New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1914-08-02
Under Contract to Europe,
but Vessels Lacking
to Ship 1t.
NEW YORK EXPORT
TRADE DEMORALIZED
Law Sought Permitting Alien
Craft to Fly American Flag
ContrabanG Ruling Wanted.

Ohlcago, Aug. News that Ger
many had declared war on Russia was
received tonight by leaders on the
Chicago Board of Trade without the
least show of excitement. II was the
unanimous opinion that the conse-
quence so far as the wheat market was
concerned had been to great extent
discounted in advance.
Fifty million bushels of wheat was
said to be already under contract for
shipment to Europe and unable to get
away from United States ports. Even
with the immediate amendment of the
navigation laws it was said that an
adequate outlet would still be lacking,
as shipments would have to be con-
fined 20 neutral ports, such as Ans
terdam and Rotterdam, or run the
risk Of delay and loss by blockades.
George f. Marcy, president of the
Armour Grain Company, said:
~"As matter of fact war between
Germany and Russia is not a bullish
argument Tor the reason that there are
large quantities of wheat at the sea-
board or moving to the seaboard from
the coultry elevators and farmers, and
under conditions little Of this wheat
can be safely loaded Therefore, our
export business will be at a standstill.
Some of this wheat which is intended
TO go for export may be offered for
sale in American markets, and this IN
itself will prevent any high prices now.
at is to be hoped that the United
States government will move as prompt
ly as possible to provide laws under
which some of the foreign vessels may
be registered as United States bottoms.
L. an
ward of 300,000,000 bushels of wheat
which can be spared for export"
c. H. Candy, president Of the Chicago
Board of Trade, said:
"Germany's declaration of war makes
it absolutely imperative for Congress
to Immediately amend the navigation
laws so as to allow foreign vessels to
register and sail under the American
flag"
News was received here yesterday
in private cable dispatches that Eng,
lands grain importers were doing their
best to relieve the situation. The Prod
uce Exchange firm of Gentles & Mac
Laren received the following from Ship
ton, Anderson e. Co.. of London:
ave are working in conjunction with
the executive committee of the Corn
Trade Association, endeavoring TO OBJ
tain British government guarantee on
war risks or guarantee payment drafts
Think making progress"
Export business not only IN wheat,
but in other commodities, is democrat
lied, and war risks on any but Amerl-
can ships are either prohibitive or re-
fused. and American ships are scarce.
At New York there is fleet of about
$50 American bottoms available Tor
transatlantic voyages, now mostly en-
gagged in the coastwise or Hawaiian
trade, but their total tonnage does not
exceed 100000. Some of the great I'M
+ ers of other nations are registered at
AO.000 to $4,000 tons each.
The total of all American seagolng
tonnage does not exceed 1,5OO'OOO
tons. which is but schoonerful com
pared with that of the merchant fleets
of other nations which ply between
American and European ports.
Confidence was felt in some quar-
tiers of the export trade yesterday that
Great Britain would not withdraw Its
ships even if war was declared.
Many exporters said they would APP
preciate from the State Department
ruling as to the international rules on
contraband of war. There was uE-
certainty as to whether wheat or oil
in American bottoms bound for the
port of a belligerent could be seized
By another belligerent.