New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1914-12-07
COURSE OF WEEK
in COMMODITIES
Wheat Stronger - Corn
Changes Narrow-Cof-
fee and Cotton Firmer.


/ Beginning the week with signs Of
weakness, the weak market recovered
and has reached higher plane, th'
/ movement being the natural result o.
a steady export demand, running from
/ 100000 70 100000 bushels day
and falling of in the interior re-
ceipts. This latter phase Of the situa
/ ton makes it appear probable that be
/ fore long the clearances will more thar
equal current receipts, making drafts
on the country's stocks necessary. Tn,
only apparent check TO the export
movement is the scarcity and eX
/ tremely high price of ocean freight
room. British hopes Of supplies from
Australia have gone glimmering since
/ the official report that the entire croI
/ this year is only about half the amount
exported last year Offerings from the
/ Argentine also have not been as heavy
as prices here would seem to warrant
and freight rates from Buenos Ayres
have gone up 20 almost prohibitiVe
figures.
A cable from Broomhall Saturday
said that, aside from the German and
Austrian boats taken out of service by
the war, there are about two hundred
steamers being used TO transport
troops and for other military uses and
that the worlds carrying capacity has
been reduced about 35 per cent.
Some idea of the enormous move
ment of wheat abroad may be gath
cred from the fact that November
clearances from the seaboard are esti-
mated at 24,350,OOO bushels, compared
with $4,000 bushels in November
last year, and the aggregate since July
! is 1873. 1853 900 bushels, compared with
81 ,497 900 bushels in 1918. exports since
July being only 100000 bushels less
than the total of last years grain ex-
port season. One feature of this de-
mand is the call from Italy for durum
wheat, a cargo having been sold in the
Northwest for shipment at the record
price of 81 A bushel. Under present
conditions, while there will likely be
profit taking reactions, the market APP
pears TO be in too strong a technical
position TO warrant any extensive re-
auctions in price.
There were no features of conse-
quence in the corn market, and trading
was along narrow and conservative
lines. There has been a slight ad-
vance, and holders are looking for
sharp decrease in supplies in the near
future, with continuance OF the ex-
port demand, which has been running
about 100000 to 100000 bushels day
The available supply is slightly larger
than at this time for the last two years
although Eastern stocks are small. The
crop movement so far has been sur
prisingly large; receipts at interior
points last week were 4,350,00O bushel:
in excess of those of the previous
week and about 100000 bushels over
those Of a year ago. There is genera
opinion that the visible figures to-day
will show a material increase. and the
market has naturally been rather slug
glish in responding to uplifting factors
There was a marked bullish tlngt
about much Of the news regarding oats
with the December option the strone
point. December deliveries were estl
mated at from 100000 to 3,Oo0,OOI
bushels. and they were taken care Of
without any trouble. Country offer
ings have not been large, and there
has been a fair demand for domestic
use and export.
The smaller grains have held steady
rye showing considerable strength OF
limited offerings and some demand from
exporters.
Flour has been fairly firm at thu
mills and in the hands of the whole
salers. but there has been little or M
demand from consumers. the trade FOL
loving a hand-to-mouth policy, anC
some of the Northwestern mills are
credited with being willing to make
slight concessions. Export demand has
been fair. one item being the shipment
of 10000 barrels to Belgium by the
Rockefeller Foundation. The week.
production at the three Northwestern
centres aggregated 39S,230 barrels
against 1913, $50 for the same week last
year.
In the Cotton Market.
There was general weakness early in
the week in cotton, with a partial re-
covery in the late trading. Whlle spot
markets have held comparatively hrm,
dealings in futures have been ahected
largely by the export demand, when,
while for the last week less than tnat
for the corresponding week OF last
YEAR is rapidly approaching normal
conditions. There was considerable talk
in the market of purchases of futures
presumably for the German trade, With
airect shipment 70 Bremen in view. The
latest developments along this line
show that various obstacles have been
encountered by this plan, and the belief
is current that these buyers were
prompted by the belief tha. by the time
thinning conditions become normal the
price OF cotton will be at a higher
level.
In tho meantime there is CROWN .
IMPRESSION that the farmers of the
South. who are credited with carrying
about 100000 bales on the idea that
prices are bound to advance, are max
ing mistake. This is based on the
fact that outside Of the stoppage OF con-
sumption caused by the war there IS
CROP in sight Of about 100000 bales,
making. with the left-overs from the
last crop a supply of 17,500,000 bales,
and this enormous supply is bound 10
force prices down. The possibility OF
a squeeze in the December option has
been dissipated by the remova! Of re-
strictions on trading by the local ex-
change. which admits Of shipments to
this port.
Although cotton goods trading has
been duiet, some steps have been taken
70 revise prices 20 a basis nearer the
levels at which cotton is selling. Den
inns have been sold at a decline Of p
cents pound from the top for this
wear. but the sales have been followed
bv a notice of withdrawal OF the goods
through inability 10 secure more dye
stufrs than will be required in filling
orders in the next, sixty days. Wide
sheetines we're revised downward 212
cents a ward on some leading numbers.
Sheetings, print cloths and convertibles
have benn quiet, prices showing ten
dencv to further ease, and about 1000
bales of standard drills have been sold