New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1914-08-10
COURSE OF WEEK
IN COMMODITIES
Corn Leads Advances in
Grain-COttOn and COT
fee Exchanges Closed.

on in the week just ended, and dealers
experiences. Prices OF wheat have been
extremely erratic, with changes of the
most violent sort IN short periods OF
time, but through il all, in spite Of
occasional recessions, the tendency has
been upward, and the close Of trading
found the December option firmly fixed
above the dollar mark by comfortable
margin. 1t took some time for farmers
! TO realize that it was TO their interest
not to pile wheat up at country sta
tions. since there was not only no eX-
port market for il, but transportation
| 10 the seaboard was checked because
| OF lack of storage facilities. When
/ this was brought about, and the
advice of commission houses to
/ shut off speculative trading was
/ needed in measure, there was
a little steadier tone to the market,
and the advance on the last day OF the
week was mainly due to the acceptance
OF grain bills by some New York banks
on the assurance by the British govern
ment that war risks would be assumed
/ on the other side. 1t is known that
| European stocks are light and crops
are short, and with the stoppage OF
| harvesting caused by the war the needs
of the Continent as we'll as the United
Kingdom arc likely to tax the resources
| Of every exporting country as soon as
| it is possible TO resume shipments win
any degree of assurance. The govern
ment report. showing a decrease in the
| IL I'D
corn crop than had been estimated, had
| q bullish influence, and, aside from the
effect of the whole combination of cir
cumstances on futures, the spot price
/ of No. . red closed the week more than
/ five cents a bushel above the price
Z month ago.
One feature of the grain trade has
/ been the disregard shown by corn Tor
/ the actions of wheat, the coarscr gram
/ having moved with entire independence
/ of its more costly companion. DO
nestle conditions have governed, and
| the promised shortness of the crop,
with a regular and good cash demand,
has resulted in an advance OF more
than Is cents a bushel in the spot mar
/ ket since July s. Cash houses have
been steady buyers, and the govern
ment report indicates such a falling on
IN the yield that enough for home con-
sumption is not a certainty. This con-
djtion is likely 10 send prices still
higher, as Argentine shipments are not
possible at present in neutral vessels.
/ The big surplus of winter wheat may
be used as feed in place of corn to
| certain extent, but those who are
counting on that would do well to con-
| slider that the demand for the wheat is
/ likely to keep the price up to # not
/ beyond the profitable feeding limit.
There is a larger crop of oats indi-
Gated for this year than was harvested
year ago, but the crop in Canada is
short, and although arrivals at in
terror points have been large enough
/ to check any bullish enthusiasm under
l ordinary circumstances, the assurance
| that England will need more oats than
Canada will be able to supply has
given the bulls a strong grip on the
market and prices have mounted
! steadily.
The -four trade has been depressed,
and owing TO nervousness over the
/ financial situation and the increased
cost of wheat some mills have with
drawn quotations altogether. The
Northwestern mills, however, have
been kept running, producing some
/ II 900 barrels more last week than in
| the week before, and some large sales
/ have been made here to spectators
during ;he week.
Evening Up Cotton Deals.
Since the close of the Cotton EX-
change the principal business has been
the evening up and settlement of the
. cNo
/ long and short, and the hedge deals
and straddle accounts between this
market and Liverpool. New York, New
/ Orleans and Liverpool have all had
committees at work on this task, and
/ it is believed now that the greater
part has been settled satisfactorily.
At the close of the week it was noted
that Liverpool had begun trading III
spots. and there has been some 1ea.-
ing along the same line here, but TIE
great interest of the trade is centred
in the export question and the rather
precariOu condition OF the small
planter who must sell his cotton to
meet loans. Various plans have been
suggested to relieve this financial dis
tress. and it is expected that way Jut
( will be found soon. The export ques-
ton depends on how soon the decisive
naval battle of the war is fought and
the sea is declared free again. The
long continuance of the war is caicu-
lated to bring about a heavy domestic
demand for cotton and great increase
in our exports of cotton goods TO com
tries which do not manufacture. The
prevailing deadlock between domestic
mills and Southern shippers cannot
exist for any prolonged period, as mill
stocks are far from burdensome, nd
as an unusually active demand IS re-
ported for heavy cotton goods from
bag manufacturers, who are unable to
secure further supplies Of burlap ow-
ing to war conditions. A cable re-
ceived here by prominent trade jour
/ nal. dated Manchester, August 7, de-
scrbed conditions in that manufactur-
/ ing centre as follows: Business and
shipments practically suspended. All
/ quotations nominal. Reports from
manufacturing centres slow. Already
large stoppsge OF spindles and looms
for an indefinite period. Fear The
number will :, greatly augmented in
the immediate future" Owing to the
lack of data from abroad the weekend
statistics attracted little attention, as
last weeks stocks at foreign ports
were carried forward from the pre-
vious week, and the only changes re-
suited from the domestic movement.
Curb Rates for Coffee Higher.
The week ended August l saw a de-
cline of IL cents in coffee futures, but
/ last week. with the exchange closed
and no dealings in futures permitted,
the Front Street curb showed a marked
advance, with spot Rio No Z making a
/ gain Of cents a pound over the pre-
ceding week. This buying has been By