Newspaper Page Text
14
Market Quotations For Week Encling March 3, 1914
REVIEW OF COTTON MARKET
C'ontinued apathy on the part of the public and the first of March notices
out of the way, the cotton market settled back into one of those deadly dull
ruts. which has become monotonously frequent of late. The trend appeared
to be downward, but fluctuations in cotton were confined within a range of
about half a dozen points and the net alteration in quotations during the week
was not worthy of comment. March closed Monday at 12.20, against 12.20
last Tuesday; May, 11,80, against 11.88, and July 11.81, against 11.82.
Tenders of about 55,000 bales on March notices were the features of the
market during the early part of the week. They were stopped by leading spot
houses. The certificated stock of cotton in New York of 66,928 bales is be
lieved to be held by about twenty different houses. McFadden is credited
with having seold actual cotton for March shipments against a good many of
the fw-.re contracts he holds. In the opinion of some observers he took up
cotton on contracts to fill these commitments and re-entered the residue on
May and July.
Despite the fact that shorts, if there were any shorts in March, did not
get alarmed and cover, it is the opinion of some well-posted operators that a
tremendous short interest is tucked away in March, but it is feared that it
will not take any steps to cover these commitments until satisfied that spots
will not give way. Should spot interests come in and take all of March cot
ton offered, no doubt shorts would seek cover. It is the belief of the most
conservative cotton men that the biggest interssts in the trade controls all
of the cotton in New York warehouses They are also understood to be heav
ily short on May and July, which optign they have sold in the past few weeks,
aga'nst purchases of March. If such pe true, they are in position to stand
pat and fight any element that may Oppose their purpose.
It is also pointed out that their position in the market is decidedly bear
ish on the theory that censumption has been overestimated and ultimate re
turns underestimated. On the other hand, it may be their purpose to Keep
March at g good premium over the other months until the spot option expires,
which would, of course, keep other positions in line with March, and then-—
afier they have enjoyed their ‘‘home-made pie''—stand a goo dchance of buy
ing summer months at cheap prices. But if they are short of May and July,
as believed, they could cover these commitments, which were sold at higher
values, and still make monéy. From a traders’ point of view their position is
4 wise one, because they can make money at either step they choose.
Sterret Tate, who enjoys the confidence of the entire cotton trade as a
‘foreteller’ as to what the market will do, says there is still a large specu
lative short interest in March. He calls attention of the trade to the fact
that March closed last year 60 points, or $3 a bale, over May, but says that
strength in March will have little effect on May and July, as these two op
tions have gradually declined since notice day.
A leading New York trade review for the week says: “Sentiment in
commercial and industrial channels remains optimistic and evidence of im
proving conditions accumulates. Both cotton and woolen mills are we'l em
ployed as a rule and prospects are considered satisfactory.”
This, in conjunction with activity in Manchester, as reflected by continued
large Liverpool sales of spot cotton, shows bullish consumption conditions and
a generally bullish trend of affairs, which speculation can hard'y long oppose
or ignore.
Although developments of the hour favor the bears, there is no lack of
items from which buils may get comfort. Neither the lack of public interest
nor the heavy movement and falling off in spinners’ takings settles the at
titude of the market during the rest of this season. In this connection it may
not be amiss to note that the Southeastern mills are running practicalty ruli,
except some of the very heavy freight mills. There are no large stocks of
gencral merchandise in the hands of manufacturers or distributors, but it
is thought that mills have a considerable quantity of cotton in their ware
houses.
Attention Is also called to the fact that recent heavy rains have delayed
preparations of the soil in early cotton planting districts and the severe
weather now prevailing throughout the belt will delay preparations further,
thiowing the crop several weeks behind the average. Should something hap
pen to delay the crop still further and abate the prospects for another large
crop, prices of futures and spot cotton should soar.
It is understood in cotton trade circles that the North Carolina hard yarn
gpinners have not abandoned fina'ly the idea of curtailing output, despite the
fact that they took no action on the proposition recently.
The reporting in the Senate of the Smith bill, regulating futures, may
have had some influence on sentiment, causing lower prices, but it is not re
garded seriously, as it does not mean, according to well-posted members Qf
the New York Cotton Exchange, that specified grades must be named in
trading in futures across tne ring. The New York Times says that Congress
is o 0 anxious to adjourn that the bill is not likely to get through, anyway.
However, the Senate Committee on Agriculture and Forestry has filed with
the Senate a favorab'e report on the Smith bill to regulate the trading in cot
ton futures and provides for the standardization of upland and Gulf cottons
separately. The committee has eliminated from the bill the province of giv
ing a seller the privilege to deliver one grade below or above the contracted
grade and to settle the difference in price.
When President E. K. Cone, of the New York Cotton Ixchange, was
asked by a New York newspaper man to specify in what way the exchange
is engaged now in extension of the work of reforming the contract, he de
clined to*answer.
NEW YORK, March 3.—The cotton
market opened steady to-day with first
prices showing irregularity, being 3 up
to 6 points lower than Monday's close,
but after the call pressure was exerted
on the near months by spot interests
and a weakening tendency deve oped,
resulting in March dropping 10 points Lo
12.13; May 9 points to 11.73, and July 6
points to 11.74, while other positions
eased off 3 to 5 points from the opening
range.
Liverpool came in slightly better than
due and was partly responsible for the
strt'englh in the local marekt at the out
set.
The trend of the market continued
downward during the early afternoon
through further liquidation by tired
tongs, who became impatience in wait
ing for the predicted advance in values.
on the break March struck 12.10, while
May reached 11.66 and July 11.67. Spot
people were credited with furnishing
most of the contracts.
Offerings met slow and scattered de
mand, as it was rather surprising to see
Murch offered in such a free manner, es
pecially in the face of continued strong
EFH(S and the belief that there is a large
short ini® est in the spot option, but the
character of sales, especially on a dull
market, gave rise to the belief that the
so-called short interest was merely a
bluff worked on the smaller fry by the
larger interests who were still long of
March and wanted to sustain the
premium in order to get out of the
month at higher values. It was the be
lief of the majority that the long in
terest, or at least the largest portion of
it. had been liquidated prior to March
notice day.
At the close the market was barely
steady, with prices at a net decline of
11 to I 8 points from the final quotations
of Monday.
Fo'lowing #re 11 a. m. bids_in New
York: March, 12.13; May, 11.73; July,
11.74; August, 11.61; October, 11.38.
Following are 10 a. m. bids in New
Orleans: March, 12.36; May, 12.33; July,
12.35; October, 11.47,
Istimated cotton receipts:
Wednesday. 1913,
New Orleans . ~ . . 4.500 to 5,000 3,394
Galveston . + ~ .10,600 to 11,600 6,766
SPOT COTTON MARKET,
Atlanta. nominal; middling lec.
Athens, steady; middling 138%.
Macon, steady; middling 13%4.
New Orleans, quiet; middling 127,
New York, quiet: middling 13c.
Philadelphia, steady; middling 13.10,
Boston, quiet; middling 13c.
Liverpool, steady; middling 7.03 d.
Savannah, steady; middling 13c.
Augusta, steady; middling 13%.
Charleston, steady; middling 13%.
Norfolk, steady, middling 13c.
Galveston, firm; middling 13%.
Mobile, steady; middiing 12 7-186.
Little Rock, quiet; middling 13e,
Baltimore, nominal; middlin§ 12%.
@t. Louls, quiet; middling 13%.
Memphis, steady: middling 13c.
Houston, steady; middling 12 11-16,
Louisville, firm; middling 12%4.
TUESDAY'S REVIEW
NEW ORLEANS, Mch, 3.—Liverpool
was again good with futures about 2
points better than due; spots 1 point
lower; sales 8,000 bales. New York,
however, weakened again from the start,
which caused a coresponding decline
here. The market is so narrow that a
little selling by scalpers on the New
York tendency causes decline. All that
one hears in explanation of the present
easiness is that New York is against it
Still this depression in futures can hard
ly be carried further unless spots give
way.
Very much, if not all, depends on the
action of spet-holders. The cotton ten
dered here en March was found of good
serviceable quality, and has been readily
worked off to consumers. Friday's sta
tistics should be distinctly bullish. lEx
ports and loss in stock are large. Many
look to politics for an explanation of tae
present easiness, but even in this di
rection there seems no good roas/on for
a decline in the value of cotton. It i 3
likely that in case of intervention in
Mexico, labor and planting conditions in
parts of Texas would be distributed and
that lots of low cottcn would be used
for army needs.
The map indicates fair and continued
cold weather in Alabama and the Atlan
tics; cloudy in the west of the belt; un
settled, colder and rain in the western
States.
Washington advises that he final gin
ners' report on March 20 will give sep
arately the production of linters.
The constantly bearish trend of the
contract markets and absence of all en
couraging support is at last having a
litle effect on spots, A few smaller lists
of lower cotton are offering at conces
sions, but the bulk of holding still seer2s
unaffected. About 1,600 bales were sold
here yesterday after the close,
The contract market is idle around
12.33 for May, waiting for further action
in New York.
PORT RECEIPTS.
The following table gshows receipts at
the ports to-day compared with the
same day last year:
0l F 1918
New Ofleanis.. . . 71088 1 stl
Galveston. « oo« of 13,79¢ | 12,644
Mobile, « » o o o/ 1,687 | 377
Savannah., « ¢ ol 2,766 | 2,160
Charleston. « « » .‘ 150 244
Wilmington « e o of 140 | 165
Norfolk, «sOO -‘ 355 : 1.231
BORton s oL el 61
Port Arthur . « .q\.} 529
VRMOUR, ~ o ol 116 506
TURL & & s sl 20808 | 21.75!
THE GEORGIAN’S NEWS BRIETFS
NEW YORK.
Wednesday, Feb, 25.
Spot cotton, mid;lllng.l:‘.v.
Eldais.t 8 s
l 3\"5\3“ g lEE
Lol o R ekl D WD
EY oo ol a 1 18s1811a.81 38
Mh [12.23/12.2312.19/12.20/12.20-21/12.25
Ap |5 ol s a 8 aiBios-10
My (11.93/11.93/11.88/11.88/11.88-89/11.95-96
In |.....:.....[.....1.....121.83-85;11,38-91
Jly [11.83(11.85/11.81/11.83/11.82-83/11.87-88
Ag 11.66/11.69]11.66/11.69/11.65-6711/70-71
Sy o a sM TR 4051
Oc |11.42/11,44/11.40/11.42/11.42-43{11.44-45
De [11.46(11.45/11.46(11.46/11.47-49{11.49-50
Closed barely steady.
Thursday, Feb. 26, 7
__Spot_cotton; middling 13c.
: : . < « X
§| 5| | Bs| 8| 82
= - et
gz g L agl 6) 0o
Yl .....].....:.....jT2.16-18,12.18-19
Mh [12.21{12.22/12.17{12.19/12.19-20/12.20-21
Ap Lol il )3 030511198 1%
My (11.89/11.95/11.87,1.92{11.92-93(11.88-89
I Ll eeTSR g 0 LT RS- /0
Jly iu.sz;n.soilLs::su.sspLsa-ss:n.sz-s::
Ag [11.67(11.72/11.67/11.70{11.71-73{11.65-67
Sp [11.48/11 55(11.48/11.55/11.55-57111.47-48
Oc |11.44/11.51{11.44]11.50(11.50-55|12.42-43
De [11.47[11.54/11.47/11.53]11.54-55[11.47-49
Clozed steady. i
~ Friday, Teb. 27.
Spot cotton; middling 13.65. %
I [ |
§ s s : ° o
P iMiE B3R
_9_.?_._-4_.&B_@__. BE:
Mh |12.20/12.20]12.20]12.24]12.24-25/12.19-20
Ko |l als ) 112:05-08112:03-06
My [11.97/11.97,11.89/11.90(11.90-91/11.92-93
T b ol bl LRBOT 8800
Jly [11.91111.92/11.86!11.88/11.87-88/11.88-89
Ag [11.73(11.73/11.72111.73{11.71-73/11.71-72
Sp |11.54/11.54/11.54{11.54/11.53-54/11.55-57
Oc |11.51/11.51/11.48/11.49111.48-49/11.50-55
Dec [11.52/11.5511.52/11.52/11.52-54/11.54-55
Closed steady.
Saturday, - Fep. 28.
Spot cotton; middling 13.95.
Foo
g 3 : ; @ .8
ity f
_JgiEid 88 ¢ |45
Mh [12.30]12.30]12.20/12.22/12.21-22112.24-25
AD haolabionl o 12.00-08115.05-08
My [11.94 11.94/11.84/11.86/11.85-86/11.90-91
Ju i.....’.....!.....!.._..!11.84-86111.87-89
Jul ‘11.91J1L91111.83'11‘85,11‘84-85}11,87-88
Au i11.57111.58i11457{11.58.11.70-71{11.71-73
Spot | 0 sl el 116150 111:08-54
Oc 1[1.52111‘52,11.45!11..4Tj11.46-47111.48-4:)
De |11.56(11.57(11.50{11.50{11.50-52'11.52-54
Closcd steady.
Monday, Mar. 2. :
Spot cotton; middling 12.05.
- 8 A < ' [ » 8
HHS l
o .3 m_'_ o a 0
Mr, [12.3112 25/12.19/12.20{12.20-21{12.21-22
Ap. Lol ol . 5 [18.05-07112.00-08
M'y 11.84/11.86/11,80.11'81/11.80-81/11.85-86
Ju o 1 Ro=B2lll Re-20
J'ly [11.83111.86/11.80 11.82/11.81-82]11.84-85
Au. 111.72/11.72 11.67/11.67/11.67-68,11.70-71
Oc. [11.47]11.48/11.43/11.43111.43-44/11.46-47
Stnt il vl 114860115408
De. {11.51]11.51/11.46/11.480.. ... ..111.50-52
Closed steady.
Tuesday, Mar. 3.
Spot_cotton; middling 13¢. ~
l |
3 ¢ 9
gl 81 s 81 58
- - <|ax | -— l-..:_
o 4 I Jldml © | &G
Mh J12.23/12.23/12.10/12.11/12.09-11/12.20-21
Ro gt s 10ee0T
My |11.8211.8211.65/11.65/11.65-6611.80-82
an bl anb egt e ady o 3 BRRE
Jly 11,80 11.80 11.65/11.65 11.65-66/11.81-82
Az 111.65/11.66/11.53,11.54/11.53-54(11.67-68
Sp (1147/1147/11.4711.47). ... ....[11.43-44
Oc 111.42'11.42/11.30111.30/11.30-31111.48-50
De (1130 11.44,11.3511.38 11.34-451. ... ...
\ Closed barely steady.
Local Produce Notes
“Trade in the produce line has been
rather quiet this week,” says J. T. El
der, of the Fidelity Company. “The ex
treme cold weather affected the sale of
vegetables of every Kkind, as well as
fruits. With a change to warmer
weather, all dealers are seemingly busy,
and the outlook for a live business this
week is assured. Receipts both in
fruits and vegetables last week were
light and prices are ruling firm, every
thing selling as fast as it comes."”
* % *
Quite a lot of rabbits are coming here
from North Georgia and meeting with
a heayy demand at 17%c. It was the
belief among local dealers that receipts
would glut the market, as a result of
the heavy supply which generally fol
lows snow, but the demand was far
greater than looked for, thus sustain
ing prices around the season’s high
mark.
* * -
Advices from Florida following the
heavy snow and colder weather are
most optimistic. The lettuce crop was
damaged, but not materially. Other
vegetables and fruits are in excellent
condition and continue to move freely.
* . .
(‘elery is showing a sharp advance
and receipts are becoming very much
lighter and an advance at shipping
points forced our market up. However,
a car of celery was received by Fidel
ity to-day, selling at $3.70 per crate,
" - -
Apples continue to rule firm at $6.50
per barrel. Dealers report a steady
movement of both barrel and boxed
fruit. A ‘few sales of extra fancy fruit
are reported at a few cents above quo
tation, Offerings, while not heavy, are
equal to the demand.
- . -
Orange receipts are very light and
market showing 25c a box advance, with
another advance almost sure to come
this week. The high price of all other
fruits seems to throw the fruit businese
to oranges, which i 8 causing a heavy
demand and a sharp advance. It is in
teresting to see how fast oranges are
hauled out of local houses, us compared
with other fruits. Dealers at the end
of each day stack hundreds of boxes on
the floor to be ready for business the
next day, and before nightfall every box
NEW ORLEANS.
Wednesday, Feb, 254‘
Spot _cotton; midd'ing 13c.
g4i . ¢ ]
’z‘rt %‘3’%l g ‘EE
00l m | Slent O |WD
Fb [.001000n1e0n5d].....[12.32-3512.38-40
Mhb' [12.36(12.43/12.36]12.41{12.40-41(12.46-47
AB Leahal e .....;12.40-42]12.§?’5-46
My [12.50/12.53[12 48/12.49/12.48-49,12.55-56
an [T 12,60-52,12.58-59
Jly |12.52/12.54]12.50/12.50(12.50-51{12.57-58
Ag ’i ve...]12.05-07(12.10-12
Sp .....,....‘.....1.....|11.69-71;11.74-76
Oc (11.59/11.60 11.56/11.57/11.56-57|11.62-63
De 11.62]11.62/11.67/11.57 11.56-57'11.62-63
Closed steady.
Thursday, Feb. 26.
Spot cotton; middlil_‘_g_ 13c. .
EL By iaal ¥ 3%
o =9 "o = <
o T | * o a 0
FE | oleib il oi2 001 A%:30 03
Mh ]12.40/12.50,12.40/12.48]12,47-48/12.40-41
Ap .....|.....4.....’.....;12.47-48‘12.40-43
My |12.49]12.58/12.49/12.55/12.54-55(12.48-49
bl ol ssaT 13 50558
Jly [12.52(12.60(1251/1257/12.55-56(12.50-51
Ag |12.12/12.12/12.12{12.12(12.11-14/12.05-07
8 Ll egn
Oc ‘11.b'z;11.65[11.62,11.64;11.63-64111.56-57
Dec [11.64]11.64]11.64/11.64;11.63-65/11.66-57
Closed steady. e
Friday, Feb. 27,
BROt cotton; middiing ita.
£ g g L
LRI ainBl B 180
FD Lovvoiliorooloasoslsnosi]l2,62-63112:39-41
Mh [12.52112.51/12.4912.56/12.65-66{12.47-18
Ap Ll s)i i]19.64-56112.47-48
My [12.56/12.56/12.52(12.53/12.53-54/12.54-55
Jn (12.55/12.00/12.00 12.54 12.53-55/12,55-57
Jy ]12.57/12.5712.52{12.57/12.51-55]12.55-5¢
e b b a 0 i g
Oc 11.6411.6411.61/11.62/11.52-53|11.63-64
De (11.64{11.64]11.62111.62/11.62-63/11.63-65
Clostd Jst--ady.
Satvrday, Feb, 18,
Biper getton; middkng [hc
e 5 R @ &
2 ‘B ’2'2 1 @
[ e a P e
. lo \ l 2 3-“_0 gl
BB | o b o NomiLitai62:63
Mh 12,59 12.59/12.50/12.50112.50-51/12.65-66
Ap [T ] 18 aatoind e
My [12.56/12.56{12.48/12.51/12.48-50(12.53-54
30 Lot ol 01l EAR- 80/ 126355
Jul 12.56112.57'12.49|’12.49;13.49-50112.51«55
Au .....x.....1.....;.....;12.05-08:12.10-14
Oc |11.65/11.66!11.59111.59/11.58-59111.62-63
De [11:5911.5911.59 11.59/11.58-59 11.62-63
Clesed steady,
Monday, Mar. 2.
_ Spot cotton; middling 18¢. = -
; : o X
'i‘f-\ *\i—:‘ g l
- FBIR JINS B 180
Mar [12.4612.46/12.43 12,44 12,43 44/12.50-51
ADP | losssifest aaden s ]12.43-46112.48-49
M'y |12.47/12.47/12.40/12.41 12.40-4112.48-50
din e i e 4040112 A 8 0
Jly [12.4712.47/12.41/12.42 12.42-43/12.49-50
Afg oLu o o (i 1 08- 121120008
Bot [ f b 116866111 80-10
Oct [11.58/11.58/11.51{11.53 11.53-53'11.58-54
Dec bios i eha o 116253111 68-69
| Closed steady.
| Tuesday, Mar. 3.
Spot vntlnn:'ri\riil_lij_»i_l’;'_?x. g
Sl ReaEs
,‘-i'ils%*sl g |3B
Siglaiig & &b
Mh [12.37112.39,12.25/12.2712.26-27(12.43-44
Ao | LiR s
My [12.38/12.38{12.20{12.22/12.21-22/12.40-41
i Fooi e 1201 - 2010 4042
Jly ]12,::9,11:;:» 12.21{12.28/12.22-2312.42-43
A 00l vl 18 - RBITT 0813
gp |iihn i ell 40-BLTTL66
lOc [11.47/11.49/11.37,11.37/11.38-39/11.52-53
Nv loe oLI AT 40H LD 68
I T Closed steady.
is sold, cleaning up receipts as fast as
they arrive at best prices of the season.
It requires at least three to four cars of
oranges a week to each produce house to
satisfy the demand.
. * *
Tangerines are also in heavy demand,
with receipts light.
% - *
No pineapples, exeept a few scattered
crates, were received on the local mar
ket last week. ;
. * *
L.ettuce, snap beans, eggplant, squash
and peppers are all very scarce and
high. Cabbage, turnips, sweet potatoes,
Irish potatoes and onions also are in
very light supply and the market firm.
* * *
Ef‘gs have bheen fluctuating the past
week, caused from the extreme cold and
bad weather, and showed an advance
over former values. Demand shows a
decided improvement from outside points
and operators found the inquiry larger
than expected. Prices range from 24c to
Jsc¢ a dozen, It is the opinion of the ma
jority of local dealers that should mild
weather prevail it will be difficult to
sustain present quotations. It is thought
not likely that values will rise much
more,
* * *
Poultry of all kinds continues in light
supply, with demand heavy at the high
est prices of the year.
- - * .
There was very little life to the
strawberry market the past week. Cold
weather interfered with the demand to
a marked extent. However, there was
increased receipts on the market and
the fruit showed excellent quality, is
well colored and sound. If the recent
s?ringliko weather prevails it will stim
ulate the demand and arrivals will meet
with a ready sale. The market here
ranged about 15¢, 17%c and 20c pe#
quart last week,
COTTON SEED OIL.
Cotton seed oil quotations:
L e LQ_DP_Q![[K-_l_ Closing.
Bpot ¢ oy, s T 151007.80°
March 4 » ¢ o o] 7.18@7.15 | 7.13@7.16
ADril & 4 s & . 7.19@7.22 | 7.19@17.23
MAY s N a 7.29%7.31 7.29@7.30
June o+ ¢, 4 » o 7.30@7.50 | 7.39@7.42
JUuly + 4 2t o srcesane 7.49@7.50
August , 4 ¢ o ¢' sesemsasse | 1.5671@17.59
September ¢4o «| cossragoen 7.58%7.62
OCtODA® , o+ + ] cisinsins | SDBDT 10
Closed quiet,