New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1914-02-02
REVIEW OF THE
CROP MARKETS
Grains Irregular and De-
cIining - Cotton and
Coffee Close Lower.

There has been general declining
tendency i'm the wheat market for the
last week, with fluctuations at times eX-
tremely Irregular For most OF the Tune
spectators were apathetic. no dominant
influence being manifested and the gen
eral trade running sluggish. weather
conditions I'm the new crop districts ana
increased supplies in Europe, with
consequent lessening Of the export de-
mand, served to make the early weak
ness more pronounced in the late trad
ing. the advance of Wednesday being
credited to covering movement by
shorts rather to any change in the un-
DERIVING conditions.
Foreign advices have as a rule been
against holders, although Argentine
thrashing returns were unfavorable, ana
It was generally agreed that the export
able surplus from that country would not
exceed 60, 100000 bushels, against 1OS,-
100000 bushels last year. There was
some buying on the hope that the defeat
OF attempts to remove Canada's counter
vailing duty would cause an advance
These hopes were disappointed, and In
many quarters the effect of the refusal
had been discounted. Russian shipments
showed increases, and the export demand
was practically stopped, although many
dealers profess 10 believe that Europe VIII
still make some heavy calls on the Amer
lean surplus Fears of damage by sud
den freezing IN the sown wheat belt nave
been dssipated by the heavy SNOWMAN Oh
Saturday, and the American crop situation
IS regarded as very favorable.
Early strength last week In the corn
market was lost later. The strength was
due to covering by shorts. caused by
lighter offerings and decreased receipts.
When offerings increased In the late
trading prices reacted quickly, selling ne
ing prompted by disappointing cables
favorable advices from Argentina caus-
ing depression in European markets.
Importations OF Argentine corn here are
steadily increasing, and II was reported
that the Corn Products Refining Com
pany had taken 100000 bushels since the
tariff was taken off. with New YORK
firms taking a mere prominent place IN
the trade Up to January "a importa-
tons from Argentina. mostly at this port
reached 6,5S4,O00 bushels and Kaftir corn
is coming In from India under the new
tariff for feeding to animals, undersell-
ing domestic corn from Kansas City In
the Buffalo market. The market closed
steady, although any bulge was enough
to bring out selling orders.
Oats have practically reflected the
movement in other grains, with no special
of
weak early, flrmed up with corn, and on
a fair cash demand held about steady TO
the close The stock in the United States
Is 100000 bushels larger than IT was
wear ago, so there is no lack Of supplies.
The Decline in Cotton.
The action of the cotton market in the
last week has been taken as evidence
that the recent sharp advance was
speculative action based on mistaken
ideas OF the supply and demand condi-
tions. Ring traders have In measure
been successful in their efforts TO force
prices down to where stop loss orders
were uncovered. The acreage Tor the
next crop Is known to be larger than last
YEAR. and 1t Is held that with prices any
where near their present level 1t VIII De
the largest ever planted.
There was a general declining tendency
until Thursday, when slump carileu
nrices down net 10 TO 10 points with SIM
liar drop on Friday, showing total urop
of 45 TO so points from the top reached Ill
the bull movement which ended on Jahu-
arv u Last trading Of the week was
under somewhat steadier conditions anu
a slight recovery was recorded.
After the close here on Saturday mem
ber of a prominent international house
eaid that on the mid-morning break ne
rad received small buying orders from
eaveral sources. including Eastern ana
southern mill centres. Liverpool and the
Continent. This he commented upon do
somewhat unusual In r weekend marhe''
and argued from it considerable cohndehce
in Gotten around the 12-cent level. SeVeral
r.rorts were received from the South
claiming continued fair demand for spot
cotton. although the buying Is SAID 10 NC
rather less urgent than II was week Vi
mora ago. Private cables attributed the
relatively steady showing OF Liverpool 10
American and Continental buying, ana
also mentioned weekend calling by Spin
ners in that connection.
Good reports of trade conditions nave
helped operate against further decline,
although there has been no booking OF
moment from the mills. The crop Is
turning out fully 10000 bales larger than
had been expected, and will be the second
largest recorded, making the total TOT
the last three years A.7p.~o bales
against SO, 10000 for the previous three
wear period. This, with the crops OF In
dia, Egypt and Russia. exceeding In the
aggregate the figures of last year. insures
an ample supply for spinners on the
present basis OF requirements.
Coffee Dull and Lower.
Coffee trading for the week was quiet
and values were depressed. Bulls who
had counted on a cessation OF the heavy
Brazilian receipts were disappointed, and
the spot trade has remained quiet and OF
a hand-to-mouth character, the recent