Newspaper Page Text
~i\-/i;;'l(et Quotations For .chl: Encling April 28. 191_4
|
- REVIEW TON MAR 1
\ OF COTTO
Girowing seriousness of the United States-Mexican situation, - unfavor
able weather reports and covering by July shorts were the influencing factors
in the cotton market the past week. War wtih Mexico is a very bullish fac
tor, because it is a well-known fact that it would curtail labor and it is more
than likely that a large army will have to be provided with clothes. In ad
dition to this, advices from well-posted traveling men, representing some of
the largest cotton houses in the world, have sent in very unfavorable crop
reports, especially from Texas, stating that the crop in that section was on
the average of two to three weeks late and in other parts of the cotton belt,
until recently temperatures have been too low and rains have been too fre
quent. However, weather conditions have moderated considerably and farm
ers are taking advantage of it and are rushing field work.
The covering of July shorts during the week was the principal source of
business. This option had been oversold against purchases of May and when
the July shorts tried to replace these lines, there were very few people who
desired to part with the midsummer option and the result was an advance
on the entire list. May also came in for a good steady demand by the lead
ing spot interests and at times the demand for this option was aggressive.
The buying of the option was attributed chiefly to commission houses and
spot interests, mainly the large Philadelphia houses. This class of buying
frightened shorts, who lost no time in covering.
On the advance May touched 12.74, while July reached 12.62, and October
11.74. The above levels were recorded last Friday, when July shorts were ac
tive buyers. At these levels, however, the market encountered considerable of.
ferings from the ring and commission houses, based on reports from F. M.
Cordill as to the condition of the Texas crop. Their offerings were readily
taken, and it looked as if the whole list would close at the day’s high point,
but offerings increased along toward the close, due to a bearish week-end
statement, showing that spinners’ takings for the week were only *215,000
bales, against 220,000 bales during the corresponding week last year. These
figures were less than generally expected by several thousand bales. This
caused a sharp break from the high point, May dropping to 12.60, while
July broke to 12.51 and October 11.65.
The reactionary tendency was short lived, however, as the market open
e¢d steady Saturday, based on buying orders for spinners, coupled with a
scarcity of the commodity. This forced the list several points higher than
Friday's close, but the market lacked real true bull support and there was
a scarcity of speeulative buying power and liquidation of May and July, es
pecially May, resulting in the list weakening, but the market closed with
only a few points decline, the tone remaining steady.
Representatives of Liverpool houses cable that English spinners are in
the market for low-grade cotton for the first time in years and that much
Egyptian cotton has been hedged in that market which must be covered.
Technically, the old crop situation remains a puzzle, but the talent seems
inclined to be friendly to the constructive side just at present. However,
one moment the selling side is favored on reports that the cotton coming
on the New Yotk market for tender on May is of auality that is assured
of passing the vigilant eyes of the inspector, while the next bears are
alarmed by rumors that large quantities of the staple will be taken up when
tendered. In comservative quarters the advice is to refrain from trading in
either May or July. But it looks as if the short interest in May has been
pretty well eliminated. The stock arriving in New York from Texas is said
to be consigned to McFadden, probably for tender on May, in addition to
the bulk of 86,000 bales of certificated stock there. Tuesday is the first no
tice day on May contracts, and it is generally believed that tenders wiil not
be heavy, and what there are will be taken up by the larger spot houses.
The weather conditions are mainly unsettled. Advices f{rom the west
ern beit tell of too much moisture, small percentage planted and troops or
ganizing to go to Mexico, while, on the other hand, wires tell of not emough
rains in different sections, but planting is well under way and the outlook
for a “bumper’ crop is excellent. Such reports keep the most radical opera
tor on his tiptoes, trying to solve the problem, whether to buy new crop po
sition and sell the old crops, or whether to sell new crops and buy old crop
options. But if current reports are to be taken as accurate, it is wise to buy
both old and new positions. (able and Southern advices report continued de
mand for the old crops at prevailing quotations, as well as reporting a steady
accumulation of low grades at only small concessions from the top price of
high grades. In addition to this, crop reporters state that the crop is going
to be a late one and a difficult one to raise, owing to the Mexican crisis,
which will surely abate labor, causing slow preparations after the plant is up,
as well as slow marketing of the staple. All in all, the majority seems to
favor higher prices, especially afier May notices are out of the way.
©On the other hand, trade conditions have not been of the best character
of late, but authorities believe that war will stimulate business, and look for
an improvement in the demand for the manufactured article. However, cur
rent business in wholesale dry goods lines is at present a very accurate
measure of consumption demand throughout the country and retail merchan
dise managers continue to insist on more -frequent purchases and small
well-assorted stocks. The continued high and firm prices for raw cotton and
wool furnish no foundation for anticipation of lower prices on finished mer
chandise at a late date, says Marshall Field & Company, in their weekly re
vicw of the dry goods trade.
At this writing, prices are steasly, with the trade inclined to go slow in
either element, owing to the many uncertainties, which can bull or break
the market on a moment’'s notice,
TUESDAY’'S REVIEW,
NEW YORK, April 28.—A steady tone
prevailed in the coton market at the
opening to-day, first prices ranging from
net unchanged to 4 points higher than
Monday's final. There were reports of
heavy rains form the western half of
the cotton belt and after the call the
tone strengthened and prices advanced
for a net gain of 2 to 5 points from the
fnitial range. ldverpool cables were
steady, which also contributed strength
to the market. -
About 40,000 notices were issued,
mostly by McFadden. Spot brokers
were good buyers of May and it was
thought that the same people that is
smed the notices were re-bnying them.
There was a good demand for old crop
options and offerings were very light
arnd scattered. New crops Were also
purchased freely on unravorable weath
er news in the belt.
The market ruled very steady during
the first 30 minutes, but after that there
was a noticeable improvement in offer
fnzs. especially of old crops and in the
absence of buying power bears were
encouraged to sell particularly because
May developed unexpected weakness
and the bears hammered, causing a
rapid decline of 12 to 17 points in oid
crops during the early forenoon. On the
break May touched 12.48, while July
yeached 12.41 and August 1228 New
crops held firm. Ul was thought that
some long lines in July were sold out
and many traders went short in that op
tion, probably on the improved Mexican
situation
It was aid that some of the notices
were stopped by Southern mills. Trad
fng, as a whole, was confined mostly to
ewitching, buying May and selling July
and semnt“.!uly and buying new crop
:osmonn, t considerable Wall street
quidation of July was apparent and
summer options in consequence were
relatively weak. October and December
were in active demand, both on strad
@ and on bad weather in Texas, where
crop preparations are late. This pro
moted a wave of scattered short oover-
E. which J‘orod the list wul‘l‘t%m a fp&
mts of e opening Qquo on, wi
exception of July, which remained
around the early low level
At the close the market was steady,
with prices showing irregularity, wfl
21 up to 13 points lower than the f
guotations of Monday.
NEW ORLBANS, April 28 —Liverpool
was guiet and steady te-day, awailt
THE GEORGIAN’S NEWS BRIEFS
ing developments in New York with
May tenders. Spot sales continue large,
total 12,000 bales, showing a contimred
good business in Manchester.
Manchester cabled: *‘Continued large
business cloths in India.”
About 40,000 notices were tendered in
New York against May. The first ef
fect was the elimination by liquidation
of the smailer outside longs, with the
normal resuit of some depression in the
market. Neolices were only partly
stopped by \’%‘”t interests and bear pres
sure from Wall Street, based on the ex
pectation there of clearing weather,
which helped to push the decline. After
the elimination of the trailing inter
e=is 1s accomplished, the bullish supply
situation for the remainder of this sea
son is bound to again command the
market. Detailed Government records
show a very heavy rainfall in East Tex
as, lLouisiana and Arkansas.
PORT RECEIPTS.
The following table snows receipts at
the ports te-day compared with the
same day last year:
s L WL TR
New Orleans. . . 6,803 | 4,382
Galveston. . . . . 3,739 5,455
NMoblle. =.O 2,684 * 89
Savanpah. . . . . 3,018 2,795
Charleston. . . . . 15 726
Wilmington . . . 399 64
Nlk >0 445 1,529
BOEIR ... kit 205
Total . . v A 1 1 15,948
INTERIOR MOVEMENT.
| 1914 | 1913
Houston. ... .| 2,289 | 2,659
Augusta. . . . 14l -] 184
Memphis. . . . . 1,347 918
St. Louis. . . . . 567 499
Cincinpati. . . . 238 429
Little Rock . . .J..e.caen.. 278
e . EMe ] AW
‘ e A . i ——
} COTTON SEED OiL.
__Cotton seed oil guotations:
‘ | Opening. | Closing.
WO ;i . v sgrsany TAR NS
AP co. v ob weliiiensizns - TOFT.OO
MAY.. i .. .. o.] 1.2007.21 | 1.22@7.23
June .. .., .. .- 7.492@7.% | 1.4407.48
July .. .. . ..] 1.53@7.54 | 1.55@7.56
R .. e sd X .66 | 7.66@7.67
September . ..] 7.62@7.66 | 7.66@7.70
Oc'ob-;...r oo ast ¥ }.B. 1.29 1.3“2
Noyem o o) GSOQT. 6.80@7.
‘ rm; 15,700 barrels.
* NEW YORK.
Wednesday, April 22,
Spot cotton; middling 1310.
I *Ms’\i’ g I"E‘
olk i 5 |&o
Al .‘...1.....;.....nnc-u;xz.sf-'zo
My [12.65/12.67/12.5312.66/12.66-67/12 52-53
Jo (...l [l ]12.68-89112.61-53
Jy 1:.43412‘59‘12.43.13.u;u.u-ss}u.n-u
Ag [12.16]12.38]12.16/12.38(12.37-38/12.13-15
Sp (11.86/11.88/11.8611.88/11.89-90/11.73-75 |
Oc |11.65/11.76/11.64/11.75!11.75-76/11.61-62
De (1160{1174/11.60(11.7:/11.73-T4/11.58-5
Jn [1155/11.66/11.55/11.66/11.67-68/11.52-53
Mh [11.56/11.66/11.56/11.70/11.72-T411.55-57
Closed firm.
Thursday, April 23,
Spot cotton: middling 13.10.
§| 5| ilzs| &| :F
o ] Jjde] © a 0 |
Ap ‘A.‘..{A....5.‘_..;...A,uz.n-sz,lz.vs-ss?
My 112.70/12.77/12.69(12.7212.71-72{12.66-67
Jo fiivedievnidinesd...:.|l2.66-68{12.68-60 4
Jly 112,60 12 68;12.54!12.56‘.12.54-56’12.58-59 ;
Ag [12.36(12.47/13.34/12.36/12.35-36{12.37-38
Sp {ll.BO/11.80/11.80{11.80/11.81-83{11.89-90 |
Oc i 11.75 11,80 11.67/11.69/11.68-69{11.75-76
Dec [11.72(11.77/11.64/11.6711.67-68/11.72-74
Mh {ll7 ‘11.7_‘7111.:7'1\.7‘ 1.69-70/11.72-78
Closed steady. |
. — —————————n————— |
Friday, April 24. |
Spot cotton; middling 13.10. s i
|
o ; 3 < p o,
}xlfil’\iih ILo“E '
o dEld L dal B | BE |
ED Toooviliioselssioilss o [12.60-70]12.71-83
My [12:71112.74/12.60{12.60/12.60-61]12.71-72
Je }‘....'.4...-‘,..,.J.“‘,12,65-58‘12.65-68‘
Ny [12.54/12.62/12.51/12.52{12.51-52!12.54-56 |
Ag (12.37(12.43,12.31/12.32(12.32-34/12.35-36
Sp Lood U L TE-ae Lel »831
Oc (11.67/11.74/11.65/11.65/11.65-66{11.68-69 |
De 111.67511.73311.64j11.64!11.54-65;11.67-68‘
Jn {11.65116811.61/11.61(11.59-60/11.67-68
Mh [{11.71{11.7311.71/11.73(11.65-6711.69-70
Closed barely steady. |
Saturdady. April 25, |
Spot cotton; middling 13.10. i
; |
o . 1 . & :
lilf‘l'i‘l 5 “* *
S Ei3 N 8§ 186
AP | vv10e.0i1.....]12.65]12.56-65/12.60-70
My (12.65/12.60/12.53/12.55(12.54-55.12.60-61
Je ‘.‘...;.....(.....1u...n.00-ozuz.ss-s&
Jly |12.52/1256'12.47/12.49/12.48-4912.51-52
Ag (12.35/12.37/12.3012.31(12.20-31/12.32-34
BLo ...A.t..,..1u.n-fi‘u."'s-sol
Oc |11.68/11.71'11.64!11.64/11.64-6511.65-66
De 11.“!11.10&11.68111.64 11.64-65/11.64-65
Jn |11.62/11.65/11.58/11:59/11.58-60 11.59-60
Mh [11.68'11.69/11.68/11.68/11.67-68/11.65-67
Monday, April 27.
Spot cotton; middling 13.10.
i -
. 3| A O £
Ap ‘ .....1....'.1.....|12.60-65‘12.55~65
My 11260/12.68/12.56/12.00(12.60-61 12.54-55
Je |13.66/12.68(12.66 1!.00‘1?,.64—66!12 00-03
Jly Ixz.ss,m.eo,xz.ss 12.00112.58-59/12.48-49
Ag ;lu.ss;m.w;u.s 112.0012.41-43/12.30-31
Sp ‘ 1.84/11.84(11.84/11.00/11.86-8811.77:79
Oc 11472;11.78{11.71‘11‘00 11.72-74/11.64-65
De [117211.78/11.71/11.0011.73 [11.64-65
Jn 1ua5:u.n‘u.64,11.00,11.53-69;11.5:-60
Mh [11.75/11.81{11.75/11.00{11.77-79]{11.67-68
3 Tuesday, April 28.
Spot conon;”middliig*lii.lo. i
ol & L& Sdi B &5
S e 65
My ‘12.60;12‘6”12.48‘1: 63 12.62-64/12.60-61
Jo L) U 12.67-6812.64-66
Jy 195612611241 /12.47/12.45-46/12.58-59
Au [l2/43/12.45(12.27(12.37112.30-31/12.41-43
Sp !n‘ss;n.so;u.sml.ss|‘n.u-ssm‘ss-sx;
De {11.7411.78/11.70/11.72{11.71-72111.78-74
De (1174 1179{11.81/11.71 11.71-72/11.78-7¢
Ja {11.72111.72011.66{11.67]........111.68-69
Me (11.7711L.7911.9811L.79).. .. ... . ILT7-T9
]
SPOT COTTON MARKET.
Atlanta, steady; middling 13%.
Aihens, steady; middling 13%.
Macon, steaay; middling 12%.
New York, guiet; middling 2.10.
New Orleans, quiet; middling 13%.
Boston, quiet; middling 13.10.
Liverpool, steady; middiing 7.35 d.
Savannah, steady, middling 13%.
Augusta, steady; middling 13%.
Charlesion, steady; midding 13%.
Norfolk. firm; middling 13%
Galveston, steady; middling 13 1-16.
Mobile, firm; middling 12 11-16.
Litte Rock; quiet; middling i3e.
Baltimore, nominal; middling 12%.
Bst. Louls, quiet; middiing 13%.
Mamphis, steady; middling 13%.
Houston, steady; middling 12%. ‘
Louisvifle, firmu: middling 13%.
Dallas, steady; middling 11 15-16.
NEW YORK COFFEE MARKET.
Coffee quotations:
{ Opening. | Closing.
JADUATY. « o o | o-eca.-. | 9.05@ 9.07
Februaty. . . jWiIN DS
Maveh: .. . IAW [ 919@ 9.20
MRy, . .. LA | 8.41@ 8.43
e & . Lo abaantiil r RN S 8
I i vt 8.55! 8.59@ 8.61
Augal . L N ST
September. . . } 8.73 | 8.76@ 8.7
October . . . .| 883 | 8.83@ 885
November. '+ . .| ......... | 8.91@ 893
December, . . .| §.99 | 899@ 9.01
Closed firm. Sales, 30,000 bags.
LIVE STOCK MARKET.
CHICAGO, April 28.—-Hogs—Receipts
12.000. Market 15¢ lower. Mixed and
butchers, $8.35@8.70; good heavy, $8.50
@8 65: rough heavy, $8.25@8.45; light,
$3.35@8.70; pigs. $6.50@8.40; bulk, si.;o
@8.65
Cattle—Receipts 3,000, Market steady.
Beeves, $7.25@7.40; cows and heifers,
$3.75@8.30; stockers and feeders, $6.50@
g._.:é Texans, $7.00@8.50; calves, $7.50@
Sheep—Receipts 28,000, Market
steady. Native and Western, $4.50@
6.50: lambs, $5.75@8.30.
ST. LOUIS, April 28 —Cattie—Re
ceipts 2,600, including 300 Texans. Mar
ket steady. Native beef steers, $7.50@
045: cows and heifers. $4.25@8.75;
stockers and feeders, $5.00@8.00, calves,
36.00@10.50; Texas steers, $5.75@8.10;
cows and heifers, $4.50@6.65.
Hogs—Receipts 11,500. Market, 5¢ to
10c lower. Mixed, $8.60@3.70; good, $B.OO
@8.65; roufh $8.00@8.25; llfhu‘ 8.55@
3.65; pigs, $7.00@8.25; bulk, $8.55@8.65.
mep—neeelfi 300, Market steady.
Mutton, $5.75@6.50; = yearlings, $5.756
7.25; lambs, $7.00@8.25, sheered lambs,
$6.00@7.00; spring lambs, $8.50@9.90.
NEW ORLEANS.
Wednesday, April 22
_ Spot_cotton; middling 13%. ______
I§|s| |3| 5 ’2
=3 3 0
AP L e b g aiiitd
My [12.7212.83/12.70/12.83/12.82-83|12.69-70
Je ;,.......,,J.....|‘...<!1z.50-saxz.u-u
Jly ‘12.69;12.80112.‘18!12.79112.18-79|12.“-“
A (12.42(12.52/12.49/12.52(12.49-51]12.35-37
Sp |...H1.....{.....}‘...,iu.93_ {lllB.
Oc |11.67/11.79111.67)11.78]11.77-78/11.65-66
NV Loroiilei oo obesils s v 117878111 GR=O%
De n4631\1.76‘11,63111.75;11.75’_'{6 11.62-63
B [ 1176101 730 76/11 75276 116864
“Closed firm.
e SR
Thunda({, April 23.
Spot cotton; middling 13 1-16.
02l el 8 > §
21 it IBt 2 E!
g 1 Xia 138 .0 a 0
e R
e A e L
My |12.80/12.80{12.74/12.79/12.78-79|12.82-83
30 div i s oclies slB TT79{ 12008
Ty [12.78/12.85]12.73/12.76112.76-77.12|78-79
Ag |1%.54/12.58/12.64(12.56/12.62 |12.49-51
Sp 4....'..4.,|....,!.....114"'2-?'3‘11.92
Oc |11.76/11.83;11.69/11.73/11.72-73/11.77-78
MY bl ia) e i LER(IIENEE
DPe [11.74/11.80{11.74/11.75/11.69-71/11.75-76
Jn_lll.Bo/11.80{11.67{11.67/11.67-68/12. 75-76
" Closed steady.
J;fid'ay, April 24,
Spot cotton; middling 131-16..
i ; : ¢ @ :
018 1l aldal © 56
5 1. ol et AN
My (12.75(12.89/12.76/12.81{12.81 [12.78-79
Jly {12.76/12.84/12.70/12.70/12.50-71 [12.97-78
AZ (12.53112.56{12.50(12.50/12.42-45/12.53
rE eO B BRI VT LR
Oc |TLS4/11.77/11.66711.67|11.66-67|11,72-73
De [11.74{11.74/11.64/11.64/11.62-63/11.69-71
Jn [11.7111.72/11.76/11.72(11.63-64(11.67-68
Mh |11.76{11.76111.73]11.73{11.72-73}...... ..
"~ Ciosed steady.
| Saturday, April 25.
i Spot cotton; middling 13 1-16.
a 1 . i @ &y
. @
]x\%lE'h' g ls-"
o -0 o 3
AD 1.l sl ol (IRTE 12.77
My ‘12.89‘1z.89‘12.8«12487!12.86»87 12.81
Je \[1127830
Jy 112.76/12.71112.70 12.7:‘13.72-73.12.70-71
AR 1 de bl st Il S
I R RT T T
Oc |11.70]11.73/11.65,11.67/11.67-68/11.66-67
De 1167 11.69411.63}11.64 11.64—65[11.6:-63
Jn ,11.69'11.69 11.69(11.69(11.65-66/11.63-64
Mb 1173/11.78{11.72{11.72{11.72-73{11.72-73
Monday, April 27.
Spot cotton; middling 13 1-16.
: ; @ :
lilf'ME% : 125
ol m 3 134 o o
Ap u....1.....f..‘.......]12.85 12.76
My ilz.n'lz.w 12.91/12.97(12.96-97/12.86-87
Je ~...1.....‘..........;12‘87’9012.73-80
Jly 112.79112.86/12.79/12.82]12 82-831272-73
Az |12.51/12.564{12.51[12.54 12.53-55112.47
8D 1 i o] IHL SN
Oc ’11.74 IL.T(ILT4LTT 11.76-77/11.67-68
NV {oooeivedisnai]en 0:]11.74-76111-84-65
De [11.73 11.75111.73}11.74 11.73-74{11.65-67
Jn 11.7511.76/11.73/11.75/11.74-75/11.65-66
Tuesdaly. April 28.
__Spot cotton; middling 13 1-16.
::9 - @
l s\‘-‘\'\3s‘ : ‘é*
Bl 3133 © o
301 LLo B R
My [12.96/12.96(12.86{12.89/12.88-8912.66-67
Ju .....i...,,1.....|.....’xz.'z5—50'w.5?-s\o
Jy |12.8412.84(12.72/12.74/12.73-74/12.82-83
Au {12.52(12.5212.43{12.45 12.43-45/12.53-55
Sp .....:.....;.....,..‘..)u.sz 111.96-99
Oc (11.78(11.79 11.78/11.73/11.73-74/11.76-77
NG o iib ] otiaton o 1 T~ TSRLIS 48
De 11.7&11.77;11470,11.711\1:0-71;11.73-74
Ja oo RBl TS
Cotton Gossip
NEW YORK, April 28.—Approximate
ly 50,000 notices were in circulation this
morning, the majority being issued by
the Philadelphia spot interests and were
supposedly stopped by them through
purchases of May across the ring. It
was said, however, that quite a bunch
of notices were stopped by Southern
mills. *
- * -
Corsicana, Texas, wires: ‘‘Nearly four
inches of rain; heaviest for length of
time on record. Rivers overflowing and
making immense lakes; bottom lands
overflowed. Commerce interrupted;
floods clnsingeva.st damage; replanting
necessary. ed scarce; bad weather
continues. Situation serious.”
* * -
Waco, Texas, says: ‘'‘Stand around
San Antonio very small; too much rain;
planting now_completed. Tremendous,
heavy rains; considerable further delay
to the already late crop. Brazos River
out of banks and still rising.”
- * *
The New Orleans Times-Democrat
says: ‘‘This is notice day in New York
and it remains to be seen how the mat
ter wil! turn out. It has been generally
thought that the batch, covering pratrti
cally the entire certificated stock, will
be taken care of without the slightest
hesitation, simply because the demand
for cotton of all grades and colors plaim
ly outruns the supply. But New York
is a law unto itself and the immmediate
outcome of the present situation de
pends upon the attitude of the predomi
nant house. But the strongest house
could not offset the strength of the ac
tual stuff, the more especially as the
excessive rains over the western beit
make it quite certain that the new crop
will not be an early one, whatever may
be its size.
“According to The Journal of Com
merce and other authorities, Texas is
two or three weeks late, and this means
much when the reserves are drawn
upon to a dangerous extent. The news
from the eastern belt is cheerful enough.
For instance, this report comes from Al
bany, Ga.: ‘lt is safe to say that
this section has the best start ever
known. Stands are absolutely perfect
and the crop is being pushed to the
limit. Labor is plentiful and unusual
ly efflicenty’ Yet it is essential to re
member that, without the help of Texas,
a monster crop is -almost bLeyond the
pale of the possible. Nor will it do to
forget that Texas may have not only
an unlimited store of moisture, but an
unlimited store of weevils as well.”
