold Foreign
markets. however have shown little APP
! prchension regarding the war. and the
demand from Europe has been Indifferent
with late Liverpool prices less encouras-
| ing. The trade is apparently anticipating
heavy shipments from Argentina. which
! will interfere with the demand for Ameri-
can wheat Worlds shipments for the
week were l1.S40.000 bushels. against H.
| 10000 bushels last week and 10000
bushels year ago. indicating that week
/ ~ shipments are now very near To the
announced European requirements. The
| cash situation is diScouraging. and in the
flour trade mills are not getting much
new business. The production Of -four at
! Minneapolis. Duluth and Milwaukee last
week was 392.015 barrels. against $4,000
| barrels the previous week and $4,000
! barrels a year ago. with New York buy
ers indifferent. owing to heavy stock and
| comparatively light trade
The late strength in corn was about the
! only redeeming feature Of the cereals mar
/ l-ets Heavy primary receipts caused
! larger offerings early in the week. and the
market was unsteady. although price
! fluctuations were small. Receipts at Pc
oria We're so heavy that the inspection de-
partment worked all day last sunday I'm
an effort TO catch Up with the receipts
| and Chicago reported 100000 bushels
| on switch tracks there which could not
properly be included In reports Of stocks
until received at the elevators. An ad-
I ala. L.. lao. ~ltU
| Ayres market drove some local shorts
To cover. but as a rule the heavy receipts
have dominated the market. although some
well informed authorities hold that the
r Department OF Agriculture has overcsu-
mated tho crop. The export demand has
been the main source Of strength clear
snces for the week a@grcgating $4,000"
bushels the largest for two Years Last
year they We're 2.67l.o0O bushels. and IN
1911 only 100000 bushels.
oats nave attracted little attention.
with the cash demand slow and price
changes small. Speculation has been only
moderate. and attempts TO force prices
UP hay, met with only temporary. If any
success.
In the cotton market there have been
too many elements of uncertainty 10 war
rant active operations on either side. ana
the trading has been quiet. with few price
changes OF importance and they are cred
tied to manipulation moro than to any
changes in thu situation. IN carly adj
vance in futures was lost 10y THURSDAY.
reeaincd carly OF Friday only to be- lost
in the Afternoon on a slump due TO liqul-
dalton ana hedging sales by Southern OPP
orators ana local spot interests. ON sat
urday a statement that the East Indian
crop would not be more than $1,000 bales
I'M excess of last years where more thah
q million had been expected, gave bulls ID
ground for argument They mad" a point
Of the fact that last years Indian crop
was small one the effect being to drive
many spindles formerly running on nome
grown staple 10 the use OF low grace
American. Print cloth sales of "GO.Voo
pieces the largest for a sinSl" week since
last October: tariff apprehension ~ the
clothing trade. and bank canvass indl-
.3ting continued business prosperity were
also used as bun material but iaIicI oi
effect. az advices from the South Indicated
that interior holders were becoming urea
and that there was still large amount
Of cotton speculatively held. In addition
70 this bulls Were discouraged By the tame
way I'm which the January option expired
on Friday al noon at l2.7s. on & points
under The December high with 2L7oo
balcs rendered for delivery on January
contracts IN View Of all the Factors III
the situation the question % To whether
cotton at present is cheap enough Tor
speculation or Investment. or Is selling Tor
all IL is worth. Is still open, TO be affected
bv European politics. tarin questions "h"
Tho acreage and now crop prospects. when
will come into the field within few
weeks.
COTE. trading has been dun. with SEN
t,,nent as a rule leaning toward the beai
eide and values showing a downward tend
.ncv. There seems 10 BE- general I'M
preston that many smaller longs nave
ruuidated. leaving the bulk OF the holdings
in few strong hands. with much OF Inc
selling against holdings OF actual coiiee'
;~c,udine local stocks ana coffee a'OaI IL
t.. also held that some Of the buyers OF
!,..iorization nave sold May against H.
80 according to the terms ol SAFE thc!
ra,e free storage and insurance until
AIay. and some grades could be hedsed
this way with profit
In the country produce markets 'he'e
Iva. b,eu an advance of II cents pound
=, h,tter and a slight drop In eggs. with
,,ples Noldins steady and in good de-
md and small fruits governed BY sup
,lv and demand The quality OF much