New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1914-09-21
COURSE OF WEEK
IN COMMODITIES
Violent Fluctuations in
Wheat-Corn and Oats
Gain-Coffee Dull.

Statements that the Allies had been
successful In the European war, which
were believed to indicate an early
peace, caused sharp decline in the
wheat market in the early transactions
Of the week just ended, but later de-
velopments led to the belief that the
drop in prices was due TO a raid by
Western spectators. The war news
changed its tenor and prices recovered
almost as rapidly as they had declined.
The late trading developed some heavy
export buying of both wheat and -four,
and while fluctuations were on re.
stricted scale the market was feverish
and unsettled, with opinions as TO the
course of'prices based on opinions rs
to the length OF the war. Whether the
conflict be long or short. there is sure
TO be Il large and constant demand for
American wheat for some time, this
'dea having for its foundation the GER
tainty that this country is the only
one which this year has a normal crop.
The foreign wheat situation may be
judged from the fact that the Euro
pean crop is estimated to be 100000
bushels short, the Southern Hemis-
phere is short l50,000,000 bushels and
the Canadian crop is 100000 bushels
less than last year, making deficiency
of 560,000,000 bushels from these three
sources of supply, all this being at a
time when, II ever, Europe needs all
the wheat she can produce.
A feature Of the market has been the
presence Of several foreign buyers who
were after large quantities Of bread
stufTs, two Of the number being from
Iceland after steamship load Of COM
modities. Interior receipts for the
week were very heavy, amounting to
about 19,250,000 bushels, or an increase
Of about 100000 from the previous
weeks big movement and about $780,
600 ahead of last year. Clearances
from Seabosrd ports fell off nearly
100000 bushels, but the distribution at
the interior was on 3 very liberal scale.
Corn declined in the week, partly in
sympathy with the break in wheat, but
frmed up later, although outside OF q
late export demand there was compare
lively little interest in the market.
Values were steadied by the fact that
France, Belgium, Sweden and Holland
were in this market for supplies, and
about q million bushels had been sold
for export. There were liberal offer
ings reported from the Argentine aud
Danubian countries, and supplies at
Liverpool were increasing, but small
receipts at Chicago gave the market
for the current month considerable
strength.
Oats followed the lead of the other
grains, declining early and recovering
later under heavy export demand, re-
ported sales for the week aggregatlng
about 100000 bushels, with the prob
lem of finding the oats more difficult
than that of finding 4 buyer. Country
offerings have not been heavy, and the
receipts at Chicago have been much
below the average. The American
available is less than 30,000,000 bush
els, against more than 100000 a
year ago, although the visible increased
more than 100000 bushels in the week
The demand for rye and barley has
been prominent feature OF the cereals
market, and there is evidence that all
the available supply will be called for
at an early date, the markets IN the
meantime holding firm, with an adyanc-
ing tendency.
Although the home demand for -four
is only moderate, the late market was
firm on the strength of export business
and some of the Southwestern mills
are reported to be sold up for two or
three months ahead and not seeking
orders at present The future of prices
is regarded as hingeing on the con-
tinuance of the European war. The
three big Northwestern milling centres
last week turned out 402,505 barrels,
against 464,965 week ago and 423,62O
The closing price Of No. = red wheat
spot, Saturday, was 81 %, compared
with Sl02 month ago and SOC
year ago. No. . mixed corn closed
at 87ltc, compared with 92hc month
ago and S3c last year. No. white
oats at 53iac, compared with 49rc
month ago and 50c last year
The Cotton Situation.
There has been a noteworthy ad-
vance in the Southern spot cotton
markets, based somewhat on the APP
narent success of the buy a bale"
movement in dissipating the SEMI
panic which had struck holders when
The question Of handling the new
crop became pressing for an answer
and partly on the improvement in the
general financial situation. The set
ilemcnt of the outstanding straddle in
terest between this market and Liver
rool has progressed slowly, and had
little effect on the market here, except
so far As the reduction Of 40 points in
the differences has served to stimulate
the movement. The possibility of post
poning the action of the Lever law
until the market becomes accustomed