New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1914-06-15
COURSE OF WEEK
in COMMODITIES
Wheat Dec1ining-BuIge in
CONNECTION Stronger
Coffee Quiet.

After trying all the week TO stem the
ebbins tide OF wheat prices bulls sue
ceeded In getting a slight advance on
Saturday on the strength OF showers,
which II was thought might interfere
with harvesting in the Southwest. The
decline was small at the start. but gradu-
ally increased until new low records for
the movement were almost a daily
feature, and although the downward
movement was checked. 1t is not general
~ believed that the reaction will amount
TO much. With an increased acreage, an
increased average yield TO the acre, a
condition more than IL per cent above
the ten-year average, and the harvest al
ready under way, it seems like folly 10
take any other than n besrish view OF
the course of prices. or course. II will be
argued that the increased crop will mean
a much larger expenditure for harvest
ing and transportation and. lower
price for the grain, but the enormous in
crease In the yield allows OF an extensive
margin for export, and as 1t Ia generally
believed that Europe will call for much
more American wheat than usual 1t Is
difficult TO see where the farmer will
fail to be a great gamer. That there is
likely to be a good demand from North
western mllers for new hard winter
wheat Is admitted, as II is believed that
supplies have been allowed TO run down
TO low figures, especially since the enor-
nous harvest became practically a fact
Export trade has not been as large as
was expected, although a fairly large
business has been done. II Is now figure
that the United States surplus for export
will be 24O,oOo,Oo0 bushels, to which may
be added 100000 from Canada. and 1t Is
reported that about SO,00O,oOo bushels have
already been contracted for, to be shipped
in the next three months
How much higher corn VIII go Is
question causing some concern TO dealers
as we'll as consumers, especially those
who remember the way the market Weh'
a wear ago on much the same weather
conditions as prevail at present. The
market has been firm all the week, with
the tendency upward, and with the pres
sure from the Argentine apparently elm
mated. farm reserves here at low leVe
and country offerings growing smaller
constantly, it has taken only far East
ern demand to keep prices on the up
grade. There have been occasional reac
tions. due principally to proht taxing
although there was some speculative Ell
feet caused by the renewal OF goot
weather in the Argentine when WAS re
sponded to by European markets. II VII
be remembered that year ago thei
was a jump in July corn from o'7tc u
69iAc. the top figure being reacheo OF
Julv 81. and September corn went IRON
5sILc in June to INC in SEPTEMBER othe'
months following suit, on the strehsti
NJ q drouth west Of the Missouri River
While no such dry spell is expected now
some states are reporting an uncomiort
able extension of droughty conditions not
ably Indiana, Illinois and missouri ou
while Ohio also reports dryness IN spotS
iowa has issued state report giVihe
the condition as 10l per cent, the pes
in many years.
The frmness in oats has been IN
largo measure a reflection OF corn, al
though il is contended that the CONDITION
9. ,ess favorable now than when the
government report was issued thst re.
port giving crop estimate exceeded only
once. two years ago. -,
current spot quotations, compared WITH
those OF a year ago, show that No red
wheat is IA cents below. while NO
mixed corn is 1S cents above the ngures
NJ June 10. 1918. oats showing difference
Of only 4 cent.
TIL. strenath in Cotton.