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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.