New-York tribune., 1914-12-21
COURSE OF WEEK
In COMMODITIES
Wheat Scars on Big tx
ports-Cotton Also Ad-
vances-COffee Quiet.

gotten in the whirl Of buying by agents
Of European governments in the last
two days Of trading and the falling off
in receipts at interior points. Prices
went upward with a rush, and bulls
were not az all backward about declar-
ing that they were likely TO stay at
high figures for some time. Export
sales for the week we're placed at about
100000 bushels. making a record and
exceeding the previous weeks figures
by nearly 100000. besides being
800 900 more than the total interior
reseipts. which fell off about 100000
for the week. The developments OF the
week show that farmers are not dis
posed to sell their supplies, leading TO
the inference that most OF them have
succeeded IN meeting their pressing
obligations and are now in a position
70 hold on for high figures.
One feature of the wheat situation
was disclosed by the governments
crop estimate. which was some 20,000,-
600 bushels under the accepted private
figures. and the big increase in the
value of the crop, winter wheat on De
cember 1 being rated at S615, 5,623,OOO,
against S433, 3,995,00O in 1913. and spring
wheat at S203,057 900, against $780,
$4,000 year ago.
Foreign conditions also tend 10
frmness i'm this market. The Argen-
tine surplus is not expected 10 exceed
10O.0OO000 bushels, while Australia IS
so snort OF supplies that the import
duty has been removed, and, instead
Of being an exporter, about s,OOO,OOO
bushels will be needed. Brazil Is re-
ported as a competitor for early ship
ments Of Argentine wheat, Holland
has been buying -four in Kansas City,
and Italy came 20 Chicago for 0,OOO,OOO
bushels on a cash basis. According TO
Western authority, the American
surplus December was 2O7OOO,oOO
bushels. which, less the carryover OF
last year being equalled this year,
would give an exportable surplus OF
12O.OOO.OOO. or about 100000 a month
from December to July. How long
this surplus will last If last week $
export figures are kept up can be
rcckoned with ease, and the answer Is
continuation Of the present high
range OF prices. with possibly some
advance from current rates.
Small country offerings and good
export and consumptive demand have
carried corn 20 higher levels, although
there was slight reaction IN the late
trading. While the estimated yield IS
somewhat smaller than the big crop OF
1912. its value on December !, placed
at ST 7O2 500 900. is S200,000,000 more
than that Of the 1912 crop, although
prices here have been lower than those
of year ago, No. , mixed having
been sold az 74c, against 83c at this
time last year. This probably ac-
counts for the comparative smallness
of country offerings.
Oats have advanced with wheat and
corn. on n fair cash demand and
smaller country offerings. Current
prices are about &c over those OF
year ago. and the crop is the most
ysluabla on record, the figures beng
S19q. 900.
Flour has been quiet except for rye
and clear grades. which are sold ahead
bv Chicago to such an extent that or
ders for GOOD lots for future delivery
are beiug refused. owing 20 the telr
that grain will be hard to get. Do
mestic trade has not been active, but
British. Baltic and Egyptian buyers
have been busy. with considerable bust
ness going 20 South America and the
West Indies.
Cotton Advancing.
There was welcome recovery in the
cation market from the low hSures
which followed the governments crop
estimate. aud while trading IN futures
has not been really active, there has
bcen a steadiness which has given com
fort TO the bulls and stimulated the
belief that when business shapes itself
right there will be "A .-arked advance
in prices. The South has apparently
been less anxious TO sell, and there
has been a small but steady flow OF
investment buying, which mas had a
good influence on the market. Much
of this Improvement, both in prices and
tome. is due to the greatly increased
ovport movement, based on announce
ments that Italy will permit trans
shipments TO Austria and Switzerland
and that France has agreed with Eng
land that cotton IS not contraband OF
war. This has had its effect on the
other side. and European spinners are
apparently disposed 20 buy, even II on
a limited scale, while trencn buyers
/ have taken considerable Texas cotton
recently.
The increased cost of trsnsacting in
ternational business Is responsible fol
2 move M the local exchange TO ad-
vance the foreign commission 10 Sl2 oO
one way. or S25 for the round turn
against the present rate Of so and 800
and the matter will come before the eX
/ change at an early date. In the locaI
market spot cotton closed the week al
/ $50, an advance OF % points.
Reports of a more active demand tol
goods i'm the domestic market probably
4 -.v,. &C tfa Ia huyfnu vyh IL
bullish sentiment was also encouraged
by the large amount of cotton on ship
board not yet clesred at the close OF
+ business on Friday. and reports thai
the export movement would be still
/ heavier if IL was not for the scarcity oI
tonnage. II seemed, too, that the rail
road rate case decision Of Friday haC
/ fostercd a more favorable view OF gen
eral business conditions.
In Other Markets.
Coffee has been quiet and weaker
with realization sales having n reac
tionary effcc: on futures, speculation
light. ard cost and freight offers from
Brazil on a lower basis. After lapse
Of five months the Nordlinger circular
was issued or the 18th, and while II eX
pressed IT'S usual optimistic views, they
were iNNAlNfA ny tNt oNhNNhl'ANs "
do not believe that a considerable ad
vance can we'll be scored until th'
European conflict comes TO 90 end"
The country produce markets have
been weak, except for the yer. nnest
grades of stuff, oveH eggs sh1wing
some declines IL the '..e tra..ng.
large proportion o. the -~Aller vege
tables coming 20 ~. g, especially
lettuce, celery and salad stufs. show
effects OF bad weather. and 20 just that
extent arc unstable. Meats and live
stock also have declined, though only
10 a small extent. prime beef cuts hav