Newspaper Page Text
\
12
THE GEORGIAN’S NEWS BRIEFS
Market Quotations tor Week E ndmg December 2, 1913
NEW YORK.
Wednesday. November 26.
Spot cotton, middling 18 30
Futures held remarkably steady the past week. Although speculative
operations In cotton were confined within very narrow limits, during l le
forepart of the week the price movement nevertheless fluctuated rather
sharply at time.' The readjustment which took place was comparati\ely
small. The New York future contract market showed a net advance of 8
to 14 points from the closing quotations of last Thursday, while the New
Orleans ruled comparatively the same, being 13 to 17 points higher for the
week
At the outset, the market was influenced by the tendency to increase
crop estimates, together with reported dullness in the spot markets, disap
pointing Liverpool cables and further ‘ long liquidation. The trade was in
clined to sell rather than take an additional supply of contracts, and the
market fluctuated within narrow ranges prior to the Thanksgiving holiday.
But the market took this selling well and eventually recovered to a range of
about 20 points over the low point for the Week On the dip there was good
absorption from bull forces, followed by active buying by spot interests This
prompted a nervous feeling among shorts aryi they rushed to cover s'noit
Commitments over the holiday.
Friday was a criticaJ period for December longs. Liverpool showed losses
ot 3 jK»ints over the holiday and only rallied a fraction from the decline,
while spots were also reported weak abroad. In view of the fact that the
English market failed to meet advances on our side, the New York market
was generally expected to open several points lower However, it held steady
ati.J opened generally higher, except December, which opened l point off.
The low ebb of the day was the initial levels. This was the first notice
day for December and about 17.000 notices were issued, which explained the
poor opening However, they were promptly stopped by Wall street houses
and in a number of cases by the same interests that issued them. It did not
take very long to get them out of the way. And then the bull element
started a revolt against shorts who broke, ran to cover and in a jiffy De
cember stood at 13.07. or 70 cents above the opening price The bulls con
tinued their aggresive attack, and soon had December around 13 12. with
January resting comfortably at 12.98, March 13.07 and May 12.99. The ad
vance was due solely to bulling and buying: there was no increase of out
side parti* ipaTion in the market Bull leaders based the rally on a cable
from Liverpool stating that the Master Spinners’ Federation had refused to
recommend the short side in the Lancashire mills, which suggested that the
situation in England was not so bad after all.
The bear element demonstrated the fact that the advance was only arti
ficial and not permanent in the last half hour on a rumor that a well known
authority had estimated the ginning* to December 1 at 12,100.000. resulting
In prices crumbling and at the close the list was about 10 points below the
be*t mark of the day.
on the other hand, spinners' takings continued on an enormous scale.
The rumor of 12,100.000 bales ginned to December 1, made up three days
before the period expired, proved a depressing factor.
Evidently the selling has l>een greatly overdone, based on the fact that
when shorts start to cover prices jump without interruption. This was proven
Monday when shorts became frightened over aggressive bidding by bull
forces, and as a result December jumped to 13.25 and January to 13.12.
Those who are inclined to bullish crop Ideas contend that the crop has
been overestimated and the consumption will be large, the latter theory be
ing supported by an estimate by a prominent statistician that the world will
want 14,750.000 bales to satisfy its needs. Moreover, this estimate is strongly
supported by the continued heavy spinners takings. Already spinners have
taken 4.298.000 bales out of 7.318,142 bales brought into sight so far this sea
son l^ast week the amount brought into sight totaled 672.139 bales, and out
of this amount spinning interests absorbed 486.000 bales
Rarely have estimates of the crop been so widely at variance as they
have been this season. They all range between 12,800.000 to 15,750.000 bales.
The question puzzling the trade at the moment is: Will gicnings continue
on the present scale? The majority look for a material falling off in gilinings
during the balance of the season. In many Slates wires tell of completion of
picking, or words to that effect. In Texas and Oklahoma, as well a« some of
the eastern States, advices are to the effect that fields are practically bare of
the staple, while others tell a different tale. It must be remembered that we
had exceedingly premature weather and also early killing frosts, which is said
to have killed all prospects for a large top crop. In connection with this, there
Is a large quantity of unspinnable cotton, which can only be used for junk
The amount of this class of cotton is estimated around 800.000 bales, which
would cut a big hole in even extreme estimates and still leave the crop under
the estimated world’s need. Up to November 14, there were 10,434,387 bales
of cotton ginned, as compared with 10.229,646 hales ginr.ed during the corre
sponding period last year, and 11,313,236 bales ginned during the same period
in 1911.
The Government will issue its next ginning report, as to the amount of
cotton ginned to December 1. at 9 o'clock. December 8. and on December 12
the Government will announce its estimate as to the size of the crop for 1913.
Last year the Government placed the total crop at 13.820.000 bales, against
an estimate of 14.885.000 bales in 1911.
lA8i year's estimate proved wrong about 350.000 bales, while tlie total re
turns equaled about 14.176,000 bales. The estimate, however, did not include
linters. In 1911 the Government missed its guess about 1,250.000 bales.
There are so many conflicting factors in the market at the moment that
it is no wonder the market remains in a rut. On one hand, there are bears
won point to large ginning returns, and on the other there are just as many
bulls who cite the good demand and lack of*high grades and the early mar
keting of the crop. Such conditions make it a difficult market to judge.
However, if the demand continues go od and spots continue to hold, -Hiere is
no reason why prices should not work materially higher.
The New Orleans Times-Democrat gave its annual cotton crop estimate
as fellows:
By States
Georgia and Florida
Alabama ...
Arkansas
Louisiana
Mississippi
Nv
Dc
Jn
Mh
My
Jn
Jiy
Ag
Oc
12 90 13 03 12
12 82 12 97 12
12 90 12 99,12
12 86-12 93,12
12.84 12 84 12.
12 73 12 82 12
12.53 12 55 12
11 96 11 96 11.
Closed steady.
O
12.93-94 12
90 12.95 12.94-95:13
80.12 84,12.84-85 12
90 12.93 12.93-94 12
84.12 88 12 87-88 12
84:12.84 12 84 12
70 12 78 13.76-77 12
53112.55' . 3.50-62 12
93111.93 11 93-H 11
U
93 97
00-01
91-92
99-13
: 94-95
91-93
81-82
55-58
94-95
Thanksgiving—Holiday.
Friday. November 28
Spot cotton, middling 13 40
I O
M I
of
NEW ORLEANS.
Wednesday, November 26,
Spot cotton, middling 12 15-16.
e
i
M
k , 5 •
o 4 1
9 ► •
R 1 t|
0 ® 0
0
X
el JC/i
O 1 Ou U
Nv
12.75 ]
Dc
13.70 12 86
12.70 12.79
12.80-81*12 78-80
Jn
12.93
13 06
12.93 12.98
12 97-9* 13.00-01
bti
12.99-01! 13.04-0$
Mh
13.09
13 20
13 9* 13.11
13.10-11 13 13-14
Ap
13.12-14 13.15-18
My
13 18
13.25
13.17 18.17
13.12-14 13.19-20
Jn
13.17-19.13 20-23
Jiy
13.19
13.30
13.1813.18
13.18-20 13 23-24
Closed steady
Thanksgiving—Holiday.
Frtday, November 28,
Dc 12.94 13 12 12 93 13 04T3 02-03 12 94-95
Jn 12 83 12 98 12 83 12 89 12 88-89 12 84-85
Fb 112 85-88 12.82-84
Mh 12 94 13.07,12.94 12 97-12.97-98 12.93-94 .
Ap 12.91 -^3 12.89-91
My 12 88 12.99 12.87 12 90 12.89-90 12.87-88 j
Jn [12.85-87 12.84
Jly *2.80 12 89 12 79 12.79 '2.79-81:12.76-77
Oc U 97 12.00 1 1 97 12 00 11 98-12:11.93 94
Closed easy
Saturday. November 29.
Spot cotton, middling 13.40.
* » * ?!
c I i j i.
a c
l I £
C 1 X
k 71
3 : **
(?lose
si
o^5
N v
! 12 80 112.76
Dc
12 78 12 96
12.78 12 85
12.86-87
2 80-81
Jn
13.02 13.11
13.0613.09
IS 0L-0212.97-91
Fb
Mh
Ap
13.03-06112.99-01
13.15-16113.10-11
13 17-19 13 12-14
13 30| 13.25
13.14113.15
My
13 26 13 21
13.21; 13.21
13.21-22 13.12-14
Jn
i.....
T3,32 24,13.17-18
Jly
13.27 13 23
1*3 27 13 29,13.24-26,13 18 2«
Closed steady.
Saturday, November 29.
Spot cotton, middling 13c.
t
o
J
K J?
Dc
13.00
13 08
13
00 13 08
13 04
08 13 02
03
Dc
12.86
12 89
12.86
12.88
12.87
90 12.85
87
Jn
12 85
12.94
12
84 12.93
12 93
94 12 88
89
Jn
13.01
13 08
13.01
13 08
13 07
08 13.01
03
Fb
12 90
92 L2.85-
88
Fb
....
13.08
10 13.03
05
Mh
12.94
13 03
12
94 13.03
13.02
03 12.97
98
Mh
13.17
13 si
13.1b
13.21
13.19
21113.15
16
My
,12.87
12 95
12
47 12.V5
12 94
95,12.89
90
Ap
13.21
23 13.17-
-19
Jly
12.78
12 84
12.
78 12.83
12 83
84 12 79
81
M >
13 2 4
13 27
i :t 2S
13 2.1
13.26
27 !3*dl
22
Ag
, 1 2.54
1 2.54
12
54 12.54
12 58
59112.54
:*6
Jn
13.27-
-29 13.22
24
Oc
>12.00
12.00
12
00 12 00
12 02
04 11 98
12
Jiy
13.28
13 20
13 27
i3 30
13.27
30 13.24
25
Closed firm.
Monday. December 1.
Spot cotton, rniddlirg L2-.50
o I s J
Closed steady.
Monday, December 1.
Spot cotton, middling 13 1-16
.1)12 13 25'13 10 18.14 IS 14-15 13.04 08
12.09; 13.12 12.09; 13.00 13.00-01!12.93-94 !
13.98-13,12.90-92!
12.10 12.22.13 10 13.12 13.12-12 13.02-03
-04 12.94-96
■84
.fid., hr , n_... -59
12.10 12.10 12.06 12 07 12 04-06 12.02 04
I '.IW 1J..-|10,10!I.1U 10.0H-'
’13.08 13 13,’ 3 02113.03 13.03-04 12.94-
12.97 12.99 12.93 12 93 12.92-93 12.83-
12.73 12.73*1 2.73:12.72 12.67-69 12.58-
('losed steady.
Tuesday. December 2.
Spot cotton, middling 12.50
C XS k *4 -i
s 1 m * i~
ft ~ C 4 el
I Q 1 S I J l JMj
Dc 13.20 13.27,13.17 13.19
Jn 15.10 13.13 13.04 13.05
Fb
Mh *3 3.1*0 13.25 13.15|13 15
M> 13.10 13 17 13.08 13.10
Jly ‘U2.99 13 «»5 12.97 12.99
Ag f 12 73 12.80 12.73, 2.80
Oc 12 06 13 09 12.0612.09
Closed steady.
► *
So
Dc
.In
Fb
Mh
Ap
My
Jn
Jly
12.94 13 05 12.94 12.f
13.19 13.25113.14 13.1
96'12.95-96
16 13.15-16
13.17-19;
13.29; 13 38 13.27 13.29 13.29-30
i 1 13.29-31
13.37,13.45,13.35, L3.37|13.36
I 1 13.36-38
13.41 13.45! 13.39 13.41 13.39-40
87-90
07-08
08-16
19-21
21-23
26- 27
27- 29
27 20
Closed steady.
Tuesday, December 2.
Spot cotton middling 13 2-16.
13.19-
13.04-
13 02
13.15
13.09-
12.98-
12.73-
12.08
20,13.
05 13.
04 12.
.6 13.
10,13
99 12
74 12.
10 12.
14-15
00-01
98-13
12-13
03-04
92-93
67-69
04-06
e
c
1 5
s
2
0 11
3 5;.
9
m
g
I Dc 13 01
I .in 113.22
\Vb
Mh 13.38
• Ap
i My ;13.46
• Jn i. . . ..
| Jly ;13.52
13 10 13.01 13.09
18.30 13.21 13.24
13.13 i3.34ji3.38
13.50 1 3 41 1 i3.45
.j j
13.52 13.45 13 46
13 05-07
13.23-24
13 25-27:
13.37- 38
13.37- 39,
13.44-45:
13 44-46
13.47-48
d
® o
13 36-37
6-38
9 14
(‘losed steady
2,500.000
1,400.000
900.000
400,000
1,160,000
North Carolina *M.00O
Oklahoma 800,000
South Carolina *55
Texas . j • • 3,900,000
Tennessee 400,000
Total 13,660,000
This approximate relates to the actual growth of linters, repacks and
other similar additions. , „ .
Correspondents report that farmers have sold freely as a rule. They
are inclined to hold whenever a sharp decline occurs.
A considerable part of the crop is of low grade and Its spinning power will
consequently be distinctly less than normal.
TUESDAY'S REVIEW.
NEW TORI'. Dec. 2.—Unexpetccd
strength in the spot market in Liver
pool, which showed spots 6 points high
er with sales of 15.000 bales, together
with a bullish crop estimate by the
New York Commercial, resulted in the
cotton market opening steady to-day
with first prices at a net advance of 6
to 10 points from Monday’s close. Lo
cal bulls and the iarger spot houses
suported the list and there was an ab
sence of selling presure due to short
covering who were nervous, seeing thut
the market was pretty steady. Outside
business was lacking and the trading
was almost wholly attributed to locals.
After the call trading was narrow, the
bears displaying considerable caution.
Local bulls were the chief buyers, but
the South and Liverpool also took some
and at the end of the first hour the
list stood 3 to 8 points over the initial
level.
After the covering of shorts was ap
parently ended, local bulls took hold
and bid aggressively, but offerings be
came scarce and the list stood around
the early high point.
Sentimnt continues rather bearish,
and the majority are talking setback.
During the forenoon scattered profit-
taking by early sellers and "longs” re
sulted ;n prices easing book to the
opening range.
Offerings became rather general dur
ing the late forenoon, based on report
that the NaHeool dinners' figures were
1.2,075,000 bales ginned to December 1.
This caused the market to ease off sev
eral more points from the opening.
Ia*ter Turner, of Memphis, reported gin*
nings to December at 12,016.000 hales,
which was construed as bearish. Some
selling followed, but when his comments
were digested his report was acoepted
as very bullish because of the large per
centage ginned, which his summary
would indicate.
At the moment there is considerably
more friendly feeling toward the mar
ket, bulls citing the two important Gov
ernment reports, due December 8 and
12. one on ginning and the other an es
timate as to the size of the crop, as
the most strengthening factors. Some
of the leading bulls contend that should
the Government show 12.000.000 bales
ginned and the fact that picking and
ginning having been so rapid, owing to
higher prices, that there will be very
little more to come, thus making pros
pects for higher prices very bright.
At the close the market was steady
with prices at a net advance of 3 to 6
points from the closing quotations of
Monday.
LIVE STOCK.
CHICAGO, Dec. 2.—Hogs: Receipts,
28 000, market 10 C lower; mixed and
butchers, 7.40117.85; good heavy. 7.60ft
SO; rough heavy. 7.25*17.75; light, 7.25
ft 7.75; pigs. 5.60ft 7.00; bulk. 7.50 qT.75.
Cattle; Receipts, 7.000; market weak;
beeves. 6.504x9.50; cows and heifers. 3.25
'<*7.80; stockers and feeders. 5.25ft’7 : 40;
Texans, 6.40*1*7.70; calves. 9.00ft 10.75.
Sheep: Receipts, 22,000; market
steady; native and Western, 2.65ft4.90;
lambs, 5.25407.40. .
ST. LOUIS. Dec. 2. Cattle: Receipts.
3,600 head. Including 500 Southerns;
market steady; native beef steers. 7.500
950; cows and heifers. 4.25ft8.50; stock-
ers and feeders. 5.00«f7.50; calves. 6.00#
11 00 Texas steers, 5.75ft»7.00; cows and
heifers. 4.00ft 6.00; calves in carloads,
4.2505.50. * . . _
Hogs: Receipts. 14.a00: marekt 9 to
lower; mixed and butchers. 7.45ft
7 80 good to heavy, 7.70ft7.80; rough.
7 35ft7.50 : light, 7.60@7.75; bulk, 7 50 ft
7.75; pigs. 6 00ft7.10.
Sheep: Receipts. 3.500 head; market
steady: sheep and muttons. 3.7;>ft4.;>0;
Iambs, 5 25ft7.75.
10c
PORT RECEIPTS.
The following table shows receipts at
the ports to-day compared with the
same day last year; _
1913,
Turner’s (jinnings to
Dec. 1 Very Bullish
MEMPHIS, Dec. 2. -Replies from
gins in all cotton-producing States give
following returns on cotton ginned to
December 1:
North Carilna. 590.000; South. Caro
line. 1,176,000: Georgia. 2.062.000: Ala
bama 1.375,000: Mississippi. 960,000;
Florida, 60,000: Tennessee, 301.000: Ar
kansas 783.000; Louisiana 325,000; Ok
lahoma. 769.000: others. 81,000; Texas,
3.535,000; total. 12,016.000.
A record has been established in the
amount ginned during the month of No
vember. A fact made possible first by
the even maturity of the crop and then
by unusually favorable weather for
harvesting. And giners maintain, al
most without variation, that the amount
to come forward to gins is very* light
and that a wholesale and most unusual
shutting down of activity Is about to
take place.
NEW YORK COFFEE MARKET.
Coffee quotations:
x.nv • irleani . .
16.429
177632
Galveston
30.322
52.054
Mobile
2.447
2.454
Savannah
6.;>44
9.073
Charleston . . .
2.109
1,253
Wilmington . . .
2.647
3,796
Norfolk
4.908
4.089
New York . . . .
685
Boston. . . . . .
106
537
Philadelphia .. . .
100
Various
1.: 774
11.987
Total.
INTERIOR MOVEMENT.
Houston. .
Augusta. .
Memphis. .
St. Louis. .
Cincinnati.
Little Rock
1913.
Total.
.1
1(1,163
17.595
4.275
2.295
10.659
6,283
3,361
9,095
647
966
2,127
35.105
38.360
COTTON MARKET 70PINIONS.
Hutton & Co.: “We look for narrow
fluctuations until after the Government
re Korris H. Rothschild & Co. I “W«
look for Irregular markets, pending tbe
two Government reports.”
Logan A Bryan ‘‘We are inclined to
favor a scalping position ’’
SPOT COTTON MARKET.
Atlanta, steady; middling 13Vi.
Athens, steady; middling 13%.
Macon, steady; middling 13Vi.
New Orleans, steady; middling 13 3-18.
New York, quiet; middling 13.50.
Philadelphia, easy: middling 18.54).
Boston, quiet; middling 13.60.
Liverpool, steady, middling 7.3M.
Savannah, steady; middling UM*.
Augusta, steady; middling 13%.
Charleston, steady; middling 13%.
Norfolk, steady; middling 13 3-16.
Galveston, quiet; middling 13Vi.
Mobile, nominal; middling l3o.
Wilmington, steady; middling 13%.
Little Rock, steadv: middling 13o.
Baltimore, nominal; middling 13%
Louis, dull; middling 13%.
Opening. 1 Closing.
January. .
February. .
March. • •
April. . . .
May. . .
June. . . «
July. . .
August. .
September,
October. .
November.
December..
.1 9.30
J 9.45
.1 9.65
. I 9.80 ft 9.95 9 82
.10.00 9.95ft 9.1
.110.05 10.02ft 10 <
.[10.18 10 09ft 10.1
.10.30 10.17ftl0.1
.10.84 110.25ft 10.:
.‘10.35ft 10.40 !0.30ft 10..‘
. 10.35 ft 10.45| 10.30ftT0.:
: 1 9.30ft 9.:
Closed barely steady.
COTTON SEED OIL.
Cotton seed oil quotations
Opening. | Closing.
Spot . . . « . .
7.00ft
7.20
December . , . .
7.04
a 7.06
7.03(6
7 06
January . « . .
7.11
ft 7.12
7.06ft
7.09
February , • , .
7.12
✓*7.16
7.08 ft
7.14
March ....
7.21
ft: 22
7.18ft
7.19
April . , . « . 1
7.24 (a
7.1129
7.20ft
7.25
May , . . . .
7.31ft7.32
7 30ft7.31
June . . . • •
7.33
ft 7.37
7.30 (ft 7.35
July ....
7 42
^7.13
7 40 ft
7.41
Closed heavy; sales 2,300 barrels.
prr WATCH, RING 8 CHAIR
- “* HaiMMoi* Watch. (JuarantsM
Timekeeper; also Cm2 A Chain
riven fr» « for eclliiir only £9
bird's Prayer Bangle Fin» at 1M
each. Write far them,
1 EAGJLE WATCH CO., Dept.219, taiit Boston, Man*,
i st
l. IlOUlO, HUH, IU1UUIU16 1 _
lemphls, quiet; middling l2Va
Houston, steady*, middling 13%
IjOul«vfUe, firm; middling 12%.
Charlotte, steady; middling 12a.
| A nice $1000 Reward
| L great, Successful "Monthly” Com
pound. Safely ralums the lnnxrert.
moat oh*tkia>e, abnormal eaacn In 3 to b hay*. No
I harm, pain or Interference with work. Mall $l. r »0
; Doable SLran*lh (1.00. Booklet FREK Wm* to
• lay. Address
1 I>r. A I. d«*uthinston Reimdy Co., 515 Main St..
1 Kansas City, Ho.