New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1914-10-26
COURSE OF WEEK
in COMMODITIES
Export Inquiry Sends
Grain Prices Up-Spot
Cotton Lower.

trading took n decided jump upward on
an export demand which seemed to
portend . steady and exhaustive drain
on the surplus supply. 1t Was reckoned
that sales for the week aggregated
close TO 10000, 900 bushels, with ell in
dications pointing to a continuance o..
the call from Gbroad, based on the idea
that the war would be of long duration.
So far this season exports have run
about 30,000,000 bushels a month, and
il is evident that this pace will exhaust
all our surplus long before the next
crop IL available. In addition to this
export across the water, it was re-
ported that Canadian millers were in
the market for all sorts of hard wheat
with which to FIJI their -four contracts.
In view Of all these circumstances IL is
not likely that the next visible report
will show a large increase, even with
comparatively free receipts at interior
points. Statistics, however, are not at
tracing much attention at present, ex-
cept rs they show that the European
crops are below the average, although
the statement that the total available
supply in Europe Is now only 66,0SS,-
600 bushels, against 7S,S00,000 year
ago, with 100000 acres of the French
wheat fields overrun' by soldiers, is OF
interest
American wheat growers are prepar-
ing 70 take advantage of the shortage
which will necessarily follow the war
by planting n vastly increased area.
No. 2 red, T. o. b., closed the week az
81 27&, against 81 17l4 q month ago
and e6hc year ago, showing q net
gain Of more than 10 cents @ bushel in
the last month, with q generally prev
alent opinion that prices Will work TO
/ q higher level, although occasional set
backs are likely.
Corn has also advanced on the whole,
although trading has been compare
lively quiet, with q downward ten
dency apparent at times. Large offer
rive, have made it difficult TO sell any
large amount Of Western cash corn,
and this is expected to lower the price
of the native product az soon as the
crop begins TO move in quantity. No.
2 mixed is 2Ia cents lower than it was
q month ago, but about cents above
/ the price year ago, and the total
American supply is given at 5,270,OOO
bushels, against S69l ,000 bushels u
Year ago.
Demand for export has been a
strengthening factor in the oats mar
ket, and this, added to the poor crop
reports from the Canadian Northwest,
has caused some advances, amounting
to about 8 cents net for the week. A
feature of the trade has been the en-
trance of Australia into the market as
a buyer, which, added to the European
demand, gives the impression that
prices are slated for an advance.
Country offerings, although showing an
increase, are still small, and stocks at
interior points arc much smaller than
, a year ago, the visible being given as
some 100000 bushels less than a year
ago. The Canadian situation is so bad
that imports from this side of the Dor
der are not unlikely, and all these
tbines tend to increase the firmness Of
holders here. The week end showed
prices only slightly above those Of a
month ago, but 10 cents above those
of last year at this time.
Where Cotton Stands.
With prices of spot cotton at South
ern points either sagging or barely
holding their own, and the who e trade
disorganized for lack Of stable mar
kets, il is natural that the prospects,
for speedy reopening Of the New
York and Liverpool exchanges should
give a feeling of hopefulncss if not
buoyancy TO the trade. The various
committees are hard at work, and IL
is expected that the coming week Will
bring reports showing some definite
l.. ,trlan n GAnfnFmI 4 =
with the Lever law and the new com
mission rates have been adopted prac-
tically unanimously, and an expert is
busy on figures connected with the
proposed clearing house. The depTcs g.
ing feature Of the situation is the
weakness Of Southern market, where
SPOT middlng is being sold below 7
cents, compared with 1874 to ID cents
az the same places q year ago. II IS
the eXport figures, however, which re
veal moro plainly than anything else
the extent TO which the cotton trade
has been affected by the European war
Exports 70 Furope since August 1 hove
aggregated $4,000 bales, against .
Os1 900 for the same period q year ago,
with the average price Approximately
seven cents & pound. or $50 a bale,
against an average price year ago OF
10 cents a pound, or sos bale la ad-
dition to this, II must be remembered
that the long continued fine weather
in the South has made crop conditions
point TO a yield of 15,500,O0O bales, the
second largest ever grown.
Even with the present disastrousiy
low range Of prices, spinners' agents do
not seem disposed to stock up to any
extent. but it is said that German mills
are irving TO buy American cotton and
take chances on getting it in hand, pos
siblv through Holland. Sweden or Nor
way. To counterfeit this it is said that
the British government has asked un-
derwriters to refuse insurance on cot
ton which might be intended for Ger
many by way of neutral ports.
Cotton goods markets have been gen
erally dull, and traders do not look for
permanent Improvement until the cot
ION conditions are more settled. Offers
10 buv goods for delivery or contract
are held I'D BY the inability Of mills TO
hedge on cotton purchases or to re-
ceive assurances Of securing cotton at
prices demanded by the low bids MADE
for goods Some business has been ac-
cepted on heavy goods for long future
delivery at prices based on 7-cent cot
ton. but 10 has been OF a limited char
acter.
In other Markets.
Theirs has been considerable stead
ness in the spot coffee market, with
futures showing more strength than
had been anticipated. Rio exchange on
London has risen, the Brazilian mar
kets arc firmer and some of the best
Santos grades have shown advances.
The consuming demand here, however,
has been only limited, and there IS
very large amount of coffee ahoat for
the United States. The interior does
not seem to be worried about supplies,