New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1913-10-20
CROP MARKET REVIEW
Grains All at Lower Levels
Cotton and Coffee Decline.

| Cotton anu C0ffee Decline.
Heavy liquidation, pressure of homo
supplies and weaker foreign markets
broke local wheat prices to new low rec
ords for the season in the week just
ended, and while there was a little stead
mess in the last trading bearish senti-
ment was still strong and bulls did not
seem overconfdent There were occa-
sional reactions. due more to export bust
ness than any other cause but every day
of trading showed loss at the close, and
the aggregated drop for the week was
about five cents a bushel in the futures
market, spot wheat following the lead.
but to a smaller extent. Foreign receiv-
ing points have been glutted with sup
plies, and the foreign demand for Ameri-
can wheat has been due entirely TO its
excellent quality which makes it avail
able for mixing with lower grade foreign
grain. Buyers as a rule have shown
lack of confidence, and holders, in their
anxiety to unload under the depressing
market conditions added to the weakness.
Receipts at Northwestern points have
been we'll under those Of a week ago snd
last year. but stocks are larger, and a
Northwestern authority is quoted as say
ing that by November 60 per cent OF
the crop will have been moved. The In
crease in the United States visible supply
last week was 2.4SS.Oo0 bushels. against
1,732,0QO bushels last year, and the stock
is 2O,OO0, 900 bushels larger than it was
year ago. There is a we'll grounded feel
ing in the trade that prices will not be
likely to reach higher level for some
time, especially as there is possibility
that Canadian supplies will be offered
here as soon as the Canadian Parliament
can take action on the countervailing
tariff.
Corn has also declined, partly in SYM
patty with wheat and partly on pros
poets of a big Argentine crop, talk OF
competition from that source and a poor
cash demand. Foreign markets have de-
clned, being affected by reduction OF
prices in Buenos Ayres. Argentine sup
plies having been pressed on foreign mar
kets. Argentine and American conditions
have reacted on each other and helped
to bring about lower prices. The Chi
cago stock is now $4,000 bushels
against 1874 900 bushels a year ago. and
the available supply Of American corn
increased 35S, 900 bushels as against
decrease last year of $4,000 bushels
Late trading showed a recovery of %o TO
1isc, followed by a decline aggregating
1%c. Cash demand has been very quiet.
but improved somewhat, and there is
large short interest reported.
Oats have followed the lead OF other
grains, and new low levels have been
reached on heavy liquidation sales. while
Canadian oats have been a disturbing
element in this market. American
stocks are the largest known for many
years at this stage of the season, the
available supply being more than 49,
OOO. 900 bushels. against l3,03s.00O a
year ago and S1.473.O0O in 1911. The
total stock at Chicago is 100000
against 100000 year ago. These
heavy supplies, with dulness of spot
trade and sluggishness Of speculation
have all aided the depression, and stop
loss orders. uncovered on the scale down.
have accelerated the decline
Flour sales have been only moderate.
! the decline in wheat encouraging buyers
. to hold off for lower figures. and fighting
! shy of making contracts ahead.
Cotton Prices irregular.
, There have been many ups and downs
in the cotton market, prices declining
early in the week and recovering later.
the rally being due to fears of frost, the
settlement of the Lancashire difficulty
and comparatively free buying by spin
ners both at home and abroad. There
has been a general movement to cover
with spot interests among the buyers.
From the high of October to the low
of last Wednesday there was a drop OF
10 to 125 points, and It was felt that
rally was due, which came In the later
trading, October recovering about 20
points and later months from 90 to o.
points. The crop movement in the last
week has been the heaviest Of the season.
} agere2atlng 665. 64l bales Exports nave
been liberal al times and in the two last
days OF the week tonnage aggresatins
more than 1900 was engaged at this
port for cotton shipments. There nave
been free selling of futures and loerai
, offerings OF actual cotton In Liverpool
bv American and Continental sellers. ana
SPOT sales there have fallen on. Esu-
, mates of the crop range between lt"oVo
, and Is 800 900 bales, depending on the GATE
OF the first killing frost and as this 10
the season when frost may come at any
time some sharp actions In the market
, are not unlikely. Believers In low prices
advance the opinion that the crop is go
ing to be much larger than has been ex-
nected hut that while the crop may De
larger the worlds consumption OF Amer
, lean cotton may be smaller, owing 10
Europe being less dependent on America.
through larger supplies from India ana
Egypt.
The Slump in Coffee.
There has been an almost complete re-
versal OF form In the coffee market from
the preceding week. the slumps being
large while the alternating recoveries
have been comparatively small. BuIiish
reports from Brazil have not been con
drmed and stories OF bullish sentiment In
/ the primary markets have been counter
, acted by heavy increases In the receipts
and declines not only in Havre and Ham
, burg but In Rio and Santos, with cost
and freight figures also showing reduc-
: tions. At the extreme Of the decline OH
Saturday prices for active months were
60 TO IS points below the high oil the
= 4 wask and the market closed with rush
/ of selling. Speculative longs were 'ne
8 principal sellers, but there were eViue"eeS