Newspaper Page Text
14
Market Quotations For Week Ending April 7, 1914
New high prices were paid for the entire cotton future options the past
week under further heavy purchases, trade buying and continued demand
from the larger spot houses, coupled with a continuation of short covering.
This class of buying was mostly of oid crop positions, while new crop posi
tions enjoyed a sympathetic rize to new high ground. The demand for new
crop months was based solely on un favorable weather reports in the west
and southeast. The volume of contracts that changed hands was large, the
principal sellers being the South, commission houses and Wall street opera
tors, who have recently come into the cotton market, playing both sides, en
deavoring to make some money, on account of the inactivity of the stock mar
ket, which has apparently fallen back into a rut. However, the general stock
list holds firm, but there is less speculative, as well as professional, interest in
the market, but the feeling in that quarter continues optimistic, and the aver
age operators predict general revival of activity as soon as the between-sea
sou period is over.
The chief topic of the week was the bullish cables received from Man
chester, stating that business in general is showing marked improvement,
and orders for cloth is increasing, which is expected to continue, These mes
gages telling of better inquiry for cloth stimulated the spot inquiry in thé
South to a marked extent, causing uneasiness among the shorts, who are
taking no chances of being caught napping, especially when they are playing
with two of the most dangerous options on the list. May and July have al
ways been dangerous to deal in, because they are put before the world as the
spot months, just at the time the old crop is dying—when mills usually buy
cotton for future need. This fact is holding a more important position this
year than for several seasons past, simply because this cro;;' is known to be
full of untenderable cottom, and alo the fact that the New York Cotton Ex
c-hnng‘e will begin trading in higher class contracts next fall with the policy of
the board of managers of the exchange 1o refuse to let the bars down and
admit dog-tail cotton for delivery. This last-mentioned fact hias tended to pro
mote widespread bullish gentiment.
It is predicted, according to conservative quarters, that the day has
passed when the trade will see the New York market 100 to 200 points below
s{mua, and that from now on futures in the Northern market will follow more
clogely the spot market of the South.
The high levels for the movement were established Saturday, when short
covering and reports of Continental buying in Liverpool brought the trade
into the market, which gromoted a general demand from the spot people and
caused a stringency in offerings. The most prominent spot people were ag
gressive in their bidding, as well as shorts, {)ut offerings were held tightly
for more money, which forced May to 12.73, or 31 poigts higher than it stood
on March 31, when trading in March ended. On the bulge July reached 12.45,
while August touched 12.22 and October 11.75 and December 11.79 and Jan
uary 11.71. These levels were established shortly after the opening, but were
maintained throughout the day, the market being under heavy covering by
those who did not care to iet short lines run over Sunday, fearing that Liv
erpool would respond fully 1o the advance due, and the market closed firm
with the list 11 to 20 points higher for the day.
The tide turned Monday, when Liverpool failed to confirm the advance
due, but reported a 3 goints advance in spots, with sales of 10,000 bales.
This, however, failed to shake the belief of the ring crowd and some of the
more conservative operators, that a downward reaction was in order, believing
that a continued advance for the past month justified a reaction of a few
points at least. This, together with the unloading of some large long lines in
the more deferred months, caused the list to lose the entire gain made Saturday.
On the break, offerings were absorbed rather freely, especially around 12.60 for
May, where many buying orders restel. The liquidation was by no means ag
gressive, and was contributed mainly by those who had profits, Trading was
very much lighter than on Saturday. There was a disposition to sell the
new crops on more favorable weather reports over Sunday.
There is more interest shown in the new crops and some of the more
conservative operators are advising their friends to purchase October and De
cember, which, from a market standpoint, looks profitable. New crop posi
tions heretofore have responded in a very large measure to the repeated re
ports from Texas that crop preparations were seriously delayed by rains and
windstorms. It is stated that in the northwest and Central Texas farmers are
fgur weeks behind in their work. The average date for starting planting in
I\ur’lh Texas is April 11, according to the Census Bureau, and it continues
until May 18. This makes it obvious then, that there is no occasion for alarm
over the delay, while the bulls are overlooking the fact that rains now falling
are just the thing that farmers want. As a whole, weather developments
throughout the belt can be regarded as favorable. In the South, reports tell
of too much moisture, but bright sunny days are now prevailing, which will
enable the farmer to get ahead with his work. One thing seems certain, and
that is that the South is going to raise a bumper crop this year; that is, if re
ports from all over the belt materialize. The acreage is supposed to equal,
if not to exceed, that of 1911, when something more than 6,000,000 acres
were planted, and the extreme cold weather this winter has surely put the soil
in better condition to withstand the drouth which usually prevails during the
summer.
~J. M. Anderson, of N. L. Carpenter & Co., of New York, says: “Ivery
thing looks better for the cotton trade. The situation at .Washington looks
better. Congress may regulate trading, but will not destroy it. Prices are
more on a parity with spots and the buying of new crop cotton is increasing
and it looks as though the planting season may be late. If it is late, the
market will show it, you may be sure. The general business conditions in this
country are sound. Business is bound to improve, so stop the pessimistic talk
and take the optimistic view of things in general, The public has been
howling about the inactivity of the stock market. \Wny should the cotton trgde
be pessimistic because Wall street is? The guestion of an advance in frefght
rates has nothing to do with cotton. A big trade is sure to come and a wide
spread reawakening of ‘American business, and with it a revival of speculation
wherever conditions warrant.”
Both sides of the market are looking for April to be a quiet month, bhut
so far trading has continued to be active and the situation in Manchester
may cause unexpected activity. 1t is being pointed out that the Liverpool
stock of cotton is now less than it was a year ago. Also it is being pointed out
that mills on this side of the pond are carrying much lighter supplies of the
raw nmtvru_:l: This, coupled with favorable dry goods reports, may cause
general activity in the cotton trade., However, bearish circulars predict a
lower market on the expected large acreage and large sale of fertilizer. On
the other hand, a spell of bad weather would destroy the so-called favorable
crop preparations and keep the market on its upward journey.
TUESDAY'S REVIEW.
NEW YORK, April 7.—The cotton
market opened steady to-day, with flrs(‘
prices at a net advance of 5 to 9 points
in sympathy with a much better Liver
pool than had been expected. There was
considerable covering in Liverpool and
buying for Russian interests was also
reported from that market.
The strength of the English was en
couraging to loca! operators, who bought
heavily, causing a general wave of short
covering, and there v'as rebuying for
long account, resulting in the list ad
vancing 5 to 7 points from the initial
range. On the bulge, May came within
1 point of the season’s high mark, es
tablished Saturday, when the option
reached 12.73 and July touched 12.43, or
within 2 points of the high level. The
selling was scatetred and light, com
ing mostly from those who desired to
take profit. ¢
Local weather experts bought new
crops on reports of wet weather and
forecasts of a cold spell to follow, but
offerings during the early forenoon werel
free enough to balance the demand,
causing a drop of 2 to 4 points from
the early high.
The market showed considerable
strength during the afternoon, being
under continued short covering and de
mand from brokers close to prominent
spot interests, which forced the list
back to the early high level. Octover
and July were the most popular months.
While the majority expects a reaction
from present levels, the bearish ele
ment is becoming more timed and the
more bold are advising the purchase of
cotton on all soft spots, pending further
crop developments, 2
At the close the market was firm,
with prices at a net advance of 14 to
23 points from the final quotations of
Monday. ;
NEW ORLEANS, April 7.»-l.i\'orp_ool
showed great strength to-day, showing
futures about 5 points better than due:
spot sales large. total, 14,000 bales, at
3 points lower quotations. Scarcity of
offerings, good business in Manchester
and fear of further bad weather im
pairing the new crop start are the bwll
ish agents at work.
intimidated by the decline of three
months the false power of control in
certain quarters have so intimidated
bull speculation that the great strength
of the present supply situation, due to
the quality of the crop, is not being ex
ploited as it should be. Yesterday's
small reverse sufficed to shake the
faith of many and caused general lig
uidation. which always keeps the mar
ket technically bullish, as there is still
a large old short interest and futures
are at a large discount under spot
prices.
Receipts are falling off and the into-‘
sight for the week will be less than
last vear. Spots are very steady and
rather higher to buy. There is a steady
demand for cotton below contract guar
THE GEORGIAN'S NEWS BRIEFS
antee and cotton of better grade is so
scarce and well held that its possible
weight on the market is of no consider
ation.
First trades here in futures were at
an advance of 7 points and they im
proved steadily to 12.75 for July and
11.75 for October. After yesterday's lig
uidation sellers are scarce and little
support makes an impression..
| SPOT COYTON MARKET.
Aflanta, steady; middling 13%.
Athens, steady; middling 13%.
Macon. steaay: middling 13%.
New York, quiet; middling 13.40
New Orleans, steady; middling 13¢c.
Boston, quiet: middling 13.40.
Liverpool, easier; middling 7.29.
Savannah, steady; middling 134,
Augusta, steady; middling 13%.
Charleston, steady; middiing 1344,
Norfolk, steady; middling 13%4.
Galveston, steady: middling 13 1-186.
Mobile, firm; middling 12 11-16,
Little Rock, quiet; middling 13s.
Raltimore, nominal; middling 12%.
§t. ILouls, quiet; middling 134.
Memphis, steady; middling 13%
Houston, steady; middling 13c.
Louisville, firm: middiing 1234
Dallas, steady; middling 11 15-16.
PORT RECEIPTS.
The following table shows recelpts at
| the ports to-day compared with the
| same day last year: == - -
e Igies 1918
New Orleans. . .| 3,210 2,474
Galveston. . . .| 7,682 .1; 1,719
Mobile. ... . f 728 1,272
Savannah. . . ’ 3,791 2,532
Charleston. . . .j 200 | 132
Wilmington . . .| 2,310 | 3,370
Norfolk. ..o+ « » 413 | 1,620
BOMON o 0 100 148
Various. ... .l l 116
Total. - 00 ¢ [ 16,366 | 15848
; INTERIOR MOVEMENT.
! joand. | 1918,
| Houston. .. . .| 284 3311
| Avgusta. . . i} 590 792
Memphis. .. . f 2,439 2,359
BE Loula, s 1,807 b 369
Cincinnati. .. . | 1,798 394
Little Rock . o oliiovsevseiil 256
MOtRL. o s 9,379 | 7.487
COTTON MARKET OPINIONS. 3
M. H. Rothschild & Co.: *"We favor
purchases of the next crop.” '
Logan & Bryan: “There is very lit
tle encouragement at this time to fol-
I!ow the selling side, especially during
easy periods.”
Dick Bros. & Co.: “We look for some
irregularity and grefer to await a fur
ther recession efore making pur
chases.”
Miller & Co.: “We feel that taking
advantage of strength to sell the new
lcro([: months will prove the right thing
to do.”’
NEW YORK.
denndaf. April 1,
Spot cotton; middling 13.30.
1 o :
| i\l\al : |‘s
SIEBI SIS 8- |&8
Ap [..,..[.....!....".....'12.5040 12.62-72
My '12.50412.52|12.32,12.83 12.33-34|12.42+43
Ju [12.35/12.35(12.35 12.35'12.22-24 12.28-33
Jy 1116)12.20;12.08}12.09l12.09-10|l2.11-12
Ag [11.95/11.96/11.83/11.83/11.83-85/11.86-87
Sp [11.56{11.56 11.50|11456’11.49-51 11.563-54
Oc [11.53/11.53 11.42-11.42!11‘43 11,47-48
De 11.58511.58|11.48|11.53111‘48v49‘11.63-54
Jn 11.49.11.43.11.43|11.43f11.42-4411[.47-43
Closed steady.
Thursday, April 2. ’
Spot cotton; middling 13.40. - |
A e e R
e z o 1 o v .“.
§| 5] 5|38 8| B 2
o : o) da o a 0 ‘
AP Fevislie e ...‘.1.‘...;12.68-75]12.50-60 i
My [12.33(12.52(12.32/12.51(12.561-52|12.33-34
B 0 |7 bl ks 18 843718 99500
Jly 12.08112.22 12.07'12.51 12.20-21{12.09-10
Ag 11.87,11.95]11.81|11.95’11.95 11.83-85
Sp [11.54/11.54/11.49/11.54/11.61-63(11.49-51
Oc |11.42 11.56|11.42|11.56‘11.55-56 11.43
De '11.49 11.61/11.49/11.61/11.61-62|11.48-49
Jn [11.44/11.56/11.44.11.55/11.53-56/11.42-44
Closed very steady.
Friday, April 3. j
Spot cotton; midding 13.40.
d 1 . il B :
SIRIS |3B 8 68
AN Lol catteioud vIR 10-T9O 8. 78 |
My |12.80(12.80/12.74/12.76 12.75-76[}%.72-73 |
Jn ] 12.72-76 12.72-T4
Jly |12.68 12.71’12.65!'12.61 12.66-67/12.61-62
Ag [12.25(12.32/12.25/12.28(12.25-27|12.20-22
Sp (11.87 11.81'11.87’11.87 11.80-82|11.75-77
Oc |11.67 11.68}11.64 11.66/11.65-66(11.61-62 |
Dec [11.63/11.64/11.62/11.62|11.63-65/11.59-60
Jn 111.65‘11.65111.65]11.65’11.64~65"11‘61-62‘
Closed steady. 1
Saturday, April 4.— 1
Spot cotton; middling 13.50. \
l | |
&l a . g ¢ o 8
g B|k L RERE.
(IZIRIS B¢ B
P .. } % I cee)e...]12.92-02]12.74-84 |
aiy :12.00&12.73 12.60/12.7312.72-73/12.54-55
Jn ~..._1.....f.....!.....,12.57-5912.41-43‘
Jly |12.35{12.45(12.34(12.45 12.44-45|12.28-29
Ag [12.20{12.22{12.10{12.22(12.21-22|12.01-03
Sp I eleseeeseiide s ..[11.79-81/11.67-69
Oc |11.85/11.75|11.65/11.73(11.73-75(11.60-61
De ‘11.71i11.79;11.71‘11.79111.78-79!11.66—67
Jn 1H.66;11.71511.65!11.71‘11.71-72‘1150-61
Closed firm.
Monda({, Aprllv 6.
Spot cotton; middling 13.40. 3
A e e
¢ g 8 3 l 5 d s
ilglsls) 4]
oo} 3 133 0 &0
AD bbb iahe . e e 98-08
My [12.66/12.68/12.55/12.67|12.66-57/12.72-73
I it by IR 2RIT AN T 00
Jy [|‘.Z‘40.12.40‘12.25\12.27\\2.‘.’.7-28;l:n14-45
Ag [12.19]12.19/12.06(12.08/12.07-09 12.21-22
BD ioileeiacdiosilioe. . [11.66-68111.99-81
Oc 11.6811.69/11.59 11.60,11.60-6111.73-75
De 111.75/11.74/11.65,11.65,11.65-66/11.78-79
Jn !'11.GT:11.§7_11.58411.63.:_1_1.:'-8-591’.'1-72
TClose steady.
~ussday April 7
Spot cotton; middling 13.40.
g - by r't’; l‘:
lilf“ E,;;‘ 2 | 28
0 = I |0 D | A
Ap |13.560113.50(13.50|13.50113.25-29]
My ‘12.65;1280 12.61112.79 12,79-80,12.56-57
oo lon eol e ey a 8
Jy |12.3612.50/12.32/112.50 12.48-50/12.27-28
Au ’12.13112.25‘12.12Y12.24‘12.24—25,12.07-09.
8B el nh sAO 88-3MII 56268
Oc [11.66/11.76/11.63/11.75/11.75-76/11.60-61
De ill.71:11.80'11.68;11.7911479-80‘11465-66
Ja !11.63v11.69!11.61411.69;11.72-7&11.58-59
Mh 157017001 7611179015 e
Closed firm. Z
YT Ty TR WToyo op et R Ly et~ -
| COTTON GOSSIP |
e — ——————————————————— ettt
NEW YORK, April 7.—The local mar
ket did not respond fully to cables, but
a good demand sprung up, coming from
commission houses, which caused some
10 points rally, running shorts to cover.
October was the popular month. This
was attributed to predictions of unfa
vorable weather by local experts.
* * -
Brokers clogse to large spot houses
were again buyers of old crop posi
tions.
. * - »
Mitchell bid 12.47 for 5.000 bales of
July during the afternoon session.
Mitehell, Gwathmey and Cone were the
leading buyers.
* * *
Shorts were nervous and bought
heavily, while there was very little cot
ton for sale, local operators look for
a higher market.
- * -
‘Warehouse stocks in New York to
taled 114,982 bales to-day, certiticated,
181,496 bales.
\ * * *
| Sterrett Tate says: “I am not very
'strong on this market either way. 1
would be afraid to follow the advance,
though it may go some higher, as peo
ple say it has got to go up to attract
cotton here; on the other hand, with
satisfactory developments in the new
crop and the fact that the price of
‘manufactured goods does nof advance
'may cause this market to have consid
_erable setback. This looks like a one
man market to me, and vou can't tell
| what will be the next move or manip
ulation.”
* « -
i Brown, Drakeford & Co., Liverpool,
cable: ‘'Nine thousand bales of cotton
lwere burned here this morning and
| owners covered.”
-- - -
Bombay, India, cables April 6: “Cot
ton valued at “nearly $500,000 was de
stroyed by fire to-day. Only two weeks
}agnvcouon to the value of $2,500,000 was
burned.”
.* * .
Yesterday's late rumor that a strong
sffort was being made to have the De
partment of Justice investigate opera
tions of a leading interest, which were
credited with being responsible for the
'recent disparity between New York
and other cotton markets, caused ac
| tive liquidation by local longs.”
NEW ORLEANS.
Wednesday April 1.
Spot cotton; midd“n: 13 1-16,
s lug "!
l s'%‘s‘?. il
o n o
AP 1.l invlisonlre BTG CTEEES
My |12.76]12.76.12.63(12.65(12.64-65/12.68-69
W Liiobiedironlis smin S« Eo< T
Jy [1262(12.62]12.50(12.62(12.52 |12.57
Ag [12.14[12:14[12.12(12.12(12,11-13/12.14
8D lieosdevenilovasiees 5]11.66-68111.67-69
Oc |11.61111.61i11.5011.51\11.51-5l 11.67-69
Nv .....,.....9.....,.....11.50-5211.55-57
De |11.59,11.59&11.5s 11.58/11.49-50(11.59-55
Closed steady.
ThursdaX. April 2.
Spot cotton; middling 13c.
\ . . -
| £ £z |» : >
§15(3 (52| &| &8
‘ o b ‘"] B a 0
e e ] eet e
RD Tl aelsiors 38000 S UINEAY
My |12.62/12.73 12.62»12.72\12.72-73 12.64-65
IO ol zonelss wales v0e|13.13-T4(12:64-66
Jly 12.50‘12.62‘12.50[12.62!12.61-62 12.52
AR evoeclennnalsoeeiteessl2.2o-22/112.11-13
Sp |.....|.....;..........&11.15-7711.66-69
‘Oc 111.51/11.63(11.51/11.6 in.n-s |11.5-52
De 11.53(11.60(11.53(11.60(11.59-60|11.49-50
Jn 111.52.11.55|1L53[11.55]11.61-62|11.51-52
Closed steady.
" Friday, April 3.
Spot cotton; middling 13c.
M-‘?‘ “§s| * “5
S|l 3381 B £D
Ap .....1.....1.....i.....112.74-8412.68-'7's
My |12.58 12.61|12.50|12.55)12.54-55 12.51-52
(TN Loosaelesvialisonsin. o ISATCABIIR S4BT
Jly |12.26/12.32/12.24 12.28]12.28-29|12.20-21
Ag [12.00{12.04/11.94/12.02(12.01-03{12.95
8D Liiiadesosideis oty veusil3 67408111, 61483
Oc |11.59/11.6311.59 11.61\11.60-61 11.55-56
De [11.66/11.70/11.65/11.66|11.66-67/11.61-62
Jn ’11.61'11.6_3.!11_.58 11.60(11.60-61{11.53-56
Closed steady.
| Saturday, April 4.
~_Spot cotton; mlddhng 13c\
| ——————-————-——————-—-I -
& =8 i @ .
® B -°l 2l °
a e 3 = {
’o | 'a3 , N4l 5 2
Ap Il 1276 T 12.70-79
My [12.80/12.87/12.78(12.87(12.86-87(12.75-76
B 12.83-86(12.72-76
Jly [12.72(12.79]12.70(12.77/12.77-78/12.66-67
Ag [12.37/12.54/12.37]12.54/12.51-53!12.25-27
Sp 1q ... [11'92-96|11.80-82
Oc |11.71]11.78/11.69(11.77{11.77-78{11.65-66
Nv [ Booiles ol BEB-TT1164-66
De |11.67/11.75/11.67/11.75/11.75-76/11.62-65
© Closed firm.
Monda({. April 6.—
Spot cotton; mi d_lflg_ I_3( =
il 1 lp
oldE .3 34 o no
AOE iRy Rae
My [12.82/12.82112.70/12.73/12.72-73/12.86-87
Ju boootntao |l [12.67-60/12 8386
Jy [12.71112.71/12.6212.63 12.62-63(12.77-78
Ag |12.46]12.4612.46]12.46/12.30-35(12.51-53
Sp LPR G LT T 8111.92-96
Oc |11.72111.72/11.62/11.64 11.63-6€4(11.77-78
Nvil os B
De [11.68/11.68{11.60/11.60/11.61-62/11.75-76
T Closed steady.
-:l'_uesday. April 7.
Spot cotton; middling 13c.
g| £ P o 2 3
lair‘%\&’;‘ s ‘22
ol alda O &0
R e R
My 112.79]12/92/12.78{12.91/12.91-92/12.72-73
JU [rreolssnoalssors]ssoni|l2.B6-88)12.67-69
Jul {12.69/12.82/12.68/12.81/12.81-82/12.62-63
Au [12.46/12.54/12.4612.5412.55-57/12.30-35
8D [ calisomalisocalesoos|ll.92-9411.76-78
Oc |11.68/11.78/11.68(11.77/11.77-78/11.63-64
Nv |l ol [1076-78)11.62-64
De (i1.67(11.7%[11.67/11.77/11.75-76/11.61-62
Ja_|ll:6B]ll6B/11.68116811.77-78/11.63-64
“Closed very steady.
i\ w-hwxw-vwv\vm-ww,vi
The New York Financial Bureau:
“The bull trading position should be
maintained with preference for special
ties. It is expected that the next few
months will witness a big investment
market, especially if the principle of rate
advance is established. We anticipate
action.”
* * -
G. D. Potter says: “The market may”
continue dull & little longer, but 1 be
lieve good stocks should be accumulated
on recessions and held for the long pull.
Specialties will be the active issues at
present. I would buy Interboro pre
ferred, Alaska Gold and the copper
stocks for immediate action.”
» * -
The New York Commercial: ‘“The ap
proach of the Kaster holidays is not
likely to stimulate trading.”
* * *
The New York American: *“A com
mon sense rate decision will revive ac
tivity, stimulate confidence and broaden
employment. '
- . Ld
The Wall Street Journal: ‘‘Stocks
generally show a firm tone.”
- - .
The New York Sun: ‘‘Speculative im
pulse is lacking both here and abroad,
and though prices are very well main
tained, apathy is the feature.”
» - &
The New York Post: ‘““Wall street is
waiting with much interest to learn the
membership of the Federal Reserve
Board.”
. . -
The Norfolk and Western Railroad
lays off 8,000 men.
» . L
Great Northern Ore total income ot
1913 aggregated $1,133,800, against $2,-
704,100 the year before.
» * 5 8 &
The Interstate Commerce (‘.\mmisslfln
report shows a decrease of $225 in ness
revenue per mile on the Ikastern roads,
as compared with February, 1913.
METAL MARKET.
NEW. YORK, April 7.—The metal
market was steady. Quotations: Cop
pet, spot to May, 137% @l4; spelter and
zine, 5.25@5.35; tin, 36.55@36.85,; lead,
3.75@3.85.
BAR SILVER.
thO(A}'Y"ON. April 7.—Bar silver steady
at 27d.
NEW YORK, April 7.—Commercial
‘bar silver, 583¢c; Mexican dollars, 43%¢.