The sun. [volume] (New York [N.Y.]) 1916-1920, 1919-02-11
EXPORT FINANCING
IS GRAIN PROBLEM
War Trade Boards Action
Does Not Permit Free Out
ward Movement.
MICH TONNAGE NEEDED
Trade Demands Guarantees of
New York Credits From
Certain Countries.
MrCH TONNAGE NEEDED

TIE serious problem OF the grain
trade Is the bringing back to normal the
financing OF export sales While the
War Trade Board several weeks ago re-
leased vegetable oils. cotton and provi-
s!ons from export restrictions, and only
a week ago released all grain and grain
rroducts excepting wheat and wheat
Sour, the action OF the War Trade Board
I'D not permit the free movement out
ward Of the products, as tho trade had
70 consider adjustment OF finance, OBJ
aiming tonnage, and. what was also ex-
tremely important in many cases, pro-
curing necessary import permits on the
o,her side before % steamship company
would accept delivery TO vessels The
decline IN ocean rates has been hailed
asa great factor. but II did not furnish
necessary tonnage or overcome other
difTcuties
Reports indicate that there Is no
question OF serious need OF edible fats
and oils, cotton. grain and provisions In
neutral countries. by the Allies and by
ne Central Empires, but the financing OF
he imports Is as yet largely through
Government operation. The individual
peoples would willingly buy II they could
SET the materials, but how the articles
are 70 be paid for internationally Is an
other problem. 1t may be that before
further large shipments are made more
grants Of credits may have TO be re-
sorted TO, and II Is possible that credit
grants may he the controlling factor.
Recently the Argentine gave n credit TO
ne Allies Of $200, 900 900. and according
10 recent cable Information dictated
prices for the products from 10 to 80
ner cent. higher than the recently quoted
market.
I. 90 alrn
nsyment for exported articles in the
normal way. Some business Is possible
wider the exchange conditions with neu-
tral countries. but exporters are not
wiling to consider much business eN-
cent on guaranteed bank credits Of New
York II Is impossible for many coun-
tiles 20 nay for articles without Il trans
Ter ~ credit through Government OPP
srstio1s. Only by the gradual shifting
back 20 position in which buying
Countries will resume export business
themselves will conditions become nor
nal. How soon that can be done under
the enormous strain OF national !ndebt-
edness and previously granted credits is
extremely indefinite.
Corn Rallies and Closes Firm.
CHICAGO, Feb. lo.-Gosslp that ex-
portsrs were n,bbling for corn helped TO
bring about rally in prices here to-day.
The market closed firm, !. TO lac. net
higher, with May sll2sa to si.l2Is and
July S1.093s 20 Sl.09la. Oats finished
Unchanged to Tsc. up. and provisions at
an advance OF soc, 10 81.
Nearby deliveries OF corn displayed
the most strength and Il was shown that
exports from North America last week
amounted TO 4ls.oo0 bushels. against
-tn,Ve Aah1
sales here of 10000 bushels to exporters
ere announced.
Notice was taken OF a decrease OF
$4,000 bushels in the United States
visible supply total. Receipts were
somewhat larger than has been the rule
q late and OF far less volume than they
wrre last year. There was noticeable
withdrawal OF selling pressure. which
Na3 depressed the ,nartet during the first
nart OF the day and vas ascribed to
favorable conditions for sheiling and
Tipping and to apparc.c absence OF
EASTERN demand.
Oats merely paralieled corn's action.
All provisions advanced to the days
maximum limit. Exports were huge and
here were higher quotations on hogs.
C0RS--Bears in the market were less
aggressive during yest erday's session. Prices
sold down about cents bushel early IN
M day. but at tho close were \ to &c;
shows the anal of last week. In tina local
a. market No. yellow and No, : white
corn were quoted at Sl.i3a., cost and
.rsEht New York.
OATS-Tho market declined early. hut
he local cash market was easy; standard
and 80 white quoted at 66c., No. !
White. 81, Q 6se.; No. !. csc; fancy clipped
shifts, IS . 5Iiac.: ordinary clipped white.
7 SIC all elevator
RYE--Markst easier. No. Western,
Iit1. cost and freight New York.
BARLEY-Msrket quiet. Feeding, 81
50; mailing, 964 eSc.. cost and freight
New York.
RUCKWHEAT-Nsrket dun. Sound mill
las, '?So. cost and freight New York.
HAY--Market quiet. No. ], N.35 9l.to;
No :: sl2o4i:5; No. 3, SI.0Sdllj.
sTRAW-Market quiet No. ! rye, SAC
10 yer ton -
CHICAGO PRICES.
Satur-