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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%.