New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1915-01-02
Normal Conditions Upset
by the War and Prices
Forced Higher.
ENORMOUS WHEAT
EXPORTS TO EUROPE
Corn Crop Not Sufficient to Sup
ply All Dema1ds-Heavy
Foreign Call for Oats.
WHEAT.


For the first half of 1914 conditions
in the grain and commodity markets
were normal fluctuations in prices
being governed BY crop and general
trade conditions. The June report Of
the Department of Agriculture, indicat-
ing a total wheat production close to
100000 900 bushels, OF more than $780,
100000 above the total Of 1913, caused
a sharp furry in the market, slight,
however, only by comparison with the
upheaval caused by the outbreak of the
European war. When that storm broke
there we're estimates that the United
States exportable surplus would range
from 275,000,O00 TO 290,0OO,OO0 bush
els, and it did not take much fore
sight, after the extent of the conflict
became apparent for traders and grow
ers here to realize that things Of vast
importance were going to happen TO
American supplies Of foodstufs. That
business was for a time completely up
set is too we'll known to call for COM
ment but il was not long before tinan-
cial interests, with the assistance OF
the American and British governments,
arranged for the safe handling and in
surance of shipments, and en- era OF I'M
paralleled exports and sharp advances
in prices set in.
How great the movement has been,
and what an effect it has had is hardly
realized unit the bare figures are
given These show that during the
last six months there have been ex-
ported from the United States about
100000 bushels of wheat, while
those in the trade position to know as
sert that the larger part of the present
visible supply las been sold for ship
ment and is only reckoned as being
here through the lack of transportation
facilities. This export is the largest
in the history of the trade. At the
same time the end of the year, mark
ing the first six months of the crop
season, found prices 81 ac 70 38lsc
higher than they were year ago at
the close.
For a time there we're fears that the
Argentine crop would prove a serious
competitor to American grain, but
while the exportable surplus there was
said TO range between 60,000000 and
120,000000 bushels it was shown that
the Australian crop was so far below
the normal that imports would be nee
essary instead of the usual line of ex-
ports being sent abroad. The closing
of the Dardaneles kept the usually
large Danubian supplies from the mar
kets, and, along with England and
France, Italy began calling for food
stuffs.
Added to this came the reports that
millions of barrels of -four had been
contracted for at the big milling CEN
tres by European governments, with
practically no regard to price, the on 7
point at issue being prompt and safe
shipment. Farmers, elevator men and
wheat handlers took advantage of this
condition. and with the mills running
night and day and taking all the wheat
they could get and take care OF, prices
went up with a rush. and the excite
ment in the grain markets in meas
ure COMPENSATED for the dulness caused
by the closing of the cotton and other
exchanges. In two days in September
prices advanced II cents a bushel. and
while there were occasional reactions,
mainly due to profit taking, the enor-
nous exports prevented any drop OF
importance. A feature OF the trading
was the arrival in New York OF two
buyers on their own snip, Whlcn came
to port loaded with herring. at that
time barred from reaching Copenhagen
bv war conditions in the North Sea:
These men sold their herring, loaded
their ship with wheat, -four and other
foodstuffs, and sailed for home. or
course, this outward movement of
wheat caused a correspondingly large
movement from the country TO primary
points, and the railroads made new rec
ords in handling the tremendous loads
they were called on TO transport.
The outlook is for continuance OF
the present high range of prices. at
least until the next crop IS harvested.
This crop is expected to be much larger
than 19l4s record, owing to the reduc-
tion of cotton acreage in the South and
the enormous increase in the space de-
voted to wheat The following shows
the highest and lowest prices OF wheat