New-York tribune., 1913-12-29
OF THE
CROP MARKETS
Declines in All Grains
Cotton and Coffee Also
Close Lower.

Little activity and some marked de-
clnes in prices make up the record OF
wheat for the week just ended. Dulness
before the holiday was followed by weak
ness I'm the late trading, and there has
been at no time any enthusiasm on the
buying side. A steady flow OF grain to
interior points. with fairly large worlds
shipments, and predictions OF large eX-
portable surpluses from other producing
countries tended to make holders tired OF
their bargains. and there was at times
considerable selling pressure, although
price changes were not large.
The closing of the European markets on
Friday as well as on Christmas Day
added TO the dulness here, and prices on
Saturday touched the lowest point
reached since the first Of the month
There is strong feeling Of hopefuiness
among conservative traders. however, the
opinion being expressed that prices are
now down to a safe basis. with lighter
receipts and consequently less pressure
OF supplies for the future
There was a sharp break In corn on
Monday, which was partly recovered on
Tuesday, but the general tendency OF the
market has been downward, the drops
being based on heavy increases In re-
ceipts at interior points. growing accumu-
lations OF stocks and liberal supplies OF
Argentine corn. which comes into com
petition with the native product. Ne"
corn has been offered to arrive at lower
prices, but dealings have been only mod
crate.
The mild weather has had an effect on
corn prices. as IL has been believed that
cattle have been able to pasture, thus
reducing the demand for the cereal for
feeding purposes. The break OF Monday
was caused by interior receipts aggregat-
ing 2i7G.000 bushels, and Omaha dis
patches have told OF more than 2,CVo"
bushels on the tracks there waiting TO
be uhlOaded Total receipts at chicago
for the week have exceeded 100000 bush
els That the price has not gone lower
under these conditions is due tn the TACT
;hat the short interest had reached large
proportions although bearish sentiment
increased I'm the late trading.
oats have been weak at times, in sym
pathy with other grains, but there have
been no special Developments In the mar
ket. The visible increased last week more
than 10000 bushels, and the total Amer
lean supply at present amounts TO a.
6COUO. against 9O3G,000 a year ago. In
view OF these figures and the pressure
of Canadian supplies on this market. II
is not 10 be wondered at that weakness
prevails. although the comparative dul-
ness Of trading prevents any serious
price changes.
The Slump in Cotton.
New low ground for the movement mas
been touched By cotton in the last week.
following the big ginning figures In the
Census report OF the 2oth inst. Many
traders took the figures 10 mean a crop
OF al least 10000 bales. and seemed To
think that the worlds consumption OF
American cotton will be smaller this wear
than IL was last year. The into-sight
movement has also been "A factor In the
dapresslon. as IT is reckoned at 100000
bales under the amount ginned, against
about 3.OJo.oo9 last year. This is taken to
mean that there is an unusually large
amount OF cotton held back. which may
later be a burden on the market.
Another depressing feature e the fact
that there has been little or no outside
speculative interest In the market. There
4, a probability that the notices for deuv-
cry 10 be issued on Tuesday Will aggre-
gate sOOro bales. but II practically Is as
s,,red that they wIll all be taken up by
other spot houses or exporters. as the
contract stock here is not OF good enough
grade 20 be promptly meTchantable. As
to the future OF the market. there u III
,Ie doub, among conservative members
of the trade that bear enthusiasm mas
about run its course. and the good rise
ip the short days trading on SATURDAY Is
given as evidence of this. although there
.eeued To be more reactOnary sentiment
IN the advance than belief In a permanent
Improvement.
There is Ilttle doubt. however that the
boarlsh sentiment has been oyerdone' ana
that reports Of depression In business
especiaIv the textile industries, have beeh
exaggerated Things are not really as
had as some cotton bears would IKE 90
have believed. and If the next ginning
figures show the falling of that experts
have been led TO believe they will, there
IS no doubt that steadier conditions VIII
prevail.
Coffee at Low Figures.
Coffee prices have felt the effect OF
general belief that the Brazilian crop had
been underestlmated. and the whole list
h,s brokcn below the l0-cent limit. Re
ceirts at primary points have continued
heavy. and are already up to some OF the
extremely bullish estimates made during
tho towering season, and in addition 10
larger figures from Santos estimates
fron, Rio are for a heavier crop than last
year.
Will. the stock OF Brazilian coffee at