Newspaper Page Text
14
Market Quotations For Week Encling March 10, 1914
REVIEW OF COTTON MARKET
Influenced by further liquidation by tired longs, caused by more unfavor
able news from Mexico, together with a weakening tendency in the Liver
pool market, the cotton market the past week was forced into new low
ground. March position, however, withstood the liquidation remarkably well,
being the only option that kept a'wuy from recent low records, but it touched
12.06, or within 4 points of the low mark established February 9; May struck
11.56, while July reached 11.48. These levels were made Monday, immediate
ly after the opening of the New York future market.
There was a persistent covering movement, led by Wall street and New
York ring professiona’s and the larger spot houses, based on a bullish report
made public by the British Board of Trade for the month of February, show
ing that exports of yarns totaled 18,100,000 pounds, against 16,800,000 during
the corresponding month last rear and exports of c'oths 583,000,000 vards,
against 564,000,000 vards last year. The result of this class of buying forced
the New York future list 10 to 15 points over the low quotations.
The week's range in futures is not worthy of comment, being net un
changed to 5 points lower to % points higher than the closing quotations of last
Tuesday. J
Had it not been for the recent blizzard throughout the belt, which inter
rupted wires, especially in the South and Texas, the market undoubtedly
would have showed a heavy decline, because ho'ders of long contracts who
were unable to get out because of crippled wire service would have thrown
their contracts on the market. Some observers predicted that when wire
service to the South was restored to normal efficiency the New York market
would be flooded with selling orders from scattered holders of long cotton.
The weakness of the market was also attributed in part to bearish
week-end statistics, but the slump in the stock market last Kriday probably
was the chief reason, because \Wall street operators, who are known to ho'd
long contracts in the cotton market, dumped their holding overboard toward
the close of business, as they usually do when stock breaks. The market
made several brave efforts to bull and through these efforts values were sus
tained. Bulls worked on cables stating that business in Russia and Man
chester was good and showed a tendency to improve. This, together with
Liverpool reporting large sales of spot cotton, invited some of the more bo'd
to renew their recent liquidated long lines. "The foreign buying on this side,
believed to be for fresh long account, was concentrated in summer options
and helped to hold May and July around last week's levels.
The statistics showed an unexpectedly large movement of cotton into sight
last week, the quantity reaching 191,279 bales, as compared with only 159,671
bales last year. Spinners’ takings fell sharply under last year's totals, with
102,154 bales, against 146,091 bales in 1913. From the latter figures should be
deducted 7,649 bales destroyed by fire, so that the comparison really ought to
be with 138,452 bales. Even with that allowance there was a decided falling
off. On the other hand, pessimism is growing because the stock market can
not advance. Money is cheap, however, and there is a feeling among the ma
jority that business will become more optimistic as soon as some definite
steps ure taken in the Mexican situation. The several bearish factors that
have developed the past week have shaken confidence, and, combined with the
uncertainty of the Mexican situation, have created a pessimistic feeling
that loks like lower prices temporarily. There is a large short interest in
the cotton market, both here and abroad, which will hunt cover on any fa
vorable news from across the Mexican border. In line with this, spot peo
pie say spots are not giving way, and that better grades are hard to buy at
all. If the spot situation holds ground, as it has done for the past several
months, there need be no fear, it is said, of any decline of consequence in
future contracts. This theory is based on the report that Neill Bros., of Lon
den, contend that their estimate of consumption—l4,7so,ooo bales of Ameri
can cotton—is too low. They believe consumption will exceed these fig
ures.
In some quarters it is said it will take new crop developments to have
any effect on prices If that assertion is worth anything, prices should
soar, because wires from Texas, @spec.ally in the Paris district, say that that
part of the country is three weeks behind with the new crop and further
bad weather will make delay serious. Coupled with this, the weather in the
South has been too cold and rainy for farm work, and, as the forecast i§
for the same kind of weather in the near future, the trade can count on a
late start in this portion of the cotton area.
The immediate outiook is not encouraging to the bull element. The mar
ket has shown lack of buying pdéwer and the larger intersts are either in
different or cpenly against values. At the moment the market is beginning
10 feel the weight of the surplus of low grade cotton. The New York stand
ards of the lowest and the prices of the futures are the cheapestin the world,
and for this fact the New York market is the first to feel the weight of
unabsorbed staple.
Sentiment continues favorable to the bear side, who have had the best of
the battle for some time, arnd it is likely there wiil be further pressure
from that element, because they are contident of their position, and it will
certainly take considerable resistive power from the bulls to check their
steps. There was some discussion the past week as to the size of the crop,
but this issue is a dead one, as every one has become acquainted with the
fact that the crop of 1913-1914 has long ago become a settled question
14,700,000 to 15,000,000 bales.
NEW YORK, March 10.--Business
was active at the opening of the cotton
market to-day and first prices ranged
net unchanged to 4 points lower than
Morday's close. After the call a good
demandd developed for spot cotton, caus
ing a rapid advance of 8 points for May,
which touched 12.33, or 27 points higher
than yesterday's low mark.
On the bulge May reached 11.75, while
July struck 11.68. Other positions were
in fairly good demand and advanced 4 to
7 points from the opening ranke. On the
rally shorts covered rather freely. The
South sold here, but the offerings were
chiefly absorbed by commission houses
and the early advance was maintained
until about 11 o'clock, when scattered
selling, which was thought to be profit
taking by those who purchased on yes
terday's decline, forced prices some 1 10
6 imlms down from the high point.
JAverpool cables were diigppolnglnz.
Owing to the partial r sumfitmn of
wire service there was a marked im
provement in the volume of business to
day. However, wires are not yet normal
and the be ief is expressed in conserva
tive quarters that as soon as better
wire service exists further liquidation
will follow, which will probably cause a
further depression in values. Sentiment
is still favorable to the bearish element
and real*true support is lacking. The
buying in the early trading was con
fined chiefly to Wall street operators,
who have sold this market the past
several days on account of the reaction
ary tendency in stocks.
Waco, Texas, says the Exporters and
Traders' Warehouse and Compress Com
pany in east Waco, was destroyed by
fire to-day and the loss includes !he‘
$lOO,OOO plant and 5.000 bales of cotton
in storags. and gn wharves. In addi
tion to this 'l'ex‘x,bx wired that another
spell of bad weather is in sight, which
will delay crop preparation further
At the close the market was firm, with
prices at a net advance of 3 to 20 points
from the final quotations of Monday.
NEW ORLEANS, March 10.—Liver
pool advanced 4 points on futures and
spots with larger sales, total 10,000
bales. HKutures were due 6 to 7 points
hth but if the adjustment of mar
két relations I 8 now in progress, as
seems likely, Liverpool was good
enough New York can not forever re
main 11 points under Liverpool, which
is 50 ponts more than normal and con
ducive t loss of stock in New York.
Our murket opened slightly easier, but
soon Bteadied on the firmer tendency
in New \York The sudden turn to
pronouncea strength yesterday after
neon was a reminder of the fact that
there are 'wo sides to the market and
that opposition might be successful at
this level seiling i 3 consequently more
TUESDAY'S ReEVIEW
cautious, also on account of weather
prospects.
New York wired that there is con
siderable short interest in that market
and that it was disturbed over the bull
ish spot reports from the South. As
May and July in New York are $7 to
$lO under spot prices in the South, the
danger of New York losing stock is ap
parent. Spots here are reported very
steady, with better grades higher to
buy. The revision cammittee will meet
to-marrow, the premium on medium and
lhigher grades is likely to be increased.
SPOT COTTON MARKET,
Atlanta, steady: middling 127%.
Athens, steady, middling 13%.
Macon, steady; middling 1314,
New Orleans, quiet; middling 12%,
New York, quiet; middling 13.10.
Boston, quiet; middling 13.10.
Liverpool, easier; middling 6.96 d.
Savannah, quiet; middling 127%.
Augusta, steady; middling 1315.
Charleston, steady; middling 1314,
Norfolk, quiet; middling 123,
Galveston, steady; middling 121,
Moblle, steady; middling 12 7-186.
Little Rock, quiet; middling 18c.
Baltimore, nominal; middiing 12%.
Bt. L.ouls, qulet; middling 13%.
Memphis, steady; middling 13c.
Houston, quiet; middling 12 7-16.
Loulsville, firm; middling 12%.
PORT RECEIPTS.
The following table shows receipts at
the ports to-day compared with the
same day last year: -
g oI ] g
New Orleans. . . 8,444 5,246
Galveston. . . . . 14,093 7,864
MODRD: - 3 ¢ . 4 1,654 365
Savannah. . . . . 3,083 3,121
Charleston. . . .| 332 145
Wilmington . . .| 345 177
Norfolk, . . . « .| 240 807
Boston, o« + ¢ o sleescevasans 10
Various, . s . . .l 456 1,492
TotMl, +s 3 i 28,5646 | 19,224
____INTERIOR RECEIPTS.
I 196 1 in%
Houston. . . . . . 6,892 | 5,272
Augusta. « « +» ¢ . 720 | 423
Memphis. . ¢ ¢ + « 4,074 2,673
Bt. Louls. . 4 + 3,578 1,179
Cincinnati. . , . f, 742
Little Roek . . . .1..........] 292
_Total. ... ..l 15264 | _10,581
BAR SILVER. |
NEW YORK, March 10.-Commercial
bar silver, 58 ; Mexican dollars, 45%0.1
LONDON, March 10.—Bar silver quiet
at 26 13-18 d.
THE GEORGIAN’S NEWS BRIEFS
NEW YORK.
Spot cotton; middling, 13c.
_Spot cotton; middling 13c. *
d . © ]
+LSI 1 8187 B |6O
Mh ‘12.09512412.12.06,12.10“2.08-09.12.09—11
My !11.60‘11.68i11,60‘11.66|11.65-66;11.65-66
Jly ’H.G1}11.68i11.61“11‘66‘,11‘65-66‘11.65-06
Ag ‘11.50,11.54“11.50511.54111.53-54‘11.53-54
Sp |IL32 10@SI1L1B811.82) 500 vealvii iv:
Oc [11.2911.32/11.28{11.30,11.30-31/11.30-31
De |11.3211.36/11.3211.23/11.33-34/11.54-35
C'losed steady.
Thursday, Feb. 2h
__Spot cotton; middling, 13c.
& : i © ]
¢ [wl] 3186 @ o
a - ol my o 5 %o
o X <1 de o a 0
Mh [12.17/12.17/12.14 12.15/12.16-17/12.08-09
Ap ol il ol 1185901118900
My ;.‘ 1.6911.73 11.6911.73/11.72-73/11.65-66
dn Lo el 1T.70-12111.66~68
Jly 111.GT_1L72:11.67j11.71{11.70-71:‘11.52-54
Ag [11.58/11.6411.58/11.58/11.58-59/11.53-54
Sp [11.4011.40/11.40/11.40 11.39-41/11.36-37
Oc¢ ;11.35 11.36 11.23/11.35{11.34-35/11.20-31
De 111.39111.41'11.31‘;11‘39111.38-39}11.33-34
Jn_ [11.33]11.83{11.33/11.3811.32-34]........
Closed steady.
Friday, Feb. 27,
Spot cotton; middling, 13c.
o g . i ® oy
® » @
l*"[E\hl : ‘-“
o || Qunl B o
Mh .12.19;12.22;12.13) 12.16{12.16-19(12.16-17
My 11'1‘74 11.77/11.65/11.65 11.65-66/11.72-73
o 00l il o -GBl 7012
Jly [11.71/1.74/11.61/11.61/11.61-62{11.70-71
Ag ‘11.60‘11.62111.53 11.63/11.50-51/11,58-59
Oc [11.36]11.38{11.28/11.28/11.28-30{11.34-35
De :11.40111.41‘11.39 11.41{11.33-34/11.38-39
In 00l iahaain [11.21-29 11331
Closed easy. 5
Saturday, Feb. 28.
Spot cotton; middling, 13c.
e ey i
e e
o . . v ;9
tlelew 1]
__lolkld Jd] & |&5 _
Mh [12.19/12.19/12.07/12.11(12.11-12/12.16-19
My (11.65/11.65 11.56;11.59,11.58-59‘11.65-66
Jly 111.59/11.59(11.52111.55/11.55-56,11.61-62
Ag [11.47/11.48 11.45/11.47/11.47-48/11.50-51
Oc [11.26[11.26/11.23/11.25/11,25-26(11.28-30
Dc [11.30i11.30/11.27 11.3(1}_1.29-1(! 11.33-34
S
Spot cotton: middling, 13¢.
L
1 IBI3IM. G |OO
Mh [12.15/12.27/12.0612.26{12.25-26/12.11-12
Ap: Lot oot il RGsOOll N -18
My [11.6111.71,11.53 11.71/11.70-71(11.58-59
Indeiii et o o) 41X.64-66111.54-50
Jly [11.51(11.62/11.48 11.62/11.62-6311.55-56
Ag [11.42/11.55/11.39/11.55/11.54-55/11.47-48
Sp 11.27/11.27/11.27/11.27{11.34-36/11.30-31
O¢ (11.29/11.30/11.19,11.30/11.29-30 11.25-26
De 111.26/11.34/11.36 11.34/11.34-3511.29-30
Jn_ [11.22{11.32{11.26/11.26{11.29-31|........
T Closed steady
Tuesday, Mar. 3.
Spot cotton; middling,.l3.lo.
| o
! g “ é .
(£ 8| x]ue| B |8
iBR 3138 O.| &8
Mh ]12.25/12.37/12.25/12.37|12.36-37{12.25-26
Ap [11.8011.80 11.80/11.80,12.05-08/11.85-90
My |11.6811.79/11.6711.7911.78-79/11.70-71
Jn 11.59/11.59/11.59/11.59/11.71-75/11.64-66
Jly 111.5911.70/11.55/11.69/11.69-70{11.62-63
Ag 111.5011.57 11.49/11.56{11.58-59/11.54-55
Sp 11.4011.40:11.40 11.40 11.43-45/11.34-36
Oc {11.28/11.39{11.27/11.39{11.38-39{11.29-30
De 111.34'11.49/11.32]11.48 11.48-4911.34-35
Jn 11.29{11.32;11.29 ll.llil]_»‘.:{-«t:’v 11.29-3_!
“Closed firm.
COTTON GOSSIP
NEW YORK, March 10.—There was
some further short covering on and
after the opening by Wall street oper
ators which saused a rally. After this
class of buying was over, the market
eased off on general liquodation.—J. M.
Anderson,
- * ‘
South Texas ®& sending in unfavorable
new crop advices, and prospects are for
another cold wave. New crop matters
are delayed in early planting sections.
This gives the old crop additional merit,
* - *
»
Western bears are credited with be
ing large sellers the past few days.
Wall street and Baruch have sold rather
freely of late.
5 9
Distant positions have been in good
demand for several days. ‘Traders claim
that they will prove cheap in the long
run,
oo <
Prominent srot houses in Georgia say
that very little can be said regarding
new crop outlook. Winter moisture has
#een ample and work Is well advanced.
alk of scarcity of seed is not borne out
by facts and farmers are assured of
suffiicent for their needs, but reserves
are small and should first planting be
lost there would be some difficulty in
replenishing.
& . .
The Espy Cotton Company, of Savan
nah, writes under date of March 6
“port and interior stocks are both
larger than last year, but analysis of
the details shows that the excess is all
stocks at western ports and interior
towns. Stocks at eastern points are
smaller than they were a year ago, al
though the fact that the crop is larger
in the eastern section would naturally
lead to the expectation of reverse con
ditions. This is a consequence of the
superior quality of the eastern crop,
causing it to be preferred by the mills,
The remainder of the crop in the east
ern section is generally of very good
guulity, with inferentially ()Ypoalts- con
itions elsewhere. While holders in this
section have usually shown a readiness
to meet the market, they are indisposed
to make material concessions in obe
dience to declines at speculative centers,
This failure of our spot market to re
spond to the rather decided weakness
in New York futures would argue that
spinners will find contracts an inade
quate hed%e against prospective require.
ments. here is no assurance that
contracts either in advancing or declin
ing will maintain a uniform parity with
spots, and there is no probability that,
satisfactory grades would be tendered
NEW ORLEANS.
Wednesday, Feb, 25:
__Spot cotton; middling, 12%ec.
i:|¢ ¢ i @
flglelsg 15
. [oilew o A Tawl D 1 e
Mh |12.22/12.36|12.22/12.35(12.56-38 12.26-27
Al el g agiashio 8697
My [12.20(12.18[12.19/12.28/12.27-28/12.1-22
Jly [12.21/12.29/12.21/12.28/12.27-28/12.22-23
‘Ag |ll.BB/11.88/11.8811.88/11.85-88/11.81-83
Sp ].....!.....1.....!.....511.54-56111.49-:.1
Oc [11.4011.45/11.39/11.44 11.43-44/11.38-39
Closed steady.
Thursday, Feb. Zs.
Spot cotton; middling, 12%¢c.
€ £ ve 3 | s
iz l:’» sy
C4o Q | o
Mh 12,4412 46/12.40/12.46 12.46-47 12.36-38
&n Lol il nlil cng46-43112 36-38
My 12.34!12.36*12.30’12.36;12‘35-36112.27-28
Jn Ll aaali i S 8 45-47112:81-28
Jiy 112.33112.37/12.31(12.37|12.36-37/12.27-28
AR vl coen 1193 11.92-95 11.85-88
8p [.5 e ondleovaa)s 20 111.61-63111.64-56
Oc¢ |11.49/11.50,11.47/11.50 11.50-51 11.43-44
De ».....'....]....,1.....=u.50-51‘n.4:x-u
gn DL e e-6a L 4 4s
Closed steady.
Friday, Feb. 27.
Spot cotton; middling, 12%c.
{ | =
il 8 s
als] ol 15
LR R AIRE 8 KT
Mh [12.4712.31112:43]12.46 12.45-46 12.46- 17
My [12:36/12.37/12.23/12.26 12.26-28/12.35-38
Ty 112.35/12.37/12.23(12.26(12.26-26{12.36-37
Ag :.A...‘12,95 12.89 12.89 11.84-86/11.92-95
Sp ot 00l 1260 5511181068
Oc [11.50/11.50 11.38/11.42 11.42-43111.50-51
De ‘.....‘v.....!.....1...‘.fn.40-42;n.50-51
In 00l bk o 11.43-64111,61-58
Closed steady.
Saturday, Feb. 28.
Spot cotton; middling, 12%ec.
i 4 @
|§l’|"33t : l
o -S -7 O &
Mh [12.4412.45 12.34/12.34 12.34 [12.45-48
My [12.24{12.26]12.18(12.21/12.21-22{12.26-28
Jly 112.24/12.25/12.15/12.18/12.18-19/12.26-28
Oc [11.37‘11,41511.37*11.3m11A37-35!11.42-43
De [11.37/11.37/11.37/11.37 11.36-37/11.40-42
Ik Lk bl 11188401 114344
Monday, Mar. 2.
Spot cotton; middling, 12%¢.
: ; ; - © ]
SIE | 3133 2 e
Mh |l2/32]12.37]12.27[12.37|12.47-48(12.34
Ap ook ol ee 112:47-49(12.335 35
My [12.18/12.35/1255/12.34/12.33-34/12.21-22
dn it 1231 -92119.91 93
Jly [12.14/12.32{12.11{12.31/12.32-32(13.18-19
AL I TNL TN 94T .. L 1117619
Bp Lsl 0111.67-68111.48-60
Oc 111.35/11.48/11.33{11.47 11.46-47/11.37-38
Dec [11.35/11.48/11.33/11.48/11.46-47/11.36-37
Jn bl b 113 4140111 3840
Closed steady. .
Tuesday, Mar. 3.
Spot cotton; middling, 12%e¢.
80kt ~._T._ R S
; | : .
‘i‘fiiz"*z : B
Elgizlssl 5| k 8
Mb |12.43 12.49/12.43)12.48 12.46-48/12.47-48
Ao |5 o R A6-GR]Ta AT 40
My 112.31/12.37/12.29/12.35/12.35-3612.33-34
T el ) i12.36:8018.81-82
TNy [122912.35(12,26/12.33(12.33-234/12.32-33
Ap bt e TRO 63) L
8o |l Gl L ]11.68-64111.67-09
Oc [11.45/11.52{11.43[11.51/11.51-52]11.46-47
Ny |l ol 116168111, 46:48
De 11441153 11.44/11.51 11.51-52111.46-47
" Closed steady.
in case the contracts were carried to
maturity.”
s
NEW ORLEANS, -March 10.-—Hay
ward & Clark: The weather map
shows cloudy over the entire belt: no
precipitation. Indications are for gen
erally unsettled and rainy weather in
the belt, except fair in Florida and
Georgia. Cold wave for North Texas,
Oklahoma and Arkansas. Rainstorm in
dicated for North Texas and West
Texas, possibly moving eastward to
morrow.
ADOOT GOR — METE . ~ kvq ....s
* * *
Sterrett Tate says: “‘There is very
fittle change in the situation, Some
good buying, saidMo be by Shearson’s
brokers ana Riordah, with shorts cover=
ing because ring was caught short, has
caused this rally, but I think it is only
temporary.
‘““T'here has been a little cotton liqui
dated when May and July went around
11.50, but not enough to change the
technical position, 1 rather look for
more liquidation and lower prices he
fore the ginners' report, but cotton on
the last decline was getting down {o &
basis where it could be conservatively
bought, even if it went lower., October
and December around 11¢ is cheap }§
am afraid May and July differences are
an uncertain quantity. On liquidation,
we may have May go down below July,
but with so little cotton here we may
have May go down below July, but
with so little cotton here, you may
see May prove a spot option, just as
March has been, to attract cotton to this
market, The long interest in May is
very large. I have every reason to be
tieve Philadelphia and other spot
houges here are heavily short of this
option.”
* * -
50 b
Washington wires: “Directors of Cen
sus Bureau announced that linters will
not be included in production figures of
the crop and the totals of the report
on March 20 will relate only to lint
cotton and will not include linters. In=
formation as to the production of %linte
o>rst. however, will be given in a foots
note."
COTTON SEED OIL,
Cotton seed oil quotations:
Bpot . Lo L e | TR A
Mayeh ] 7.18@7.20 | 7.17@7.20
April o , , ~ .| 7.24@7.26 | 7.23@7.26
May . ~ . ..l 7.3007.32 | 7.30@7.31
June , , , , .| 7.40@7.43 | 7.40@7.42
Yy oy | 7.50@7.51 | 7.50@7.51
August . , ~ .| 7530180 7.5727.59
September , . . .| 7.60@7.63 | 7.61@7.63
October ~ . . . .| 6.90@7.25 | 6.95@7.25
Crude southeast .| cerineens | 6.'.0_7,-__
Closed barely steady; sales 8,800 bbls.