New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1914-06-29
COURSE OF WEEK
in COMMODITIES
Wheat Prices Break
Corn, Oats, Coffee Down
Cotton Advancing.

ward, and at one time the lowest hg-
ures in eight years were touched, The
extent Of the winter wheat crop is APP
parently exceeding expectations, and
while there was small crop scare on
Saturday, due to heavy rains over the
spring wheat belt, the principal reac-
tions during the week were due 10 an
oversold condition of the market,
caused by the confidence Of sellers that
the bottom of prices had not been
reached. In the late trading it became
apparent that farmers had come TO the
conclusion that prices were too near
the cost of production to make any
further recessions safe, and were
evincing a disposition to hold their
grain until the market recovered, with
confidence that heavy export demand
would bring about reaction from the
low level. How large a percentage Of
the producers are in financial condi-
tions. which will warrant holding their
wheat is something which is not
known, but il is not believed here that
il is large enough to have any very pro-
nounced effect on the market. The
latest figuring on the production allows
$50 900 600 bushels to the winter wheat
supply and 260,0o0,000 to spring wheat,
making total of 10000 900 and Civ
ing about 250,000,000 available for ex-
port. Bulls are pointing to the fact
that worlds supplies are much smaller
than usual, and that there will be sufliL
cient demand for the new crop, both
raw and manufactured, TO keep prices
from going much below where they
now are. 1t is noted that the export
sales of the week, in addition TO about
100000 bushels of winter wheat, in
elude about 100000 bushels of spring
wheat, part Of which was OF the mac
aroni grade.
In the excitement attending the
movements of wheat the situation in
corn has not been overlooked, and the
market has been feverish at times, un-
favorable weather conditions having at
times counteracted the effects of
rather slack cash demand and COM
paratively small interior receipts.
Stocks increased only $4,000 bushels
last week, against an increase for the
same week last year of 2,263,00O
bushels, and the total available, $685.
600 bushels, is 100000 smaller than a
wear ago. This is reflected in prices,
which, while tending downward, are
still relatively higher than wheat; &C
tually so in some cases in the past.
Cheaper offerings of Argentine corn
have been a factor in the reduction OF
sprices, and if the impression that sup
\ niles of native corn will be about wiped
out before the new crop becomes avail
able is correct, further importations
from Argentina are more than likely.
Oats, while affected TO some extent
by the depression in. the other grains,
have held comparatively steady, I'M
favorable crop reports being the main
sustaining feature. Short selling has
not been of so much effect as had oeen
expected, and there has been falr
cash business. Available supples are
only about 100000 bushels less than
wear ago. and the total stock is about
100000 bushels less than at TINS time
last wear. Ii is noted that there has
been somewhat free selling Of new oats
in Illinois and Oklahoma.
Although there has been norina!
sthadiness in the flour market there
has been no more business than was
absolutely necessary, buyers refusing
10 stock up until the full effect OF the
wheat crop was apparent. Even sh2d-
inc of prices by the mills failed 10
Stimulate trade, and further cuts may
be necessary, as -four people say that
the old wheat supplies of the mills are
about gone and their replenlshmehC
will be in the new crop at much lower
prices.
Inns and Downs of Cotton.
Prices of cotton futures have shown
considerable regularity in their alter
nstions. Mondays rally being lost on
Tuesday. with Wednesday showing
recovery. Thursday a recession, fr1oay
an advance and Saturday decline IN
tha Julv option, other months scoring
a SLIGHT gain. 1t has been weather
market almost entirely, the only other
d;stnrbipq feature being the question
Of Julv notices, and quotations for the
week showing q net advance OF from ~
10 % points. Through all this the spot
! market held steady at 1890 tor MID
ding uplands. Some large spot houses
we're credited with the issuance OF no
tees covering about 10000 bales ana
buving them in again, thus retaining
control Of the contract cotton IN TINS
market and remaining in posltlon TO
make il uncomfortable for July ana
August shorts, especially as lOcal prizes
are below a parity with southern mo
kets. Spinners have bought sPsilmPly
yben thew have bought at all. they
are apparently not disposed TO &ccepi
nresent prices as being stable, ana
many are inclined TO believe that the
rise in futures since March has been so
large as TO discount anything bullish IN
the present situation, even lncludlhg
tbe weather outlook. The fanure OF
the ClaAin house had no effect on the
futures market, as it was offset by IN
favorable weather reports and mad not
been altogether unexpected. The gov
eminent condition report, due next
Wednesday and based on reports up to
June rs, will hardly show the true CON
dition of the crop, as there mas Oeeh
some severe hot weather since some
of the reports we're taken, ana rev
DAYS more of the heat reported from
the eastern and central belt can WORK
a great deal of harm.
IL is officially estimated that the ter
ritory now invaded by the boil weeyll is
296 400 square miles, including Zz,oOO
square miles infested for the first time
in 1918. The cotton belt area includes
about 500 900 square miles, So that
nearly one-third of the belt is now IN
tested. and doubtless a much larger
percentage of the acreage actually I'M
der cultivation. -,
Cotton goods markets have been dull
for two or three days as the result OF
complications arising from the Clanih
! failure. Values have remained larry
steady, because few goods were asked
for and few were offered. Some large
users of duck, especially harvester
companies, made inquiries regarding
supplies for the near future. Two or
three railroads also asked Tor prices
on duck supplies. News was received OF
the total destruction in the Salem hre
of the Naumkeag mill, that made
e ehgafe aph nftlnW