New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1914-07-20
COURSE OF WEEK
in COMMODITIES
Wheat Declines and Re.
covers-COrn Higher
Cotton Unsettled.

An early tendency 10 weakness in
the wheat market last week was over
come when well developed black rust
scare came into the field, and as usual,
took control of sentiment, sent shorts
TO cover and prices up. That the mar
hct was extremely sensitive. owing to
the hcavincss Of the short interest out,
probably explains the readiness with
which report of serious damage 20 the
spring wheat crop were swallowed at
a gulp. but il seems as if the regular
ity with which black rust talk comes
at this season. and the equal regular
ity with which IL Us exaggerated and
after~ard discounted, should have
taught a lesson to the trade. Late in
the week it became apparent that the
market had been oversOld, and another
cry of rust damage caused more dis
comfort to the shorts and made 4 nerv-
Gus market Out Of all the speculative
fuss there are a few things 50 apparent
that they should have dominating in
luenCc on this market. These are the
practical certainty that Europe will
make heavy demands on the American
and Canadian eXportable surplus, If, in
deed. it does not call for all that can
be spared: the fact that stocks Of flour
i'm all sections are low and mlllerS must
come into the market for large sup
plies; the fact that corn is 50 high that
feeding Of wheat is not TO be neglected
as price factor. and the fact that
nothing snort Of an unprecedented dis
aster will prevent the harvesting OF the
largest crop of wheat ever grown.
Heavy export contracts have been
made, a large amount Of ocean freight
room has been engaged for forward
SHIPMENTS. and reports from the South
west say that while elevator owners
have been doing some contracting on
the auiet there are many farmers who
are unwilling to sell their wheat at
present prices and are well enough OIL
financially 20 hold their supplies until
they can get their own figure.
There have been some sharp and
wide fluctuations in corn. mainly due
10 changing weather conditions, and as
a rule there has been more aggressive
ness on the selling side than on the
buving. there being a widespread and
apparently well grounded impression
that rates for corn are higher than CIR
cumstanccs Justify. Spectators III Old
corn are naturally cautious, rs the
new crop. while admittedly not so
large as had been hoped for. Is so near
the harvesting point that il will soon
be a factor IN the demand for I'M
mediate supplies. The detailed and re
vised government figures indicate a
crop Of 2.g22 100000 bushels, against
A weld last year of 2,li6,9ss.OOO bush
els and 3.l2L7i6.000 in 1872. The
pressure Of Argentine corn Al the sea
board has been IN measure onset OS
complaints as 20 its poor quality the
Liverpool market being affected by the
same cause. and bear traders have
about ceased looking 10 the Argentine
for help 70 heir cause.
The feature Of the trade in oats has
been liouidation Of the July option, and
the general tendency has been down
ward The new crop has begun to ar
rive AT Chicago. and this has caused a
decline in sample quotations. "hie
.bcrc have been some unfavorablc crop
rnnort, il seems certain that the yield
viii be next to the largest on record.
estimates calling for l,2OOOOO,OOO
brsbels. against l.l2l .16S,00O last year
and l.4ls337 900 in 1912.
In the Nour trade there is little dong
beyond drifting. as buyers are not Will
inl, to make commitments at present
priccs. IN view OF the coming Whe"N
crop. Reductions and standings have
been made without inducing any large
purchases. and present quotations are
really only nominal. Production last
week At the three big Northwestern
milling points was 322,265 barrels,
against 29i9lO the previous week. ana
370,525 n year ago.
Irregularity in Cotton.
The ups and downs of the cotton
market have been mainly due 70
weather conditions affecting the crop.
and while speculation has been fairly
active there have been some sudden re
versals of sentiment, with correspond
ing price changes. The tendency of
prices. however. has been downward, as
the high of the week was reached in
the bulge Of Monday, with daily re
ports since then showing breaks and
recoveries, but generally slight declines