Newspaper Page Text
14
THE GEORGIAN’S NEWS BRIEFS.
Mark et Quotations For Week of January 20-26, 1911
REVIEW OF COTTON MARKET
By JOSEPH B. LIVELY
Cotton future* have covered practically the some ranee of fluctuation*
for the put four day* of the week as In the previous week. Conditions have
also been the same. The making of prices has been to a great extent
left to professionals. At and below It 7-ftc for the actual stuff holder*
Vfould refuse to sell, and futures would advance. At 15c and above holders
wero free sellers, and futures would decline, and apparently both seller and
buyer are satisfied with the situation, at least for the present.
Influences of a bullish character, which formerly would have caused a
sharp upturn, are now worked only for a scalper's profit, which so far has
prevented a material advance above lie for the May and July positions.
The bears cover around It 7-Sc in the same positions. Thus It would appear
that at the moment sentiment is about evenly balanced. The decision of
the New England and Southern mills to curtail has not depressed prices,
nor has the government report. Issued on Monday, and confirming Its es
timate of ll.4tg.000 for the 1910-11 yield. Induced a bull following sufficient
ly strong to advance prices to a p>lnt warranted by a crop now known
to be far below the world’s consumptive requirements.
In this connection The New York Daily Trade Record, in Its review
of the market last week, said: . .
"It was pointed out that the suggested curtailment of the Arkwright
club could not likely affect the market In any sense as it did last season,
for the club proposed, and put Into effect, the curtailment shortly after
October 9, 1909. over three months earlier than the present move, thus af
fecting spinners’ takings during that period correspondingly.
"Some Interesting figures present themselves.In this connection. Ac
cording to The Financial Chronicle. American spinners’ takings during
the season of 190S-09 (the big year) were approximately 5.500.000 bales.
During the 1909-14 season (Arkwright curtailment in effect). The Chronicle
figures American mill takings as approximately 4,500,000 bales, thus In
dicating that the curtailment which started In October, only about six
weeks after the crop year Is counted as starting, at 1.000.000 bales.
"The cotton year begins, as Is usually known, at the end of August.
Figure* prepared by the government Indicate that there was even less of
an actual decrease as between spinners’ takings in 1909 and 1910. Census
bureau figures give ’consumption In United States, with the year ending
August Jl. 1909, as 5.255.370 bales; for the year ending August II. 1910.
as 4.000,953 bales, a decrease during the crop year of 1910 of 440,330 bales.
As against this decreased consumption must be considered the following 1m-
e rtant figures: ’Cotton held by manufacturers August 01. 1909. 900.000
les; on August 01, 1910, 533,232 bales, a decrease of 375.570 bales.’
"Obviously, If the spinners of this country had 075,000 bales less to han
dle during 1910. and they used but 450,000 bales less than In the big crop
season of 1900-09. there seems to be but little favor of their position. In
cidentally, after January 17. 1910, to August 31, the mills of the world used
approximately 3,000,000 bales, and the export trade took approximately
4.000.000 bales. Considering stocks in sight at all ports, stocks in the inte
rior and the generally accepted belief that comparatively little of the crop
yet remains to be ginned. It Is a question where world"* spinners can secure,
or expect to secure, this nmount of cotton, assuming that they will need no
more than last year to fill their wants."
Logan A Bryan. In their cotton letter of January 31. say:
"Assuming the crop to be 11.S00.00 bales, which looks to be
a full estimate, w« would have 2601.000 yet to bring Into sight
compared with 2.S37.000 brought Into sight after this date last year, and
4.191,000 after this date two year* ago. Adding to this the visible supply of
.American cotton on uniform dates of .each of these three days, we get the
available supply for the spinner, which would be 6.661,040 bales this year,
against <,350,000 last year and 8.720.000 the year before. Then should bo
taken Into consideration the stocks of raw cotton in the warehouses at
the mills, which comparison. If known, would make this Feat's aggregate
figures at cotton which the mills might spin less than It was on this date
last year. The depleted storks of manufactured goods in the hands of both
retailer and wholesaler need be given no consideration whatever to prove
the bullishness of the situation, altho importance of such a condition can
not be minimised. Regardless of the talk about poor business the cotton
trade has taken 5.731,000 bales to date, against 5,497,000 bales to an even
date last year or about four per cent more cotton. If they continue this
ratio the total takings will foot about 11.750.000. which will practically
consume the crop and leave tho year and situation }H*t “» it last Au
gust. but with the shelves of the world carrying leas goods than they held
in August. 1910. After this date last year not only American mills, but
also European mills, curtailed their purchases of cotton and
production of goods. This year Europe wants to continue run
ning their mills and the surprise of the trade Is likely to come In a con
tinued demand from that quarter and the comparison of mills’ takings this
year with last. Instead of being four per cent greater, may be 35 per cent
greater for the balance of this season or until available cotton Is all gone.
This la Illustrated by the takings the last week. 335,000 bales, against 273.000
for the same week last year, at the highest prices of the season."
The census bureau at 14 o’clock Monday morning Issued It* report on the
number of bales ginned up to and Including January 16, by states, as follows:
NEW YORK.
Friday, January 20.
Spot cotton; middling 14.90.
Jan..
Feb..
Mch.
May.
June
July
Aug.
Oct.
I| S
14.57J14.61
S3
14.00-62 14.60-61
14.68-70 14.66-OK
14.79-80 14.77-78
14.99- 15 14.99-15
14.99- 01,15.01-02
mmmm 15.02-0315.01-021
14.66: 14.70 14.65114.70 15.67-70114.60-71
* * *“ “’ *“ “||ggji| 13.37-38ill.35-36
|4.55|14.61
14.‘7*| H.70
14.90 15.00
Closed very steady.
y
a.o
NEW ORLEANS.
Mar. 114.95
May '•* •*
July 115.25
Aug. 114.72
Oct. I13.33jl3.40 13.32
Spot cotton: middling 14.?
Feb..
Mar.
May.
Jan.. 14.62,14.65114.62
14.80 14.83;14.73
■ . 15.00 15.04 14.99
June :
July .15.02H5.0615.02
Aug. 114.70 14.75 14.70
Oct. 113.3913.40 13.31113.40 lX39-40il»!l7-3«
Closed steady.
Jan..
Feb..
Mch.
May.
June
July.
Aug.
Oct.
Closed steady.
e
1
O
High.
Low.
II
I
O
II
Jan..
Feb..
Mch.
May.
Juno
July
Aug.
Oct.
14.70tl4.73! 14.64
14.71 14.71 14.70
14.85 14.S8ll4.75
1S.06I1S.09 14.94
14.64
14.70
14.77
14.95
14.64- 65)14.66-67
14.65- 66(14.70-71
14.76-77)14.82-83
14.94- 95115.0*
14.94- 96*15.02-04
14.33-97'15.04-05
14.63-65(14.71-73
13.26-37 <14.39-40
16.06115.11'14.95 14.96
14.74114.79 14.64114.64
12.42113.45 13.2U 13.37
Closed steady.
I
O
i i
x 1 3
11
f
6
n
c
&
0
High.
Low.
11
0
B
Jan..
Feb.
Mch.
May
June
July
Aug
Oct.
14.69
14.60
14.72
14.92
14.94
14.64
13.35
i4.67ll4.Sl
14.60:14.60
14.B3jl4.71
15.03,14.91
i5.05 i4*93
14.72I14.63
13.42*.13.22
14.97
14.60
1442
15.02
15.05
14.71
12.39
14.66-67114.55-54
14.70- 71,14.56-60
14.82-S3J14.69-7C
15.05 14.99-89
15.02-04 14.99-90
15.04-05 14.90-91
14.71- 72114.57-59
13.29-40)13.34-35
Jan..
Feb.
Mar.
May
June
July
Aur
Oct.
14.89
14.98
15.17
16.29
19.99
14.94114.96
i5.07li4.9<
15.26 15.16
ii.34i5.29
i2.4t!i2.M
14.93
is.07
15.26
ii'.zc
13.401
14.92-93
15.06-07
15.25-26
15.21-23
15.35-37
14.73-75
13.39-40
14.93-84
14.86-97
14.96-97
15.15-16
15.21-22
15.25- 26
14.60-62
13.25- 10
United mSSST.
Hound bales ,
•Includes Aria
Virginia.
TT6T55T
725.235
63.057
L761.814
701.434
I944U
1.155.696
291.317
*.883.479
71.151
11.097.442
109.296
22,422
Jan. 15. 1 Jan. 15. | Jan. IS.
1910-1911. 1 1909-1910. , 1909-1969.
1,174,452
764.247
' 64,777
1.779.964
242.612
1.153.267
719,389
906,196
1,179,895
297.410
2.912.244
74.279
11.254.116
110,815
•MU
1,0.4,989
664.522
60.765
1,827,922
253.927
1.029.412
615.529
532.903
1.114.533
228.915
2.377.994
66.494
1,316,90*
931,133
69,434
U62.H2
459.762
1.551,792
661.669
.612,144
1.192.721
111.727
2.529.997
<9.722
12.666,201
62.191 1
. California, Kansas, Kentucky, Missouri. New
THURSDAY’S REVIEW.
Washington, Jan. 26.—The market was
barely sustained around last night’s prices
during today's session, despite continued
support from the leading bull Interests.
Trading was very dull and almost en
tirely local and there were no new de
velopments in the general situation to
encourage bullishness. Some scattered
selling hr local operators was. however.
1907-1909.
966.810
53.496
1.771.932
598.429
1.287.299
501.951 *
792.790
1.093.416
239.404
2.145.695
39.343
10.229.551
" Mexico and
ji
B
14.62:14.*>4-65; 14.60-62
14.71-73(14.68-70
14.83 14.82-83:14.79-80
15.04,15.03-04 14.99-15
15.03-05)14.99-01
15.06,15.05-06115.02-021
14.75)14.74-75'14.67-70
e
&
O
X
Low.
II
I
5
l!
-O
Jan.. |14.90
14.95jl4.90
14.94
14.93
•94)14.92-93
-07 14.94-9C
-07 15.04-05
-26 15.23-24
-33)15.29-30
-26 15.33-34
-77ll4.7S-7t
-42)13.39-40
Mar.
May
June
July
Aug.
Oct.
15.05
UL23
i 5.09115.04
15.27)15.23
15.07
15.25
15.06
ISjl
iin
ms
15.7:.
13.41
is.22
ii.37ji5.33
15.36
U.«l
is.62lii.4i
13.42
Spot
14.85
15.05
(14.98
115.01
,14.65
13.39
14.85 14.67
15 05 14.86
11.98 14.90
15.01 14.88
14.65 14.56 I
13.39lil.30
II
y
14.53-54:14.64-65
14.35-60,14.71-73
14.69-70' 14.83-83
14.98- 89:15.03-04
14.99- 90115.03-05
14.90-91! 15.05-06
14.57-59 14.74-751
13.34-35)13.39-40
spot cofTo^SdfCT, 24 -
s
Hpn MOT 15.29-20
15.34 15.2^15.34 15.32-34
Hjaa 14.71)14.75-77
it
CLO
14.89-90
14.91-93
15.01-02
15.19-20
15.25-27
15.29-20
14.73-74
13.33-34
Saturday, January 21.
Monday. January 23.
Spot cotton; middling 14 15-10.
June
July
Aug.
i i
x I 3
1S.33IS.33 15.1S 15.3*
_ t4.vijn.nlu.si is.n
Oct. jl3J3H3:3iil3.31ll3.35
Closed steady.
i a
14.93-94114.93-94
14.88-87(14.95-97
14.99-97115.06-07
15.15-1815.35-26
15.21-2315.25-26
15.25-26i15.35-38
14.60-63114.75-77
13.35-36113.41-42
Tuesday
Wednesday. January 25. .
Thursday, January 26.
Spot cotton: middling 14.90.
Jan..
Feb..
Mar.
May.
June
July
Oct.
14.99 15.0
14.67 14.6
12.40 12.4'
Closed steady.
•a
„ itSL- -
14.79-80114.76-77
14.97- 98114.94-95
14.97- 99114.94-96
14.99-15114.95-97
„ 14.67-68114.62-69
13.37 14-3S 13.33-40,13. SC-37
1
O
High.
k
5
II
I
||
Jan..
Feb..
Mar.
May
June
July
Aug.
Oct.
14.94jl4.95
14.89
14.99
14.85-87
14.89-90
15.02-03
15.21- 22
16.27-29
15.21- 32
14.49-72
12.24-35
14.92-93
14.96-97
15.06-07
15.25- 27
1L31-33
15.25- 37
14.73-75
13.39-40
ii.09is.is
15.28! 15.31
iijtyji&i
ii.44iis.44
15.00
15.20
li.'29
i*.27
15.03
15.22
i 5.32
13.27
Thursday. January 26.
1
0
|
1
II
1 III
0 1 -D
Jan..
Feb..
Mar.
May
June
July
Au*
Oct.
14.90
14.90
14.85
1415
14.86-99)14.95-27
14.99-95(14.99-90
16.02-03115.02-03
15.22-33(15.31-22
15.27-29115.21-29
15.32-Z3|15.31-32
14.U-71 jl4.69-72
13.35-37)13.34-35
i5.04
15.23
15.05
15.24
i4J9
15.17
15.03
15.32
15.32
14.69)
13.26
15.33
1AJ9
13.36
15^7 15.31
14.66 14.68
13.36il3.36
ket. At the same time there was no in
ducement for either the bull Interests In
the general run of news from Liverpool or
the South to Increase their lines. On the
other hand, while moet of the professional
traders are inclined to the bear side, there
la no disposition among them Just now to
force the issue in the absence of any ag
gressive or prominent leader. Therefore
the situation and outlook are still more
suggestive of dull trading with a sagging
tendency than the development of any
activity in the near future for either a re
newed advance or break of Importance
from the present range of prices.
It win continue a traders market for!
•ealplng operations, pending developments
In the general supply and demand condi
tions for the actual cotton to Incite fresh
trading for a wider swing to the market
fluctuations from the recent narrowness I
In the meantime, we continue to ad vise
purchases for turns only on further re
cessions. and then only with a view of
selling out promptly whenover a proOt of
10 or 15 points is shown.
Tr.i«llng was less active than on
Wednesday, and apparently there was lens
bull support, as prices did not reach the
high level* established the previous day.
tho a majority of positions sold at lower
levels. At 2 o’clock a rally of 1 to 4
points was noted. "
Warehouse stocks In New York Thurs
day 294.334: certificated 229.559.
At the close the market was steady net
2 to 4 points above Wednesday’s doaini
quotations.
New Orleans, Jan. 25.—The sudden re
lapse of the market yesterday afternoon
dampened the spirit, and the market this
morning was of tho same dull, waiting
and hesitating character we have seen
so frequently during the past three weeks.
Liverpool at 4 points lower on futures
and S lower on spots, with sales of 10.-
000 balsa, offered no particular encour
agement, and the following report of The
Journal of Commerce on the asm business
did not help matters: '’Buyers of cotton
goods are putting down large orders. most
of them for future delivery. Trading in
outings is characterized by a steady
pressure to get business for tbe mills even
at very low prices. In some quarters, par
ticularly on low-nriced lines, reports are
current of tbe efforts to place goods In
stock at prices under values that were
it a year ago. If this be true, and
reliable buyers vouch for it. there
as last year's takings were only 243,009
bale*.
Light scattered rains fell In east Texas
and in the central and Eastern states.
Continued rainy weather Is Indicated.
Spot reports, particularly from the inte
rior. continued good. McFadden being re
ported as the principal buyer. No spot
pressure anywhere and holders firm.
SUPPLY AND DISTRIBUTION OF
COTTON TO DECEMBER 31. 1910
The census report, issued Wednesday,
gives the cotton supply, distribution and
stock on hand for four months period
ended December *1. 1910.
It follows:
Supply December 31. 1919:
Stocks beginning po-
There was also a cable from Liverpool
saying: “Present yarn production ex
ceeds capacity of looms.** The market
weakened a few points after the opening
and remained
The movem
tlons. Port receipts today about 42.000.
against 15.000 last year, and the into-
sight for the week will
230,000, against 174.0
Bales Imported 60.979-U.232.520
.,€73.490
of stocks held December
Segregation <
21. 1910:
Manufacturers
L2S4.426
2.027,219
Elsewhere L199.492
1911.
1910.
1909.
Receipts
Shipments ....
Stocks
68.732
75,779
541.182
45jTT
44.219
557.907
74,901
7-J.Ti4
€07.519
COTTON SEED OIL MARKET.
Cotton seed oil quotations;
Opening. \ Closing.
8pot . •
January •
February'«
T.30|
Sales, 6.500 barrelsT -
(From Hayward A Clark.)
New York, Jan. 26.—Carpenter. Baggot
A Co.: Liverpool was due 4ff5V& lower.
Opened quiet iff** lower. At 12:15 p. m.
was quiet and steady lower..
Spots in good demand at 5 points lower;
middling. 8.04; sales. 10.000. Including
».40e American; speculation and ex-
flart^LOOOjtaporta. 12.000. Including 10,-
Estimated ports. 29.000. against 25.000
last week and 14.629 last year.
Journal of Commerce gives an unfavor-
Me report on mill business, saying that
goods are selling under values currant
last year, and nulls will make no money
on their output for a large part of the
ell most aggressive buyer.
Royce, Springs, Hudson, I
Halt. Freeman and Flynn
_ Market looks I
itself, and the more the Waldorf crowd
sells tho hotter.
Mitchell i
Brown. Halt. Freeman and Flynn boughtl
Sellers: SchflL llartcom. Gifford, Hub-
NEW YORK COFFEE MARKET.
Coffee quotations:
! Opening. 1 Closing.
August. •
September.
October. .
November.
i 10.90iirl0.93
» 16.96fijrl0.98
> H.02W1L05
> 11.05 W 11.07
» :1.09W1L10
\ 11.054/11.06
» ll.04Wll.09
» 10.93W10.9S
. 19.99W11-00 10.84W10.85
ll0'.78Wl0!8l|l0:S3§1060
Classd barely suady. Salas 43.000 bog»