New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1915-03-08
COURSE OF WEEK
in COMMODITIES
Sharp Wheat Fluctuations
with Tendency Down
ward-Cotton Higher
Coffee Quiet.

Of nervousness and anxiety during the
week just closed, slumps and partial re-
coveres alternating with suddenness
which kept traders on the jump and
left the outside speculative public with
hardly anything on which TO base an
opinion involving investment. At the
extreme of the declines on Friday there
was drop of 3lAc. to 33Ac. y bushel
from the high of a month ago, and the
extent of this decline served to encour-
age bullish sentiment, which was jus
titled in Saturdays dealings. OF course,
news from the Dardanelles was the
dominant factor in the market, the fact
that the Argentine shipped more than
100000 bushels for the week having
little or no effect on prices here, the
continuance of heavy export demand
for American wheat also being practi-
cally disregarded on the scale downs
which marked the fluctuations. The
freight question was feature of i'm
portance, as most of the freight room
available now is for April May and
May-June shipment Late trading of
the week was influenced by reports that
even after the Dardanelles are forced
the expected food of Russian wheat
will prove disappointing, as Russia'S
surplus is not large enough TO affect
the market materially. and that this
opinion is prevalent in Europe is shown
by the steady demand for supplies. the
call now running about 100000 bush
els day, regardless of the price.
Against this receipts at primary
points have been light, showing fall
ing off for the week of $4,000 bushels,
\ 10 ia. L. l.
larger than week ago. Crop advices
from the West were highly satisfac-
tory, the Ohio state report placing the
condition at 81 per cent, compared with
81 last year, while the majority Of re-
ports to the Michigan State Board Of
Agriculture were favorable. The gov
eminent report giving the amount of
grain in farmers hands on March l
will be issued at 2:l5 p m. to-day.
Corn also was feverish, although the
decline was less than might have been
expected. Country offerings have been
small, and the interior receipts for
the week fell of $4,000 bushels,
while exports increased 475,000. There
seems to be growing disposition to
regard the corn market as domestic
affair, and while the available supply
is more than double what it was a
year ago, the demand for cash grain
has been sufficiently steady to have
a sustaining effect on the market.
Oats declined and rallied, the steady
demand for export having more infu-
ence than any other feature of the
trade. Foreign buyers have taken an
average of more than 100000 bushels
day, sales on Tuesday being more
than 100000 in Western markets for
the seabOard. This export call COM
pletely overshadowed other considera-
tions, including figures as to the avail
able supply and farm reserves, which
were bearish.
Cotton Prices Advance.
In spite of a decline of 10 to IA
points on Monday, the cotton market
closed the week at an advance over
the close of the previous Saturday,
with frmness marked and the tend
ency upward. The net gain carried
prices up $3.50 a bale from the low
level of Monday and within Is points
OF the high record for the season.
As with grain, the steady outflow to
Europe was the controlling feature,
although the steadiness of Southern
spot markets and the absence Of
pressure of hedging sales had a
stimulating effect. The trade is pre-
pared for some restrictions on the
shipment of the staple to Germany
and Austria, and perhaps 70 some OF
the neutral countries, but heavy clear
ances are expected to England and
France, while exports to Russia are
likely to be heavy should the Allies
succeed in forcing the Dardanelles.
Exports for the week were 364, 3l5,
against 23l,134 for the same week
last year. Exports from Seattle to
Nladivostok during the last two weeks
have aggregated about $1,000 bales,
and it was reported on Saturday that
Russian and Italian buyers were very
active in the Southern spot markets.
Bearsh British Board of Trade re-
turns as to exports of cotton yarns and
cloths for February were Offset by the
fact that Manchester is known to be
actively engaged on army orders. Il
Illustrating the immense demand for
cotton in this connection, Liverpool
mail advices report that the govern
ment placed an order in Manchester
last month for 100000 yards of cloth
for the purpose of making riding
breeches. Stocks Of cotton at Liver
pool and ahoat for Great Britain are
now the largest on record for this sea-
son of the year, and English manu-
facturers are evidently disposed to lay
in supplies of raw material at the
prevailing low prices, in addition to
taking care of the large requirements
for military purposes.
As for the predicted reduction of
cotton acreage, it is noted that IN
Southwestern Texas ploughing is being
L. Ia 81 N N 1 N
planting by April /, and the reduction
of acreage for the whole belt IS not
expected to exceed 10 per cent, al
though reports from Georgia assert
that sales of fertilizer tags during Jam
uary in that state were only 10 per
cent of last year and in February only
80 per cent of last February's figures.
What Other Markets Are Doing.
I'm the coffee trade the only real ami
nation of the week was shown on Fri
Gay, when on comparatively small
business prices jumped from to is
points. the market losing its upward
trend in the later trading of Saturday.
There were no heavy price changes
either way. the market being steadied
bv the continued frmness in the cost
and freight line and Brazilian spot
markets in the face of liberal receipts.
This firmpess is attributed to European
demand and the fact that there is only
= small amount of coffee afoat for the
United States from Brazil.
In the country produce markets
lower prices have been the rule, with
supplies ample. although not always Of
the best quality. Fluctuations in, the
small fruits and vegetables have been
governed by the daily trade conditions:
Southern vegetables have been in good
hnmnnh hut nrices have not advanced