New-York tribune., 1914-11-16
COURSE OF WEEK
in COMMODITIES
Grain Markets Generally
Weaker-Spot Cotton I'M
proving-COffee Dull.

last week, although export demand con-
tinued in such large volume that
freight room was at premium. The
decline was due primarily to a con-
tinuance of the enormous interior re-
ceipts, which have kept the visible
steadily increasing while at the same
time supplying an apparently Unsuitable
European demand. The declines, even
in the aggregate, did not approach
break, owing TO reports of enormous
takings of wheat and -four by shippers.
Late in the week there was consider
able nervousness and irregularity,
sharp drops being recovered and equal
ly sharp advances being lost, with the
fluctuations in the war news being
closely followed by fluctuations in
prices. The market was sensitive to all
sorts of influences. It was generally
believed that the visible report to-day
would show an increase of from 2,000,
600 10 100000 bushels, as the total
interior receipts last week aggregated
1868, 900 bushels, against 15,202,000
the previous week, and S,505,0OO the
same week last year, with shipments
somewhat slack owing to marked ad-
vance in the cost Of ocean freight
room. There was an attempt TO bring
out the annual Hessian fly scare, but 1t
received little attention.
There was increased selling pressure
in the corn market, and prices weak
ened. The government crop report was
partially responsible for this, it being
some 260,000,000 bushels larger than
last year, although not quite up to
what some optimistic spectators had
hoped for. 1t is noted that supplies of
old corn are small, farm holdings being
placed at S0,069, 900 bushels, against
1873, 900 bushels year ago, the
average farm price being 69.7 cents,
against 70.7 cents year ago. In the
last half of the week there were some
sales for export, and Chicago reported
a fair Eastern demand, and total for
eign sales for the week were placed at
about 100000 bushels. While Argen-
tine shipments were smaller than had
been expected, IL is held by many that
prices here would have gone much
higher had il not been for imports
from the southern country, which has
been Offering supplies more freely.
The week in the oats market has been
rather quiet, with considerable switch
ing of futures, a slight decline in
prices and an export trade of from
10000 TO 100000 bushels n day. The
variations in price have not been more
than a cent for the week, and spot
standards have held close to SO cents.
The principal feature of the -four
trade has been the furry occasioned by
. the Holland embargo. The local mar
ket has been steady, and as many Of
the mills have been firm in their prices
transactions have been tather limited.
The domestic trade is not buying with
any degree of freedom, and while there
is talk of a heavy European demand it
is noted that the production at the
three big Northwestern mill centres for
the week was about 10000 barrels less
than for the same week last year.
In the Cotton Trade.
The opening of the New York, New
Orleans and Liverpool cotton eX-
changes to-day means more to the cot
ton trade than casual writers have
made clear. The opening of the Federal
/ Reserve Bank on the same day is a
fortuitous circumstance, as large
amount of the money at the disposal of
this institution will be available for
/ loans with cotton as a collateral; for
eign exchange interests, which have
been sadly muddled for the last few
months, will be cleared up; an improve
ment in the demand for cotton goods is
more than likely to follow at an early
date; a big increase In exports to
Europe is expected, as foreign buyers
will not only have an opportunity to
hedge, but will have more confidence in
the stability of prices, and the oldtime
methods of trading, which were, TO say
the least, cumbersome and in many
D tfvrr rlxr Ell u11 a
away with.
1t is understood that about one hun
dred members Of the Exchange have
Joined the proposed clearing house,
and as members under this plan will
know where they stand and where all
the others stand, it will undoubtedly
make trading much safer.
In the mean time the ginning re-
ports indicate a crop of anywhere from
/ 1J,7o0,000 bales to 16,250,0OO accord
/ ing to the way in which they are in
terpreted, and in spite of these rather
large figures spot prices at the South
have advanced steadily, although the
gains have been small. The last ballot
| on the Liverpool straddles was of much
/ interest 70 the trade. IL was held on
Friday, and most of the sales were az
/ zoe for December, although some
were made at SC, and the new Cotton
Trading Corporation sold l2,4OO bales
az 7.5lc. In the South there are evil
dences Of widespread campaign for
holding for higher prices, but this has
aroused considerable criticism, as
many farmers and merchants hold that
efforts of that sort will be beaten by
the inevitable operation Of the law of
supply and demand, which will regu-
late prices in the long run.
On the whole the cotton trade is in
a better position to-day than il has
been since the Exchange closed, and
that dealers feel that way about 1t is
shown by an advance in the price bid
/ for Exchange seats OF $1,000 within
twenty-four hours.
What Other Markets Are Doing.
The opening Of the Metal Exchange
was another evidence that business
affairs are steadily working toward a
resumption of normal conditions.
Coffee has been dull, but prices have
held steady. The question Of Brazilian
exchange on London is still the vexlng
feature Of the market, and while ship
ments have been large and Brazil has
evinced a willingness 70 sell, trading
has been restricted The local con-
suming demand has been practically
nil, the country being supplied from
direct cost and freight deals, and
roasters have not been called on 10 IN
crease their holdings.
Sugar mas declined slightly, and
with a slackening of foreign and do
mestic demand for refined the market
for Cubas has been comparatively
i