The Washington herald., 1921-03-01

last wear, seem to have met the en-
pectations of the trade and induced
rather free buying. A strong bid,
for business was made by the offer
of a guaranty against price declines
up to September l. The feeling
seems to be that this policy and the
manner in which it has been re-
received has given much-desircd
degree of stability in the wooden
trade.
The silk trade has been much en-
couraged by the general interest
shown in the silk exhibition held
in New York during the week ended
February IL, whic. was attended by
many buyers and developed an i'm
portant amount of business. The
demand for silk goods has broad
ened and the mills are increasing
production. The raw silk situation
in Japan seems to be well in hand
under control of the syndicate or
ganized to stabilize It.
Agricultural Conditions.
The winter wheat crop is reported
looking well everywhere, and the
than that of nearly every other farm
the farmers best hope.
The total value of wheat and -four
exports from the United States in
the period from July to December
inclusive, 1920. was s561.7+l,910.
against s2S7.415.S62 in the cores
ponding months of 1919. This is
remarkable showing. in view of the
decline of the price. but was due to
the larger amount exported. the to-
tai being the equivalent Of 206.-
400,12l bushels in the six months
of 1920, against 11s.765.7O4 bushels
in the like period of 1919. These
figures confirm the talkk of the
trade last fall that Europe had
bought heavily OF the crop during
the summer months. for future de-
livery. and of course at the high
prices. The total exports Of wheat
and flour reckoned as wheat from
the United States and Canada from
July to February l.. are report
ed by Bradstreet at 29s.Il6.sS5
bushels.
Only four months remain of the
crop year. The price of wheat at
Chicago has been ranging from
about $50 to $40 per bushel for
the March delivery. with premiums
for spot and a discount of about 10
cents per bushel for May. The dis
count on futures has prevailed
throughout the crop years showing
the skepticism of buyers toward
the theory THAI a shortage would
develop before the next harvest.
Argentina and Australia are now
the chief sources of supply for the
importing countries, and last falls
forecasts as to the size of their
crops have been borne out by the
official reports OF actual results.
This country is thought to have sold
about all 1t has to- spare. and the
movement to put an import duty on
wheat has stimulated the movement
from Canada to this country, to
provide against possible needs. The
worlds carry-over Will not be
large, and as it is now quite i'm
probable that Russia will contribute
anything to the next years supply
for Western Europe. and as the Ar
gentine and Australian crops this
year were much above the average
of those countries, the outlook for
the price of wheat from the 1921
crop would seem to be very good. II
may be higher rather than lower.
and il will be produced at lower
cost.
The Cotton Outlook.
The planting of cotton has begun
in lower Texas, and it will soon de-
velop whether there is to be de-
cisive curtailment of the acreage.
The indications are that this time
the campaign for that purpose will
be successful to greater extent
than heretofore. The bankers and
business men of the South are lend
ing aid to the movement in the be-
lief that the prospect for the revival
of trade and cotton consumption
over the world does not warrant the
production of another full crop at
this time. There is a very substan-
tial basis for tbis view. The carry
over in the United States at the
end of the present crop year is
likely to be as much as 100000
bales, more than one-half the
amount of last years crop. 1t is
an abnormal accumulation, and
with consumption the world over
abuormally light. it requires a great
Geal of optimism to buy cotton even