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14 Market Quotationl For Week Ending March 24, 1914 REVIEW OF COTTON MARKET I'ne wave of bullish sentiment ghich struck the cotton market recently has not abated to any extent and ¢s a conseque¢nce new high records for the movement have been established in every o[?tion on both the New York and New Orleans future contracts markets, as well as the English market. While (he advance in the actual market has been of less importance, prices remain firm and fractionally higher in most instances. The continued advancing tendency in the market was solely due to fur ther covering by shorts, ‘The phenomenal strength of old crops positions, es pecially March and May, was the result of extensive buying by traders who had hedged purchases of other months with these positiors. The highest point reached during the week was recorded Monday, when March New York struck 12.14 on the first sale, and May 1231 and July 12.08, These levels represented a net gain of 46 points for March, 18 for May and Z 5 for July, or 800 to $2.30 from the final quotations of last Tuesday. New crop positions were in moderate demand and followed the advance, with the week's range showing a net advance of 5 to 7 points. The South bought moderately, but brokers identified with the larger spot interests, supposedly McFadden, were the principal absorbers of March and Mav. It was romored that a large spot firm has made a settlement with trad ers who were short about 20,000 bales of March. New York contracts, but, this, if true, did not have any depressing effect upon this option, which it nai urally would have, unleas a large amount of shorts remained to be covered. It is believed theer is still a large short interest in the old months, whicr will come out, carrying the list higher, as the stock of cotton in New York ware honses is understood to be small and under the control of a large Philadel phia spot interest, The selling has been scattered, coming from Wall stheet, commission houses and longs. Sellers were satisfied with feeding the market bits at a time, and at no period was the market subject to bear pressure. very one seemed (o be reconciled to the theory that the bull movemnent has just begun, and every one holding contracts, especially old crops, would receive better priceds if they stood pat, and it seemned as if every one chserved the tip. Those inclined to the bull element argued that the statistical position of the market contirued bullish and justified a further upturn in values. lixports continue large. Galveston exports were £O,OOO bales Monday, and the amount o far for the current week is already more than 50,000 bales more than lasi year. The loss in stock is large. This, together witl® the burning of 60,000 bales at Bombay, India, valued at $2,500,000, also encouraged bulls in their aggressiveness, The most potent factor used by the bulls during the week was the be lief that shorts will continue to even up their lines, especially until after the March position passes away, and it is generally conceded that there will be some brilliant fireworks to be set off on that day. However, it may be to the reverse, hecause it is a fact that there is a long interest in the option, which mig%:l be cast upon the market, of sufficient size to satisfy what shorts there are in the spot month. The three old months are in a beautiful tan gle of switches and straddles, and the man who can make any money out of this must be nimble. However, the most radical bulls are talking 13%c for May, or a price in that neighborhood that will attract tenderable cotton to th» Northern market. It is understood that the board of managers of the New York Cotton Exchange will not interfere with the work of the classifi cation committee, and it is said there will be no change in the rigiil inspec tion in vogue at present. 5 'he Census Bureau surprised few cotton men Friday when they pro mulgated the last ginning report of the season by pntting the amount of cot ton ginned during the season of 1513-14 at 13,964,481 bales, exciuding linters, as compared with 13,488,539 bales last year, as every one familiar with cot ton stalistics had previously anticipated a report in that neighborhood. The figures, however, were generally construed as bullish, because it only meant a crop of 14,591,000 bales, including the 629,014 linters nrade public last Thurs. day, against an estimated consumption of 14,750,600 to 15,000,000 bales. The report was construed more bullishly Monday, based on a statement from Liv erpool that there were fully 1,000,000 bales of untenderable American cotton in the current crop, which, it is believed, have been mostly hedged in old crop positions. Nevertheless, the report shiowed the second largest crop of cotton ever grown in the United States. Probably the most interesting feature prevailing in cotton circles last week was that the New York Cotton Exchange unanimously voted acceptance of the CGovernment types of cotton grades to become operative Aprit 1, 1915, The weather in the cotton belt is attracting considerable attention day after day, anl, although it is too early to begin Kkilling the crop, there are many operators who are getting uneasy about the low temperatures in the South. As a whole, the weather conditions have not been unfavorable and n Zood season in the ground seems assured. Trade conditions in the dry goods line have been fairly good during the week, and it is said the demand fromi China has been better than expected and prospects for a larger business are good. ) In view of the unsettled political situation, on both sides of the water, it is nat likely that a big buil movement will be started soon, unless new crop developments get alarming. However, the most conservative operators ad vise thes purchase of cotton on every recessions for moderate profits, TUESDAY'S REVIEW. NiZW YORK, Murch 24, —lnfluenced by ' better Liverpool cables than due, the| cotton market opened steady to-day and | first prices were net unchanged to 8 points higher than DMonday's (-!ns'.l Business was light. | The realizing of yesterday seemed to have run its course and the buying was chiefly covering short account, although the larges spot interests took some cot ton, which was said to be the resuit of a Dallas, Texas,- telegram, stating that IZastern spinners were in the mar- | ket there for option, Offerings were very ighs and only those who had profit cared 1o pa:t with their contracts. it was the belief of the majority that July would sell above he 12-cent level before the session ended. On the bulge March touchd 13.08, or 7 pouints higher than the opening quotation, while Muay ad vanced 8 points to 12.28 and July 2 to 11,99, 'l'he market held steady around thvs«- levels throughout the early ses sion. Contracts were supplied rather liber ally during the afternoon session, con ing mainly from Wall street operators, who are thought to have sold the mar ket short, believing a reaction is in or der. (Commission houses also furnished the market with cotton, which depressed the list several points from the initial high levels. Old crop positions, how ever, held the early advance fairly well, and at the close they were 4 poinis higher, while new crops were 1 to 4 points lower than the final quotations of Monday. listimated cotton receipts: Wednesday. 1013, New 0r1ean5....... 5300 to 6,000 5.167 Galveston . veesss 1,000 to 8,000 4.528 NEW ORLEANS, March 24,—The map sthows cloudy and warmer weather west of the river, fair and continued cold in the ast, with light to Killing frost; no precipitation: indications are for tair weather and continued cold in the Atlantics; cloudy, unsettled and warmer in the remainder of the belt, with rainstorm coming on the North western quarter, likely to be followed by another cold wave toward ‘Thurs day. linglish consols show a further ad vance of 7-16, " indicating better poll tics. Liverpool came in better thanp expected, with futures about 2 points higher than due; spot prices 2 points lower, sales, 8000 bales. The ‘Texas movements gives signs of exhaustion. Houston receipts (o-dd) are only one-third of last year. The drop in the movement will be fully real ized from next week, when receipts Jast yvear increased during April, There was a great deal of smaller liquidation in our markets vesterda) anud a stronger tone to the market this morning. First trades were at an ad vance of 3 to 4 points with a disposi tion to improve further, whigh was only checked by the fear of the bearish at titude of New York. The difference between futures and spot prices in New York and Southern spot values has seldom been so great and the adjustment so long delayed in the face of the plainly bullish supply facts, Spot holders in the Scuth con tinue firm and spots are not giving way 10 any extent. The market developed a stronger tone as the session progressed. Any little buying causes advance. The possible consequences of a bad start for the next crop are being given considera tion, The comparison of expansion in consumption and rroductlon has been ltflkln;{v bullish in the last decade, The Orient and the Dark Continent pre. THE GEORGLAN’S NEWS BRIEFS sent an enormous possibility for devel opment in consumption, while the pro duction of cotton has become increasing- Iy Qifficult by the advance of popula ticn and education, SPOT COTTON MARKET. Atlanta, steady: middling 13%. Athens, stcady, middling 13%. Macon, steaay; middling 1314, New Orleans, steady; middling 13 3-16, New York, quiet; middling 13.50. Boston, quiet; middling 13.50. Liverpool, steady; middling 7.114. savannah, steady; middiing 12 15-16, Augusta, steady; middling 1314, Charleston, steady; middiing 13%. Norfolk, steady; middling 13e. Galveston, firm! middling 13c. Mobile, firm; middling 12 11-16. Little Rock, quiet; middling 13ec. Baltimore, nominal; middling 12%, §t. l.ouis, quiet; middling 131, Memphis, steady; middling 13e. Houston, steady; middling 127 g. Louisville. firm: middling 1214 Dallas, steady: middling 11 15-18, PORT RECEIPTS. The following table shcws receipts at the ports to-day- compared with the same day last year: e T AL B New Orleans, . .| 6,974 | 4,632 Galveston: .. . .| 8,672 | 4.391 Mobile. . . . . 773 | 8§45 Savannah, . o . . 2,400 1,997 tharleston: . . - 11 255 Wimiagton « s . | 741 216 MNOPIOYRS o < 10 998 New-xanke - ol e 166 BoRlSY: .. o 682 113 Pacitic coast ~ ' 3,729 AT Y Total . . . . .. 21,694 | 23309 oo S INTERIOR MOVEMENT, Haupe 5 I e |aB Houston: .4 i, 2,558 4,085 Augusta. . o o oo 420 215 Mombhls. . . 702 1,653 Bt. Lonuis, «« » ' 1,589 461 Cincinnati. ... .| 792 . 639 Little Rock . o o ihoiiinisnsdd 227 Totel . 0 o 6,041 | 7,780 COTTON GOSSIP NEW YORK, March 24.—The heavy buving at the opening of the cotton market by . K. Cone was the principal feature. e bought 10,000 bales for Mc- Fadden. Waters sold him 2,000, & * > The undertone of the market con tinues steady and the local crowd looks for higher prices. * * o Manchester reports yarns very active. " * - UNDER N ORELANS LEAD.. .. .. .. Waco, Texas, wires: ““Weather and fr«»und ts much teo cold for planting. “urther bad weather will make deldy of congequence.”’ » * " NEW ORLIZANS, March 24 -Hayward & Clark: The weather map shows cloudy in the western half and fair in the eastern half of the belt. Warmer west of the river. Continued cold in east, with lith to kllllnf frost. No rain. Indications are for fair and con tinued cold in the Atlantics. Cloudy, unsettled and warmer over the rest of the belt, with rainstorm coming in North NEW YORK. Wednesday, March 18, Spot cotton; middling, 13.25, 3 5 9 ISI R aRF 6 |BO Mh [12.54/12,6912.54]12.65/12.65-66/12.51-55 Ap ‘12.25;12.2551:.:5313.:5{........112.15-20 My |11.9812.04111.96/12.08]12.08-05/11.95-96 Moo e 90-93N1 80 88 Jly {11.79111.88{11.77/11.87/11.87-88/11.77-78 Ag |11.62/11.70/15.61/11.70/11.70-72/11.61-63 Sp (11411141 11.41/11.41/11,42-43(11.36-37 Oc. |11.31/11.37/11.31.11.36/11.36-37{11.30-31 De [11.38/11.45/11.38(11.45(11.44-45/11.38-39 Jn_ El]..’i;:_’l]_fsi,]lfl:!‘l_lj:{ill‘fls-fl;l_l_..:_;}fl " Ciosed. steady. Thursday, March 19. Spot cotton; middling, 13.15. c c g . N a v - : ¥ | Sis%| 2| &2 o T I dlant O oo Mh [12.78(12.79/12.73[12.79|12.70-73(12.73-75 Ap 00l ol o hato-tane ITe My (12.62(12.62(12.53[12.53{12.58-54/12.53-56 dine esl o e T6B 5b112 4668 dly [12.48/12.50{12.41/12.41/12.41-42/12.44- 45 A |.....f............|.....xn.a5-sr:n.ss-m Bu Lol oleiahi el ITTRGCATITI,6I-68 Oc [11.55/11.56{11.48/11.48/11.48-49/11.50-51 Nv |.4...'.....1.....|,....u1,18-50‘11.50-5: De [11.54/11.54]11.51/11,51/11.47-48/11.49-50 “Closed steady. e Friday, March 20. Spot cotton; middling, T 3.35, . ‘ . S |8 | g¢| 8§ |33 - - 3; 2 of o T |4 Sol O o Mh [12.83{12.95[12.82[12.9412.93-94]12.70-71 Ap [.,...1.....:r.‘.“5.....<12.z:»-33!12.17-z:z My [12.43/12.25112.12/12.20(12.19-20{12.08-09 Jn ;,....!.”..?.....;.....511.91-12;11.88-92 Jly 111.94/11.98/11.89/11.95/11.94-95/11.85-87 Ag ‘11.7511|.5r311.75!11.7&11.77-78'11,70-72 Sp |n.45|11.48i11.48:11.48\u.;7-49!11.4:-44 Oc [11.44/11.47/11.40,11.4311.43-44/11.37-38 De (11501154 11.46/11.48/11.48-49 11.44-45 Jn 1143111 4211.43 1143111 43-44111.39-10 Closed steady. T e e Saturday, March 21. ’ Spot 1,-01'.nn;‘z_niddllng. 13.50, | | 16|« 48| 5 |3t s > °Sa 2 A _cloldlig Jel D Lab Mh ([12.97/13.09]12.97113.0613.06-08{12.93-94 Ap o N 240-60119.29-38 My [12.22{12.80{12.20/12.27({12.27-28/12.19-20 guit liaal o) NYOT-10TT DO2 Jul [11.96/12.0311.9312,03(12.02-03 11.94-95 Au ({11.79/11.82/11.77 11.82/11.82-85 11.77-78 8b 1 e 115254111 47-49 Oc [11.44/11.48/11.42/11.47/11.47-48/11.43-44 De (11.49(11,52/11.4%11.52/11.52-53111.48-49 Ja_ 1043114611 42/11.46/11.47-4911.43-44 Closed steady. Monday, March 23. - Spot cotton; vniflgifi!il:.g;_l::,fn{).‘ ; . 3 o -0 IR Al B A 0 Mh [12.14/13.14{13.0013.00/13.00-01/13.06-08 Ap (12.40(12.40[12.40/12.40,12.33-40/12.40-42 My (12.30(12.31]12.20{12.40{12.20-21|12.27-28 Ih e 12.00-02112.01-10 Jy 112.07/12.08/11.95{11.95{11.95-96112.02-03 Ag 11.89111.80/11.78(11.78/11.76-77/11.83-85 Sp {11.45/11.45{11.45/11.45/11.43-45{11.52-54 Oc 111.49/11.49{11.38/11.38{11.38 [11.47-48 De [11.52]11.53(11.4411.4411.44-45111.52-53 Jn [11.42{11.43111.40{11.42111,28-40'11.47-49 " Closed barely steady. Tuesday, March 24 Spot cotton; middling, 13.50 2 3 2 9 »$ g 9\ S‘i%l g ‘zé’ o Bl a Qe 0 MO Mh (13.02/13.10{13.01112.04-05/18.09-13.00-01 \\l:: A 00l o 0 |13.87-45113.33-40 - 112.20112.30112.20 12.24/12.24-25/12.20-2 \l‘n‘ '}2.0312.05-‘.TLOR‘\Z.‘)'.!']‘.!.(H—()K 12.00-02 Jy 11.97/11.9911.93/11.95{11.95-96 H.S_)q-s_t(_i 7 79111.74/11.74/11.74-756/11.76-77 ge IR eaB Oc [11.39/11.39(11.34{11.85{11.34-35/11.38 De 11.46/11.47/11.41/11.42/11.41-42111.44-45 In 11.39/11.39/11.35/11.38/11.37-38{11.38-40 " Close steady. Texas, Arkansas, North Louisiana; showers in the central States. e The New Orleans Times-Democrat says: ‘*Yesterday's sharp reaction in the more or less distant months was entirely natural, for the talent is pro foundly beatish in the main, and will consequently sell anyvthing that need not be converted from chalk to cotton at once. To a mass of men in this frame of mind, it matters not that the actual stuff is going cut of country at an al most unparalleled rate. nor does ! destruction of 60,000 bales at Bombay count at all “An oll® toper declared that some brands of whisky were better than others, but no brand was bad. So, too, the modern bear seems to think any price for cotton is good, though he would, of course, prefer 14c to 10c as a starting point. But it is most tunate that sellers of discounts are so numerous and so brave, for an unen durable tension would else exist in the spot market. As it is, the mills may spin the last bale of this vear's erop and vet rest secure in the Knowledsu that there will be an ample supply for The New York Financial Chronicle savs that it is rumored that Wall street shorts settled privately for 50,000 March short at 60 points over May., Certifi cated stock around 60,000 bales and 28,000 bales were rejected as tenders, LOCAL STOCKS AND BONDS. Bid. Asked. Atlanta and W. Point RR.136% i Atlanta Trust C 0............. 97% 100 American Naticnal 8Rank.....210 220 Atlantic Cea] and Ice common 91 92 Atlantic Coal and lce pfd..... 8315 90 Atlanta National 8ank.......285 %90 Central Bank and Trust Corp 138 145 Exposition Cotton Mi 115.,.......... 150 TFourth National Bank .......2710 27% Fulton National 8ank........130 ..., Georgia Ry. and Elec. .......119% 12134 Georgia Ry, and Elec. pfd.... 962 94 Georgia Ry. and Power com... 181 2015 Georgia Ry. and Power Ist pf. 80 81 Georgia Ry & I"ower, 2d pfd. 3313 3314 Lowry National Bank .......240 245 Realty Trust Co..cvivvernennns 88 90 Third National 8ank.........276 280 Trust Co. of Ge0rgia.........230 235 Bonds. Atlanta Gas Light Ist §5......100 ...., georfiia State 4%es, 1915......100 100 Ga. Ry. and Elec. cons. §5..,10134 102 'Ga. Ry. and Elec. ref. 55..... 97% 88 Atlanta Consolidated 55......104% ..., NEW ORLEANS. Wednesday, March 18, Spot_cotton; mlddling.__m.ou, o i 3 . L ¢ . __.,o*s__-.-_3_~lw__f-‘_.__9fi“ Mh 62.68;12.70‘12.67‘12.70'12.73-75 12.59-60 Ap .....*.A...1.....1.....12.73—7512.59-61 My [12.41]12.55/12.41{12.55{12.56-56 12.40-41 IB oo vonlssnmlesnnsls s »e:|18.64-56/12.40-43 Jly [12.33{12.44]{12.33(12.44 12.44-45/12.32 Ag || ] ]11.98-12111.86-88 Sp ‘...A1.....i.....1.....11.61-63}11A52-54 Oc [11.4411.5011.43|11.50 11.50-51/11.41-42 De j11.fl,11AL8i11.41‘11.48111.49-50§11.41-4'.: e i R Closed steady. i R Thursday, March 19, Spot cotton; middling. 13 1-16. © g - L > . $| 28 |R2f &| 22 ol| zjd |a] o a 0 Mh Tl.:.\;simu;lz.ss'l-.:33;1‘2'.70-71;1’2?5"-7;6 AD |.oiod.eoiifins { ....112.17-22{12.17-20 My 112.10‘12.lo;12.08'12.0912.08-09i12.08~09 I Ll s e ..}ll.BB-92'11.90-93 Jly '11.9611.91;\1.86‘,11.86‘.11.85-87'11.87-88 Ag 1{1.73‘11.73‘11.T1!11.71!11.70—72i11.70-72 Spob oil gl aßda TAI M Oc¢ |11,29.11.41‘_11,37\1139[11‘37-38;11‘36-32 De 111.47;11.47\\1.44|11.44111.H-45}H.44-4:; Jn }11.411_(‘1_1_._44111.40.11.414)1.39-40‘1_1_58-40 Closed easy. Gkt Friday, March 20. Spot cotton; middling, 13 1-16. e 8 4 < © : oladl 31381,/% &0 Ap ‘l cearteousel .o AT OO R5-8T112.70-72 My [12.63/12.70/12.60,12.67/12.67-68/12.53-54 Jon ). oo do sl aleo e 1126969112 53-55 Jly [12.54!12.59{12.48:12.57(12.56-57(12.41-42 Ag (12.10{1210{12.10/12.10{12.10-12{11.95-97 Sp Ll vl it Gl 67-88111.69-61 Oc {11.59/11.61/11.52/11.57{11.57-58/11.48-49 NV §ocodsids vt i j 1167-69111.4850 Do ob. s Lol 1 66-b7111:47-48 Jn ... eoefesiaaleaseades ._.;;1}:-")8_4’;50 11.48-51 Closed steady. s Saturday, March 21. Spot _cotton; middling, 13 3-16. g e ¢ . © @ lg‘ """'fil 5 I 2 e alos ks sl me L D a Mh [12.88 13.00/12.88/13.00/13.00-01 12.55-55 e N T My (12.67/12 T4/12.64/12.74(12.73-74 12.67-68 R R R RTR Jul {12.56112.63{12.53/12.63/12.62-63{12.56-57 Ad o A IR 1018 B Lo o vtvans 11.70-72’11.67-69 Oc¢ ‘H.Sfl 11.61{11.56{11.59/11.59-60{11.57-58 De {11.57[11 5711.57/11.57{11.58-59{11.56-57 Ja |11.59}1 1.5E“-l|j-';'."ll..')“0‘llA60-'il 11.58-59_ (losed steady. Monday, .\lfl}‘i'h na. ) __Spot_cotlon :fl_ngfl_dii_ng_, _l_f‘;l)-lti."_ : = . ; ° ] cIEBI 31348 B |65 Mh [12.93/13.00[12.93/12.95/12.95-98/13.00-01 PN o e My [12.73112.73{12.67]1%.57(12.57-58{12.73-74 Jy [12.61112.61112,46/12.47]12.47-48/12.62-63 Ae | chslicab . Raol R (h-18 By bsl i S 80-HS LT HO-T] Oc 11.57T11.57/11.46/11.46/11.45-47/11.59-60 NV Lo b kool o N 1.44-46111.69-61 De (11,58 11.58/11.45,11.46/11.43-44/11.58-59 '_’_‘_l-_,;_'_‘_;l‘,' coeeleaendde. .‘..‘l 1.46-48 _1 1.60-61 (losed barely steady, Tuesday, March 24, Spot cotton; nxid!lil;i._li.':-lii | sl | [ @ § ‘ | E|He| 2| 23 el B | 3184] -8 |&6 Mh [13.00{13.00/12.91{12.92/12.97-98]11.95-98 AD Lo d il RTN 181779 My (12.60]12.65112.58/12.58/12.58-59/12,57-58 TH b st camb ok HIRDEOO . s Jy [12.51/12.55|12.47|12.48(12.47-88(12,47-48 Ag o aln e b 1k 98=0112.01-08 Sp |l il o 111.67-8011.66-68 Oc |11.49/11.50 11.46/11.46 11.46-47/11.45-47 Wy ebl 1 31.49+80111.44-18 l_fiL L cearlaes &b cordens ..»111:44-45'1 |.42£7—7i1 ~ Closed steady. GRAIN NOTES The Chicago Inter Ocean says: “Bulls in wheat believe that they see prospects for a drouth scare and one of the local traders who is generaliy bearish de serted that side yesterday on this prop osition, and said the entire western part of the wheat belt, from the Panhandle w(;ll into Canadian Northwest, needed rain. ‘““l'here were a number of corn traders who believed that en any upturn profits should be taken, not liking action of the cash market, and the continued free of ferings from Argentina, which they be lieved would ultimately have a depress ing effect on the more deferred futures’ s v 8 “Wheat--We look ror a continuance of a narrow market. “Corn—The cash situation west of the river seems strong, but buyers hesitate to follow the advance. “Oats— Prices will move chiefly with corn, “Provisions —Packers are the best sell ers on all advances and outside buying is of small volume."” Omaha reports 210,000 bushels of corn sold overnight there. LIVE STOCK MARKET, CHICAGO, March 24.—¥ogs-—Receipts 11,000, Market 5¢ higher., Mixed and butchers, $8.60@8.85; rough heavy, $8.55 @8.70; light, $8.55@8.85; pigs, $6.80@8.40; bulk, $8.70@8.85. Cattle—Receipts 2,000. Market steady. Beeves, $7.00@9.70; cows and heifers, $3.75@8.50; stockers and feeders, $6.50@ ;A.‘:Q; Texans, $6.50@8.25; calves, $6.50@ .80, Sheep-— Receipts 18,000, Market steady, Native and Western, $3.00@8.20; lambs, $5.50@7.90. ST. LOUIS, March 24.—Cattle: Re ceipts, 4,200, including 500 Southerns; market steady; native beef steers, 7.50@ 9.25; native cows and heifers, 4.25@8.75; stockers and feeders, 5.00@8.00; calves, 6.00@9.50; Texas steers, 5.75@8.00; Tex as cows and heifers, 4.50@6.65. Hogs: Receipts, 9,000; market steady; mixed, 8,70?'3.90: good, 8.80@8.90; rough, 8.25@8.50; lights, 8.75@8.90; pigs, 7.00@ 8.40; bulk, 8.70@8.80. aie 3/ Jick POST cARDS b v BERTS & CO, 3347 WOOD ST, CHICAGO, TLb: