New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1913-09-15
CROP MARKET REVIEW
Cotton Trends Upward; Wheat,
Corn. Oats and Coffee Lower.

bulges and reactions keeping spectators
busy. although the volume OF trading
was not so large as i'm the week proceed
ing. Weather conditions and the Clarke
rider to the tariff bill were the principal
disturbing features.
on Monday and Tuesday prices jumped
upward. the gain aggregating 20 points
on some options. From that to the low
level OF Friday there was drop OF - to
so points. which was nearly all recovered
with Saturdays trading showing gain
OF AZ points above fridays low on the
December option, and a net gain for the
day OF 10 to II points. This shows net
gain for the week OF about 10 points and
indicates the general trend OF the market.
In speaking Of the 19l2-l3 cotton crop
and trade prospects, Secretary Hester or
the New Orleans Exchange makes some
Illuminating comparisons. He says;
THE cotton crop Of the United States
for the year ended with the close OF
August, 1918. amounted TO 1il67.l15 bales.
showing a decrease under that OF l9ll-l2
OF 1.97l.3ll bales. an increase over that OF
1901 OF 2.O470a0 bales, and an increase
over that of 1sos-'lo Of 3,557.4F bales.
These constitute the face of the figures,
but considering the increase in weights,
which averages 27-l00 pounds per bale
the decrease is not so great by llsWo
bales in bales OF last years crop. In other
words, the present crop is equal 10 H.
2s5,OOo bales of last years weights. The
fact that this is the second largest crop
ever grown is dwsrfed by the immediate
comparison with the bumper production
OF last year. when everything connected
with cotton excepting price, was OF the
biggest and yet no crop has sold for
as much, barring that OF lslO-'u. FOR
middlng the average price per pound
1920 cents, compares with lo16 cents last
year, 1890 cents the year before. and
l437 cents in 1e0e-'l0 the average CONNER
cial value per bale having been ssS o.
against 81 40 last year, SIS SO the year pc
fore. and s73 Al in 1870"
For the present fear OF the effect OF the
Clarke futures tax measure has been
eliminated and there has been record
hedge selling against the improved crop
prospects. the heavy ginning figures AMI
the prospect Of increasing receipts OF new
crop at interior and seaoosrd points The
weather will still be the dominant iniiu-
ence in the market for some time, al
though the question as TO how far spin
ners will be willing to stock up at the
present high range OF prices Is not 70 DC
dsregarded Unless the crop fails below
49, 600. 600 bales il is not likely that SPIN
ners will be heavy buyers around u cents
There has been a tendency In grain
markets TO avoid forcing issues either
way. and while wheat has been weaker
generally. under the pressure OF the larg-
est crop on record, the deficiency in the
corn crop has caused the use or large
quantities OF the smaller grain for feed
ing purposes. This demand will likely DO
increased by the shortage In the crops OF
hav and oats. but in the face Of this the
visible supply in the United states IS
double what II was year ago. agSreeat-
ing 1904. 900 bushels.
Mill and elevator people are acting on
tho idea that Il is 70 no advantage 70
come into the market at present rates
even admitting many things which might
he said in favor Of higher prices TOT
wheat There are rumors OF some heavy
EXPORT business. but shippers are not dis-
noeed n make their transactions public
although the demand for freight room fur
nishes a good line on their operations
Violent fluctuations and some heavy
trading have marked the corn end OF the
cereal markets, with slightly weaker
tendency toward the close. due principally
10 large primary receipts and beneficial
rains. which. while they may not affect
the corn crop directly. VIII increase the
amount and quality of pasturage, and 80
reduce the demand FOR the grain. There
has been some talk about importations
of Argentine corn at the present range or
home prices. but there are many VINO
! hold that the Importation Is not likely
unless home prices go considerably higher
owing 10 the fact that the southern prod
net is not so desirable for use here a.
native corn. Last prices OF the week
| showed a substantial decline. with the
market tending 10 be weak and unsettled.
On a large visible supply and favor
able official crop report oats have been
weaker. although II Is held in some quar-
ters that the recession is only temporary
and the fear OF Canadian imports has been
| lessened
In coffee there has been an almost
steady decline. the market responding 10
weaker foreign advices. continued heavy
receipts and favorable crop weather In
Brazil. Buyers are disposed TO play a
waiting game, and the market shows
little activity
The country produce and cattle markets
have shown few changes. fruits and vege-
fables holding their own when of good
quality. while butter has advanced, ow-
ing to a lack Of good quality receipts.
Considerable storage stuff has come out
for consumption. and the same holds true
of eggs, which are scarce and wanted in
the higher grades. Beef cattle have again
increased in price. but the advance has
not been reflected by the market for
dressed native sides. The tendency, how
ever. is upward. although good to prime
steers are slightly lower than they were
year ago.
A feature of the trade is the rushing OF
cattle to market from the dried UP sec
lions Of the West. where the corn crop
has been practically wiped out. This has
naturally resulted in a temporary lower
ing OF the range OF prices. but makes II
practically certain that an era OF still
higher prices will set I'm as soon as the
present supply has gone into distributive
channels.
In the local wholesale spot markets the
tendency OF prices for the week was up
ward, The Tribune's tabulation OF twenty