New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-11-19

markets were controlled almost entlEt-
ly by speculative influences.
1t was easily seen, for one thing,
that many December longs were anx-
ious 10 unload, and at the same time
many Of them replaced with May. and
consequently the May premium again
widened, being mainly &c, against 952
Friday. The almost steady daily
widening of the premium has indl-
Gated plainly TO experienced deal
ers that prominent interests in the
West were more than willing 20 see
December lower, but at the same time
we're giving some support 20 May. In
short, il was entirely reasonable that
elevator owners should favor such an
outcome because, of course, they could
make no money in carrying wheat
practically six months without larger
premium that recently prevailing.
Naturally, numerous potent infu--
ences have been advanced freely 10
quicken the depression in December. IL
is pointed out, for one thing, that stor-
age room is scarce, and, furthermore,
that insurance companies were disin-
clined to grant insurance on the GUS
tomsry basis. Whether the Importance
Of these arguments was exaggerated
materially or not can only be con-
jectured. In addition, there has been
much ado made respecting the alleged
apathy among exporters, and no doubt
in this particular much exaggeration
was done. II is true, exporters were
somewhat idle for a few days, but this
was not necessarily important, because
it was known that exporters had al
ready contracted for a huge quantity
Of wheat, as much as they could export
this month or next, because OF the
scarcity of freight room.
In word. the exports from this con-
tinent will undoubtedly be large dur
ing the next five or six weeks, whether
exporters stop buying temporarily or
not. Strong stress has been laid upon
the alleged action of the British gov.
eminent in securing larger supply OF
tonnage to move wheat from India and
Australia This may be true-and
probably is-0ut its importance is
overestimated. because it mas long been
known that both these countries have
wheat to spare for export, and espe-
cially Australia.
Just before the close the demand Tor
December improved and rally of l &c
ensued. but the distant deliveries only
rallied &c.
Yes'day's Previous Year
close. close. ago.
Cash: Gents Gents (cents,
New York ..... 1.91 1.95 Log
Contract:
Chicago, Dec. =. 1884 1925 1885
Chicago, May. 1924 1855 1.ooH2
Corn.-Therc was a weaker tendency in the
corn market, but all things considered me
decline was rather unimportant. Presumably
sellers for the decline We're somewhat dsap-
pointed. "a they had expected big break
partly owing to the great depression ~
wheat and partly TO the fine seasonaD'e
weather West which viii doubtless result III
larger farmers deliveries TO country stations
and in material increase IN primary re-
ceipts.
IL was clear that much greater decline
was prevented in part BY the small st9chs
and by encouraging cables, European markets
being firmer owing to continued hot ana
dry weather in Argentina. AS result prices
in Liverpool were ga acc up.
There arc said to be good orders here Tor
both old and new corn TO arrive put Tree
trading was checked by the light offerings
and also by the scarcity OF ocean freIsht
Yes'day's Previous Year
c.sh. close close. ago
New York ........sLt2Ha H.i5A 20
Chicago. december. .s2}a 81. 90. So. So.
Chicago. May gaze 500 'oo74
Oats.-Oats were a fraction lower but not
onspicuously weak. They eased OF onY
slightly. This was of course. 20 have been
expected in view Of the big decline IN wheat
and the downward trend in corn.
A material decline was prevented parity by
lighter receipts in the West and by encour-
aging cables. European markets being strong
err owing chiefly TO meagre offerings from
Argentina. As a consequence. IT Is beleNed
that Europe will continue to buy on large
scale II was asserted that over l,o00, O0V
bushels had been contracted for Friday night
and yesterday. morning.
Yes'day's Previous Year
Cash: close. close ago
New York ........ .o5 .o<'4 ~
Contract:
Chicago December. 500 .577s 1855
Chicago, May ........o1Is -ora .'O/2
Rye.-Prices were steady.
Yesday's Previous Year
close. close. ago.
Cash. ~ Y, bush. $3.50 $3.50 sl.o5
Flour and Meal.-Quotations were:
Yes'day's Previous Yea.
close. close. ago.
Wheat Mimi. spg. patse.5o 1855 =,
Rive -four, choice ....... 7.o5 800 1855
Cornmea Kiln dried. $50 5.35 3.25
Bran. in sacks. .31.so 3l-|o Z@.|o