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THE C.EORGTAN'S NEWS BRIEFS.
Market Quotations For ^Veek of November 18-24, 1910
REVIEW OF COTTON MARKET
By JOSEPH B. LIVELY
The government has been kind to the bear speculators in cotton from the'be
ginning of the season. It not been so intentionally, no more so than ta M*-
sons past, but attempts to make the condition reports bearish without causing
a serious break in prices until these reports wore discontinued are still
the memories of those Interested In cotton. The speculators then shifted their ef
forts to the ginning reports, but so far they have been only partially success-
ful. The fact that there has always been another report due within a few days
has causod wider fluctuations in the market than any bearish tafojmationccm-
talned In the reports when Issued. The scalpers so far have reaped the benefit.
On the Issuance of the ginning report on November t of the number of tMf
.ginned up to November 1 the tendency was to increoso the minimum estimates.
Some had guessed high enough to be on the safe side even should toe weather
continue favorable up to the average date. Most of the maximum estimates had
been compiled before frost had checked growth and maturity, and which had not
been reckoned with In making estimates of between 12,600,000 and 12,000.000
boles. Since the report, however, “see-saw Is the game the market is attempt
ing, and the absence of the public and the wide difference in crop views give the
bulls and bears the upper hand on alternate days,” say Logan Sc Bryan in a
circular lotter on November 17. “Next Monday brings the census figures of
the crop ginnod to November 14, and those figures are expected at 9.000.000, wmen
If the rapidity of picking and ginning is not reckoned with, would suggest a big
crop. Friends of the staple have stood aside until after this report is issued, pre
ferring to pay more with the last bear ginning report gone. All sections continue
to furnish deplorable acounts of the damage done by Mio recent freeze and of
the very small amount of unpicked cotton, but these reports are given no cre-
. dence whatever when the action of the .market does not corroborate them. Tne
South seems indifferent about selling her spot cotton and nono of .the Southern
row bounds this year. Just as we did last year, unless spinners become nervous
and seeluto buy their supplies In the contract market."
On Monday, two important items of a very bullish nature, the government re
port on glnnings up to November 14 and a crop estimate by Oscar K. Lyle, a
crop expert of the highest reputation, were published. _ : . .
The action, and its cause, of the market on Monday can best be described hy
the reproduction of the review of the day's trading by The New York Evening
Post, which follows:
“The market was thrown into a state of excitement on the opening this
morning by two very important announcements which caused prices to Jump 31
to 41 points over Saturday's closing on very heavy trading. One was the publica
tion of the census bureau's official report on the ginning of the crop to November
14. proving very much smaller than the trade had been expecting, and the other
was the announcement of the crop estimate of Oscar K. Lyle, one of the best
and most conservative crop experts in the country, proving way below the figures
put out by other experts. For the past ten years Mr. Lyle has been highly re
garded as one of the most reliable of grkin crop experts, but during the last four
- . — — —. i estimate of 10.0945.-
000 bales actual yield this morning, with but 340,000 to be added from linters for
the commercial crop, it surprised the trade in connection with the census bu
reau's report, and there was a scramble to buy. This demand was so urgent
from shorts and commission houses, it spread to New Orleans and Liverpool, and
Jumped those markets as much as it did here, which represented the equivalent
of 31.50 to per bale. Trading continued very heavy throughout the morning,
and despite the liquidation to secure profits arid the fresh hedge selling against
the crop and further aggressive operations by the old bear crowd which this
sharp rise induced, the market xnalnUyined most of the advance throughout the
later trading.
“Tho census bureau's report, showing 8.764,165 boles ginned to November 14.
compares with tho expectations of 9,000,000 bales, which the trade had been ex
pecting throughout last week. It is more than 130.000 bales- smaller than the
private estimate put out by the National Glnnera' association on Thursday, and
is only 50.000 bales more than was estimated by Mr. Lyle In his final report,
which was sent here from Virginia last Friday night. According to the cen
sus bureau’s figures. 1,424.000 bales had been ginned from November 1 to the
14th. against 1,095,000 the same time a year ago, and 1,404,000 the previous year,
when A595.000 bales were ginned to November 14, against 8,112.000 last year, and
as contrasted with 7,339,000 to November 1 this year. Ginning figures on the
whole ore chiefly valuable for showing the progress with which the crop has
been ginned. They do not form a good basis so early In the season for definite
crop estimates. The next census bureau’s report, covering the amount of cot
ton ginned to December 1, will, however, go far toward settling the present
dispute as to whether the crop is under 11,000.000 or as much as 12.000,000 bales.
“The following Is the report rendered today by Mrs. Lyle, which speaks for
Itself:
“‘After six weeks of careful observation. Inquiry and study in a visitation
of all the cotton states I submit this report on the- probable else of the crop:
Alabama *. 1,140,000 Oklahoma 720.000
Arkansas 790,000 South Carolina 1,160.000
>oo
Florida
Q—rilll ...
Louisiana 250.000 All others
Mississippi * 1,175.000
North Carolina 650,000 Total .yield ..10,945.000
“ ‘Expression is made In running bales, exclusive of linters. This com
pares with 10,072,371 bales actually ginned last year. The same percentage of
linters as last year would add 340,000 Dales for the probable commercial crop.* **
Following Is the census bureau’s report of the amount ginned up to No
vember 14, compared with previous years:
Washington, Nov. 21.—The census bureau today issued a report on cotton ginning,
showing 8,764.153 bales, counting round as half bales, ginned from the growth of 1910
to November 14. compared with 8.112,199 for 1909, 9,595,809 for 1908 and 7,300.665
for 1907. The total amount gained shows a percentage for the last three crops of 80.5
for 1009, 73.3 for 1908. 66.1 for 1907.
Alabama . .
Arkansas ...
Florida . . .
Georgia. . . .
* Texas ....
•All others . .
747,162
323,674
88,287
1.241,288
254,766
154.756
886,114
584,850
729,023
129,781
2.403,987
34.838
- 7.839.983
81,187
40,516
46,785
1,434.606
184,058
797,187
888,309
102.215
2.636.944
88.370
8,764.153
91,939
53,505
80. r ,,849
557.857
51,612
1.559.828
217,438
731,354
466,797
' 476,471
913.440
183,529
2.104.829
128,757
gag*
1,020,724
665.232
51,407
1.554.027
841,958
1,086,183
938,928
243,498
2.55M2S
46.751
9,595,809
173,908
56,701
744,027
385.528
85.454
1.388,69%
851.421
794,992
200,055
484.657
851,861
130,959
1.T05J129
19,573
T*5M55
142,210
44,698
•Including Arizona, California, Kansas, Kentucky, Missouri. Nsw Mexico and Virginia.
WEDNESDAY'S REVIEW.
New York, Nov. 23.—All the cotton mar
kets wore flfmer and higher today with a
gradual broadening of demand and very
little selling pressure In evidence. These
conditions reflect the effect of tho appre
hension of the trade over what now ap
pears to be the general abandonment of
recent large crop Ideas for the more con
servative estimates recently announced.
completion of picking and the small
amount of the crop left to be ginned after
December 1, have impressed those who
have been operating on the short sido in
cover their short sales in the gen<
tion list since the bulge In the market on
Monday morning, but there has been too
little selling pressure since then, and the
markets at Liverpool and New Orleans,
as well as here, havo been ruling so
strong they have been unable to mate
rially reduce their lines.
• We continue to advise adhering to %
traders’ position on the bull side, and fa
vor purchases of the January, March and
May options on all soft spots.
Warehouse stocks in New York Wed
nesday 139.706, certificated 132.125.
At the close the market was steady on
2 or 3 points points below the high lev
els of the day. net 3 to 11 points above
Tuesday’s closing quotations.
NEW YORK.
NEW ORLEANS.
|
Hi
3i| i
Nov.
Dec.
Jan.
Feb.
Mar.
May
June
July
14.46
14.42
14.57
14.46)14.46
14.6014.31
J4.74jl4.51
14.45)14.56
14.52 14.57-52
14.71 14.70-71
114.79
ns*
1435-52
14.65-65
14.75
£§s
14.76
14.50
14*97
14.95 14.7i
15.1014.25
iV.i3ll4.07
14.91U4.91-92
15.07 15.06-07
15.08
14.9715.17-18
Wednesday, November 23.
8pot cotton; middling 14.95.
Sot.
May
July
Aug.
14.05)14.79
114.94
14.94
14.51
3i
Closed barely steady.
II
H 8^t y eo5^r^5sr7 h *" k,B!vinB
Closed steady.
Wednesday, November 23.
Spot cotton; middling 14%.
Nov.
Dec.
Jan.
Feb.
Mar.
jsd
July 15.21
15^8
Closed steady.
SA
14.42
14.53-60
14.74-75
14.83
14.97-9*
15.15-1C1
15.20
15.26-27
[HU
14.57-52
14.79-71
14.79
14.91-92
15.06-07
15.02
15.17-12
Holiday Thursday—'Thanksgiving' Day.
Spot cotton; holiday.
NEWS AND GOSSIP
OF THE FLEECY STAPLE.
Tho American markets will be closed
Thursday on acount of Thanksgiving day.
New Orleans, Nov. 23.—Liverpool fully
conformed to our advanco of yesterday
with futures S to D higher; spots 5 hlgherr
sales C.000. Cables report Jobbers in
clined to be bearish. This means that
the professional dally scalping element is
working on the short side on bulges.
Other cable information and correspond
ence from Liverpool would suggest that
the Influence of this scalping element Is
fully covered by the general bullish views
of the trade In regard to the future. We
opened 2 td 6 easier which was generally
considered as part of the action of a bull
market
There Is a general tendency to reduce
•op estimates. Bullish census returns
for the period from November 13 to De
cember 1 are expected; also small crop
estimates by The Times-Democrat and
the bureau. The temper of the market
la bullish, altho opratlons today were ap
parently restricted by the intervening
holiday tomorrow.
Bull leaders sustained confidence by
their presence and their resolute bidding
on all dips. Near 15c for March there
was some resistance, as realising orders
seemed placed around that figure, but the
selling was well taken, and It Is believed
that 15c will soon be reached by the mar
ket.
Liverpool closed about 12 English points
higher. The market here Is quiet and
firm around 14.95 for Marcti.
(From Hayward A Clark.)
New York, Noy. 23.—Carpenter. Baggot
A Ca: Liverpool was due 8 to 0 higher.
Opened steady 8 to 7 higher. At 12:15 p.
m. was 8teady7 to 8 higher. Spots quiet
at 5 .points higher; middling. 8d: sales 6.-
060, Including 6,609 American: speculation
??^«* xport T* 0 * imports 17.000, Including
*MJ9 American. Tenders new docket
’Estimated ports 68,000 against 75.562
last week and 30,116 last year.
Bradstreets makes the Indicated cot
ton crop for the harvest year 1910 12,000,-
000 bales.
Journal of Commerce: The fact that
some very good Texas cotton is coming
here to be delivered on contract next
month is attracting a good deal of atten
tion. The men sfho are bringing It are
— * ““on men, who are not
i money on. nor are they
buy cheaper than the
the Southern spot centers.
Opening trading light, with some sell-
tures bUt n ° pres8Ure * No special fea-
Mltchell selling March and buying Jan
uary. m Looks like spot Interests are
Deeem-
sells little higher.
Following are Ham. bids:
bwH.68, January 14.69. March 14^0. May
The market had to take a lot of cot
ton at 14.90 for March, but seems to have
absorbed it well, and will likely go on
thru on the next buying wave.
Mitchell bids 15.08 for 10.000 May at
11.25. Market very strong.
Mitchell, McGee, Dick and Freeman
K°oa buy.ra. Springs seem, to b. soiling
oat a big lino. Market very Ann and
looks higher.
New Orleans, Nov. 23.—Hayward _
Clark: Map shows generally lair except
COTTON SEED OIL MARKET.
Cotton led oil quotations:
Novembs > ..
Decernb, l —
January. ..
February, > »,
March.. Jm — „ A ._
May.. M M M M 7.34
July.. .. I. ,, IT] T.4~
Sales 1X906 barrets.
Opening.*
(losing.
7.OO07.O2
7.0247.04
7.0*57.09
7.1007.15
7.22S7.23
7.34 57.35
7.4707.42
7.0607.20
7.0857.11
7.0507.06
7.1207.14
7.1507.19
7.2507.28
7.3507.27
7.4507.46
CHICAGO GRAIN MARKET.
Chicago, Nov. 23.—More favorable Ar
gentine news and weakness In Liverpool
following the upturn here or yesterday,
caused an easy market In wheat at the
opening, with prices off %Q%c. Selling
was led by Bartlett. Frazier Sc Co., andi
was more or lees general. Shorts bought
some on the decline. Liverpool was
%d lower, due to speculative realization
and reports of threatened rain In South
American wheat belts.
Corn started weak with commission
merchants on both sides, but recovered
some of the losses a few minutes later.
The market was easy and not large.
Oats were a shade easier with corn
and the trading was small. Commission
houses were on both sides.
Provisions opened higher with offerings
limited and demand fair.
Wheat was quite Irregular today and
closed unchanged to %@%c better. There
was an earl*break of %0%c to %0%c
on easy Liverpool cables and favorable
reports from Argentina. A sharp upturn
followed on confirmation of reports of
serious damage In Buenos Ayres. Liver
pool spot wheat closed unchanged to %d
lower, while futures were higher.
Corn led strong until late when It sold
weather and soon firmed up and ranged
unchanged.
no __ —
, under good buying
Proriritms were off a shade. The mar
ket was eased on Increased offerings,
which was brought out by the early ud-
There was considerable proflt-
nkfauL
Cash sales: Wheat, none; corn. 120.-
000 bushels; oats. 160,000 bushels.
Grain quotations:
Previous
High. Low. Close. Close.
Open.
WHEAT—
Dec.. 90*4 01%
s*
44%
i?8
8*
34
46% 47%
July.. 47 48
OATS—
Deo.. 30% SI
May.. S2g 24%
July.. 22% 34
PORK—
Nov 17.00 17.00
Jan. 17.17% 17.27% 17.5
May 16.37% 16.37% 16.1
hAHT)—
Nov 10.05 10.10 10.00 10.00 10.07
Jan. 9.85 9.85 9.75 9.7T% 9.80
May 9.55 9.55 9.45 9.50 2.50
16.17% 16.22% 16.25