Newspaper Page Text
14
Market Quotatiom For Week Ending March 31, 1914
REVIEW OF COTTON MARKET
(*otton futures broke into new high levels the past week, based on contin
ued heavy Southern and Continental buying as well as heavy buying by spot
houses and further covering by shorts. The passage of the Smith future bill
was the most important factor responsible for the rise. In addition to this,
Manchester cabled that trade was picking wp and it was noticed that the
statistical position of cotton was strong in Liverpool and the ]'}ngljsh cotton
trade. On the other hand, advices from Russia are that Russian spinners are
not likely to enter the market for American cotton for some time. This, how
ever, had little or no effect on the market on account of the fact that the
trade is centering its attention on new crop developments, which at the mo
ment are progressing fairly well, but none too favorable to stimulate bearish
activity, and, therefore, the trade seemed inclined to operate on the con
structive side until something more definite in regard to crop matters is
heard
In the week just closed, striking phases of the movement were: Exports
104,597 bales greater than the same week last year; interior stock increased
22,380 bales and visible supply decreased 99,100 bales more than last year.
From September 1 to date exports amount to 7,691,709 bales; spinners’ takings
to 10,378,000 bales; into sight movement to 13,250,046 bales.
Crop progress is making slow headway in the early producing sections of
Texas, thus increasing the probable strain on the July and August receipts of
new cotton. In this connection the trade anticipates a small carry-over of
desirable cotton at the end of the season.
Reports from all parts of the South show that the medium and inferior
grades of cotton are in relatively better demand now than heretofore, because
the higher grades are being held for a big premium. Advices to this effect
came from Texas, Alabama and the Carolinas.
Sentiment continues favorable to a further upturn for several reasons.
While mill takings have not been so heavy, there is very little desirabie cot
ton left and those holding lower grades are asking top prices, or prices in
that neighborhood for their stock. Reports from the western section of the
Leit indicate a crop from one to three weeks late on account of wet weather.
In addition to this the outstanding short interest in the old crop positions is
said to be large, against a comparatively small stock in the leading ware
houses of the South.
As a whole, arbitrage operations continue to supply the bulk of business.
The demand for July by spot people had the effect of reducing the premium
of May over July to 35 points. It is believed, however, that the arbitrage
intercst in the New York market has been pretty thoroughly eliminated.
However, there is still a good demand for May, which for the past few
weeks was so heavily bought by the big spot houses supposedly short in
New York, against the long cotton held in the English market. In the ab
sence of that support the market would have likely developed a downward
reactionary movement for a turn, because the market is, or certainly ought
to be, in a weéaker technical position on account of the heavy short covering
of late. In many quarters the belief is expressed that should longs throw
their holding on the market, prites would ride the ‘“toboggan.”
The spot situation remains firm. The severity of the exchanges in ex
cluding untenderable grades is having its natural effect in discouraging
would-be shippers. Instead of cotton coming into the interior towns, there
is a steady shipping from these points, which is having a stimulating effect
on prices. Mills are said to be making inquiries regarding the quality of
the stock. The old crop-situation has come to such a stgge that the out
sider shows no inclination to trade, probably because the action of these op
tions has been so erratic and apparently influenced by no other factor than
the technical position of the market.
The new crop months have not shown as much strength as the old crop
options, although weather conditions have mnot heen favorable. Too much
rain, storms and snow have delayed planting preparations. Traders, however,
are not taking notice of the weather and continue to sell new ,crops against
purchases of May and July. On the other hand, it is believed that weather
conditions will govern the trend of prices as soon as the March option is
out of the way, which expires Tuesday.
At the close of business Monday the New York future contracts market
showed a net advance of 9 to 29 points, as compared with the close of last
Tuesday.
TUESDAY'S REVIEW,
NIEW YORK, March 31.—Cotten fu
tures were steady at the opening of the
market to-day and first prices were net
unchanged to b points higher than Mon
day’'s close. Further covering by shorts
and firm Liverpool cables gave the mar
ket a steadier tone, resulting in a sharp
rise which carried the entire list into
new high levels for the movement.
March rallied 10 points to 13.40, while
May was forced to 12.60, for a 10 points
rise over the opening figure and July
10 points to 12.23. Old crop positions
were in the best demand, coming from
the same sources, which have been no
ticeable on the buying side for the past
few weeks.
The market maintained the strong
tone during the first hour, based on re
ports from different parts of the South
that crop preparations will be delayed
from two to four weeks by bad weather.
This inspired an active demand for new
crops. However, the market sold off 1
to 6 points from the high, on scattered
profit taking, but covering continued ac
tive and the ligt held steady.
March npllu‘l‘ went out at 13.27, or 80
points over May and immediately after
it was out of the way traders became
free sellers, causing the list to drop a
few points under the opening range.
Some of the most conservative traders
say that the strength in March has
tended to cause much of the advance
in May and forced short covering.
The bulk of to-day's business was the
buying of May by the larger interests,
which was thought to b¥ reversing their
position in that month. July was sold
freely against a large portion of the
May p-n‘w:asn-x and new crops were
bought off unfavorable reports from
north Texas,
Sentiment continues quite friendly to
the market and if it be true that South
ern mills are not going to demand cotton
on May contracts and that the P'hiladel
phia spot interests will not make tenders
SPOT COTTON ™MARKET,
Atlanta, steady; middling 1314,
Athens, steady; middling 13%.
Macon, steaay: middling 13%.
New Orleans, steady; middling 13 1-16¢
New York, quiet; middling 13.50.
Boston, quiet; middling 13.50.
Liverpool, steady; middling 7.2 d.
savannah, steady; middling 13c.
Augusta, steady, middling 13 @133
Charlesjon, steady; middling 13%.
Norfelk, steady; middling 13c.
Galveston, firm! middling 13e¢,
Mobile, firm; middling 12 11-18,
Little Rock, quiet; middiing 13e.
Baltimore, nominal; mlddlin¥ 144,
@t. Louls, quiet; middling 134.
Memphls, steady; middling 13c.
Houston, steady; middling 127,
Youtsville, firm. middiing 123%
Dallas, steady; middling 11 15-46.
COTTON SEED OIL.
Comon seed oil quotations:
| Opening. | Closing.
SPOL «o 4 v v ] sisiiaass 7.61
ABFIL i ' 1.53@7.53 | 7.64@7.60
May . o o o o o« 1.67@7.81 | 7.61@7.52
June . 4 ¢ ¢ s o 1.63@7.64 | 7.54@7.56
SWY .« inoe o 0 b LNGT.TR L 1.00 27.62
August . , o . 7.70@7.95 | 7.68@7.10
September . , , .| T.15@7.18 | 7.67@7.68
October . . .| 6.65@7.70 7‘22 7.23
NOPOBBAr . . ¢ il iiiiviiivi |ST TG
Closed steady,; sales 11,500 barrels.
THE GEORGIAN'S NEWS BRIETS
on that month, May option may be a
repetition of March.
At the close the market was steady
with prices 14 up to 2 points lower than
the final quotations of Monday.
NEW ORLEANS, March 31.—Liver
pool continues strong with large spot
sales; total today, 12,000 bales, at 3
points higher quotations. That Man
chester trade is better than suggested
by press statements is shown by the
following cables: ‘“Very steady market,
good demand old crops. Spinners’ Fed
eration failed to secure required ma
jority in favor of closing mills, using
American full week Easter.” Another
cable said: *No short time Easter de
cided on.”
Our market opened about 4 poins
higher, and while quieter, maintained
its bullish undertone. Futures here are
down to spot prices and there is no spe
cial short interest which accunts fr
the calmer attitude of the markets,
whereas futures in New York are still
at a large discount under spot prices,
particularly July, which is trading 160
points under the middling quotation and
the short interest in that quarter is
large. A covering movement there
seems under way and a further adjust
ment to spot values by an advance in
futures is likely,
News of interest from New York is
that there is much selling of new crops
against buying of May and July, while
Kurope is a steady buyer of new crops.
This develops the dangerous technical
situation of contracts of speculation
short to the trade, which condition has
in the past so frequently caused violent
upturns in the market on adverse crop
developments in the sumer and fall. tl
is thought that the big spot interests
have reversed their position on May and
will not tender Their stock, which would
not be surprising as it is so difficult to
get tenderable cotton and the stock is
fully neded against July short interest.
The local spot market is quiet, demand
let up for the present. but there Is no
weakness among holders. Several in
terior points report good business.
PORT RECEIPTS.
The following table shows recelpts at
the ports to-day compared with the
same day last year: o
{ | 1914, = 1913,
New Orleans. . , 11,436 1,806
Galveston. ~ «o+ .| 8,021 8,320
Moblle: . . « \ o 2,405 380
Savannah. . . .| 2,781 2,973
Charleston. . . .} 386 132
Wilmington., . . .| 563 202
NOrfolß. oo v 497 1,112
BOMOHT « . 6 f 8 Lot
Pendlicala, o ¢ ohicorsinssi] 6,511
Varios. 00l WL R
ORI, ' vy sl 26,440 | 35,384
B INTERIOR MOVEMENT.
L gl o Ase L AB, L
Houston. « « « o » 2,201 4,842
Augusta. . o o 1,029 380
Memphis. . ¢ o « 1,914 1,157
Bt Louis: » v 4 > 2,628 1,329
Cincinnati. « o l 895 207
Little Rock . o 01..........! 1D
_Total, . . ... 8568 | 8030
METAL MARKET.
NEW YORK, March 31.—The tone
was steady at the metal exchange to
da;. Standard Co’rper. spot to May,
13.80@14.30; lead 3.76@3.85; spelter, 5.25
@5.35; tin, 87.85@38.25.
| NEW YORK.
. Wednetdag, March 25.
Spot cotton; middling 3.50.
4g; @ . ®
MH!’ : "*
AoI RIS B|KO -
*Mch. . . .[12.84]12.84]12.84 12.84i12.85-92
April . . “ ivi.112.28-35
May . . .12.13/12.16/12.0812.14|12.16-17
SERe . . 0. il 011 9008
July . .. .'11.8911.9711.87[11.96|1L5'0-9|
Aug. . . .[11.69(11.75/11.69{11.75{11.69-71
Bept.. . .o e o a 1 et
Oct. . . ./11.34/11.40/11.32{11.40/11.34-35
Dec. . . .:11.4o‘n.mlu_:;s!n.w[n40‘41
Jan. . . .J11.35{11.40/11.35{11.40{11.35-56
Thursday, March 26.
Spot (-ul'ulxi;_middlfll_g”fl..")o
c £ ok & ~8
v @ &L e
$ | 2R3l = gt
o £ S 0 don Q 0o
Mh [12.94]12.56]12.88]12.9312.93-94|12.95-97
Ap Lol iondy sl 000012.26-82112.98-35
My vl::.l:;;lz.16t12,03112.13!:z.l::<l4|12.16-l7
In: [l il il 119.02-061 T 9698
Jly [11.89{11.98/11.87/11.96{11.96 [11.90-91
Ag 111.69‘11.76{11.68‘11470,11.76~7711.69-71
S 0 15 Ll e sl e a
Oc ;11.3431|.4z;1132{n.u:x1.40-41,11.:;4-35
Dc [11.40{11.49(11.37/11.48/11.48-49{11.40-41
Jn [11.35{11.43{11.34]11.43/11.43-44]11.35-36
Closed steady.
Friday, March 27.
5 ;\'_pnl cotton; middling 3.50
2 3 . l 3 9 o
'Elf-,slfis" 3 . 33
= — _—
g Bla ,qui} g af
Mh [12.98(13.00/12.93(12.94]12.93-95]12.93-94
ABD oty fooeed]e. . f12.27-32|112.26-32
My |12.16]12.231213/12.14{12.14<15{12.13-14
In o) 112,08-05(12.02-05
Jly [11.99712.05/11.96{11.9711.97-98(11.91
Ag [IL79/N 34/11.7511.75/11.76-78/11.76-77
e R RTR P N T LR T
Oc [1143111.47{11.40{11.40/11.40-41{11.40-41
De (11.49/11.52/11.47|--.47|11.47-48/11.48-49
Jn [11.45{11.46[11.43/11.43(11.41-42]11.43-44
Closed stecady.
Saturday, March 28.
Spot cotton; middling 3.50
v o s
:i:; 9 - ¢
811 y !
¢ R 3.8 o|Bs
Mh (13.03[13.03/12.97/13.00|13.01-02|12.83-95
My [12.21{12.24/12.19{12.24{12.24-25(12.14-15
Jly [12.05/12.0512.01/12.03/12.02-04{11.97-98
Ag [11.82111.82/11.80111.82/11.82-84{11.76-78
Oc '11.46“1.46111.42311.15%11‘44 !le-n
De 1151111531149 11.51/11.50-51{11.47-48
Jn [11.46/11.46/11.44/11.44]11.44-45/11.41-42
Closed barely steady.
Monday, March 30.
Spot cotton,; x_x_\_i:!dling_l?:_.l."».
TR
! : . . d .8
l?ifl'%""’%l 3 ‘_
St GlaE] B ]6O
Mh [13.12]18.30]13.12[13.27|13.27-28113.01-02
Ap “1147078.
My [12.33i12.51112.30]12.4612.46-47/12.24-25
Ml s Nas
Jly [12.11 1:.1,6;12,06‘12.:1;12.11-12}12.02-04
Ag ;11.x7]11.go}wss;n.uo11.37-00,11.81432
Sp [11.55(11.58(11.55{11.58(11.52-54{11.49-51
Oc |11.49,11.50/11.46/11.4T111.46-4T/11.44
De h1.54‘11.5«;‘11.:1[11.5511.51 {11.50-51
Jn 148/ 1148/ILATILLATIII4S-4T111.44-45
TClosed steady
Tuesday, March 31,
_ Spot m)ttnn;_rflldlin::_m:ifn)__
g i . © il
‘ 3‘9‘ %‘i—:‘ s ]=§
aglEidital © &5
Mh [13.20/13 «)H13.2:5|1z.:;flnumn'1.513.27-28
Ap [0 i n e [12.88-T2112. 1678
My \1‘.{.50;1‘.‘.,60,12.40:12.42!12 12-43/12.46-47
Jn [12.38{12.38(12.33{12.33(12,428-33/12.28-30
Jly [12.13{12.23 12.09\12.11 12.11-12112.11-12
Ag [11.92/11.97/11.85/11.85{11.86-87111.87-90
Sp 11.52‘11.54111.52511.5411.53~54{11.52-54
Oe 11.48;!1,55?11,45‘11.47||.47-481H.46—47
De [1166\1L58EH,51 11.54{11.563-54111.51
Jn ?11449‘11:{711_114479![71.‘50:171 17T-48(11.45-47
losed steady.
COTTON GOSSIP
NEW YORK, March 30.—The princi
pal buyers at the outset to-day were the
spot interests and Wall street. McFad
den was said to be a buyer. The sell
ing was scattered and looked to be
mostly profit-taking
* - *
Sentiment continues favorable to a
further upturn.
- * *
Deems bought 5,000 bales of July and
was thought to be working on another
5000 purchase, which will likely be for
Wall street. Waters was a big buyer
of May after the call, which was said to
bhe for McFadden. Liverpool came in as
a good buyer of old crop pesitions,
- . .
The market continued unusually
strong throughout the morning session.
* - *
Present legislation at Washington is
regarded as favorable by the majority,
and it is believed it will stimulate busi
ness and greatly improve New York con
tracts and force prices higher and basis
of value in the futures market. .
. - *
A large Liverpool-Manchester firm ca
bles: ‘“Big business doing with India,;
prica of cloths advancing. Prices of
yarns advancing.”
* * .
New York says: ‘“Reports from Fall
River indicate increased sales of print
cloths, the business being estimated at
270,000 pieces for the week, against 75, -
000 last year. It was estimated that
mills are operating within 70,000 pieces
of their capacity, which is the best
showing so far this season.’
* . .
The Senate on Saturday by a quick
reversal of itself, reconsiderad the Smith
futures bill long enough to eliminate
the provision making cotton pools like
that of the Patten group lawful. Friends
of the bill now predict that it will pass
the House before adjournment,
. . .
NEW ORLEANS, March 30.—Hay
ward & Clark: “The weather map
shows cloudy over the entire belt, ex
cept fair on South Atlantic coast. Gen
eral rains will pgwall over the north
ern half of the belt; unusually warm.
Indications are for continued unsettled,
rainy weather; cooler In the northeast
ern quarter of the belt. :
NEW ORLEANS.
Wednesday, March 25.
Spot cotton; middling 13 3-16.
d £ ~ & ¢ -0
l El xS 2| BB
o| W - € U %3]
Mch. . . ‘y12.91{12.‘.15[12.88{12.9512.95-91
April | vt aleit sl <il 18 1818
May . . ./]12.51{12.56/12.49(12.56{12.53-54
Jume .el il AR B b
July . ,12.41;1245,‘12.40]1;:.45.12.43-44
Avg g .12.ostlz.o:xilz.os‘lz.osliz.oo—oa
Sept . ke Tl ess
Oct. . . .J11.40/11.49/11.40/11.49{11.43-44
Now, . of. ooy it cntenebuiii oy [ 4846
Dec. | . .|11.38/11.46/11.38/11.46{11.41-42
Thursday, March 26.
Spot cotton; middling 13c.
: : o
e £ e - 3 >$
e "
£ 218135 2 3
c T ) CQ ao
Mh [12.84]12.84]12.84!12.84]12.84-90 12.85-92
AR onts gl and es IR ToIL 843 =lB
My (12.51/12.57/12.48{1255{12.54-55(12.53-54
S e e L o 164561 12163-85
Jly [12.4112.4612.35(12.44/12.43-44/12.43-44
Ag ;‘....!....,n...A‘..4..|1z.00-o;:‘1;:.00-0::
B bl ol s oviEaa9-6H11.54-50
Oc¢ [11.40/11.50/11.40(11.48{11,48-49{11.43-44
NV Lol andy i JEI A 8 -50 M L 4345
De [11.38/11.48/11.38/11.48/11.46-47 11.41-42
Closed steady
Friday, March 27.
Spot_cotton; middiing 13c. -
§ . & o :
el.m ] 3881 B 3?6
Mh [12.92{13.00/12.92 12.98]12,310-105‘12.84-90
AD {.....!.,.“'.....{..‘..,12.74-76"12.74-76
My {12.57(12.62{12.51/12.54{12.54-56{12.54-55
In b ol e 1 54-56112 5456
Jly 112.49(12.51/12.4212.4412.44-45/12.43-44
Ag 112.06/12:06/12 06/12.06/12.02-03/12.00-03
S 0 bl i 65-58111:50-8%
Oc [1152/11.56/11.50 11.52/11.52-54 11.48-49
NV bl o b b b 1 00-51111.48-60
De {11,50/11.53/11.50,11.53/11.50-51/11.46-47
Closed steady. /
Saturday, March 28.
Spot cotton; middling 13c.
EC o Bl o e Wk et AU U P
&o& < i
‘x’ ,k’ai' 5 l:é
Qo -1 =al. 1B
Mh {13.05/13.05 13,00‘13.00;]:.80—0.’;\!2.90-95
Ap ot ookt aba snlh R 81-88112 14516
My (12.63/12.64/12.569/126212.61-62/12.54-56
JR b des vl il o 1261 <6812 B 4 56
Jly [12.53112.53]12.49/12.50/12.49-50(12.44-45
O¢ !11.57‘11‘57‘11.53‘11.53‘11.52—5311.:'»2-54
De |11.53 ll.f'\.‘{ll,.’yf{ll,s_3~‘ll._:29-51‘11.54)-751
Closed steady. :
Monday, March 30.
Sputi\llnn: mfld_lifig_l_ih' :
. 3 3 : o ]
ol B 338 5. VD
MR 200 [12:80:06
Bptaoati il SR RT | Hascee
My [12.67/12.79112.65{12.74/12.73-74/12.61-62
I bl o s 41196108
Jly [12.5612.65/12.74/12.60/12.57-60/12.49-50
Ag Bl ]12.65-66112.03-07
Sg e e sl ses s s RAR TOITE RS RS
Oc [11.57/11.60/11.55/11.58{11.57-58!11.52-53
Ny s vkl vl o ITEDORERI T5O Re
De |11.56 II.F-Tv_l__l.:'»t 1.56{11.565-56/11.560-51
Closed steady.
Tuesday, March 31.
Spot cotton; middiing 13 l-lt;___
dl £ e 3 e
‘ Blg‘§‘=i‘ 2128
o = N £ au
Mb Liooal oclaoidaninomniiil 300
AL ol TRy i1‘.:.87
My |12.78/12.81!12.68{12.69/12.68-69(12.73-74
g 0 beorle soo iST ARO-TIN 2. 13-T4
Jly i12A65;1:,67’12.55|1156‘12.515 [12.57-60
o et bl e i U e
Bp ..o u]isial=—=.l.267-69[12.68-70
Oc 111‘60‘11.63\1155',11.57111.56-57|11.57-58
De 1L57111.591L53‘\11.53;11454-55“1.55-56
Jn ‘11.58‘|11.5811.1.:';8:11A58|H.56-58;‘....‘.,
Closed steady.
Exceéd Last Year's
Marshall Field & Company, in their
weekly review of the dry goods trade,
say:
“Trade in dry goods is now feeling
the result of the late Easter. As com
pared with the same week ago, orders
have been heavier, more buyers visited
the market and collections are better.
“Immediate business is receiving the
greater part of the attention of both
wholesalers and retailers. Sales rec
ords indicate that merchants are at
present getting a large percentage of
their business in such lines as wash
dress goods, novelties in wool dress
goods, silks, ribbons and laces.
*Future price levels on merchandise
in which wool is used are indicated by
the present firm tendency of the raw
wool market. Radical changes in dress
styles this spring have created unusual
demand for corresponding styles in core
sets."”
‘ NEW YORK PRODUCE.
NEW YORK, March 31.—Petroleum
firm; crude Pennsylvania, 2.50.
Turpentine steady, 49% @5O,
Rosin steady; common, 4.15.
Wool firm; domestic fleece, 23% @27;
pulled, scoured basis, 36@52; Texas,
scoured basis, 40@55,
Hides quiet; native steers, 174 @17%:
branded steers, 16} @163,
Coffee steady; options opened 8 to 12
points decline; Rio, No. 7 spot, 9@9%%.
Rice steady; domestic, ordinary to
prime, 3% @5%.
Molasses steady; New Orleans, open
kettle, 35@55.
Sugar, raw, quiet; centrifitgal, 2.95
(asked); muscovado, nominal, molasses
sugar, 2.28 (asked).
Sugar, refined, quiet; fine granulated,
3.85@3.90; cut loaf, 3.95@4.00; diamond
A, 3.90; confectioners’ A, 3.75@3.80;
softs, No. 1, 3.60@3.65. (No. 2 is b points
lower than No. 1, and Nos. 3 to 14 are
each 5 points lower than the preceding
grade.)
Potatoes firm; white nearby, 1.65@
2.50; sweets, 1.50@2.00.
Beans firm; marrow, cholce, 4.70@5.45:
pea, choice, 3.15@3.60; red kidney,
choico. 5.25 (asked).
Dried fruits firm; apricots, choice to
fancy, . 14%@17; apples, evaporated,
primqlto fancy, b%(flflf.; &’runea. 30s to
60s, 10%@12; 60s to 100 s, 6@10%;
peaches, choice to fancy, 6% @8; seeded
raisins, cholce to fancy, 5% @B%.
