New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1914-01-02

was q temporary season OF hrmness in
the spring. due to a falling off ~ the
( European quality, which caused demand
sufficient to absorb all the available Cd
madam reserve. and an authoritative
statement that the American farm re-
serves were only l5S0O0.OoO bushels but in
spite OF this and the increased consump-
tion credited to the higher cost OF other
foodstuffs the market turned weaker. and
until well into May was easily responsive
TO bearish influences. The foods in the
Ohio valley caused a temporary irmnsss.
aided 10y apprehenSions of damage TO the
winter wheat cop affected. later reports
giving increased estimates OF the DAMAGE
being offset by estimates that the crop
would amount to 52OOOO,OOo bushels on an
acreage OF S2,SS70Oo Late in April bears
took advantage OF the crop report to
talk about a crop OF 560.oooo0O bushels.
but the weakness which followed these
estimates was Offset by encouraging ga
bles. which included Argentina and Aus
trala.
After period in which fluctuations.
While not large were erratic. and the
settlement OF the question of European
draft, business was more active, although
cable advices were more pessimistic. In
the mean time traders here had become
convinced that prices were down to a safe
working basis. a prominent English au-
thority estimated that the European
needs Of American wheat would aggre-
gate SOo0Q,COO bushels. and there was a
! strong belief that that amount could not
4 be spared. Firmness followed. based on a
| huge decrease nm the worlds available
supply and in European stocks. light
primary receipts and some heavy con-
sumptive shipments with a fair export
business. Shorts became still more ner-
vous over tho department estimate of only
about 5lS.Go0.OoO bushels. an unfavorable
weather outlook and reports OF heavy
damage in Kansas and Oklahoma.
Early in the summer unfavorable
weather conditions, a general reduction Of
crop estimates and some heavy foreign
orders gave additional strength 10 the
market. but the advance was checked by
favorable reports from the spring wheat
states the Ohio report especially being
highly optimistic.
ter wheat states and a good export bust
ness kept the decline at this time only
a small matter. the June department re-
port reducing the crop estimate TO less
that 500 100000 bushels. and a continuation
of bad reports from Kansas and Okla
homa furnishing a steady supply OF bull
arguments. Bears based hopes on the
facts that harvesting and thrashing were
leading 10 a large increase in the move
ment. primary receipts in June aggregat-
ing 1862 OO0 bushels against 100000 in
the previous year, but the declines
amounted 10 little. and rallies were fire.
quent. The July report was bullish OIL
spring wheat and bearsh on the winter
crop. the total. however, being estimated
az 2OC000OO less than the crop of 1912.
All this however. had little effect
in the way of marked price changes,
momentary periods Of citation or depres-
sion being caused by varying rumors and
market conditions. with the crop in
Canada making excellent progress.
When the summer ended there was
some depression. but a striking decline
was checked by the bad outlook for corn,
it being estimated that large quantities
OF wheat would be needed for farm ami
mails to take the place of the cheaper GER
cal. In support Of this it is estimated that
already 100000 bushels of wheat have
been used for that purpose. with prob
ably 100000 more required. 1t was also
argued that OH account OF the deficit in
the potato crop larger quantities of -four
would be consumed but heavy receipts
and free selling cOunteracted the higher
tendency OF prices.
Tariff matters caused considerable IN
settlement late in the fall, and there was
some decentralization until il was learned
that the countervailng duties in Canada
and the Argentine would not be removed
for some time. Under these conditions the
market dawdled along, questions of con-
>umptive demand being settled by the be-
lief that the yield of soft winter had been
cverstimated. Late trading showed no
material changes, speculation being based
on The condition of the growing crop.
Spot No. red reached its highest price,
81 g. in April, and its lowest, 9H2c, in
August
Io..1 ,,..,ooo1