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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,