New-York tribune., 1915-03-01
COURSE OF WEEK
IN COMMODITIES
Changes, with Net
Declines in Grain-Cot-
ton at Lower Level.

For short week the one Just closed
had its share Of excitement In the COM
modify markets. Wheat prices have
done some ground and lofty tumbling
which has wrecked nerves II not fort
unes Beginning with decline Tues
cay, & sharp recovery marked Wednes-
days trading; rumors regarding the
Dardsnelles being forced by the allied
fleets sent prices down Thursday, the
actual fac: on Friday started lively
I:lump, with the close OF the day show
ing about half the maximum decline
recovered, and Saturday regained the
portion left after Fridays recovery.
The final recovery and steadiness was
due TO a realization that the fear Of
food Of Russian wheat entering into
competition with the American cereal
had been overworked by the bear side
Of the market, and that a good part Of
the break had been due to a scare of
SPECTATORS caught in an overbought
market.
Conservative traders. who kept their
heads. gave full credit to the steadi-
ress Of the export demand as 8 bsrom-
eter Of the feeling abroad, and were
ready 20 take advantage Of the decline
when they considered that it had
reached its lowest, and there is little
prospect now for any serious break in
the immediate future, even il the last
obstacle to free navigation Of the Dar-
danelles Is removed. II Is held that
The amount OF grain ready for ship
nent, while large, is not large enough
70 affect materially the demand for
wheat from this side Of the Atlantic.
and transportation conditions, which
are potent factor in the trade mere,
are mystery beyond the Golden Horn.
There are several questions to be set
Led before Black Sea grain commands
The European market.
Corn suffered less than wheat in the
decline Of cereals, although the avail
able supply is double what it was a
year ago; farm reserves are estimated
a. l,OOO,0O0,000 bushels, and export
sales have run comparatively small,
although large enough at times to
check declines.
Oats followed the movements Of
other grains as to price changes, and
y was not until the late trading that
Ihey began TO break away from the in
nuence Of wheat and corn. One reason
lot this was a good domestic demand
On top Of export sales, which amounted
70 l,bOO,OOO bushels in one days trad
hg. Part OF the local firmness was
cue TO reduction in the Argentine
Aportable surplus and frmness at Llv-
upool where stocks are small.
Flour buyers have steadily stuck TO
me hand-to-mOuth policy which has
marked the trade for long time, and
culness IS the rule throughout the
country. 1t is asserted that some Min
heapolis mills have shut down and that
interior mills are planning TO reduce
Production. The three big Northwest
ern centres last week produced 440,550
barrels, against 38l $50 the week be-
lore and 400, ,440 in the same week last
year.
Cotton Prices Lower.
There have been many influences at
Work against cotton values, chief of
Which were, of course, the uncertainty
attending the effect on shipping of the
famous "war zone" order and the pos
sbility of the staple bound for Ger
many or Austria being declared contra
band by the English. These caused
marked falling off in the demand for
uport, and while Galveston reported
NE heaviest cotton shipments on rec
efd for week, it was staple which
mad been on board for some time,
waiting clearance. There has been a
iot Of liquidation and profit taking in
,utures, with dulness in the spot mar
1sts and some anxiety here as to the
eject Of the new grading rules on the
''sek Of certified cotton Ia local ware