Newspaper Page Text
THE GEOKUIAN’S NEWS BK1 EH a
11
i
r
Market Quotations For Week Ending July 29, 1913
Heavy liquidation by strong interests of long lines, Continental and South
ern selling, coupled with a continuation of excellent weather and brilliant
crop advices, resulted In the cotton market developing a downward tendency
during the past week and at the close of business Monday the readjustment
which took place in the New York future contract market showed a maxi
mum decline of 22 to 56 points from the final quotations of last Tuesday.
New Orleans was the vulnerable spot in the cotton market. July New Or
leans almost repeated its sensational decline of 37 points of Tuesday, declin
ing 30 points last Wednesday before the New York close. This market was
relatively strong, as it was up to the initial of last week but almost repeated
history by losing ground The break in the Soutern markets was followed
by liquidation by New York and New Orleans ring professionals and by bear
ish operators who believed that at last the long awaited break was approach
ing. The market developed a far greater degree of activity than has been
noted in the recent past and there seepied a general disposition to get on the
selling side.
Day after day the trade witnessed, a repetition of sensational breaks.
Influential in causing the decided downward trend in prices were not
only the factors already stated, but Liverpool cables were of a bearish char
acter and Manchester advices suggested a slight relapse in the trade boom
enjoyed so long there. Germany cabled that business was slow because of the
Balkan war.
The curtailment of July long lines sent this option tumbling in value.
August also was making new low values for the month, declining to 11.44
Monday. That also was making new low levels for the month, declining to
11.44 Monday. That W'as 76 points off from the best price for the month, or
something over $3.50 a bale. A feature of the decline in August was that of
ferings were absorbed by brokers buying for Liverpool account against strad
dle sales in Liverpool. Many of the strongest spot sources also were noted
as buyers of the option.
New crop positions monopolized attention. October, December and Janu
ary displayed considerable activity, such as bad not been noticeable in weeks
and suggested a revival of public interest in the market. October during the
week has lost 37 points, December 23 points and January 24 points. A good
deal of selling pressure was stimulated by lower temperatures in the Western
section of the belt and propitious rainfalls in Texas, Oklahoma, Central and
Eastern States. Such rains, however, were not badly needed elsewhere, ex
cept in the Western States. In the face of this, however, many reliable au
thorities have sent in favorable replies to inquiries concerning the condition
of the crop. Many replies were to the effect that rains were only needed in
a few localities, and asserting that a dry spell at this time of the season would
give the plants sufficient tap root to withstand any long drouth. The crop is
facing its most critical period, but, notwithstanding the fact that the plant is
supposed to have sustained deterioration, reports of deterioration are not to
be taken as official, as they are generally originated from outsiders or those
unfriendly to the course of the market.
Private estimates of the condition of the crops, such as The Memphis-
Commercial-Appeal, Miss Giles, National Ginners and Weld Bros., have al
ready made public the condition figures on the crop, all of which give con
ditions a slight increase, when usually there is a setback m condition, as
to the percentage the Government in its condition report Briday, August S,
will give the crop no one knows, but the consensus of opinion is to the effect
that the crop has moved back slightly. Those inclined to the bear side,
however, give little or no credence to such a theory, saying that the Bureau s
figures are made up as of condition to July 25, and the benefit of the
weather and good rains will not be shown in the report, but will be shown
in the September report. On the other hand Private reports received during
the week from experts who are traveling over the cotton belt indicate that the
plant has improved materially and that the prospects for a bumper crop are
of the best. There are a few complaints of boll-weevil damage in Arkansas
and Mississippi. This has had but little effect on the market, and, with fur
ther rains,-wich are forecasted for this territory very soon, will probably re
move the only good argument which the bull element has to hold prices.
Weekly figures on consumption were bullish. Despite the uncertainties of
war in the Balkans and tight money, the Continent took 20,000 more bales of
cotton last week than the corresponding week last year. Sp nners came into
the market and purchased rather freely on declines, apparently taking advan
tage of low values. Spinners’ takings for the week aggregated 182,000 bales,
exceeding those of the previous year by 12,000 bales. lakings since Septem
ber 1 of American cotton by spinners total 13.419,000 bales, as compared with
14 720 OOO bSfes for the same period last year and 11.561,000 bales for the same
time the year before On the other hand all indications point to an ’early
movement of the new crop. Some go as far as to predict the movement in
both the Eastern and Western belts as early as August 15, which offsets any
immediate scarcity of cotton.
Sentiment regarding the amendment which has been added to the
tariff bill providing a tax of 1-10 of 1 cent a pound, or 50 cents a bale,
has evidently passed out of the minds of those who were so bitterly op-
nSed to the amendment at first. Some of the largest cotton men in the
Etate have sent messages to the Finance Committee at Washington show-
. iaie ... . »_r_* k 0 ^ocoori and have received favor-
to the effect that they
ing why this “amendment should not be passed,
able replies from their Senators, but none was
would oppose the issue.
Those interested in cotton futures seem to have
seen hi tumm sure tip that the
amendment will never become a law, otherwise some one would be fight-
- until the ultimate outcome of the pending issue is
had the following in its weekly
‘futures’
has naturally
growers, cot-
the business,
ing and pulling hail
known.
Recently The New York American
business and financial article:
“The vicious proposal to tax dealings in cotton
aroused a storm of protest, for it would embarrass cotton
ton manufacturers, spinners and everyone associated with __ r
to sav nothing of driving dealings in the staple from New York and New
Orleans to Liverpool, where the advantages of a free, unfettered marke
are properly appreciated.
“ThA manufacturer who undertakes to make and supply so many gross
of short! sheetings at a stipulated price, in order to escape risk
at once arranges tx> have the raw material delivered to him at a specified
price. On the Cotton Exchanges he can buy
fivery, as there is an active market all
every bale thus traded in be taxed tw - o
1,6 “Thf manufacturer will have to pay more for his
uncertain fluctuations and the w1 '' no h t al £, nd a ready ma C
hiS 2S?. %C 0 Ta n x t i!' barbartc.^and^shoujd t billed bMore !, r.acb es
It would benefit nobody but would injure everybody.
the statute book.
NEW YORK.
Wednesday, July 23.
Spot cotton; middling, 12.40.
Jiy
Ag
Spt
Oc
Nv
Dc
Jn
Fb
Mh
My
12.16(12.16(12.03
12.00
11.68
11.45
11.37
11.34
12.02
11.68
11.48
11.88
11.58
11.36
11.41
11.36
3!
12.04
11.89
11.59
11.36
11.33
11.29 11.34
ll.23jll.24
11.43
11.46111.46111^38! 11.38 11.33-351 1.43-45
Closed steady
12.04-05
11.89-90
11.57-59
12.15-16
12.01-02
11.67-69
11.36-37 11.45-46
11.28- 30111.38-40
11.29- 30111.39-40
11.24- 251-11.33-34
11.25- 26111.34-36
11.43 jll. 31(11.31 11.31-32111.41-42
Thursday, July 24.
Spot cot ton; middling. 12.15,
Open.
j:
O)
I
Low.
re re
-J</>
Jiy
As
Spt
Oc |
Nv
12.02
11.85
11.57
11.36
12.02(11.83111.87
11.85111.58 11.62
11.60 11.41 11.42
11.41 11.23 11.30
Dc
11.30
ll.35ill.1711.24
Jn
Fb
11.24
ll.29jll.10 11.17
Mh
11.32
11.38 11.21U1.26
My
11.38
11.38 11.30 11.33
11.86-87
11.62-63
11.43-45
11.30-31
11.22- 24
11.23- 24
0. O
12.04-05
11.89-90
11.57-59
11.36-37
11.28- 30
11.29- 30
11.16- 17111.24-25
11.17- 19 11.25-20
U.25-26111.31-32
11.28-30 1 1.33-35
NEW ORLEANS.
Wednesday, July 23.
Spot cotton; middling, 12V
e
|
O
High
l
jewi
.Jiy
12.00
12.00 11.70
11.75
Ag
11.95
11.95
11.69
11.70
Spt
11.44
11.44
11.41
11.44
Oc
Nv
Dc
11.51
11.02
11.40
11.41
11.48
11.50
11.37
11.40
Jn
Fb
Mh
11.51
11.51
11.40
11.41
11.54
11.54
11.48
11.48
My
V
?!
a.c
11.71-75112.00-01
11.70-71|11.94-95
11.45-47111.55-57
11.41- 42111.50-51
11.38- 40 11.48-49
11.38- 40111 48-49
11.41- 42 11.50-51
11.30-40111.46-49
11.48-59111.59-61
11.53-55ill.65-68
Closed steady.
Thursday, July 24.
Spot cotton; middling. 12 1-16.
Open.
High.
Low.
Last
Sale
Jiy
Ag
Spt
Oc
Nv
Dc
Jn
Fb
Mh
11.69
11.70
11.69
11.73
11.65 11.65
11.53 11.54
11.42
11.47
ii.29jii.34
11.41
11.42
11.45
11.46
ii.28ii.32
ll.30jll.34
11.52
11.52
11.39(11.45
Closed steady.
Friday, July 25.
Spot cotton; middling, 12.05,
Jiy
Ag
Sp
Oc
Nv
Dc
Jn
Fb
Mh
My
11.80 11.84 11.73111.85
• i
Oil
11.55
11.37
11.25
11.17
11.10
11.16
11.67)11.50
11.42111.3’
11.32111.20
11.25:11.15
11.18111.07
11.62
11.36
11.29
ft O
11.81-83 11.86-87
11.62-63 11.62-63
11.38- 40 11.43-45
11.39- 30 11.30-31
..Jll.22-24
11.23 11.23-24 11.23-24
11.17 11.17-18 11.16-17
ll.16jll.ll.ll.il 11.18-20 11.17-19
11.21 ll.28jll.18jll.28 11 27-28 11.25-26
11.21 ll.30ill.20 11.28|ll.29-3li 11.28-30
Closed steady.
Saturday, July 26.
Spot cotton; middling, 1195.
Jul
Au
Sp
Oc
No
De
Ja
Fe
Mr
My
»
* *
*5
n
3
St
G
► *
fs
Sin
11.74-76111.81-83
11.51-52 11.62-63
11.29-31 11.38-40
11.83'11.83 111.71 [11.75
11.59 jll. 61111.50111.51
11.36 11.36 11.31J11.31
11.27(11.27(11.18)11.18|11.18-20111.26-30
111.11-131
11.12- 13 11.23-24
11.05-06 11.11-18
11.06-08 11.18-20
11.13- 1411.27-28
11.19-20 11.29-31
O J Q.O_
11.50 111.71-75
11.55-56111.70-71
11.37-39|ll 45-47
11.34- 35111.41-42
11.31- 33 11.38-40
11.32- 33 11.38-40
11.34- 35 11.41-42
11.30-32 11.30-31
11.42-44 11.48-49
Closed Steady.
Friday, July 25.
Spot cotton; middling. 12 1-16,
Open.
High.
Low.
Last
Sale.
Close.
Prev.
Close.
Jiy
11.6911.78
11.69 11.78111.75
11.50
Ag
Sp
Oc
11.5011.73
11.50
11.69 11.64-66(11.55-56
(11.37-39 11.37-39
11.30
11.37
11.26
11.33 11.32-33111.34-35
111.30-32(11 31-33
Dc
ii.27
11.34
11.24
11.30 11.30-31 11.32-33
Jn
Fb
Mh
11.31
11.33
11.26
11.34 11.31-32111.34-35
111. 29-31(11 30-32
i i. 41
11.43
11.40
11.41 11.40-41111.42-44
My
11.45-47
Closed steady.
Saturday, July 26.
Spot cotton; middling. 11 15-16.
11.21
11.12
11.22
11.27
11.22
11 12
11.12(11.12
11.06 11.06
11.23
11.29
11.19(11.13
11.19111.20
Closed steady.
Monday, July 28.
Spot cotton; middling, 1195.
Jiy
Ag
Spt
Oc
Nv
Dc
J’n
Fb
Mh
My
6
c
a
Is
C
M
O
0
J
tJ-.fi
6
c
B
A
0
I
9
B »
Si
Ju
Ag
Sp
Oc
11.62
11.63
11.62
11.65
11.62
11.55
11.62
11.55
11.30
11.32
11.17
11.18
r>e
11.26
ii .28
11.14
11.15
Ja
Fb
11.29111.32
11.16
11.18
Mr
ii.38ill.38
11.27
11.27
My
?!
11.62 ill.75
11.55-58jll.64-66
11 22-24(11.37-3:)
11.17-18111.32-33
11.15- 17jll.30-32
11.15- 16111.30-31
11.16- 17111.31-32
11.13-15111.29-31
11.26-27,11.40-41
11.31-33H1.45-47
Closed steady.
Monday, July 28.
Spot cotton; middling, 11 15-10.
11.74 11.82
11.44 11.60
11.19 11.27
11.13(11.21
11.00 11.00
11.05111.17
ll.00jll.10
11.0411.04
11.12 11.18
11.17|11.21
11.70
11.44
11.19
11.12
11.00
11.05
11.00
11.04
11.10
11.14
11.80
11.57
11.27
11.18
11.77-80:11.74-76
11.57-58;il.51-52
11.26-28:11.29-3’
11.18-19(11. 18-20
11.00 jll. 13-15H 1.11-13
11.1611.16-17 11.12-13
11.09111.09-10111.05-06
11.04)11.10-12 11.06-08
11.18(11.17-18 11.13-14
11.14(11.21-23:11.19-20
this material for future de-
the’ time for ’futures.’ But if
three dollars this market will
NEW YORK, July 29.—Because the
weather map failed to show any mois
ture in Texas or indications that any
would be expected in the near future,
cotton this morning opened steady,,
with first prices at a net advance of i
to 6 points higher than Monday s final.
Sentiment was less bearish, and quite
an active covering movement devel
oped at the start. Later the marke.
eased off sharply in response to active
selling by the uptown crowd and Wail
Street brokers. Declines aggregated
8 to 5 points from the initial level, or
practically unchanged from the pre
vious close. . . .
The trade witnessed a repetition or
the sensational flurry in July during
the forenoon, when sudden liquidation
prevailed. This option dropped from
11.85 to 11.71, “nothing between, ana
immediately jumped back to the for
mer quotation, “nothing k<?J we l n ’
and increased its gain to 11M. 1 ^
phenomenal strength and actlvitj
that option, as well as other
tions, was attributed chiefly to heav
absorption by large spot Rouses, and
covering short commitments by recen
sellers, coupled with a Liverpool ca
ble saying offerings were 1 llght a T„
eohrts running to cover. Advances In
other positions aggregated l to ’
points over the previous close within
the first two hours.
During the afternoon session part
of the early advance was wiped out
through active selling, believed to be
profit-taking by early buyers. Old
crop positions, however, held firm.
Losses were .attributed mainly to new
crops. At the close the market was
steady with prices 1 t0 , 2 ,. p0 ' n ^
higher than the closing quotations of
Monday.
NEW ORLEANS, July 29.—Apart from
the absence of rain in the southern haJf
•f Texas, the map shows favorable oon-
Closed very steady.
Tuesday, July 29.
Spot cotton, middling, 12.10.
Jiy
Ag
Sp
Oc
Nv
Dc
Jn
Fb
Mh
My
11.85111.94
11.60 ! 11.70
11.30 11.42
11.21
11.14
11.2'
11.25
11.16
11.20(11.24
11.27(11.27
11.71
11.57
si
► *
11.9011.89-94 11.77-80
11.64(11.63-64 11.57-58
11.30 11.35111.35-36:11.26-28
11.18 11.22111.22-23 11.18-19
j 111.16-18111.13-15
11.15111.20 11.19-20 11.16-17
11.08(11.11:11.11-12:11.09-10
j 111.00 11.10-12
11.17 11.20 11.20-23 11.17-18
11.22 n.27jll.25-26|ll.21-23
Jiy
Ag
Spt
Oc
Nv
Dc
Fb
Jn
Mh
>s
;J $
1162
11.55-53 t
11 09
.( 111.70
11.60]11.63jll. 55(11.61 11.62-64
\ | 1 (11.30-31111.22-24
11.17(11.27 11.15(11 25 11.25-26(11.17-18
11.15 jll. 17(11.15(li:i7| 11.23-25| 11.15-17
11.15;11.24ill.13(11.23jll.22-23jll. 15-16
'll . . 1 1 i.3o-iW Li.13-15
11 19ill.2611.14jll.25 11.24-25 11.16-17
11.26(11.35111.26|11.35jll.40-41 11.26-27
Closed steady.
Tuesday, July 29.
Spot cotton; middling, 11 15-16.
e
1
C
u : * ».s
i i 3 5»
Close.
|J
Jiy
11.66111.66111.66111.66(11.66
11.71
Ag
11.68 11.70 11.60 11.66:11.65-67
11.62-64
Sp
1 111.31-33
11.30-31
Oc
11.28 11.32(11.25|11.26:11.26-27
11.25-26
Dc
11.28 11.30 11.22(11.23(11.24-25
11.22-23
Jn
11.30 11.31 11.24 11.26 11.25-26
11.35-36
Mh
11.39 11.89 11.35|ll.35111.35-36
11.40-41
Closed steady.
Closed steady.
PORT RECEIPTS.
The following table shows receipts at
the ports to-day compared with the
same day last year:
I 1913. | 1912.
TUESDAY'S REVIEW.
ditlons. The most favorable develop
ments were the let-up in the heavy
rainfall in the Central and Eastern
States where a spell of comparatively
dry weather is desired in order to pro
duce the best results. There were only
a few light showers overnight in Ok
lahoma and the Atlanties, generally fair
weather- is shown in Texas and Okla
homa. Northwest Texas, Amarillo, had
.72 inch of rain, s* „ , ,
Indications are for generally fatr
weather in the West, except possibly
some cloudiness over Northwest Texas
and Western Oklahoma. Part cloudy In
the Central and Eastern States, with a
few scattered showers. '
Houston, Texas, to-day officially re-
orded the receipt of six new bales of
cotton, making receipts to date 31 new,
against 13 last year. This supports the
contention that, owing to the uniformity
of crop development, the movement of
new cotton will increase much more
rapidly this year when once started.
Our markets showed indecision, opin
ions varying as to whether to act on the
bullish weather conditions in the West,
or to expect a bearish effect from the
increase in the new movement reflected
by the Houston receipts. First trades
were at an advance of 3 to 5 points,
which was soon lost.
New Orleans. . . .
118
720
Galveston
1,213
619
Mobile
19
118
Savannah
287
183
Charleston. . . .
1
203
Norfolk
234
New York. . .
58
Total
1,874
1.901
INTERIOR MOVEMENT.
Houston
750
32
Augusta. . , . . .
66
167
Memphis
140
571
St. Louis
348
i 4
Cincinnati
1,290
339
Little Hock. . . .
1
Total
2,594
1,184
1912.
MERCHANTS BUYING COTTON
GOODS FOR SPRING DELIVERY
Marshall Field & Co., In their week
ly review of the dry goods trade say:
“The dry goods business of the week
has held about even with that of the
same period a year ago. Our repre
sentatives again on the road after their
vacations are finding buyers ready to
consider lines for spring delivery in a
conservative way.
“Crop conditions inspire confidence in
mercantile operations,. especially
throughout the principal corn growing
States. FiXeeptionally good reports are
received from the State of Iowa. The
oats crop has benefited by timely rains
in some sections.
“Collections continue about normal.
“A healthful tendency is noted in
that there is an increasing demand for
the better grades of merchandise.
“The steady, normal volume of daily
shipments indicates low stocks and a
‘hand-to-mouth’ policy of buying among
readers generally.’’
SPOT COTTON MARKET.
COTTON SEED OIL.
NEW YORK, July 29—The cotton
seed oil market was partly lower at the
start, but soon rallied on the strength
of crude at the South, covering In new
crop months and scattered local buying.
Cotton seed oil quotations:
1 Opening.
Spot . • • •
August . • «
September, •
October . % \
November • %
December « $
January % «
February
Closed strong;
Atlanta, nominal; middling 12c.
Athens, steady; middling 11%
Macon, steady; middling 12%.
New Orleans, steady; middling 11 5-16.
New York, quiet; middling 12.10.
Philadelphia, quiet; middling 12.40.
Boston, quiet; middling 12.10.
Liverpool, steady; middling 6.54d.
Savannah, steady; middling 11%.
Augusta, steady; middling 12%.
TTorfolk, steady; middling 12%.
Charleston, steady; middling 12 5-16.
Mobile, steady; middling 12c.
Wilmington, quiet; middling 12c.
Little Rock, steady; middling 12c.
Baltimore, nominal! middl.ng 12%.
Memphis, steady; middling 12%.
St Louis, quiet; middling 12 5-16.
Houston, quiet; middling 12 3-16.
Louisville, firm; middling 12%.
Charlotte, steady; middling 12c.
Greenville, steady; middling 12c.
MARKET OPINIONS.
COTTON
Morris H. Rothschild & Co.: Fluctua
tions In tbe market depend greatly on
climatic conditions.
A. Noraen St Co.t In such a weather
market It seems useless to express any
° P :Logan & Bryant We do not think
that present conditions are of a nature
to promote bullish activity at this time.
NEW YORK COFFEE MARKET.
Coffee quotations:
Opening.
Closing.
January
9.38
j 9.5. r ,ffi9.5t
February. . , . .
9.44(&*9 47
9.62fa 6.64
March ......
9.53
9.69 fa- 9.70
April
1 9.5@9.62
9.70fa 9.75
May
9.62
9.79fa 9.88
June
9.65
9.80fa 9.81
July . . . . .
9.10fa)9.12
August . • • .
8 90fa 8.98
9.10fa 9.12
September . . .
! 9.06
9.22fa9.23
October . . • .
9.17
9.31*9 33
November . . • .
9.25
9.40fa'9.42
December . . . .
9.32
9.4749.49
Closed firm; sales 74,500 bags.
—
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