New-York tribune., 1915-02-15
COURSE OF WEEK
IN COMMODITIES
Violent Break in Wheat
Prices - Other Grains
Drop-Cotton Lower.


bushel on Saturday, it seemed to
,vss If the bottom had fallen out
= tho wheat market. and the day was
..,,S for many dealers by stop loss
..,sr.. This decline marked a total
Of l4& 70 II cents within a week,
"A followed a general sagGy condition
',,se market for the last few days, re-
Sod bv a little upturn on Wednes-
-, which in turn followed an ad-
-.,,e in the previous week Of about
-, amount lost in the declines, so that
5, market is now about where it was
Two weeks ago.
While profit taking was credited
nth large part Of the selling which
.,used the decline, sharp falling of
!, EXPORT orders had considerable in
spsree. backed up as il was by evil
;,rees that Europe was making siren
rous efforts 20 get wheat from other
,rnortine countries. II was said that
bs Argentine freight situation was i'm
,roving. that Russian wheat might
,,,e out BY way of Archangel and
Vlsdivostok. and that strong measures
vsre being planned TO open the Darda-
rslles and release the Danubian sur
,lus. One result of the weeks de.
Zines was a large increase of offerings
from the country and corresponding
vsskness in the cash markets.
The whole situation hinges on the
eynort demand, as IL is 10 that the
nresent eXorbitant range Of prices is
5ue and while some Of the foreign
rews has been of a bearish nature
tbere is nothing in existing facts which
seems 10 warrant any immediate fixed
lover level Of prices. So far as car be
learned no foreign country is safe, so
hr as its wheat supply is concerned,
sYeept Argentina. Worlds stocks are
100000 10 20,000,000 bushels less
tbsn they have been at this time for
the last two wears and the list of Eu-
,opesn nations calling for wheat and
-four is increasing.
Exports for the week averaged more
than 100000 bushels daily, and
Europe was credited with taking more
than a million bushels over our holi-
day. While the Argentine has wheat
10 spare, freight rates are a strong
barrier TO exports, and an advance was
recorded in the last week.
Corn and Oats Lower.
There was an early decline in corn,
with a small recovery, the last trading
following wheat in its downward
sWoop, although the loss was compare
lively slight, and the market has aver
aged stronger than the finer grain.
This strength is in the face of the fact
that the American available stock IS
about double what il was a year ago,
being more than 100000 bushels.
against 2O.10O,O0O at this time last
year, and prices are 13c to lac a bushel
higher. The export demand has been
the sustaining force. and it is expected
that this will be checked in the near
future, as Argentine shipments are
said 10 be increasing.
Oats followed the other grains in
iteir ups and downs, although showing
more steadiness than either of the
ether markets. Exporters have been in
the market at the rate of 100000 TO
100000 bushels a day, and buying by
cash and commission houses has tended
&c keep the market steady. Greece is
credited with having taken some l.
100000 bushels at the seaboard, and
the stock in this country is now 49,
$4,000 bushels, against 45,100000
year ago.
While there has been some export
business in -four. the home trade has
been comparatively quiet Prices have
gone up, and in some instances the
price Of bread mas been advanced, but
all this has had a tendency TO restrict
consumption, and the output of the big
Northwestern mills for the week
showed a substantial reduction from
the previous weeks milling. Holland
is credited with having bought 100000
barrels and Greece 125,000. Bakers as
rule believe that wheat is too high
TO keep its level, and are buying only
as necessity demands, and the baking
business has been seriously affected by
the rise in the cost Of bread $50 bak-
ers going out Of business in Chicago in
January.
Cotton Dull and Lower.
Few signs Of activity have been seen
N the cotton market in the last week.
fluctuations have been narrow, except
for little slump on Thursday, and
While exports made d record for this
season Of the year they were largely
OF cotton which was already on board
snip awaiting clearance. Many local
Traders believe that the South is will
ING TO supply all buyers of spot cotton
around the present level of prices and
mat this feature should prevent any
HfkH -,
some circles that once Southern ship
pers have familiarized themselves
win new contract requirements and
the machinery Of the new contract is in
perfect working order more cotton will
come IN this direction, while they are
sifo looking forward TO increased sell
ing pressure from the South with the
soyshee Of the new crop season.
That conditions in the South are
good ~ shown by the discontinuance of
we SI6o'OOO,OOO cotton loan pool, the
general steadiness Of the spot markets
1no the fact that there has been no
pressure Of hedges in this market
Export sales continue large, and in
spite OF the uncertainty attending the
Vpefatipn or the new regulations, which
~ INTO effect on February 1S, there is
NeIlng OF hOpefulnesS in the market
rart Of this is based on the stringency
10 wool, which. il is claimed, will natu-
ieliy tend 10 increase the demand for
WV'on, while as warm weather ap-
p'oaehes there will be larger de-
nand for cotton goods from the war
Hng nations unless peace comes soon.
hedging operations in this market
sha New Orleans are expected to in
crease with the operation of the Lever
SS, as Liverpool will apparently be
1gt -sit out by the penalty of $40 a bale.
'lis Is going 20 hurt the entire trade,
= me Liverpoo. market has been large
= USED by exporters agents, spot
sealers and cotton factors 20 hedge
contracts in spot cotton. One favorable
,esture has been a decline in ocean
aaNxht rates IN some cases, although
we local hQura 20 I bn1Js