Newspaper Page Text
THE GEORGIAN’S NEWS BRIEFS
9
Mark et Quotations For SA^eek Ending July 22, 1913
Sentiment regarding the cotton market is changing and the feeling of op
timism is becoming more pronounced each day. The market showed more
activity during the week than for several weeks. This probably reflected a
reduction of outstanding commitments rather than Increasing interest, but
Monday there was fresh selling as well as covering by shorts who sold Satur
day. The market opened the week’s trade with prices generally 5 to 12 points
lower than Saturday’s close, owing to disappointing cables to the bulls, and
8eUing was rather general throughout the day on reported rains in Texas and
the Eastern belt. Lower temperatures was reported over the entire belt. A
few Wall street operators were credited with buying on the decline. Many
operators who have been booked on the buying side for the past several
weeks contend that this is entirely a weather market for the present and
further rains in Texas would undoubtedly bring out considerable selling,
owing to the excellent crop prospects throughout the country. On the other
hand, there are strong interests that are advocating the bull side and some
ready to buy on any reaction, declaring that the buying is based not so
much on crop conditions as consumption. Consequently, this is causing a
dull market and holding it in a narrow rut.
Continued shipments from the stock of cotton in New York have reduced
the certificated supply available for delivery on New York contracts to 24,049
bales. These shipments are naturally attributed to the same international
interests which first took up cotton on May contracts and then sold July,
and whose continued activity in this respect suggests that they are heavily
committed to straddles between here and Liverpool entending into the new
crop positions, with the long end in the market. Contrary to this there
have been rumors to the effect ihat cotton would be brought back from
New Yorlf to England for contract delivery before the end of the sumer should
there be occasion, and in some quarters figures have been mentioned in this
connection, ranging as high as 50,000 bales. These stories, however, are
discredited, as New England mills have already lost stock heavily, owing to
the continued active consumption and comparatively small takings, but the
ultimate outcome of near positions, including October, will doubtless depend
to a great extent upon new crop developments.
Toward the end of last week many private wires over the belt reflected
a bullish feeling in the market. Reports began to come in from Texas and
Oklahoma of shedding—which is a development expected at this season of
the year when boll-weevils are in abundance—and of sufficient moisture in
Oklahoma, Texas and Central and Eastern beltsThe excessively high tempera
tures shown by the official weather details for the Eastern belt, as pub
lished on Thursday, Friday and Saturday, were perhaps as largely responsi
ble for the nervousness of the trade.
Many wires from Texas and Oklahoma said that deterioration in the crop
was covering a large area. However, there was some dispute that any dam
age had come to the crop as a result of weather conditions, and some main
tained that these conditions were exactly what the crop needed, claiming
that an extended drouth would be more benefit than good rains, because
dry weather prevents the boll weevil spreading while wet weather causes
maturity of the pest. A majority of the trade were not inclined to take the
chances of leting their short lines run too long with drouth threatening Texas
and Oklahoma, and the demand from these sources boosted values.
F M. Cordill wired from Brown wood Tex., that from Hempstead and
Bryan to near Mexia. old lands have already commenced to deteriorate. And
from Mexia, Corsicana to Dallas, nearly perfect crops. Brazos bottoms have
magnificent outlook. Dallas, Fort Worth to Brownwood the crop is in good
shape, but commencing to need rain badly, showing effect of the dry, hot
weather. Taking Texas as a whole the damage so far is neglible and more
than offset by destruction of possible weevil damage. Rain is needed in the
Central belt and old lands have commenced to suffer. Heavy black lands are
holding well.
The trade is preparing for an early crop movement in the Southwest, al
though the crop on the average is considered a rather late one. There has
been a big demand for ocean tonnage for August and early fall shipments
from Galveston and other Gulf points, and while this has been largely for
grains cotton has not been neglected. Bradstreet’s report indicated that
the crop has made good progress during the week except for boll weevil
damage in the Mississippi Valey, and a big St. Louis spot house, whose
territory includes part of Oklahoma, says the crop is doing well over the
entire district.
The Giles report made the condition of the crop, as of July 15, at 83.4,
comparing with her report cf 84.8, at the end of last month, and 80.4 at the
same time last year. The trade has generally anticipated that the condition
would show some improvement in the crop since the compilation of the
July bureau. The showing of Miss Giles’ figures was modified to some ex
tent, probably by the fact that her report as of conditions to June was so
much higher than the Government figures, leading to a theory tnat the state
ment may reflect a partial readjustment, rather than actual progress of the,
crop, with a consequent tendency to compare with last year rather than two
weeks ago. Government reports for the last ten years show that the crop
has improved as frequently as it has deteriorated in July. Last year there
was a loss of 3.9 per cent in condition during the month, the July bureau
report of 80.4 being followed by an August report of 76.5 per cent. The ten-
year average condition for July has been 80.3 and the ten-year average for
August has been 80. The value of condition of 100 per cent on July 25 is
estimated by the Department of Agriculture at 232 pounds to the acre.
Market prospects during the remainder of the week depend largely on the
weather developments. Unless further rains come over the belt, or, at any
rate, cooler weather, the fear of crop damage and a lower August bureau
would be likely to carry the market much higher.
From the closing quotations of last Tuesday prices only show a net gain
of 1 to 6 points on the New York future contract market, while spot quo
tations are practically unchanged.
Staple cotton goods markets rule quiet, but very steady as to values.
Purchases are being made for immediate and nearby deliveries and buyers
are not disposed to place late contracts unless for some specialty or odd
construction on which production is allowed to run very close to actual con
sumption.
The scarcity of spot stocks of many staples is the feature of the mar
ket and accounts for the steady maintenance of prices at a time when con
sumption is showing signs of contracting.
Prints are in spasmodic demand, percales are being ordered for the
wrapper and cutting trades. Bleached cottons are sold well for the next 45
days and a larger spot business could be done if stocks were not at a mini
mum with mills, Staple ginghams, tickings, denims and other colored cloths
are ordered ahead of the next 60 days and show no price changes. Fine and
fancy novelties are being ordered for spring, and other wash fabrics are
being ordered only in a careful way.
It is close to the high tide period of uncertainty growing out of tariff
matters and combined with the difficult money markets there is a lack of
inducement for speculative purchasing of any character. Jobbers’ financiaJ
reports, issued for the first six weeks, indicate a still further reduction of
merchandise assets throught the conntry.
TUESDAY’S REVIEW.
Orleans: July. 12.34; August, 11.97; Oc
tober, 11.68; January, 11.57.
Estimated cotton receipts:
NEW YORK, July 22 —The cotton
market opened fairly active to-day, and
first prices were 1 to 4 points higher
than the closin? quotations of Monday.
The steadiness was attributed mainly to
firm cables. The fact that dry weather
still prevailed ever the Central and
Western belt also led to supporting
orders in the new crop positions. After
the call the ring was inclined to sell on
reports of further rains in .Texas, which
relieved the intense heat of the past
several days. In many localities the
rainfall was heavy- As sentiment is
against the market, the selling became
rather general, resulting in a rapid de
cline of 2 to 6 points from the initial
level. New crops were the heaviest
pressed options. October lost 6 points,
while December declined 5 points.
During the late forenoon active buy
ing by the larger spot interests gave
the market a steady tone, resulting in
prices recovering. Trading was light
and the market ruled dull but steady.
Following are 11 a. m bids in New
York: July. 12.20; August, 12.06; Oc
tober, 11.54; January, 11.41.
Following are 10 a. m. bids in New
NEW YORK.
Wednesday, July 16.
Spot cotton; middling, 12.36.
0
1
J
l
«•»>
ierj
|
► X
16
Jiy
12.19112.21,12.18
12.20)12.19-20)12.15-16
Ag
'12.0Stl2.13 1 12.07
12.09 12.08.10 12.04-05
Sp
11.7811.79
11.76
11.76
11.45-46111.20-21
Oc
Nv
11.53
11.58
11.53
11.53
11.53-54 11.49-50
11.44- 46,11.38-40
11.45- 46 11.40-41
Dc
11 43
11.50
11.43
11.45
Jn
Fb
11.38
11.43
11.37
11.40
11.39-40,11.34-35
11 4(1-42:11 as. *7
Mh
11.45
11.49
11.45
11.47
11.45-47
11.41-42
My
11.49-51111.45-47
1
ji
u
X
i
51
Jen
Jiy
Ag
Sp
Oc
Nv
Dc
Jn
Fb
Mh
12.50
12.09
12.51
12.09
12.48
12.07
12.51
12.07
11.54
11.60
11.54
11.57
11.52
11.53
11.57
11.58
11.52
11.53
11.54
11.57
11.63
11.66
11.63
11.66
Cloyed steady.
Thursday, July 17.
Spot cotton; middling, 12.35.
y
Ag
Spt
Oc
Nv
Dc
Jn
Fb
Mh
My
11.46
11.41
11.43
11.46
12.22 12.23jl2.19i
12.10
11.75
11.53
t
-
G
12.12
11.76
11.56
11.47
11.4
11.43
11.47
2.05
11.68
11.47
11.38
11.32
11.43
11.39
Closed steady.
Si
12.20 12.20
12.08 12.07-
11.6811.67-
11.48jll.47-
111.37-
11.39)11.38-
11.33(11.32-
11.43! 11 33
11.39 11.38-
11-42-
12
fio
22|12.19-20
08 12.08-10
69 j IT. 75-78
48 11.53-54
39|11.44-46
40 11.45-46
33)11.39-40
35111.40-42
40,11.45-47
44 11.49-50
Friday, July 18.
Spot cotton; middling, 12.40.
§
JC
to
*
« ®
O
a
S
3 ei
Hen
Jiy
Ag
Spt
Oc
Nv
Dc
Jn
Fb
Mh
My
c ®
0&*
12.18)12.00
12.04 12.13
11.67 (12.72
11.45)12.60
• •
11.36112.50
11.30)11.43
11.36|12.51
11.40 12.53
12.14112.20112.20-
12.02 12.13 12.12-
12.67)11.72)11.79-
12.44)11.60 11.59-
11.44
12.35; 11.50-11.50-
12.30)11.43)11.43-
1 11.44-
12.36 11.51(11.50
12.40)11.53,11.53-
21) 12.20-22
13)12.07-08
81 11.67-69
60,11.47-48
46; 11.33-35
51)11.38-40
44)11.32-33
46,11.33-35
51)11.38-40
5o;11.42-44
Closed very steady.
Saturad, July 19.
Spot cotton; middling. 12.40.
12.17
12.12
11.82
11.60
Jiy
Ag
Spt
Oc
Nv
Dc
Jn
Fb
Mh
My
Closed
11.54
11.46
11.53
12.21
12.15
11.84
11.65
11.57
11.49
11.57
12.17
12.12
11.82
11.57
11.48
11.41
* cd i
3 a I
c
G
12.21)12.21-
12.15 12.14-
11.84 11.84-
11.64,11.64-
11.55-
U.56'11.56-
11.49)11.48-
111. 49-
11.57)11.58
ill. 60-
it
la
£o_
12.20
12.12-
11.79
11.59
11.49
11.50
11.43
11.44
11.50
11.53
NEW ORLEANS.
Wed
Spot cotton
dnesday, July 16.
; middling. 12 7-l(
t
o
6
2®
It, 1
12.48
12.06
11.67
11.57
11.54
11.64
11.56
11.53
11.64
51)12.47-51
0912.06-06
• 69111.64-65
|11.54-55
•55)11.51-52
-56 11.51-51
57(11.54-55
-55111.50-51
65111.61-63
Closed steady.
Thursday, July 17.
Spot cotton; middling. 12 7-16.
firm.
Monday, July 21.
I
0
S
5*
h
C1086.
►
1 ;
Jiy 1
Ag
Spt
Oc
Nv
Dc
Jn
Fb
Mh
My
12.15
12.09
11.77
11.56
12.20 12.15
12.09'12.05
11.77)11.76
11.57)11.52
12.16
12.08
11.76
11.53
12.16-17
12.05-06
11.72-74
11.52-53
11.51-53
11.46- 47
11.40- 41
11.41- 43
11.47- 49
11.51-53
12.21-22
12.L4-16
11.84-86
11.64-65.
11.53-57
11.56-57
11.48- 49
11.49- 50
11.58-59
11.60-61
11.45
11.38
11.50
11.55
11.43
11.37
11.47
11.41
11.47
11.50
U.5
11.50
Closed steady.
Tuesday, July 22.
Spot cotton; middling. 12.40.
Open.
A
to
E
i
0
a
Last
Sale
Close.
it
12
Eo
Jly
12.20
12.22
12.15
12.15
12.15-16
12.16-17
Ag
12.07
12.07
12.00
12.01
12.01-02
12.05-06
Spt
11.79
11.79
11.69
11.69
11.67-69
11.72-74
Oc
11.56
11.57
11.44
11.46
11.45-46
11.52-53
Dc
11.49
11.50
11.38
11.39
11.39-40
11.46-47
Jn
11.43
11.44
11.32
11.84
11.33-34
11.40-41
Fb
li.34-36
11.41-43
Mh
11.50
11.50
11.41
11.41
11.41-42
11.47-49
My
11.52:11.54
11.42
11.53
11.43-45)11 51-53
NEW ORLEANS, July 22.—The
weather map presents very fvorable
conditions; cooler over the entire belt,
with a splendid rainfall in the Eastern
States, particularly in Georgia, South
Carolina and parts of Alabama. Indi
cations are for increasing cloudiness,
with prospects of showers in the Cen
tral and Western States, while in the
Atlantics after to-day the tendency will
be for clearing weather.
Liverpool was due 5 points higher,
but failed to advance; spots were un
changed; sales, 10,000 bales.
Private advices from Paris, Texas,
report good rains in that section. Bal
linger, Texas, also reported rain, ami
at Ardmore, Okla., over one inch July 20.
This market opened lower on the fa
vorable weather map, but there was no
pressure to sell, owing to anticipation
of a bullish weekly weather report at
11 a. m., and a disposition to advance
the market reflected by New York quo
tations.
PORT RECEIPTS.
The following table shows receipts at
e ports to-day compared with the
me day last year:
1*913. 1 1912.
"New Orleans. . .
Galveston
Mobile. . . . • •
Savannah
403
3.468
132
558
22
297
674
609
16
264
Norfolk
Boston. . . . . •
t-co
o
tc
” Total. , . . • •
4.902
1.873
INTERIOR MOVEMENT.
1913. 1 1912.
louston. , , , »
Lugusta.. « f • •
temj.his. M 1 ■
!t. Jjoula. >ti.
kittle Rock. ^ • -
533
78
418
132
127
116
408
866
2
~T"nir
SPOT COTTON MARKET,
Atlanta, nominal; middling 12%.
Athens, steady; middling 11%
Macon, steady; middling 12%.
New Orleans, quiet; middling 12 7-16.
New York, quiet; middling 12.40.
Philadelphia, quiet; middling 12.65,
Boston, quiet; middling 12.40.
Liverpool, auiet; middling 6.72<L
Savannah, firm; middling 12c,
Augusta, steady; middling 12%,
Norfolk, steady; middling 12%.
Charleston, steady; middling 12 5-16.
Charleston, nominal.
Mobile, steady; middling 12c.
Wilmington, quiet; middling 12c.
Little Rook, steady; middling 12c.
Baltimore, nominal; middl.ng 12%.
Memphis, quiet; middling 12%,
Memphis, steady; middling 12%.
St. Louis, quiet; middling 12 5-16*
Houston, quiet; middling 12 3-16.
Louisville, firm: middling 12%.
Charlotte, steady; middung 12c.
Greenville, steady; middling 120.
Closed steady.
Open.
High.
Low.
....
■ ®
■
0
. G
. ®
s!
2-0
Jiy
12.46
12 46
12.45112.45112.44-46,12.48-51
Ag
12.08
12.08
12.00,
12.00 12.00-01 12.06-09
Spt
11.58
11.58
LI.58
11.58
11.57-59)11.67-69
Oc
11.58
11.58
LI.50,
11.51
11.60-51)11.51
Nv
11.49-WIU. 64-55
Dc
11.54
11.54
11.46
11.48
11.47-48111.54-55
Jn
11.56
11.56
11.48
11.50
11.49-50)11.56-57
Fb
11 46-48 11.53-55
Mh
11.54
11.65
11.58)
11.58)11-57-58; 11.64-65
Closed
steady.
Friday,
July
18.
Spot cotton;
middling,
12 7-16.
c
s
A
to
*
0
X ®
*5
■
o
>t
E2
o
E
H
U
c-u
Jiy
12.44
12.49)12.43
12.48112.45-48
12.45-46
Ag
11.98
12.09
11.98
12.08 12.08-09
12 00-01
Spt
11 68-70
11.57-59
Oc
11.48
11.65
11.47
11.64 11.63-64
11.50-51
11 40-50
Dc
11 46
11.62
11.43
11.61 11.00-61
11.47-48
Jn
11.45
11.64
11.45
11.63 11.62-63
11.49-50
Kb
11.59-61
11.46-48
Mh
11.56
11.71
11.50
11.7l|ll.70-71
11.57-58
Closed firm.
Saturad
July 19.
Spot cotton;
middling,
12 7-16.
0
«
e
»
©
a
Js
A
0
5
Si.
6
2-0
Jiy
12.4912.49
12 46
12.47
12.46-48
12.45-48
Ag
12.07112.09
12.05
12.06
12.04-05
12.08-09
Sp
11.66-68
1 1.68-70
Oc
11.64 11.68
11 60
11.62
11.61-62
11.63-64
Nv
11.58-60
11.60-62
Dc
11.60)11.66
11.58
11.61
11.59-60
11.60-61
Jn
11.64 11.67
11.60
11.61
11.60-61
11.62-63
Fb
11.57-58
11.59-61
Mh
il.70 11.74
11.6*
11.71
11.70-71
11.70-71
Closed
steady.
*
Monday
July 21.
Spot cotton;
middling.
12 7-16.
c
V
si
to
*
T ®
c!
a
>i
® 3
0.
O
a
s
® rt
c
0.0
Jiy
12.45)12.45
12.39
12.40
12.37-40
12.46^5
Ag
11.97112.00
11.97
12.00
11.99-01
12.04-05
Sp
11.60)11.61
11.60
11.61
11.64-66
11.66-68
Oc
11.55 11.59
11.54
11.59
11.59-60
11.61-62
Nv
11.56-58
11.58-60
Dc
11.53)11.59
11.51
11.57
11.56-57
11.59-60
.In
11.55 11.57
115.4
11.56 11.56-57
11.60-61
Fb
11.55-58
11.57-58
Mh
ll.65ill.65
ll.65jll.65
U.67-68
11.70-71
Closed steady.
Tuesday, July 22.
Spot cotton; middling. 12 7-16.
c
s
o
DC
5
i
s
li
1
5
it
20
Jiy
12.37)12.37
11.92112.01 12.00-01
12.37-40
Ag
11.96
12.01
11.94
1L95
11.94-95
11.99-01
Spt
11.62
11.62
11.62
11.62
11.55-57
11.64-66
Oc
Nv
Dc
11.56
11.60
11.50
11.50
11.50-51
11.48-49
11.59-60
11.56-58
11.54
it. 58
il.48
11.48
11 48-49
11.56-57
Jn
Fb.
Mh
11.55
11.60
11.50
11.51
11.50-51
11.46-49
11.56-67
11.55-58
|11.6
i|l.68
11.60
11.60
11.59-61
11.67-68
My
11.65-68
Closed steady.
COTTON GOSSIP
Trading was light and there was no
feature to the opening, except some
buying on firm cables The ring sold
early, and on the decline Mitchell and
Gwathmey became buyers. Mitchell
purchased January freely, while Riordan
bought December. The market was
steady, but sentiment was against the
advance.
• « •
The market during the past several
days has been almost featureless. There
has been some selling on reported rains
in Texas, but a few buying orders start
the market on a upward scale. How
ever, should rain come over the Western
belt it is believed the market will be sold
to a lower level. On the other hand,if the
rains should not materialize, a higher
market is looked for. Sentiment at the
moment is very much mixed.
• • •
In reply to inquiries for opinions most
traders are replying that values depend
on the weather and legislative develop
ments at Washington.
• * •
Dallas wires: “Texas and Oklahoma—
generally clear.”
* • •
NEW ORLEANS, July 22.—Hayward
& Clark: The map shows spleDdid
weather, part cloudy to fair In the Cen
tral and Western States. Cloudy In Ala
bama and the Atlantics, raining now in
Georgia, some showers in Texas. In
dications are for increasing cloudiness,
showers in Western and Central belt,
tendency toward clearing In Atlantics.
The New Orfeans Times-Democrat
says: "In the face of lower tempera
tures, a spreading rain area and a more
rapidly increasing early movement than
last year, yesterday’s cotton market re
flected a character of steadiness that
surprised both factions. In the adjust
ment of parities in the New Orlenas ring
made a more bullish showing than did
New York, but In any event, the con
tract markets reflected a will of their
own, which did not harmonize with the
talenva interpretation of the things,
xrop and trade wise
Over in Texas active ginning opera
tions are now beginning to be reported.
Thus far nine new bales nave been
definitely amounted foe. On July 29
last year only twelve new bales had been
reported. Much talk has been heard of
boll-weevil in Mississippi, but the fact
that the farmers in the fertile and highly
productive delta country have had very
little to say on this subject is signifi
cant.
"The Central and Atlantic States have
been enjoying just as favorable weather
as could be expected, even though a
short spell of very high temperature
has been reported by some sections.
Thus, all in all, the crop seems to be
progressing toward a larger out-turn
than that of 1912-13 is likely to prove.
On the o-ner hand, steamship men esti
mate t\at freight room out of the cot*
ton ports thus far engaged to January
1914 does not exceed half a million
bales. Of course, this need not mean
that only half a million bales have been
sold for forward delivery to Europe, but
it at least sugests the probability that
foreign consumers aTe awaiting the out>
come of the legislative situation at
Washington, In hope that prohibitive
legislation will shift market control from
America to Europe.
WEEKLY WEATHER REPORT.
WASHINGTON, July 22. — Mean
temperature ranged from one to six de
grees above normal, except on the Texas
coast, where i here was a deficiency of
from one to three degrees. The great*
pst excess in mean temperature occurred
over extreme Southeastern Tennessee
and Central Georgia.
Weekly mean temperatures ranged
from 76 to 86 degrees over the Eastern,
from 82 to 84 over Central and from 82
to 86 degrees over the Western portion
of the cotton region. The lowest weekly
mean temperature, 76 degrees occurred
at Asheville N. C., and the highest, 86
at Fort Smith , Ark., Fort Worth. Texas,
Thomasvllle, Macon and Augusta. Ga,
Precipitation occurred generally ovef
the Eastern portion of the cotton grow*
ing States, over Southern Louisiana,
along the coast of Texas and In the
Northern and Northeastern portions of
Texas, Southern Oklahoma and in a
few localities in Arkansas. Elsewhere,
there was no rain during the week. The
percipitation was unevenly distributed
and generally light, the heaviest
amounts being reported from the Caro
lina^. More than two inches occurred
in parts of Louisiana, Georgia, Florida
and the Carolinas.
The greatest Weekly amount, 4,79
inches, Occurred at Newbern, N. C.