The sun. [volume] (New York [N.Y.]) 1833-1916, 1915-03-02
THE GRAIN MARKETS.
Mig slump in All Values-Polfft-
rai Adviccs Effective.


Another drastic lowering OF wheat
values was seen yesterday. Tho Hquida-
ton was of an International character.
Selling orders from abroad emphasized
the importance of the political news, al
though il would seem only fair to a
cognizance of the fresh export transac-
tons in making deductions. Tho market
did not recover I'm a decisive way, how
ever. despite the export takings OF APP
proximatoly 100000 bushels. Values
sluinped to The lowest basis OF the move
mcnt. losing five to seven cents for the
day and displaying declines of from 20 to
20 cents from the best level reached
about a month ago. Price changes were
again very cratic and at times the mar
ket was sufficiently sensitive TO iluctuate
more than Il cent n buShel on orders or
little more than 100. 900 bushels.
The bulk OF the selling pressure was
asCribcd primarily TO the bardanelles
adViccs. Further rogre was made In
forcing a passage. according TO the
cabled reports. and fears of an outpour-
ing of Russian grain during tho summer
explained the increased disposition on
the part OF many holders Of actual
wheat and wheat contracts to release
their commitments. There again APP
peared to be more than the usual bear
efforts. Authorities w.o averred that
there would not be any wheat liberated
from Russia in time 10 ease materially
the strain on the American old crop posi-
ton found man. who held opposite
views. This divergence OF opinion I'm It.
self attested a less bullish feeling In the
trade
Authentic reports 20 the effect that
the Allies intended 20 prohibit shipments
into Germany or departures from that
country, thus declaring an absolute EN-
barge. were instrumental in the de-
preston Of the various wheat markets
A. far as Is known the recent importa-
tons OF grain into Germany and Austria
were virtually nil. although during the
fore part Of the season Il was strongly
suspected that foo1stuffs and other es-
~sentia,s were finding buyers identified
with those nations.
some interests feared that the radical
measures now being taken In the wer
would add 10 the menaces hanging over
ocean transportation. Further Inter
ference with shipping would really he
regarded rs more vital TO the present
grain holder than the latest embargo
declaration.
Some attention was given TO the
farm reserve report OF Crop Expert
Snow IN which he gives the quantity
on farms at leo, oo0. 900 bushels against
1876. 600, 900 on March J.. 1914. Snow
says that the amount OF wheat remain
ing for export and for the c%arryover
on July | ia only 5000. 900 bushels.
Tho Government farm reserve figures
will appear early next week and are
not likely 20 reach tho Snow estimate.
but the comparison for Las, ycar will
be- $1,000. 600 bushels. Other statis-
tics Of the day Included a v.e'1ie supply
showing Of 90 900. 600 bushels against,
100000 a week ago and IS. 100000
last year. There were c~le1rauccs OF
100000 bushels and predictions OF
continued large exports. assuming that
shipping cor 't!ous grow no worse.
An official report from India stat
ing that exports r. m that country
would be prohibited it the demand
caused values 10 rise above The cquiva-
lent OF $50 a hushel was read with
interest Tn" Government in that coun-
try has taken this action 10 preclude
abnormal speculation and allay fears
OF the people.
Corn-The war advices md the
downward plunge OF wheat values In
duced a great deal OF Liquidation and
other selling in tho corn list during
no day This pressure did not abate
materially AZ any stage. Some ON
rhattc assertion that there was "A Nh
eral evDort business did rot check tho
inclination 70 sell Country roads have
improved. and there have been lnti-
nations Of frightened country holders
OF corn. although tho majority q.
dispatches failed to suggest heavy
selling q Farm stocks. The reserves
OF corn az given ny Snow we've 95l,-
ooo,o o bushels. against $4,000 900 a
year ago snow says that consunp-
ton has Increased 22S.0o0.000 bushels
since November !. These figures did not
sustain tho market. and shorts had lit
tie difficulty in covering. a bearisn
Argentine official crop estimate was
published, pointing 70 a yield Of 33G.-
coo coo bushels and an exportable sur
plus of 2o+.o00.ooo. against the record
production Of &25. ooO, 900 bushels n
the preceding season.
oats-There were stop loss orders
reached IN the market. with declines
Of greater proportion than for some
time. Commission houses were active
on tho selling side Much OF the sell
ing was for interests who have been
trailing the export demand. II was
directly attributed 20 the slump IN
wheat and &c the political Rdv.ces con-
corning tho forcing Of the D~a-dAucle,
and the embargo against Germany. The
fresh export sales for the day were
estimated At about 1000. 600 bushels.
Snow placed the Farm reserves NJ 36l.-
5000 oo bushels. against 800. 600. 900
las. season. The trade was hardly In
the mood 10 consider these statistics.
Al increase Of $4,000 bushels wa. ro.
ported IN tho visible. bringing the total
TO 100000 bushels. against 81 1000. 600
a year ago.
provisions-The sharp declines were
on the political news n In sympathy
with grain. No attention was given
10 tho steadicr hog market. The stat
mcnt % chicago stock again showed
fair increases Packers and speculn-
tive Interests were on both sides OF the
market Chicago prices
Open. Hlgh- Low. Cos. PRIV
WheN Ing est est ing close