Newspaper Page Text
10
Market OQuotations For W eek Ending June 2, 1914
REVIEW OF COTTON MARKET
Continued wet weather in the western States and dry weather in the
the ecastern half of the beit, coupled with low rrlute condition reports and
a very bullish Government report as of condition of the growing crop to
May 26, resulted in an old-fashioned bull market during the past week.
Both American and foreign markets established new high levels for the
movement. May was the target for the bulls the first part of the week, when
belated shorts and the larfier spot houses who had missed their market at
lower levels rushed into the ring with unlimited buying orders. This forced
the option to 14.45 last Thursday and the whole market rose to a new high
level under the heaviest buying of the bull movement. New crop positions
were in sound demand, one interest being credited with buying 30,000 Octo
ber and December contracts.
The growlng seriousness of the Texas situation was by far the most
potent feature during the week. Badly punished bears and sold-out longs
who have missed their market are the most gullible peopie on earth and they
are ready and willing to believe anything. A Chlago house put out a con
dition estimate of 70.9 per cent, but had it been 60.9 the excitable traders
wonld have believed it just the game.
The market Monday, following the adjournment of the double holiday
started out with buyin% by the larger interests and this class of buying con
tinued up to the time the Government had promuigated its first condition re
port of the season. I very one seemed to have evened up comitments,
and there was a lull of about fifteen minutes preceding the report. However,
there was scattered liquidation which caused the market, after the first
bulga, to sag off a few points and remained there on continued realizing.
Those who had lost their eotton on Friday’'s setback tried in vain to replace
their liquidated lines and the smaller fry went on hoping that a recation
would set in so that they would buy.
Promptly at 11 o'clock the figures were posted, shnwin’ the condition of
the crop at 74.3 per cent, against 79.1 per cent last vear, 8.9 ger cent the
year before and 37.3 per cent in 1911, the “*bumper’ year, and 80.4 per cent
the ten-year average. The figures were construed as extremely bullish, be
ing considerably lower than generally expected—7B to 77 per cent. Had a
prices.
Those who wanted cotton had to bid for what they got. New crops were
in most urgent demand. Oetober jumped 44 points to 13.06, or $2.20 a bale
net higher than the previous close, while December advanced 41 points to
13.10 and January reached 12.90. July and August followed v‘ith simiar
gains, being under persistent demand from strong sources.
The report confirmed reeent bad crop advices from the belt, especially
from the west. It pointed out the extreme damdge Texas and Oklahoma
have sustained from excessive wet weather and the lateness of the crop.
Texas was given a per cent of only 65, the lowest in years, against 84 last
year, while Oklahoma received a per cent of only 68, against 87 last year.
'he Carolinas were also given low percentages. South Carolina 72 and North
Carolina 76. Georgis came in for 80 per cent, against 69 per cent last year,
when the crop suffered a late start on account of extreme wetness of the
fields. Mississippl was given 87 per cent, the highest of any of the States,
with the exception of California, which was 100 per cent. Had it not been
for the fact that the report was made up to May 5, there is no telling what
the figures would have been. The musr conservative operators believe the
crop Lo be in a worse shape than the Government's figures indicate, as the re
port did not include the damage the crops bhave sustained since May 25,
Since May 25, Texas and Oklahoma have received a heavy soaking each day,
and there has been but very little relief in the eastern States from the drouth
As the condition report was much below expectation of the most san
guine bulls and the unfavorable weather conditions that have existed over
the belt since the report was made up makes the situation very bullish, and a
large crop is by no means assured, which is needed to meet the world's re
guirements. Neill Bgos., of London, say that we shall no doubt wind up
{his season with much smaller supplies than a year ago, including much
more unsatisfactory cotton.”. That a big crop will be needed next season is
not to be denied, and certainly farmers have every incentive to work for a
large crop.
“the trade was interested the early part of the week, but not surprised,
when the Department of Agriculture announced that its revised estimate of
acreage planted last year made the total 1,836,000 acrs larger than the pre
liminary figures and brought up a grand total of 37,458,000 acres.
As it became known that the upward movement had lost none of its
momentum there came a rush of outside orders to buy. The South was said
to be a big buyer and this was taken by the majority as indicating bad crop
news from that section. As the feeling of apprehension over the new crop
i{s becoming more widespread, the bulls feel more confident of their position.
While the eastern crops have shown less deterioration than the western
crops, bulls emphasize the continued dry weather, and say unless good, gen
eral rains come soon, the plant will suffer material damage. On the other
hand, it is said that the western crops will be cut in half unless sunshiny
weather prevails.
Now that the Government's condition report has become known, the
weather will be the predominating factor in determining the course of the
market. .
TUESDAY'S REVIEW:
NKEW YORK, June 2—There were con
siderable realizing sales in the cotton
market at the opening to-day, induced
by lower Liverpool cables than due and
reported showers in the Atlantic States
yesterday und overnight. However, the
rainfall throughout the belt was light.
First prices were 1 joint up to 15
points net lower than Monday's close.
New crep options were the weakest.
The response by Liverpeol to our ad
vance was surprising to some of the
leading bulls and indicate that Europe
has taken the Government’s condition
figures very seriously. Liverpool bought
some new crop options and some of the
old crops were in slight demand here.
After the call increased offerings from
the ring element and continued profit
taking forced the list still lower, July
seemed the weakest option, declining 10
rm’nts o 13.25, while other positions fol
owed the second break with declines
ranging from 2 to 9 points. On the dip,
active buying developed, coming mainly
from the spot interests and some of the
leading buills, which caused a few points
reaction, The feeling among the bull
leaders is that the Government report
is too high when taking into considera
tion the unfavorable conditions that
have existence since it was made up.
The weather map shows pretty good
prospects for more extensive rains ‘in
the Atlantic Coast districts, particularly
in the eastern half of the Carolinas and
Georgia.
The weekly Government weather re
port, which was posted at 12 o'clock,
was construed as very bullish, showing
heavy rains throughout the West and
practically no moisture in the eastern
portion of the cotton area. This, to
gether with continued support from the
larger interests, promotedva renewal of
yesterday's covering, resulting in a rap
id recovery of the early deciine. Both
October and December crossed the 13-
cent level for the second time this sea
son. The former touched 13.02 and the
latter 13.04. While these levels invited
considerable profit taking, the list was
sustained near the otp prices on con
tinued support frem the bull element.
The ring crowd got long during the
Jast hour of trading and hammered the
entire list. In addition to tkis there
was a renewal of the early profit-tak
ing, whieh forced the list down sharply
from the inftial levels. At the close the
tone was barely steady, with prices
showing a net decline of 14 to 20 points
from the final quotations of Monday.
Following are 11 a. m. bids in New
York: July, 13.25; August, 13.08; Oc
{ab::r. 12.89; December, 12.82; January,
2.76.
listimated cotton receipts:
Wednesday. 1913,
New 0r1ean5........ 3,400 to 3.800 2,631
Galveston ......... 1,700 to 2.300 1,043
NEW ORLEANS, June 2.—Liverpocl
did the logical thing and was very
strong on old crops, which were 6 points
higher than due; spots, 16 points higher;
sales, 8,000 bales, while new crops were
easier and about 4 points lower than
due. In old crops we have the concrete
situation of needs exceeding suppiy.
while in new crops the chance is stll
wide upen.
A further increase in the premium of
old crops would not be surprising, par
ticularly in New York, where July is so
mueh out of line with spot prices and
the situation
" The map shows cloudy weather in the
Western States: generally fair in the
central belt; partly cloudy in the Al
lantics. Scattered showers occurred in
west and south Texas and over the
Atlantics with some ogod rains.
Indications are for unseitied and rainy
weather in west and south Texas. gen
erally fair in the Central States; part
domiy to cloudy in the Atlanties, with
increased prospects for more exteaded
precipitation, particularly in the eastern
THE GEORGIAN’'S NEWS BRIEFS
half of the Carclinas.
The market this morning was more
inelined to react on the better weather
prospects and prices eased 10 points in
the early trading. However, expecta
tion of 2 bullish weekly Government re
port at 11 o'clock checked realizing and
selling, and the market ruled steady
around 1286 for Cclober.
Spots are higher to bup: trading is
practically on a 14-cent middling basis.
SPOT COYTON MARKET.
Atlanta, quiet; middling 14%.
Athens, steady; middling 13%.
Macon, steady; middling 13%.
“New York, quiet; middling 13.75.
New Orleans, quiet; middling 13%.
Boston, quiet; middling 13.75.
Liverpolo, firm; mldqjlinf 7.86 d.
Savannah, steady; middling 137%.
Augusta, steady; middling 14%.
Charleston, steady; middling 13%.
Norfolk, firm; middling 13%.
Galveston, firm; middling 13%.
Mobile, firm; middling 12 11-18.
Little Rock, quiet; middling 13e.
Baltimore, nominal; middllnf 11%.
&t. Louls, qulet; middling 13%.
Memphis, steady; middiing 13%4.
Houston, steady; middlicg 13%.
Louisville, firm; middling 12%4.
Dallas, steady; middling 11 15-18-~
PORT RFECEIPTS.
The following ta¥le shows recelpts at
the ports to-day compared with the
e ORY laEt Yewt: . oo
I 1016 . LlBl3
New Orleans. . .l 1,644 3,158
Galveston. .. . ! 6,844 3,046
Mobile. ..«o « -} 1,187 876
Savannah.-. .. .| 2,220 1,526
Charleston. . . . .| 286 38
Wilmington . . . .| 82 162
Narefolk. .. . . » <} 276 1,244
805t0n.......‘ 18 Lo
Philadelphia. . . . 689 589
Narhous . . . l, 76
Total. . . . . .| 18241 | 19,180
INTERIOR MOVEMENT.
Aao L AMe | 1913
Houston., . . . .{ 1,409 | 1,249
Augusta. . . . . I 85
Memphls. . . . . 1,060 342
Stz louls, .. . l 491 104
Clneinnatl. . , .} 333 169
Tetal, ... . .l 3,289 | 1.949
WEEKLY WEATHER REPORT.
WASHINGTON, June 2.-—Mean tem
peratures ranged from 1 to 9 degrees
above normal, except in Central Texas
and Northern Texas, where there was
a slight deficiency. The greatest ex
cess in mean temperature—9 degees—
occurred at Raleigh, N. C. Veekly
mean tom%ratures ranged from 72 de
grees to degrees over the eastern,
from 76 to 80 degrees over the central
and from 74 to 80 over the western por
tion of the cottom-growing States. The
lowest weekly mean—T72 degrees—oc
curred at Asheville, N. C., and the
highest—Bo degrees—occurred at one or
more stations in all States in the cotton
rog\mn. except Oklahoma.
he pre::‘i({fitatiun was unevenly dis
tributed a generaily light, except in
Texas and Oklahema, where moderate
to excessive raims oocurred. In some
joealities in the eastern portion ef the
belt there was ne rain. More than 2
inches occurred in some parts of Tex
as Oklahoma and Louisiana. The great
est weekly precipitation—3 inches—oc
curred at Spur, Texas.
NEW YORK.
Wednn‘a( May 27.
.Spot cotton, midaling; 14.30,
i I\4"‘3" : |£3
_1ol®|8133) 5 |45
My }l!.lfiill.lskfl.” 14.15/14.11-14/13.90-91
Je [12.90 13.001{12.90 13.00' 13.00-05]12.30-13
Jiy 112.94(13.0 12.94(13.05{13.05-06 12.87-88
Ag |l2 so.iz.:rzilz.so 12.91]12.90-91{12.71-73
Sp |12.60J12‘71|12.80 12.69/12.79-81/12.52-54
Oc [12.53(12.73/12.5212.69(12.68-69 12.41-42
De !12.08;12.31!12.“‘1!.79 12.78-79/12.50-81
Jn |12.5112.69/12.18/12.65/12.65-66 12.35-36
Mh 112.57112.68112452 12,68 1163-69’143,:-:9
Ap [12.73012.82/12.7312.83(12.88-89112.57-59
Closed firm.
Thundag. May 28.
_ Spot cotton, mid !ing:fif}i
i §| alss| 8§ |s}
- ol By - -
X oS 2 Q 0o
My tll.l&}l!.fil 4.20114.38(14.35-38{14.11-14
Je (13.03{13.35/13.03{13.35/13.28-20,13.00-05
Jiy 1!3.“!13.31{18.1 13.27]13.28-29{13.05-08
Oc 2.78(12.79(12.68 12.73‘12.72-13112.68-69
De (12.87(12.88{12.75{12.8212.81-82 12.78-79
Jn ]12.70{12.73/12,61{12.67 12.67-89’12.6546
Ag 12.98‘13.14;12.94’13.12 13,12-14112.90-91
Sp 12.81!12.39‘12.81‘12‘81 12.81-84121.79-81
Mh 12.10{1275;12.61 12.68 12.68-69’12.6&69
Ap [12.86112.87/12.86(12.8712.85-88(12.88-89
Closed steady.
Friday, May 29.
Spot cotton, mid&lingfi;__L&_T‘.‘).
. 2 9 © .
I*”\?’ : ‘
16 |ml3 134 l 5 | o&_
My IM'.ZS 14.35114.20:14.3&14.85 ]1435-38
Je [13.15 13.16,13.13‘13,13113.15-"][3.28—30
Jiy 113.1 {13.21{13.12/13.13{13.2-13(13.28-29
Ag 2.9“!3.03{12.95?12.95;12,95-9m3.12-14
Sp [12.77112.77 12.7‘1112779)2.74-7 2.81-84
Oc [12.62 12.85!13,55112.63‘(12,62-63-12.12-73
Dc [12.72 13.75i!2,61'13.69!12.69—70 12.81-82
Jn Ixz.sc 13.60,12.48/12.51/12.51-52{12.67-69
Mh {12.57 12.60/12.4812.53/12.52-53(12.68-69
Ap [12.78{12.78/12.6712.70/12.70-72112.85-88
Closed steady. i B
Holiday.
Monday, June 1.
Spot cotton, middling; 13.76.
. £ ; ;
HH&' 3"55
o3= O U
Jly [13.20 13.42;13.20 13.35/13.34-36113.12-13
AR 13.051{3.8{) 13.03{13.23{13.23-24(13.95-97
Sp |12.82 3,05112.82 13.15{12.14-16{12.74-76
Oe [12.71{13.07 12.70113402“3.01-01 12.62-63
Nv ..........[.....»...‘.1184—8‘7]..,....‘
De {12.81/13.10/12.76/13.04113.04-05/12.69-70
Jn [12.60 1230112.53 12.87]12.87-89/12.51-52
Mh [12.59712.92{12.6012.90{12.88-90!12.52-54
Ap !12.3091&05{12.30613.05|13A07—09 12.70-71
Closed steady.
Tuesday, June 2.
Spot cotton, middling; 13.75. s
d . < ;6
SIE 1 3138 & 200
qe il L L T aTads
Jty 113.35.13‘3&13.20'1320;125‘20-211’{3.34-36
Ag !13.22'13.25;13.0&13.08113 08-10{13.23-24
Sp j12‘99513.05;12.99;13.00‘13.94-97;13.14~16
Oc [12.9813.03/12.84/12.84/12.84-85(13.01-02
NG VLo ]t S a-eT 12 84 -RT
De 1.’..97§L3404112.85 12.87112.86-8713.04-06
Jn 12.77|12.81g1z.7012.70}12.70-71112.87-89
Mh {12.80/12.90112.72!12.72{12.72-73/12.88-90
Ap 12.96111041]2.96412,9&12.5‘0-33‘13.07-09
My [13.00/13 05112.89/13.90/12.89-91/.........
Closed barely steady. -
.
Cotton Gossip
G i
NEW YORK, Jun 2 2.—Heavy realiz
ing at the opening of the cotton market,
led by Ricrdan, Schill and Brooks and
the ring crowd, was partly responsible
for the break in values. Mitchell and
Gwathmey were th: leading buyers.
* * -
“We may expect setbacks from time
to time, but the bull side looks best,”
observed J. M. Anderson.
* * *
Eastern and western beli all fair.
. * -
“There will probably be realizing
again to-day, but on #ay setback I be
lieve the markel is a pirchase,’”’ says
Andy.
s 8 =
NEW ORLEANS, June 2.—Hayward
& Clark: ‘‘'The weather map shows
cloudy in the Western States; generally
fair over the central belt, partly cloudy
in the Atlantics. Light showers
over the western and southern half of
Texas. Some scattered showers with
some nice rains in the astern States.
Indications are roroganly cloudy; prob
ably some scatter showers over the
belt; mostly light.”
There wera some good scattered
showers in the Eastern States yester
day, while the rainfall in the West was
lighter.
Cordill’s report on south and central
* - »
Texas is very bad.
Rainfall: Abilene, .04; Taylor, .08; San
Antenio, Savannah, Macon, .01; Nash
ville, Chattanooga, .10; Atlanta, .34;
Charleston, .14; Raleigh, .46; Del Rio, 02.
The New Orleans Times-Democrat
says: ‘The status of the cotton trade
as disclosed by the Bureau report is
exceadingly serious and will become
critical unless East and West alike get
precisely what they want from this time
forth. There is some reason to hepe
that Texas may be blessed with clear
skies during the next few days, but the
outlook for rain in the Atlantic States is
by no means reassuring. In the mean
while, it is fairly certain the spinners
will continue to absorb the remnants of
the old cror and their dependence upon
the new will, therefore, be absolute. At
the moment the chanee of a yield equal
to last year's seems remote; what a
vield smaller than last year's would
mean, as regards price, must be left
to the fancy.
“Nevertheless, the effect of clearing
skies in Texas, combined with rains in
the East, might be most unpleasant to
overzealous bulls, for New York would
then megaphone the note which lis
sounded in Henry Clews & Company’s
latest circular, '‘Spinners’ memories are
not so short that they can not recall
the late spring and early summer of
1911, when there was apprehension that
a crop disasier was impending. Even
tually, however, 16,000,000 bales were
raised and with such results are unlike
1y this year, it is still among the possi
bilities that a goed-sized crop will be
produced.”
NEW ORLEANS.
: Vednesday Ml! 27.
Spot cotton, middling; 13%.
M%li‘iil ! |s*
9 8 |ab
My ]13.56018.59613.66113.50}15.“65‘13.5@
Je <L.’£‘| 3.53-55/13.37-39
Ty [13.45/13.5 113.1513,6013.50-51113.34-35
Ag 113.31/13.33/13.28]13.29(13.28-30(13.15
&g Lovvvde ik voddeen .:(12.86-88112,63-63
Oc 112.57]12.70112.56{12.66(12.66-87 12.42-43
NV Loreibesvobesviviles i 5:b18.68-6815.42-44
De 112.57/12.70{12.56112.67/12.66-67 12.42-43
Jn [1257(12.70(12.57/12.70(12.68-69(12.43-44
Mh i12.1‘0!12.30_1&69.12.77;12.77-18{}£.51-58
T Closed steady.
Thursday, May 28.
Spot cotton, middling; 13%.
€ £ > - g z )'
S 2% it & it
o £ 14 @ o a 0
kb e e e e s
My [13.66/13.75/13.58/13.58{13.57 113.'0-“
Je I coveee..../13.51-58(13.63-56
Jly 113.56!13.59/12.47|13.51/13.51-52!13.50-51
Ag (13.32/13.38(13.28113.31}13.31-32 13.28-30
Sp ‘St ! ceeee....|12.91-93(12.86-88
Oc {12.75/12.78{12.6612.71{12.71-72/12.66-67
MY loaderive ' 12.7%-73 12.66-68
De [12.73(12.78]12.86112.72{12.71-72{12.66-67
Jn [12.71/12.79/12.67{12.73 12.72-73{12.68-69
M |1281(12.85112.79,15 82012 818 12.77-73
Closed steady.
" Friday, May 29.
_ Spot cotton, middling; 13%.
|- |
i : . : -
418 x]ssl B|3B
____l Slzl 31381 © &5
My [18.45]13.45]13.45 13.45]13.44 ;1.’9.5?
Je |‘111‘! 42-4413.51-52
Jly [13.43:13.49:13.41ix3.43}13.42-43ix3.51-52
Ag (13.26{13.2813.22{13.22 13.22-28!13.31-82
8p [oeileroiiinosilssns.[l2.Bo-82112.01-91
Oc \12.64;1'.-.36,;12.3~;|12.50=12,50-61112.71-72
v |t i 0 e CEIIR Y- 12
Dc [12.64/12.67/12.56/12.60]12.60-61/12.71-72
Jn 512.64‘12.66\12.57!12.60@12.60-61112.72-73
Mb |l2 75}1273,12.68/12.70,12.60-71 12,8183
Closed steady.
Saturday, May 30.
Spot cotton, middling; 13%.
d ; " g .
la‘ ‘!5’351 é‘léf
o -
s e R e e
Yol ] o e s 44
Jly 13.43:13.48,nuz‘1344;13.44-45,13.4:-43
Ag (13.2413.25/13.2313.24/13.24-25/13.22-23
8D iveodosoiilsooeelsi.o[l2.B4-86/12,80-82
Oc ‘12.63’12.66:12.62 12.64i12.64-6§ 12.60-61
Bl o 11264-65/13.60
De [12.6512.6512.63/12.64 12.64-65 12.60-61
Jn !Iz.ez,tz.sshz.szhz.ss|l2.s4-65 12.60-61
Mh [12.74{12.74112.74!12.74/12.74-75{12.69-T1
Monda?Jhnc 1-:_
Spot cotton, middling; 18%.
ey | $ 1
2lEl 338 6 |
Tiy 112.53]13.80/13.50/13.63/13.62-63/13.44-45
sAg ‘[13.3:1«13.01a13.3g:13.5q|1.3.49-50ig.§:-§2
Oc 12.72.13.00113.:6112.9312,93-94;12.64-65
Nv ' e |12.93-94112.64-65
De 12.734;;.00;12.6912.93!12.92-93512.04%
Jn ’12.72113.00'12.70‘12.94]13.93-9412.64-65
Mh |1282(13.0011282115.0113.02-02(12.74-75
" Closed steady.
T Tuesday, June 2.
Spot cotton, middling; 13%.
ity 818
ol B 3 3 O .0
Ty |13.61/13.6713.52 1883........]18.62-83
Ag (13.42/13.53(13.37/13.37|......../13.49-50
Oc *13.%;12.96]12.79]12.79 }gggg:
De 112.881'12.95’12.78312.79!'. ee 0g
Jn 112‘89‘12.97112.80“2.80 s 139894
Mn [12.98/12.07(12.91112.91]. ... ...[13.02
Wire trouble;: no close.
. .
U. 8. Places Condition
25 at 74.3 Per Cent
WASHINGTON, June I.—The condi
tion of the cotton crop on May 25 was
74.3 per cent of a normal, as compared
with 79.1 on May 25, 1913, and 80.4 the
average of the past ten years on May
25, according to the estimate to-day of
the crop reporting board of the De
partment of Agriculture.
The following tabulation shows the
condition of the cotton crop to May 25,
this vear, by States, as compared with
previous years’
May May May May
25, 25, 25, 25,
BTATES— 1914. 1913, 1912, 1911,
Georgia .... 80 69 4T
Virginia .. 83 83 89 93
N. Carolina 76 76 87 83
S. Carolina. 72 68 33 30
Plorida- ... B 2 83 75 95
Alabama .. 85 7% 74 91
Mississippl. 87 61 72 86
louisiana . 82 81 69 91
Texas ..... 68 84 86 33
Arkansas . 79 85 73 87
Tennessee.. &) 87 74 83
Missouri .. 86 50 74 86
Oklahoma., 68 87 78 87
California, 100 96 96 95
DB, 4y 39.1 78.9 87.8
Ten-year average of 80.4 per ent com
pares with 79.9 per cent last year, 81.5
per cent the year before and ',l per cent
in 1911
COTTON SEED OIL.
Cotton seed oil gquotations:
B | Opening. | Closing.
Spot . .. L T20@T.30
January . ~ . .| 6.90@7.00 i 6.91@6.98
June . . . . .| 7200728 | 7.3307 26
July . ... . .| 7.29@T7.31 | T.29@7.20
August . . , . .| T41@7.44 | T42@7.43
September , . .| 7.49@7.50 | 7.50@7.51
October . ~ , .| 7.32@7.36 | 7.33@7.24
November . . . .| 6.96@7.03 | 6.95@7.03
December . . . .| 6.95@7.00 | 6.93@6.97
Closed steady; sales 11,300 barreis.
MONEY AND EX.CHANGE.
NEW YORK, June 2.—Money on call,
1% ; time money unchanged; 60 days,
2% ; 90 days, 2% @2%; six months, 3@
3.
Posted rates: Sterling exchange, 4.86%
@489 with actual business in bankers'
bills at 48855 for demand and 486 for
60-day bills.
Prime mercantile paper unchanged.