Newspaper Page Text
10
Miikat: Olitations For Week Ending April 21. 1918
The chief incident in the cotton market during the past week was the
steady aeccumulation of contracts, especially of May and July, ascribed to
the large spot interests and commission houses. The buying, however, did
not find the market bare of the staple in every instance, but it did find that
there was practically no May or July for sale. May reached 12.55 Friday,
while July touched 12.39, the highest points these options reached during the
week, Other positions recorded their high marks on the same day, August
going to 12.15: September, 11.67; October, 11.63; December, 11.56, and Jan
uary, 11.63.
Explanation of the advance was that it was partly due to the unexpect
edly large spinners’ takings for the week, which aggregated 273,000 Dbales,
against 227,000 bales during the corresponding week last year. This was con
sirued s a bulllsh factor. Spinners’ interests have thus far this season
absorbed 233,000 bales in excess of the same period last year. The week's
into-sight figures, according to statistics compiled by Hester, totaled 120,692
bales, as compared with 144,517 bales last year, and for the season 13,621,
€lO bales, against 12,914,426 pales for the same period l_asl year,
A good many of the room shorts were driven in. Big bear operators
saw that holders of long cotton were becoming impatient and sold freely
Saturday, when it was expected that those committed to the short side
would cover, especially in view of the fact that unfavorable weather condi
tions were indicated over the holiday, coupled with a turn for the worse in
the Mexican situation. However, the market encountered a wave of general
liquidation, which started from Wall street, where brokers were forced to sell
their cotton in order to secure money to back their stocks that continued
off. This gave longs a chance to reap profits and they did. The market was
in bad shape after forced selling and calls for margins proved that big
commission houses were alarmed. Monday the course of events proved how
artificial was the wave of selling, though it seemed to deceive some of the
large operators.
The unfavorable weather predicted over Sunday materialized and the
Mexican crisis continued to grow more grave, which influenced a better Liv
erpool market than had been expected, causing heavy buying by the larger
epot and commigsion houses, This naturally caused uneasiness among the
short element, which ran to cover. The trade found that cotton was being
offered rather cautiously and the majority had to bid for what they got.
Liverpool came in as a good buyer and cabled that the Mexican situation
was a very bullish factor from the fact that in case of war with Mexico it
would seriously effect the labor situation. This caused the market to resume
its upward journey and at the close the list stood about 10 points higher than
Saturday's final. .
Outside business continues very iight. Traders seem to be awaiting fur
ther crop developments before commiiting themselves to any extent on either
side. Sentiment is very-much mixed.
Habersham King in his first report of the season says that the next
thre weeks will determine whether the crop will be early, normal or late.
Advices from the belt are very irregular. Corpus Christi wires:
# “from San Antonio to Beeville the crop is about half planted and not
much up; very late. From Beeville south about all planted except some new
Jand, and from 50 to 75 per cent up. In this section nearly all up. All about
two weeks late."
This report is typical of the entire belt.
In some quarters it is held that war with Mexico would be a bull card
because it would be likely to reduce the supply of labor available for crop
cultivation in Texas. The proximity of that State to Mexico and the known
zest of Texas for service in Mexico, it was held, would lead to heavy volun
tecr recruitng. On the other hand, it was pointed out that the organized
militia of all the States would be called upon for service before any volun
teers would be recruited, and that at least would defer (0 some distant date
any loss of labor in Texas. .
Aside from war news and general conditions the weather will from now
on be the predominating influence on the market. The spot situation, of
course, maintains its Ynfluencing effect. Spots continue to hold firm and in
strong demand with but little being offered for sale, except at faney conces
sions. The statistical position of the market favors the bull side. On the
whole new crop news was of an encouraging tenor.
TUESDAY'S REVIEW,
NIEW YORK, April 21.—With trading
quiet, the cotton market opened steady
to-day, with first prices ranging from
net unchanged to 3 points higher to 1
point lower than Monday's final. <here
was no special feature to the opening
and trading was very light, while offer
ings were not quite as aggressive as
yesterday and the market displayed a
rather steady tone. After the call a
good deal of cotton appeared for sale,
but the list was supported by the buuF‘
This support, however, was unable to
overcome the effect of the offerings and
prices declined 2 to 3 points from the
opening.
On the decline the market encoun
tered good support from the larger spot
interests, who have been noticeable on
the buying side for the past several
weeks, This checked offerings to a con
siderable extent and during the early
forenoon there was very little for sale,
which caused uneasiness among shorts,
resulting in a general upturn of 2 to 6
points over the initial range. The buy
ln'g was based chiefly on the Mexican
crisis.
The weather conditions over night
were regarded as favorable, Indications
are for fair end warmer weather over
the larger portion of the belt, except
possibly light frost in low places in
central and west portion.
Liverpool cables were steady and
slightly better than due.
The principal feature of the market
during the early trading was a good
demand for July, contributed to Liver-
Fonl and local spot people, which fol
owed the purchase of 25000 bales yes
terday by large exchange place inter
ests, This carried the summer positfims
about 10 points higher. However, May
was in much less demand and there
seems l'ittle doubt now that the local
stock will be tendered by the Philadel
phia spot interests on May. Whether
other interests are rfrepmd to absorb
this coiton at a price above carrying
PORT RECEIPTS.
The following table shows receipts at
the ports to-day compared with the
same day last yeap: - L 0 oL
1914. 1913.
New Orleans, . . 4,683 5,021
Galveston . . + - 6,259 7,033
Mobile. . . 4 o o - 1,452 185
Savannah. . « . 2,704 4,285
Charleston. . . « . 83 70
Wilmington. « + - 403 267
Norfolk. ~ » + & 759 1,414
Boaton, ' . s % shestriieaen 84
Philadelphia o« .|icvervecees 25
Pacific coast . o« . ooionens 6,122
_Total. ... .| TR | WS
i
INTERIOR MOVEMENT.
T e L
Houston., . ¢ » & 3,697 ‘,M;
Augusta. (o ¢ ¢ 641 67
Memphis. . . « . 805 483
%"L l“ouiati v 386 215
incinnati. .
e NI W
~Totabics L AT ARI e
S ONEE BAR SILVER.
AONDON, April 21.—Bar silver steady
gt % 15164, silver st
b&?:’l;wver“;':{x: April 21.—Commercial
. 38c. Mexican dollars, 45%ec.
THE GEORGIAN’'S NEWS BRIEFS
charges, is a question vet to be solved.
However, it appears that scattered spot
operators will take a chance on it at 10
points under July.
At the close the market was steady,
with prices at a net advance of 3 to 10
points from the final quotations of Mon
day. |
NEW ORLEANS, April 21.—Spot buy
ers abroad apparently held off for a
day, expeeting a depression in our mar
ket on account of polities, but, seeing
the steadiness yesterday, demand
broadened to-day, Liverpool showing a
total of 10,000 bales sold on the spot
at 1 point higher quotations. ’
A Manchester letter contains the fol
lowing information: *Not a spinner out
of work; more spindles running in Lan
caster to-day than last season. Con
sumption greater. Bales average about
1 per cent lighter in weight. Cotton is
known to be more wasteful. Last year
the railroads kicked about being blocked
by cotton, which the mills held there
as stock. This year the railroad yards
are comparatively bare. Small supplies
in mills which are in a dangerous sit
uation as to raw material. Trade is un
doubtedly expanding and the ultimate
consumer seems well able to pay the
fullest prices.”
Our market opened a few points
~easier, but rallied promptly on weather
prospects and better reports of steady
buying by leading interests in New
York, while opinion is bullish on the
' strained supply condition of this season
and consequent possibility of bullish
technical development in the summer
Rositions. there is a disposition to with
old support until after May notice day
developments. A first depression by
tenders is a possibility, although it is
thought that full provision has been
made for the acceptance of tenders. In
terior stocks continue to shrink rapidly.
Houston to-day losses 8,500, making loss
in stock for the half week 11,000 bales
at one point alohe.
; SPOT COTTON MARKET.
| Rl
~ Atlanta, steady; middling 1335
~ Athens, steady; middiing 13%.
Macon, steaay: middling 13%.
' New York, quiet; middling 13.10.
~ New Orleans, steady; middling 12 1-186.
~ New Orleans, steady; middling 13 1-16.
Boston, quiet; middling 13.10.
| Liverpool, steady; middling 7.32 d.
Savannah, steady; middling 1314,
Augusta, steady; middling 1314,
‘ Charleston, steady; middiing 13%.
Norfolk, quiet; middling 13c.
~ Galveston, holiday.
lobflohflrm; middling 12 11-16.
Little Rock, quiet; middling 13e.
Baltimore, nominal; middiing 11%.
§t. Louls, qulet; middling 18314,
Memphis, steady: middling 13%.
Houston, steady; middling 127%.
Leuisville, firm: middling 13%.
Dallas, steady; middling 11 15-14.
COTTON SEED OIL.
Cotton seed oil quotations:
Cho e 00l Opefing ) - Closing.
BPO Lo & sot srniiasees |T- 40T
April . o o & o 7.33@7.46 | T.42@7.50
May o g » 2 -| 739@7.40 | T2@7.43
June , § ¢ o .| 7.49@7.51 | 7.52@7.54
July 52 e a 7.55@17.56 | 1.57@7.58
August . o x g .| 1.64@7.66 | 7.67@7.63
September ~ ¢« .| 7.67@7.68 |7. 7.69
October . , « .| 7.19@7.26 | 7.20Q7.28
November . . , .| 6.65@6.92 | 7.80@7.95
Crude Southeast]| .......... | 6.40@6.53
(Closed firm; sales 8,300 barrels.
NEW YORK.
' Wednesday, April 15.
__‘*_i!r‘n_l_t-nllurfl_nlmd ing 13.10. ey e
g P o
- 5 o
l §\il§|§fl : "5
_lolEl 3|38 & | &
Ap ... T T 2061-6212.62-67
My ‘12.3311::,42112.31112.42'12.41-42||2.42-43
Jly 12.27(12.30/12.20/12.30/12.29-3012.28-29
Ag 112.0112.07 11.96 12,03 12.05-07 #£.o3-04
Sp [11.63(11.63/11.63/11.63 11.73-75/11.65-67
Oc :11.5011,60511449!115@“59-60'11.53-54
De f11.50(11.56/11.47 11,54 11.55-60 11.52-53
Jn 111.42‘1149{11,4”11.4911.48-49:11.45-46\
Mh [11.45{11.45/11.45/11.45/11.47-49(........
Closed steady.
Thursday, April 16.
__Spot_cotton; middling 13.10.
: : A . :
§ 8§ 3lgs| § 38
- © L - -
x <4 do Q 0o
Ap 5.....‘...,,'[H...!.....uz.55-sslnz,sn—sz
My 112,40{12.46{12.37[12.47/12.46-47|12.41-42
Je f....J.....g.....L....412.40-42.........
Jly 112.26]12 36/12.25 12.2312.33-3412.29-30
Ag 1201/12711/12.01]12.09112.09-11/12.05-07
Sp ;11.15[11:5’11.:4;11.74;11.74-76 11.73-75
Oc 115T/11.6611.55 11.63/11.62-63/11.59-60
De [1152/11.6277T.52/11.60/11.60-61/11.55-60
Jn 11.46/11.54/11.46/11.52/11.51-52111.48-49
Mh [11.54/11.54{11.52/11.54/11.53-54/........
Closed steady.
Frld;}', Aprit 17.
__.ipg! cotton; middling 13.10,
lxlf"'\’filgli' |
18481313808 | 8F
Ap t...,.,....“.,...,....12.64-74,12.5&66
My [12.48{12,55/12.43/12.54/12.54-55(12.46-47 |
Je !H...g..,..;‘.........-114942]12.40-42‘
Jly {12.35/12.39/12.30 12.39'12.38-39/12.33-34
Ag [12.08/12.15/12.08 12.14/12.14-15/12.09-11 |
By Gl T e e e
Oc |11.63]12.67112.59/11.64/11.64-65/11.62-63 |
De 111.60/12.63/12.50 11.61/11.60-61/1.60-61
Jn (11521156 12.50111.56/11.53-54(11.51-52
Mb_[ll.sB/12.5312.53 11.53/11.53-55]1.53-54
Closed steady.
Saturday, April 18.
Spot cotton; middling 13.10. %
1 { |
g £ e o i‘
1505 §3 & ‘:8.
—dolmia Jui T | &b
AD | ilieii]. o aale sy - 12,50-60112.64-74
My [12.45{12.55/12.40/12.41{12.40 12.54-55
In bl .. 12.34-36(12.49-52
Jy 112.34/12.39/12.23112 23/1%.23-26112.38-39
Ag |12.09/12.14/11.9912.01/11.98-99 12.14-15
BSp .. .....‘.....1.,...11.63—65111.16-78
Oc [11.59111.63111.51111.51/11.51-53 11.64-65
De 11.56)11.60':1.4!]11.45;11.45-46‘11,60-61
Jn [11.4712:50/12.47/11.50/11.39-40,11.53-54
Mh [11.48/12.48/11.48111.48}.. .. ...[11.53-55
Closed weak. x
Monday, April 20.
Spot cotton; middling 13.10.
g 2 3 d s
+lelslyl 1 1n
E L 33 8 185
AP 1.0 hs:oilsnes]izn-c]18.51-67]12:50=60
My [12.40/12.52 12.38/12.46/12.46-4712.40
Je [l f 12 - 44112'34-36
Jly 112.26/12.38/12.21/12.34/12.34-35/12.23-26
Ag |11.9812.09/11.95/12.01/12.07-09/11.98-99
80 Lol e il -1 11LAS-NR
Oc ™ {11.52(11.60/11.4811.59/11.58-59(11.51-53
De [11.47{11.55 11.43111.54/11.54-55/11.45-46
Jn {11.42/11:47/11.38 11.46/11.46-47/11.39-40
My [11.49/11.49 11.40/11.49/11.48-50/. .. .. ...
ALlosed steady.
Tuesday, April 21,
_Spot cotton; middling 13.10.
4 Lo
g ey = 5
l !' 9‘ B‘3=l : ’sfw
0 X - na O o
Ap [12.70/12.70/12.70/12.70/12.67-10 iz.ol-87
My [12.47/12.52/12.43]12.52(12.52-53/12.46-47
i e s R il D e i L T
Ty [12.37/12.44]%2.33/12.43(1243-44112.34-35
Ag 112.09112.15/12.06/12.13{12.13-15/12.07-09
80 b b e YT BITL THSTR
Oc [11.58/11.63/11.56/11.62(11.61-62/11.58-58
De [11.54/11.59{11.53(11.58/11.58-59/11.54-55
Jn (1145111.58/11.45/11.52/11.52-53 11.46-47
Mh 11.50(11.56/11.50(11.56/11.55-57/11.48-50
Mh {11.50{11.66{11.50111.96)11.00-07}1%.48-91
Closed steady. |
Cotton Gossip
There was no special feature to the{
opening, trading was very light and of-‘
ferings were not so aggressive as yes
terday and the market ruled ratherj
steady. j
* * *
Dallas wires: “‘Texas and Oklahoma
clear; no rain or frost.”
* * *
NEW ORLEANS, April 21.—Hayward
& Clark: “Following yesterday's general
rains in the Eastern States, the cool
spell with temperatures near 40 in
South Georgia, 40 and below in the
northern half and western part of Caro
linas, East Tennessee with some light
to heavy frost, can not be favorable.
Indications are for generally fair east
of the river, but unsettled, rainy weatn
er is coming on the western half of the
belt."”
* * *
The New Orleans Times-Democrat
says: ‘‘The talent is just now engaged
in the difficult task of valuing two crops
at once. Within the next few days the
liquidation of May will begin; but as
the case of March showed, the status
may undergo a radical change between
the circulation of the first notices and
the last. Certain it is that April has
been a great disappointment to the
bear, in the sense that the demand
for spots has undergone no diminution,
except such as necessarily comes from
the diminished supplies, whereas, the
bulls thremselves expected a lull, if not
a dead calm.
“As regards the new crop, it ean not
be denied that the start is a late one
in many sections and the heavy rain
fall of the last 48 hours means still fur
ther loss of time. Nevertheless great
results are still possible, though they
will grow less probable with each re
currence of bad weather. So far as the
Mexican business is concerned it would
be passing strange if cotton got a blow
from that quarter, since the Balkan
war did not prevent the world's mills
from working to their full capacity.
Not only so, but it is most likely that
serfous trouble below the Rio Grande
would ultimately be a blessing to Wall
street, for the average American would
thus be driven to think about some
thing besides ‘big business’ and the poli
ticians would be bound to follow suit.
A good shake-up “cufes hypochondria
as nothing else can.”
i
| NEW ORLEANS.
w:dnelda‘y. April 15,
__Spot cotton; middling 13'g.
£ : ; »
‘ lil*l lal ! ‘sf
| Bl 3IS2] & g
BD [czeazlzraalsaseals s sifia 06 _|12.53
My :zsz}lz.ss}u.ssl2.s6,l2.6«-6‘ 12.62-64
Je i iiaidessiolons istunsnslB.63-00113.80-88
Jy {12,56!12.61'1z.5mz.5|12.61-32}2.57-5:
Ag [12.28)12.28/12.26/12,26/12.32 [12.26
Oc [11.57(11.61 11.52/11.61/11.61-62/11.67-58
NV |evorelesoorlesonslss 005|11.56-58/11.56-58
De |u.53:n.54 11.48/11.54/11.57-59/11.53-55
Jn [11.50/11.50111.50{11.50{11.59-6111.56-57
Closed steady.
‘ Thursday, April 16.
Spot cotton; middling 13 1-16.
£ : . g : ' 8
§1 503 (52| &| ¢}
o TILJ ®| © a 0
L X Y R R b
Ap 1.....‘.....;.....{.....nz.u (1256
My |12.65 12‘75,12.64‘12.74]12.74-75 12.66-67
Je .ol 12.70-72112.68-65
Jly |12.59]12.67/12.57/12.65/12.64-65{12,61-62
Ag '.....1.....;.....}.....512.35-37|u,32
Spt _‘_l)76
Oc [11.57/11.65/11.57(11 60!11.61-63 12.61-62
S[ L e
De 11.61]1.61(11.59(11.59(11.60-61(12.67-59
Jn [ Soodcch L 111.61-62112.89-61
Closed steady.
Friday, April 17.
__Spot_cotton; middling 13 1-16.
; Sl Xisdl & 188
Ap ’-----}~----l~~~}~-~,~-‘l2'§2 1284
My [12.74/13.80{12.71/12.78]12.7 --18}1;74-‘5
In i) ot onl s slB I 8 1008
Jly [12.84]12.70/12.61/12.6712.67-68/12.64-65
:_Ag 12.39(12.39 12.39‘12.39!{%%.39 12.35-37
Oc [11.61/11.67/11.60 11.64{[11.63-64 11.61-63
NV L i cokin wosl oo s ralis o0:113.61-88111.61-63
De [11.58 11.63}1L57}11.61|11.60-61-11.60-61
Mh ReATLedILeAII 6L
~ Closed quiet but steady.
Saturday, April 18.
Spot_cotton; middling 13 1-16.
‘g. g 2 »
‘ I*l |§’3} g I&e
RD 1o il ele sl o 130 A 2 0T
My |12.75/12.78!12.68/12.6712.66-67/12.77-78
™ML r 12.61-63112.73-74
Jy |12.67(12.68[12.55/12.57/12.56-57/12.67-68
.sAg ‘ }f.g-zslfi.%-ss
Oc |11.63[11.65]11.54 11.56!11.55-56|11.63-64
Nv [....|....0.. ). .. |11.53-55(11.61-63
De [11.59(11.59(11.57|11.53/11.52-53/11.60-61
Jn_[11.62]11.63/11.53(11.53/11.53-54/11.61-63
Closed steady. i
Monday, April 5
_ Spot cotton; middling 13 1-16.
gl gl gl ¢ Fad
’!l"E’fi' g l
ol g 1 0 |BB
B[ il mbe ~ IRSB 38R
My |12.65/12.69/12.61{12.67/12.67-68/12.06-07
Jo L. olioialeseaal.o-i118.59-60113.61-88
Jly i12.53]12.63112.51g12.59 2.59-60[12.56-57
Ag ,1,2,24,12.24'12.23112.227}%33 H'l'.gg-zs
Oc 11.52\11.511u.515u.55m.55-59:u.55-5s
De (11.51/11.58/11.51/11.53 11.55-56/11.52-53
Jn [11:56/11.56(11.6/11.56/11.56-58 11.53-54
My [11.64/11.64/11.63/11.64/11.62-6311.68-69
Closed steady.
Tuesday, April 21,
Spot cotton; middling 13 1-16.
| é| & : |ug 3 »3
lalelnl 31
‘ox n 0 e
AP [iaalsorlin aelaoall2-09 o [12.58
My '12.63,12,71!1.2.65»13.70,12.(5:;-.0{12,67-68
36 oo idoe il L 11268-65112.50-60
Jly [12.58/12.69[12.57/12.6612.65-66(12.59-60
Ag [12.33]10.33]12.32 1233[12.35-37;12.52
o lii.‘s.'i eSO -g1 -39
N ...A.1.....’.....‘...‘.11..63-66!11.56-58
De |11.58/11.62/11.5811.62(11.62-6311.55-56
' Closed steady.
Stock Gossip
The New York Herald: ‘‘Encourage
ment to continue the selling is derived
not from Mexico, but from a belief that
it has the secret support of big inter
ests disgusted with recent events in
Washington.
* - s
The New York Commercial: *“Pro
fessional operators regard the break in
Reading as proof of the power of the
bear party to control prices.”
» * *
The New York Wall Street Journal:
“It is conceded that stocks behave well
in consideration of exlgting conditions.”
* s
New Haven management has received
900,000 proxies favoring acceptance of
agreement with the Department of Jus
tice, with 400 against it.
» . -
St. Paul files application with Illinois
Public Utilities Commission to issue
$30,000,000 4% per cent general and re
funding mortgage bonds.
.. » -
Lehigh Valley was subjected to an
other bear raid to-day, which caused a
decline to a new low level to 133%. The
Fressure on that stock being apparently
ntended for effect upon the general list.
It failed, however, to bring out liquida
tion in Lehigh Valley or to influence
the rest of the market in any way and
afterwards when shorts tried to cover
the stock rallied pretty well
ettt %
~ NEW YORK COFFEE MARKET.
Coffee quotations: R
e o sl Oventng | CIORINE.
January. . . . .| 8.13@ 9.18] 9.17@ 9.19
February. ..» .| 9.20@ 9.25 9.24@ 9.26
March. » . . o -] 9.28 9.31@ 9.32
Aprll> o o R s TR A 8
MEY. =oo a’s 898 8.50@ 8.51
JRBB: o wow 4] i ervas k2OON ESI
Ty, e g o 888 s69@- 8.70
Aufiuat. .« » s+ 3.70@ 8.78) 8.73@ 830
September. . . .| 8.34@ 8.83| 3.33@ 8.89
October. . , o .| 8.91@ 8.97 3.95@ 8.97
November. . » .| 3.00@ 9.05| 9.03@ 9.05
December. .*. .| 98.11 9.11@ 9.12
Closed steady. Sales, 62,000 bags.
BOSTON FIRM FAILED.
BOSTON, April 21.—The brokerage
firm of Gay & Sturgis failed to-day.: It
was one of the largest in the city,