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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.