The sun. [volume] (New York [N.Y.]) 1833-1916, 1915-02-14
GRAIN MARKETS.
Panic In whest-Ne.rIy Ten Cent
Brcnk-PoIiticsI Rumors.

A verltable panic was crammed into
yesterdays two and half hour wheat
session. The list sank steadily until
the Chicago May delivery WAS 9ls cents
under the previous days finals. Other
options plunged downward in proper
ton. and IL was noteworthy that the
undermining OF values was the greatest
for single session since the war in
Europe became a factor in the trade.
Likewise, with the break OF from 10
to 17c. a bushel within a week, the
market has had lts worst reversal for
a movement over a period II days.
The market seemed to be honey
cOmbed with stop loss orders for vari-
Gus outside and other operators. Polt-
ical rumors of all kinds were In the
mir, and while many were discredited
the temper OF many classed with the
speculative fraternity was not such to
take into account the possibility OF
denials or lack of confirmation advices
next week Private London cables
dwelling on early peace prospects were
referred to- \ report was current that
a fleet Of British merchant vessels had
been sunk, and the deduction was that
commerce might be iuterfered with to an
extent initiating against shipments Of
wheat from this side In other quarters
the official notes sent from Washington
cause for uneasness, or at least were
spoken OF as warrantlng very con-
sentative attitude at this stage.
The smash in the market suggested an
utter lack of support. 1t was not until
near the close OF the session that the list
managed to maintain comparatively
feeble rally, Not all interests in the
trade were panic stricken, however. 1t
was conceded that the shake out OF spec
ulators had been drastic and that the
absorption for foreign account was
OF undiminished volume Whether farm
ers would continue their liquidation was
much debated question Perhaps the
well informed and the powerful interests
would have furnished material resist
ance TO the plunging tendency OF the list
but for the knowledge that the investi-
cations by the country, state and local
authorities are relentless And the big
marginal demands are stu in vogue
these automatically restricting the com
mission house activity.
on the impressive declines foreign pur-
chases Of close 10 1900. 900 bushels were
claimed. In addition tho sales for ex.
port on Friday were approximately 400.-
eco bushels This business was con-
summated Notwithstanding the discon-
certlng political gossip and rather weak
foreign markets. Much comment was
made on the increased willingness %
Argentine holders to sell and on the
slight reduction in shipping costs from
that country. Although the Argentine
IL supposed to have . eNportahle sur
plus of more than i0U. 900. 900 bushels as
compared with $1,000. 900 a year ago. Il
is significant that their actual shipnent.
since January total only 1900. 900
bushels against 100000 a year ago.
Statsticlan- were predicting a de-
erase in the visible supply stocks on
Monday OF close TO 1000. 600 bushels
Tho interior receipts for the week were
only 1000. O0o bushels in excess of last
years showing. while the shipments
were more than 100000 bushels
greater and the seaboard exports about
3 600 900 bushels larger Compa red
with the previous week the farm move
ment was 900 900 bushels larger, tho
shipments 500. 900 bushels greater. The
exports amounted to 1000. 900 bushels,
or about the same as the showing OF
last week
Corn-Naturaliy the dominant infiu-
ence was the severe drop in the wheat
market. The liquidation occasfoned by
this factor was very pronounced at
times. ThenA was more or less coun-
Try selling IN he absorbed, and the
feeling in the trade was very much
mixed Authorities were located who
were OF the belief that the action OF
tho nm ~ n, wa, M, naa -,,n.;,;.r;,,,. r.