Newspaper Page Text
ID
TTTF; GEORGIAN’S NEWS BRIEFS'.
Market Quotations For Week Ending June 3, 1913
REVIEW OF COTTON MARKET
The cotton market the past week, excluding Monday, was an evening up
of accounts prior to the triple holiday and the pending Government report.
The volume of business was only moderate. The market had to contend with
a lot of bearish reports, which caused an easier feeling generally.
Since the close of last Tuesday the New York future contract market
shows net unchanged to 20 points lower as compared with the close of
Monday. Friday and Saturday were holidays. The New Orleans contract mar
ket shows irregularity, being 9 points up to 10 points lower during the same
period. Spot quotations throughout the belt are practically unchanged. Ad
vices regarding the spot situation is practically nil. Houston, Augusta, Sa
vannah, Galveston and Memphis are quiet but steady.
Thursday the market was an evening up affair. Prices, however, suffered
a sharp decline. A Liverpool cable reported a lock-out in the Lancashire mill
district This came as a surprise to many traders and promoted considerable
Felling.
May delivery passed out of existence without any fireworks. Considerable
tenders of cotton, accompanied by a large break in the option, caused sym
pathetic weakness in other old crop options. Distant positions held steady
through January, passed under the lie level to 10.99, but quickly rallied back
to 11.02—the opening and closing quotation. May expired at 11.36 after ad
vancing to 11.41 during the first half hour of trading. May opened Thursday
at 11.28, a loss of 18 points from Wednesday’s close. May receded somes 25
points in New Orleans. This was explained by the issuance of 6,000 notices.
The May deal both in New York and New Orleans was considered a joke.
The market opened weak Monday with prices about 2 to 15 points lower
than last Thursday’s close, in expectation of a bearish Bureau report on the
condition of the crop as of May 25. In addition to this, the weather condition
over the triple holiday was favorable. The selling became freer on the call.
The absorption was very light and scattered. The more conservative ele
ment were inclined to look on until after the figures were made public.
At 11 o'clock the Government flashed the condition of the cotton crop
to May 25, this year, at 79.1, against 78.9 last year and 87.8 the year of the
“bumper crop." It also gave the ten-year average at 79.9, against 81.5 last
year and 81 the year before. If a thunderbolt had struck the exchanges,
traders could not have been more uoset. The general traders expected figures
NEW YORK.
Wednesday, May 28.
Spot cotton; middling 11.90
c
•
a
O
fi
X
3
I
o
it
£J2
Cuo
My
J’e
Jiy
Ag
Spt
<Yt
N’v
D’c
J’n
F’b
Mh
11.53111.53111.45111.45 11.46
11.55 ll.55jll.53j 11.53 11.51
11.61 111.62,'ll.55111.56 11.55
11.40111.42 11.36111.37j 11.36
, .... I.... |.... |.... 111.16
|11.1S|11.17|11.10(11.11(11.10-
|.... 11.09
11.15 11.17 11.11111.11
11.10 11.12 11.06111.06
11.19
11.19
11.19111.19
11.11
11.06
11.06
11.16
47(11.56-58
■53,11.59-60
56111.64-65
•37111.43-44
•18lll.20-22
11111-15-16
-11|11.14-16
■12111.16-17
11.12-13
11.22-23
Closed steady.
Thursday, May 29.
Spot cotton; middling 11.90.
45
to
5
*
3
<6
m
o
o
gj®
£ °
My
J’e
Jiy
A’g
Spt
O r t
N’v
D’c
J’n
Alh
11.28
11.35
11.46
11.30
11.12 11.12 11.12
11.06
11.07
11.02
11.10
11.41(11.27
11.40 11.34
11.50 11.43
11.34 11.28
11.08111.02
11.36
11.40
11.48
11.34
11.12
11.05
11.09
11.04
11.12
11.04
10.99
11.10
11.07
11.02
11.12
11.37-
11.47-
11.33-
11.11-
11.05-
11.04-
11.06-
11.02-
11.12-
46-47
51-53
53-56
36-37
16-18
10-11
09-11
06-07
06-07
16-18
Closed steady
betwen 82 and 84 per cent.
Offerings were eliminated entirely for a few minutes. July, which
dropped about 13 points at the outset, shot up like a skyrocket until it
reached 11.53, against an opening of 11.35. August jumped to 11.42, against
11.27, the opening quotation. New crop positions displayed surprising strength.
October and December jumped 17 points over the opening figures and Janu
ary 14 points. Later the report was construed as a stand-off and the selling
became good, based on the theory that weather conditions have been so pro
pitious since the report was made up that it justifies a lower market.
immediately after the report was issued a wire came from Memphis
saying:
Friday, May '30.
HOLIDAY.
“Regardless of what the condition figures are, we have the best condition
ever known and the largest acreage.”
This encouraged the bears, with the result that the market closed
steady, with prices 2 to 8 points higher than Thursday’s close.
The following tabulation shows the conditions of the cotton crop to May
25, this year, by States, a£ compared with previous years and the ten-year
average:
Saturday, May 31.
NEW ORLEANS.
Wednesday, May 28.
Spot cotton; middling 12 7-16.
Open.
A
ta
X
Low.
rt s)
Ja
Close.
Prev.
Close.
My
J’e
12.40
12.44
12.38
12.44
12.35-42
12.90-98
12.38-3*
12.03-05
Jiy
12.03
12.05
12.01 (12.01
12.01-02
12.08-0*
Ag
Spt
O’t
Nv
11.67
11.67
11.62
11.64
11.63-64
11.35-37
11.69-70
11.28-29
11.23
11.27
11.11
11.22
11.21-22
11.20-22
11.28- 29
11.28- 30
D’c
11.22
ii.26
11.19
11.20
11.19-20
11.26-27
J’n
Fb
11.23
11.25
11.27
11.23
11.23-24
11.20-23
11.28-29
11.25-27
Mh
ii.36
ii.36
11.36
11.36
11.32-34
11.37
Closed steady.
Thursday. May 29.
Spot cotton; middling 12 7-16.
a
9
a.
O
A
to
•*-*
EC
Low.
31
Close.
Prev.
Close.
My
J’e
Jiy
A’g
Spt
O’t
N’v
D’c
J’n
F’b
Mh
12.10
12.10
12.10
12.10
11.86-88
11.91-92
11.53-54
11.29-31
11.15-16
11.14- 16
11.14- 15
11.17-18
11.14- 16
12.35- 42
11.90-93
12.01-02
11.63-64
11.35- 37
11.21-22
11.20-22
11.19- 20
11.23-24
11.20- 23
11.22-24
11.95
11.55
ii.98
11.58
ii.90
11.54
11.91
11.55
11.16
11.19
11.14
11.16
11.16
11.18
11.17
11.17
11.13
11.17
11.14
11.17
11.25
ii.27
11.25
11.27
11.25-27
Friday, May 30.
Spot cotton; middling 12 7-16.
a
§
o
4
5
*
o
X
Last
Sale.
4
ao
O
V
Prev.
Close.
J’e
Jiy
A’g
Spt
O’t
N’v
D’c
J’n
F’b
Mh
11.86-88
11.92-93
11.51-52
11.32-34
11.18-19
11.18
11.17- 18
11.20-21
11.17- 19
11.26-28
11.86-88
11.91-92
D.53-54
11.29-31
11.15-16
11.14- 16
11.14- 15
11.17-18
11.14- 16
11.25-27
11.93
11.53
11.93
11.53
11.90
11.51
11.93
11.51
11.18
11.19
11.15
11.18
11.16
11.18
11.18
11.18
11.14
11.17
11.17
11.18
11.26
11.26
11.26
11.26
Closed steady.
Saturday, May 31.
STATES—
May
25
1913.
May
25
1912.
May
25
1911.
May
25
1910.
Alay
25
1909.
Ten
Year
AV.
Virginia
83
89
93
90
85
85
North Carolina
76
87
83
84
93
83
South Carolina
68
83
80
78
83
81
Georgia
69
74
92
81
84
83
Florida
83
75
95
80
91
87
Alabama
75
74
91
83
83
81
Mississippi
61
72
86
82
78
80
Louisiana
81
69
91
76
74
80
Texas
84
86
88
83
78
80
A rkansas
85
73
87
81
84
82
Tennessee
87
74
83
85
85
84
Alissouri
90
74
86
93
93
85
Oklahoma
87
78
87
84
84
84
California
96
96
95
. •
United States « .. ..
79.1
78.9
87.8
82.0
81.1
79.9
Ten-year average compared with 81.5 last year and 81 the year before.
It is entirely too early to attempt to form any definite opinion of the cot
ton crop or the course the market will take. During the past two decades
there have been eight large crops, five medium, three small and four bad
crops.
in the following paragraph the eight large crops are presented, and it will
be noted that the initial condition on the first of June of these crops ranges
from 77.2 to 89.
In 1894 the condition of the crop to June 1 was 88.3; yield .417 bale per
acre. In 1897 the condition was 83.5; yield per acre .448. In 1898 condition was
89; yield per acre .449. In 1904 condition was 83; yield per acre .456; in 1905
condition 77.2; yield per acre 410. In 1906, 84.6; yield .425. In 1908 condition
79.7; yield .414. In 1911 condition 87.8; yield .446. During the five years of the
medium crops the lowest condition was 78.9; yield .383 bale per acre, while the
highest was 95.1; yield .392 bale per acre. Now during the three small crop
seasons the lowest condition was 70.5 in 1907; yield .361 bale per acre. The
highest condition was 97.2 in 1896; yield .366 bale per acre. During the four
years of small crops the lowest condition was 74.1 in 1903; yield .357. The
highest in 1909; yield .324 bale per acre.
The crop condition of 1896 was the highest-on record and it turned out to
be one of the small crops.
Consequently, the condition of the crop to June does not always hold
throughout the season. As it can be noted in the foregoing figures big crops
are raised on poor starts, while excellent initials sometimes turn out to be
poor crops.
During the past week private sources have received brilliant news regard
ing the crop. The rains have brought about fast germination. Advices from
many sections of the belt indicate the best outlook ever known, with a big in
crease in the acreage. Cordill, in his latest report, says the Texas crop is
excellent.
There have been several influences against the market this week, one of
which was the liquidation of the old crop, then Aliss Giles’ report—showing
condition of 84.6 per cent t.o May 24. against 80.8 last year for the same period—
and an increase in acreage of 3.7 per cent. The average guess of 95 members
of the New York Cotton Exchange was 83.1 per cent. The only reports of con
ditions that have been issued that proved encouraging to the bulls were those
of the Government and that of The Journal of Commerce, which made the con
dition to May 20 at 80.5. There was a pressure to sell from all sides, but under
the circumstances the market took all offerings well.
The Liverpool Cotton Exchange remained open throughout the holiday, but
its fluctuation was narrow, pending the Government figures. Temperatures
were seasonably high on Decoration Day and also Saturday, reaching a maxi
mum of 90 to 96 degrees officially in Georgia, the Carolinas, Mississippi, Ar
kansas and Texas, as well as Oklahoma.
The weather map is the all-absorbing factor at the present time, and it is
being keenly watched all over the State.
The prospects now are for a big crop. The increase in acreage and the
good rains have promoted a belief among the conservatives that the outlook is
for another bumper crop. Should the weather continue favorable during
June and seasonable temperatures obt in during July and August, a bumper
crop seems assured.
HOLIDAY.
Monday, June 2.
Spot Cotton; middling 12.80.
Open.
High.
i
o
X
—
Last
Sale.
Close.
Prev.
Close.
J’e
11.27111.29
11.22111.22111.39-41
11.37-39
Jiy
11.35 11.53(11.35(11.50(11.49-50
11.47-48
A’g
11.27
11.42
11.25
11.40(11.38-39
11.33-34
Spt
11.10
11.22
11.07
11.22 11.20-22
11.11-13
O’t
N’v
11.02
11.19
1.0.98
11.14111.13-14
.. . |11 11-13
11.05-06
11.04-06
11.06-07
D’c
111. 03
11.19
10.98
11.13111.13-14
J’n
Kb
10.98
11.12
10.94
11.08
11.08-09
11.09-11
11.18-20
11.02-03
11.02-03
11.12-13
Alh
ii.08
ii.23
11.07
ii.23
Closed steady.
Tuesday, June 3.
Spot cotton; middling 12.70.
Open.
A
to
s
Low.
Last
Sale.
Close.
Close
Prev.
Jne
Jiy
Ag
Spt
Oc
Nv
Dc
Jn
Fb
Mh
11.29-31-1
11.39-40
11.28-29
11.11-12
11.04-05
11.03-04
11.03-04
10.99-11
11.00-02
11.09-11
11.39-41
11.49-50
11.38-39
11.20-22
11.13-14
11.13-14
11.13-14
11.09-10
11.54
11.41
11.24
11.15
11.54
11.41
11.24
11.16
11.38
11.28
11.11
11.04
11.39
11.28
11.13
11.05
11.14
11.08
11.16
11.11
11.03
10.99
11.04
11.00
11.18
11.20
11.11
11.11
11.18-20
Closed barely steady.
SPOT COTTON MARKET.
Atlanta, quiet; middling 11%.
Athens, steady; middling 11%.
Macon, steady; middling 11%.
New Orleans, quiet; middling 12 5-16.
New York, quiet; middling 11.70.
Philadelphia, quiet; middling 11.80.
Boston, quiet; middling 11.70.
Liverpool, firm; middling 6.68d.
Savannah, firm; middling 12%.
Augusta, steady; middling 12c.
Norfolk, quiet; middling 12%.
Alobile, nominal; middling 11%.
Galveston, quiet; middling 12 3-16.
Charleston, steady; middling 11%.
Wilmington, quiet; middling 11%.
Little Rock, quiet; middling 11%.
Baltimore, nominal; middling 12%.
Memphis, quiet; middling 12%.
St. Louis, quiet; middling 12%.
Houston, steady; middling 12%.
Louisville, firm; middling 12%.
Charlotte, steady; middling 11%.
Greenville, quiet; middling 11%.
HOLIDAY.
Monday, June 2.
Spot cotton; middling 12 5-16.
Open.
£
to
X
Low.
co at
Si
Close.
it
<LO
J’e
11.99-01
11.86-88
Jiy
A’g
11.86
12.02
11.82
ii.98
11.98-99
11.92-93
11.47
11.63
11.45
11.63
11.59-60
11.51-52
Spt
O’t
N’v
....
....
....
11.39-41
11.32-34
11.12
11.28
11.11
ii.26
11.35-36
11.25-27
11.18-19
11.18
11.17-18
D’c
ii.ii
11.27
11.09
11.25
11.24-25
J’n
F’b
11.14
11.30
11.14
11.27
11.27-28
11.34-36
11.20-21
11.17-19
Mh
ii.23
ii.37
11.23
11.37
11.37-39
11.26-22
Closed steady.
Tuesday, June 3.
HOLIDAY.
COTTON GOSSIP
NEW YORK, June 3.—The ring
crowd is inclined to sell the market at
the outset on favorable weather condi
tions. Alunds, Waters, Cone, Parrott
and Riordan were the principal buyers.
Schill, Rait, Hentz, Royce and Flinn
were the leading sellers. Sentiment was
against the market.
* • *
Riordan purchased 5,000 bales of Oc
tober at 1.13.
* * *
July was in fair demand at the open
ing, but failed to advance from the in
itial level, which was 11.54.
• • •
Warehouse stocks in New York to-dajr
were 65,945 bales; certificated, 56,531
bales.
TUESDAY’S
NEW YORK, June 3.—Firm cables
had a little bearing on the couon mar
ket at the opening to-day and first
prices ranged from unchanged to 5
points higher than Monday’s close.
Traders here appeared to be guided
more by the weather reports from the
belt rather than by the cables. Weather
conditions over night were as nice as
any one could desire.
The market held rather steady before
the call, but immediately displayed con
siderable weakness When the South
turned a seller and from many points
came advices claiming that conditions
were not so had as indicated by the
Government report.
A Liverpool cable read; “Bureau dis
credited, but many have temporary ef
fect. Market will be lower if crop ac
counts continue favorable.’’
July seemed in active demand during
the first fifteen minutes, but quickly
showed depression through heavy offer
ings, dropping 10 points to 11.44, against
an opening of 11.54. August declined 4
points from the opening, while new crop
positions were under pressure and re
ceded some 4 to 7 points from the in
itial range.
Sentiment continues bearish and the
ring inclined to supply the market with
plenty of cotton. Offerings were ab
sorbed mainly by brokers with spot
house connection.
Regardless of the low percentage the
Government gave the crop yesterday, the
ring continued to liquidate. The aver
age trader expressed the belief that
there has been considerable improve
ment in the condition since Alay 25,
which private reports confirm.
During the afternoon session, July in
creased its decline to 11.41, a net de
cline of 13 points from LLa opening;
REVIEW:
other positions followed the decline
moderately. About the only buying in
evidence was attributed to some trade
absorption and scattered short cover
ing, which prevented a more serious
break. The talent, however, is not in
clined to take on any large lines, and
in the absence of outside business and
the holiday in New Orleasn, business
was only moderate.
At the close the market was barely
steady with prices showing a net decline
of 9 to 10 points from the final quota
tions of Monday.
PORT RECEIPTS.
The following table shows receipts at
the ports to-day compared with the
same day last year;
I 1913.
1912.
New Orleans . . .
3,157
237
Galveston
3.042
2,555
Mobile. . . . . .
876
196
Savannah
1,526
896
Charleston
38
4
Wilmington. . . .
162
Norfolk
1,244
167
Various
76
Boston
4
Philadelphia . . .
58
Total
10,180
4,059
INTERIOR
MOVEMENT.
1913.
1912.
Houston
1,249
424
Augusta
85
174
Alemphis. . . . • .
342
1,043
St. Louis . ... .
100
342
Cincinnati
169
366
Little Rock. . . .
44
Total. ......
1,945
2,393
WEEKLY WEATHER REPORT.
WASHINGTON, June 3.—The greatest
excess in mean temperature was over
northwestern Texas. The mean temper
atures ranged from 68 to 78 degrees over
the eastern, frim 72 to 78 over the cen
tral ancl from 78 to 82 over the western
portion of the cotton-growing States.
The lowest mean temperature, 68 de
grees, occurred at Asheville, N. C., and
the highest, 82, at Del Rio, Texas.
Precipitation occurred generally over
the eastern and north central portions of
the cotton region, but the amounts were
generally light, except that more than
an inch occurred in parts of North Caro
lina, extreme eastern Tennessee and the
northern portion of South Carolina.
Elsewhere over the cotton-growing
States there was no raon, except that a
few light, scattered showers occurred
over the northwestern portion of Texas
and in Oklahoma.
The greatest weekly amount, 2 inches,
occurred at Wilmington, N. C. Mean
temperatures were from 1 to 7 above
normal, except that they were normal or
slightly below over northern Missis
sippi and north central and northwestern
Alabama.
MILLER-CARTER COTTON LETTER.
MEMPHIS, June 3.—Sufficient buying
developed in Liverpool as result of low
condition report to cause moderate ad
vance, but as a whole the demand there
was disappointing, and it does not ap
pear that spinners are eager takers. In
New York the ring crowd sold after
Liverpool closed, bringing about a de
cline. Sentiment is bearish, Government
figures are not accepted and with the
weather favorable crop is making steady
advancement.
* * *
Liverpool cables: "American middling
fair, 7.22d; good middling, 6.88d; mid
dling, 6.68d; low middling, 6.52d; good
ordinary, 6.i6d; ordinary, 5.62d.”
* * *
Brown, Drakeford & Co., Liverpool,
cable: “The market feels the influence
of the bureau report; continent cover
ing.”
• »» •
Dallas wires: “Texas, Amarillo,
cloudy, balance clear and hot; no rain.
Oklahoma—Part cloudy; few points
threatening.”
* * *
NEW ORLEANS, June 3.—Hayward
& Clark: The weather map is favor
able; shows fair in south central States.
Part cloudy, elsewhere fine warm
weather. General showers in north Ala
bama and Atlantics. No rain elsewhere.
Indications are for part cloudy to fair,
except in north central and northeastern
States, where it will be cloudy, showery
and cooler.
• • •
Memphis wires: Cooler weather is
indicated for western and central cot
ton States during the next 24 to 36
hours, possibly attended by local show
ers. Over the Southwest yesterday
scattered local rains fell with probably
more to-day. Very favorable conditions.
COTTON MARKET OFINIONS.
Logan & Bryan: We think conserva
tive policy in making purchases on re
actions will prove profitable eventually.
Atwood, Virlett & Co.: We think cot
ton 'can be bought cheaper.
Sternberger, Sinn & Co.: We look for
higher prices.
Norden & Co.: We think sales on
bulges should be profitable.