New-York tribune., 1914-11-30
COURSE OF WEEK
IN COMMODITIES
Declines in Nearly All
Lines, Including Grains,
Cotton and Coffee.

Irregularity in the wheat market in
the early part of the week just ended
was followed by q slight recovery,
which was more than wiped out in the
slump of Friday, against which Satur-
days figures showed a recovery OF
about one-third. Up to that time price
changes had been narrow and of little
consequence. In the face of daily ex-
port sales running close TO 100000
bushels and reaching about 100000
bushels on Friday, the sharp decline
was a striking commentary on the
sensitiveness of the market to other
conditions. Among the causes for the
drop may be mentioned the steady and
slightly increased volume of country
shipments, which gave evidence that
farmers were well satisfied with prices
based on the export demand, and were
willing to reduce their stocks. An
other was an extremely optimistic esti-
mate of the Argentine crop now being
harvested, issued by the government,
but on careful analysis later regarded
rather skeptically by well informed
traders here Liverpool felt the same
influence and declined a penny a
bushel. but, like our own market, made
partial recovery on Saturday.
The rally of Saturday was really due
as much to covering for over the week
end as to any other cause, and belief
that the technical position had been
strenpthened. Interior receipts for the
week were $40 900 bushels in excess Of
the previous week, and 5,4l8,000 bush
oils more than for the same week last
wear. and with seaboard clearances
chewing n decline of 627,000 bushels
another increase in the visible is eX-
nected to-day. No. 2 red, at present
mutations, is only "a above the figure
of month ago, although II is 231Rc
above the price Of year ago. The
future course of prices will be affect
cd hv the extent of the Argentine crop,
the volume Of interior receipts and the
continuance Of the export demand. The
former. though probably less than the
! fcures given out by the government,
ui1 still be large, while exports are
! likely TO fall of in a corresponding de-
gree as the Argentine is going aftef
Furopean trade in a businessllke way.
Corn. in spite of several rps snd
downs. has shown very little net de-
cIine and exporters have been in the
market for liberal supplies of last
vear's crop, taking anywhere from l5O,
moo 10 100000 bushels a day, although
deliveries have not been as prompt as
thev have wished. The crop movement
has been liberal, Chicago has received
nlentv of country offerings and feat
nre Of the trade has been the increase
of the Illinois crop TO 3i0,0O0000 bush
cIs or 1000 600 bushels more than the
c,ovarnment's October estimate. In
terror receipts showed an increase OF
3O8 600 bushels for the week, and
there has been an increase IN hedging
with Canada in the market for
American oats and Australia trying 70
buy oats in Canada, with interior re-
CENTS 1.157,000 bushels less and sea-
hoard clearances 100000 bushels heav-
ier than in the previous week, the
market for oats has held steady, com
nared with other grains. Price changes
have in some measure rejected the
movement in wheat, and heavy export
sales did not prevent drop on Fri
day, followed by partial recovery
Saturday There are indications OF a
steady il not increasing export de-
mand. with last prices Ac lower than
those Of a month ago.
Cotton Dull and Irregular.
Most OF the trading in cotton futures
in the open market showed a slightly
frmer trend at times, with the Deceni-
her option the main source Of strength,
Nav and June going 20 lower levels
and hedge sales the principal feature
of the dealings. With the exception of
bulge on Friday, which brought out
offerings from old speculative longs
and the syndicate, trading has been
rather monotonous. and the market
generally appears to be awaiting the
course Of spot prices when the holiday
demand for money begins 10 make
itself felt and it becomes necessary 20
push cotton on the market in order to
raise funds.
Tho fact that prices have not gone
up with the rapidity hoped ior has led