New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1914-03-02
REVIEW OF THE
CROP MARKETS
Grains Strong and Higher
Cotton Easy-Cof-
fee Declines.

fee Declines.
Grains, in the week Just ended, have
ruled stronger and higher. although at no
time las there been any large speculative
| business. Prices moved on the upgrade
slowly but steadily. occasional reactions
| being of little Importance. There has
been a good export business, and holders
have taken optimistic views of the needs
OF Europe for supplies from this country
and Canada, a sharp rise in the Paris
market and general firmness elsewhere
being the basis OF their opinion. Close TO
1905 600 bushels were taken for export I'm
the week, according to well Informed
traders. The good cash demand at Chi
cago also was an aid to firmness. al
though not directly responsible for an adj
vance. The late trading was under com
paratively easy conditions. with small
fluctuations, the demand caused by shorts
covering being quickly satisfied and the
speculative movement at n standstilL To-
tai interior receipts for the week were
$4,000 bushels ahead Of the previous
week and the weeks clearances were
regarded as significant IS the fact that the
worlds supply of American wheat is esti-
mated at 1873, 900 bushels. against 49,
SO 0oJ year ago
With the idea prevailing that from now
on tho movement Of corn from farms 70
market is not likely 10 be large the mar
ket showed considerable firmness early I'm
the week. and with the breaking UP OF
the country roads not far away It is be-
lieved that the present large stocks Cill
all be needed. The visible is only about
100000 bushels larger than a year ago, and
buying has been prompted by decreasing
stocks and comparatively light receipts
at primary points, aided by the Snow esti-
mate, placing farm reserves at So 600 90.
against 1,2S9,00,000 a year ago. Against
this, II is pointed out. that the mild
weather OF the early winter materially
curtailed consumption, and the shortage
I'm supplies. which was 100000 bushels
on November last, IS now only 100000. 900
AS with wheat, the late trading was dull
and fluctuations were narrow, with any
upward tendency checked by cables tell
Ing OF good weather and corn conditions
In the Argentine.
oats nave been stronger. with corn. on
hght offerings and smaller farm stocks
which were placed by Snow at 10000. 90
bushels. against 60L010OcO a year ago
Although No white cats are now Z
cents a bushel higher than they were n
year ago. Chicago expects to import
more Canadian. as prices are close 10 a
working basis. The market. however. has
been without individual feature. being
mainly reflex Of the action OF corn.
The Decline in Cotton.
Last weeks cotton trading along specu-
lative lines was the smallest I'm volume
for some time. and while fluctuations
we're kept within narrow bounds the ten
dency OF prices ha. been downward. The
covering OF the March option by shorts
was the cause of a check to the down
ward trend on Friday. when the market
went back TO the high of the week.
reached I'm a slight advance on Tuesday
but the last trading was at net declines.
due 10 the weakness of the market i'm the
face OF some Southern selling and local
liquidation. Attacks from Memphis and
other Southern points on the New York
Cotton Exchange have not tended 10
make trading here very cheerful affair
although it is known that when the re-
forms in the character of the local eX-
changes contract go into effect the
standard of the contract will equal, If 1t
does not surpass the New Orleans or
Liverpool standard. While considerable
attention has been attracted by Wash
ington advices regarding the Smith bill
this seems 10 be a more negative than
A positive factor. Few local traders be
lieve that a bill seeking 10 eliminate the
basic" contract will find sufficient sup
port to pass both branches of Congress.
The recommendations recently drawn up
bv members Of the Memphis Cotton On
change did, indeed, include clause ad-
vocating that the number Of grades OF
cotton deliverable on a hundred-bale con-
tract should be limited. but none of the
resolutions passed by various trade Or
ganizations has advocated the abandon
ment Of the basic" system.