New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1914-04-13
COURSE OF WEEK
IN COMMODITIES
Grain Irregular and Lower
Cotton GainS-COffee
Declines.

The week Just ended was broken by
HOLIDAYS here and in the West to such an
extent that irregularity marked most OF
the trading, the principal feature in the
wheat trade being the drop occasioned
by the highly optimistic government re-
port and the recovery in the later trad
ing Early cable advices were rather dis
couraging, heavy shipments from Russia
and the Danube, with free offers or com
paratively cheap wheat. operating against
American export trade and causing an
added depression. The government
figures, giving production estimated at
between 6i00Oo.OO0 and 6is.ooo,Ooo bushels,
without allowing for deterioration. caused
considerable discussion, the general
opinion being that it was dangerous to
count on so large a production. this ac-
counting for the recovery following tho
drop caused by the first acceptance OF the
figures.
There was a little more firmness late In
the week on small offerings and far
demand, with some covering for over the
holiday, and on Saturday small crop
scare, due to the appearance or green
bugs in oklahoma. served as an excuse
to raise prices for futures from nc TO sc
bushel
There was liberal trading in corn at
times and price fluctuations were nervous
and erratic, but the net change for the
week was comparatively small. The
tendency early was upward, due to Hight
deliveries by farmers, small receipts at
primary points and some Western buy
ing. This upturn was checked, however.
by the pressure OF supplies from Arsen-
tina and reports Of large purchases to
arrive. Supplies In the local corn mar
ket have been small, both OF native and
ArgentiH and prices have ruled above
buyers limits. About 2.OOo bushels OF Ar
gentins were received here. which was
graded at about equal TO No. . yellow.
and Chicago message said that the in
spection bureau there had tested supple.
OF Argentine and found that they graded
No. Q yellow, with a moisture content OF
/ 134o, and we're deliverable on contract
Freight rates here have enlarged the
radius OF Argentine grain, and its effects
are likely to be felt strongly in the East
ern markets.
/ Oats, while iuctuating within narrow
limits and being devoid of special feat
ures have ruled flrmer mainly owing to
weather conditions over the seeding dis
tricts. This has caused shorts, especially
/ in the May option. to be fairly good
buyers, although the movement has at
no time been aggressive. The market,
as a rule has followed corn, after Its
usual fashion.
Flour has held quiet, and IL has been
said that some Western mills were reduc-
ing quotations, put any changes that
have been made have not been sufficient
to attract increased trade. Buyers have
been inclined to lower basis. owing to
/ the depression in the wheat market
Fluctuations in Cotton.
There was a slump in the early trad
| ing Of the week In cotton futures. fol-
\ lowed by an advance which carried some
options into new high ground, and fol-
lowed by another slump on Thursday.
which carried the April option down net
% points, and other months 8 TO Is points.
Foreign advices have been very favor
able, trade reports from Manchester tell
ing of heavy exports OF yarns and cotton
goods and, In spite Of fluctuations here
the English market has remained per-
sistently firm.
One thing which has affected the market
here both in volume Of business and
prices, has been the lack Of outside In
terest, trading having been comparative
ly narrow, with few big houses carry
ing on most or the business. The outside
public are naturally bulls, and at pres
ent prices bulling the cotton marked
seems q little too risky, even II all re-
ports of backward preparations for the
new crop and unfavorable weather condl-
tons in the South are taken at their In
tended value. There Is q strong incentive
In the present price for middling upland,
moro than 10 cents. to plant as large an
area as possible, and this price Is main
tained In spite OF the fact that the
amount marketed Of last seasons Amerf-
can crop is about 100000 bales. q gain
OF 10000 bales over the marketing for
the same period last year, with the ex-
ports showing a gain OF only 1888 bales
for the same times.
Coffee Still Declining.
Depression and dulness have charac-
terized the coffee market. the declines
being due partly to the eteadinesS or
heavy receipts at Brazilian primary
points, some hedging against actual coffee
and liquidation by tired longs. European
markets have also shown weakness, and
while recent financial troubles in Brazil
seem to have been settled satisfactorily.
the enormous amount Of coffee which has
turned up at receiving points shows that
the crop was greatly underestimate, and
prices naturally have sought lower
level. On the whole. the trade was not
at all sorry that three days suspension
of business followed tho close on Thurs
day.
In the country produce markets gener-
ally lower prices have been tho rule, with
butter leading the scale down. Tne
butter situation 4. giving the trade
good many anxious moments at present
Prices are far below the level OF year
ago. and any material reduction VIII de-
priye producers Of even q fair pront
BUYERS apparently overrated consump-
ton. large quantities stored last summer
are still in the warehouses, and while
imports have not been heavy enough 70
swamp the market their influence on
prices has been apparent. The season OF
big production is close at hand. and un-
I -. .ou oot,t,afs sion merchants