Newspaper Page Text
14
THE GKOROIAN’S NEWS BRIEFS
Market Quotations For w eck Ending December 9, 1913
After fluctuating erratically during the early part of the week, the cot-
ton market developed a downward tendency Saturday after the Government a
annual cotton crop estimate had been digested. Before the estimate was
received Friday prices sagged about 10 points, but recovered m a jlfty and
ended 15 points higher for the day. The Government estimate was exem-
11*10.
The report was a signal for general short covering and excited fluctua-
tions in the market. However, the market reacted after the first advance,
but quickly regained lost ground and closed at the high mark of the day,
with December at 13.15; January, 12.98; March, 13.11; May. 13.05, and July,
12.95. Of course there were different interpretations placed upon the report,
but soon after it was issued buying orders began to Hood the market. The
bulls say the report was a confirmation of low crop ideas and indicates a
yield of 14,000,000 bales, which Is far below the world’s requirement On
the other hand, the bears contend that the figures forecast a crop of 14,2o0,-
000 bales and will give ample supply to the world. * 1
One large spot merchant figures that there will be about 1,100,000 to l,-
200.000 bales yet to come, which wi ! ! be about all that can be expected for
the balance of the season, making a total of 13,180.000 bales, adding 300,900
bales for overweight, gives an estimate of 13,480,000 of 500-pound bales.
The bear who bases his inclination on current technical conditions ex
presses the confident belief that a price dip will prevail before the true in
fluences, incident to probable further reduction in the world's net surpus
of American cotton can come into play. Hence the division of sentiment
seems as acute as ever, despite the effort of the Census Bureau to clear up
the mystery surrounding the cotton crop of 1913-14.
John McFadden, New York’s leading bull on cotton, arrived from Liverpool
on schedule time and showed up on the floor just before the report came out.
He advised his friends to buy. When asked about the trade conditions
abroad, lie said the case with Furopean spinners is not so much one of bad
trade as of bad Judgment, fie also said the mills abroad had figured on a
16,000,000-bale crop and refuse to follow^ the rise in the market, contenting
themselves with a buying from hand-to-mouth policy; meanwhile they sod
goods far ahead and now find themselves short of cotton stocks, while the
crop is something like 2,000.000 bales smaller than they had figured it would be.
The difficulty with the market seems to be that the bottom is falling
out in sympathy with poor trade conditions on this side. But sentiment
“across the pond” is more optimistic than in America. All in all the market
larks resistive power from the bull forces, which, at the moment, is completely
i exhausted.
This was proved Saturday and Monday, following the Census report
which was construed as bullish—in fact, it was bullish to the core—ahd when
a market fails to be sustained on such a report and big spot sales in Liver
pool, it evidently lacks something more than resistive power—it lacks full-
hearted support from the original bud element. However, conservative trad
ers contend that conditions are against an advance at present, and all they
can do is to wait for better trade conditions and then the fireworks of the
season will begin.
Saturday the market opened steady, 2 to 3 points higher and had the
appearance of going higher, but within half an hour after the opening the
list was under heavy realizing sales and pressure from the ring clique. Fol
lowing tins class of selling, longs, who thought best to make some Christ
mas money before the market receded further. This they did by flooding
the ring with selling orders. This promoted a wave of general weakened
realizing and encouraged some short selling, resulting in the list losing its
entire gain made on Bureau Day and closed with a loss of about $1 a
bale.
Nothing materialized over Sunday worth mentioning. except general
rainfall over the Eastern States with indications for more, but this had no
effect on quotations. To offset this, Liverpool came in with cables about TO ,
points lower, as due, and continued on a downward journey throughout the
day. This gave our markets a cue for lower levels. There was further
pressure from the South, commission houses and some scattered spot
houses and the New York “uptown crowd” joined in on the selling side, caus
ing another sensational break as occurred on Saturday. Bull forces refused
to support the list, preferring their waiting policy and turned over the driv
ing reins to the bears, inclining to give the manipu'ation its full course, con
tending that it was impossible for them to take drastic steps in face of the
large outstanding long interest. They also state that this interest will soon
exhaust and then prices will soar to a level where it will justify a short
crop price.
There appears to be a rival of last week’s spot demand as a result of the
break In futures. New England mifis are reported to be purchasing low
i grades at a diminishing basis. The situation of the market appears to be
somewhat strengthened by the elimination of a large portion of the long lines.
There were fully 50,000 bales of long cotton liquidated Monday and about
i the same amount Saturday. The willingness of the principal spot interests
to take over a large part of these lines at prevailing prices shows that they
are not extravagantly bearish on the market, although known to favor the
selling side at times.
The course of the market from now on depends on the spot situation and
consumption, which at present is running on a record,-breaking scale. The
supply and distribution report, issued by the Census Bureau Monday, came
in about as generally expected, showing that 452.594 bales were consumed dur
ing November, as compared with 475 511 bales during the same month last
year. As a whole, the technical position of the market is the only thing
against an advance tHat must be e'eared up before the market can be ad
vanced and sustained.
TUESDAY'S REVIEW.
NEW YOLK, Dec. 16.—Continental
buying and good cables resulted in the
cotton market opening steady to-day.
First prices were at a net advance of
2 to 6 points from the closing quotations
of Monday.
The liquidation of long cotton yester
day is looked upon as a strengthening
factor. However, sentiment continues
bearish and lower prices are freely
talked. On the advance there was some
buying by scattered spot'interests and
prices worked up 1 to 5 points from the
opening range. This demand, however,
soon exhausted and the market settled
back around the- previous * ,ose, with
the selling rather general.
During the forenoon the market be
gan to seesaw. There was some talk
of an upturn, based on hard spots, but
the crowd seemed inclined to sell on all
rallies and advised their friends to do
the same. It was rumored that the Na
tional Ginners’ gave the amount of cot
ton ginned so far at 12,800,000 bales, giv
ing 719,000 bales ginned during the pe
riod. Turner’s figures are expected at
noon to-day. Ginning figures are very
important now in shaping the course of
the market.
Advices from New Orleans state that
there is no pressure of spots and they
are not following the decline in futures.
Pandemonium broke loose during the
early afternodn and prices broke badiy
as a result of a frenzy of selling orders,
based on Turner’s ginning figures of
12,796,000 bales ginned to December 13,
which was a signal for heavy liquida
tion Everybody seemed to have cotton
for sale and nobody cared to buy, re
sulting in December dropping to 12.51;
January, 12.33; March, 12.52, and May,
12.50. At these levels an unexpected
buying movement developed, based on a
cable stating that Niel, of London, was
inclined to increase his estimate on con
sumption, resulting in a rapid advance
of about 10 points from the low point.
The principal buying apparently came
from shorts and spot houses. A large
6]>ot house head of Philadelphia and
Liverpool was on the floor expressing
bullish view’s on consumption. How
ever, the market is expected to rule
narrow until the Government’s ginning
figures are posted Saturday' morning.
The report is expected to be bearish and
will likely induce further long line to
liquidation, which would tend to weaken
the technical position of the market.
At the close the market was steady
with prices 1 to 7 points low r er than
Monday's close.
NEW ORLEANS, Dec. 16.—Liverpool
showed a firmer tone to-day, with fu
tures about 3 points better than due,
sales 10,000 bales, and cables that Neill
is rumored to have increased their es
timate of consumption of American cot
ton. Judging by the following report
from a large Liverpool spot house, con
ditions in Lancashire are good: “There
has been quite a steady spot demand
from our trade and it is evident they
have not been able to secure their cot
ton on forward contracts as in former
years; so, unless short time should
come, we may look for a more regular
spot demand than is generally the case
In January, February and March. As
regards short time, we can not gee any
signs just now in the spinning trade, al
though Manchester feeling Is gloomy, as
a result of temporary conditions in the
Orient.”
First trades here were at an advance
of 3 points, with support timid, owing
to the continued bearish disposition in
New York and a rumor that the Na
tional Ginners’ returns indicate 719,000
bales ginned for the period, w’hich, if
correct, would be much more than ex
pected. The feeling here, however, con
tinues bullish and faith in ultimately
higlter prices is unshaken. Professional
reports from New York say there has
been a heavy liquidation of long cotton
and also hedge selling, even against cot
ton too low’ for delivery’ on futures.
Technical conditions are therefore tak
ing on a bullish^ appearance. As to a
large Census report Saturday, it can not
destroy confidence in a small crop. The
spot houses in New York are bullish
and McFadden is reported to have ex
pressed the belief that the crowd is
ov „r- A M — * crop and und**"- 1 '-
niating consumption, ~" r
1913.
1912.
New Orleans. . .
18.317
11,586
Galveston
13,577
44.056
Mobile
1.805
1,067
Savannah. . . .
9,731
5,941
Charleston. . . ,
1.911
1,092
Wilmington . . .
1.629
3,047
Norfolk
New York .
4,013
3,202
50
569
Boston
51
Pensacola. . . .
Various
' " 2.526' '
7.152
7,136
Total.
53.560
$4,928
INTERIOR MOVEMENT.
1913.
1912.
Houston
6.459
19.835
Augusta. . . . .
2.802
3,532
Memphis
8,732
3,836
St Louis
2,720
6,455
Cincinnati. . . .
960
1.092
Little Rock , . .
1.617
Total
21,671
36,367
SPOT COTTON MARKET.
Atlanta, nominal; middling 13c,
Athens, steady; middling 13%
Macon, steady; middling 13Vi.
New’ Orleans, quiet; middling 13c.
New York, quiet; middling 13c.
New York, quiet; middling 12.90.
Philadelphia, easy; middling 13.15.
Boston, quiet; middling 12.90.
Liverpool, steady; middling 7.17d.
Savannah, quiet; middling 12 11-16.
Augusta, steady; middling 12 15-16.
Charleston, steady”, middling 1314.
Norfolk, steady; middling 12%*.
Galveston, quiet; middling 13%.
Mobile, steady; middling 13%.
Wilmington, steady’; middling 13c.
Little Rock, quiet; middling 13c.
Baltimore, nominal; middling 12
St. Louis, quiet; middling 13%,
Memphis, quiet; middling 13%.
Houston, steady; middling 13 1-lf.
Louisville, firm; middling 12%.
PORT RECEIPTS
The following table snows receipts ui
the ports to-day compared with the
same day last year:
NEW YORK.
Wednesday, December 3.
Spot cotton, middling 13.40.
a
£
A
M
9
o
X
y
©
■r.
O
tt
O
a
NEW ORLEANS.
Wednesday, December 3.
Spot cotton, middling 13%.
c
«
Q
o
a
to
it
is
CuU
Dc
13.10
13 12
13.65
13 07
13.07
13.12-13
Dc
12 94
12.95
12.94
12.94
12.92-
94
12.99
IS
Jn
12.90
12.93
12.84
12.85
12.85-
86
12.92-
93
Jn
13.10
13.11
13.03
13 06
13.05-
06
13.11-
IS
Fb
• • ■
12.82
84
12.89-
91
Fb
• . •
|13.06
08
13.12
-14
Mh
13.04
13.06
12.98
12.99
12.98
99
13.07-
08
Mh
13.23
13.27
13.19
13.22
13.21-
22
13.26
27
Ap
12.94
96
13 02-
05
Ap
13.21-
-23
13.27-
29
My
12.95
12.98
12.91
12.92
12.92-
-93
12.98-
99
My
13.31
13.34
13.26
13.28
13.27-
28
13.33
34
Jiy
12.85
12 87
12 81
12 81
12.81
82
12.88-
89
Jn
13.27-
29
13.33
35
Su
12.10
12.13
12.10
12.13
12.09-
-12
12.12-
17
Jiy
13.33
13.35
13.28
13.30
13.29-
30
13.85
-3T
Oc
11 99
12.00| 11.99
12.00
11.97
98
12.01-
03
Oc
13.05
12.00
Closed barely steady.
Closed steady.
Thursday^ December 4.
Spot cotton, middling 13.40.
Thursday, December 4.
Spot cotton, middling 13%.
Closed quiet.
Friday, December 5.
Spot cotton, middling 13.40.
c
®
r.
u
9
mS
©
3)
to *
o a>
a
O
X
3
cS oj
X X
— u
Od
Dc
Jn
Fb
Mh
My
Jn
jiy
Ag
Oc
13.
12
02113.17112.90
83 13.00 12.75
98:1 ;
3 12.89
90 13.07 12.82
8.T 12.83! 12.83
86 12.98! 12.71
58 12.67 12.58
96|12.06(11.96
Closed firm.
12.
12
12
12.
12.
11.
13.17; 13.15-17 12.09
12 99 12.98-13 12.82-
12.95-98 12.79-
13.12 13.11-12 12.97-
13.05 13.05-06 12.90-
12.83;13.00-02 12.84-
12 95 12.95-96 12.79-
12.67 12.73-74 12.57-
12.06|12.06-08 Y1.96-
Saturday, Decmber
Spot cotton, middling 13.25
c
A
ai
u
a
o
9
o
. «
► »
® £
Dc
Ja
Fb
Ma
Ap
My
Jul
Au
Oct
13.13|13.14 12.90 12.
12.97112.97 12.75112.
13.10 .3.10 12.88112
i I.--
13.02113.04 12.85(12
112.93 12.94112.74)12
|7 2.76112.75112.70(12..-
112 09 12.09 11.95111.95 11
9 til 2
75 12
...|12
89;i2
11 9
8 5 i 12
85:12
70119
90-91
75-76
72-75
88-90
,86-88
84-85
74-75
52-53 12.
94-96112
15-17
98-13
95-98
11-12
08-10
05-06
95-96
73-74
06-08
Closed easy.
Monday. December 8.
Spot cotton, middling 13.00.
I Open
i
Jc
to
Low
T.S
cS *
mOQ
n
0
C
• ^
Z. ~J
Dc
12.80
12.81
12.61
12.65
12.65-66
12.90-91
Jn
Fb
12.65
12.65
12.44
12.50
12.49-50
12.75-76
12.72-75
Mh
Ap
My
12.75
,12.78
12.60
Li •
<T. [
oo.
12.66-68
12.64-66
12.88-90
12.86-88
12.84-85
12.70
12.76
12.5S
12.64
12.63-64
Jiy
12 61
12.65
12.50
12.55
12.55-57
12.74-75
Ag
12.44
12.44
12.30
12.30 12.33-34
12.52-53
Oc
11.85)11.87
11.75
11.75
11.75-76
11.94-96
Closed steady’.
Tuesday, December 9.
Spot cotton, middling 12,90,
e
c
a
C
e.
ti
9
o
X
T. ®
* c4
-1 "0
v
w
Dc
Jn
Mh
My
Jn
Jiy
Ag
Oc
12.69
12.53
12.73
12 67
12.64
12.57
12.36
12.
12.
12.
12.
12.
12.
12.
12.51
12.32
12.52
0 12.50
11.7011
12.43
12.43
36:12.25
70 11.70
t.59 12.59-64:12
12.42,12.42
12.63'12.62
12.60! 12.60
12.64)12.56
12.55)12.54
12.31'12.31-
11.70 11.74
-43
-63
-61
-58
-55
-32
12.
12.
12.
12.
12.
12.
■76T1
Closed steady.
Cotton Gossip
Open
A
M
X
Low.
T •
©
7i
0
£S
a
9
A
0
£
tf
X
Low.
Last
Sale
©
to
O
O
Prev.
Close.
Dc
13.08
13.09
13.02
13.04
13.04
13.07
Dc
12.93
12.93
12.91
12.92
12.90-91
12.92-94
Jn
Fb
12.85
12.87
12.81
12.82
12 82-83
12 79-82
12.85-86
12.82-84
Jn
F’b
13.05
13.05
13.98
13.00
13.00-01
13 01-03
13.19- 20
13.19- 21
13.05-06
13.06-08
Mh
Ap
My
.11 v
12.98
13.02
12.96
12.98
12.97-98
12.98-99
12.94-96
12.92-93
12.81-82
Mh
Ap
My
Jn
13.21
13.23
13.17
13.20
13.21- 22
13.21- 23
13.27- 28
13.27- 29
12 93
12.82
12.95
12.83
12.89
12.79
12.91
12.80
12.90-91
12 79-81
12.57-58
13.28
13.30
13.24
13.27
13.25- 26
13.25- 27
Ag
12.58
12.58
13.58112.58
12.58-59
Jiy
13.28
13.28
13.28
13 28
13.27-28
13.29-30
Oc
12.00
12.00
1! .99,11.99(11.96-97
11.97-98
Oc
12.10
13.05
Closed steady.
Friday, December 5.
Spot cotton, middling 13%.
Open
High.
Low
Last
Sale
t
o
5
►t
is
OmO
Dc
12.93
13 10 12 88
13.10
13. L0-11
12.90-91
J n
13.03
13.22 13.80
13 21
13.20-2113.00-01
Fb
!....
I
|....
[3.21-231
13.01-03
Mh
13.20 13.40 13.97
13,39
13.38-39
13.19-21
Ap |
.....
1
13.39-41
13.19-20
My
13.29 13.46 13.10 13.45
13.45-46
13.25-26
Jn 1
1
....
13.46-48
13.25-27
Jiy 13.24 13.48(13.21 13.47
13.47-48
13.27-28
Oc
I
1
12.10 |
12.00
Closed steady.
Saturday, December o.
Spot cotton, middling 13%.
C
©
a
*
to*
o
X
i-3 73
is
0,0
65- 66
49-50
66- 68
63-64
62-64
55-57
33-34
75-76
Dc
Jan
Feb
Ma
Ap
My
Jun
Jul
Oct
13.08,13.08 13.06:13.07
13.20,13.20T2.98;12.98
13.38)13.38 13.17 13 17
13.43| 13.43! 13.23:13.25
i3.44 i3.44‘i3.25!i3.26
«
ai
C
O
12.88
12.98-
12.99
13.17-
13.17
13.24-
13.25-
13.26-
11.95
>
v
ft
8913.
99; 13.
0111.3.
18113.
19|13.
25)13.
27! 13.
27; 13.
1212
10-11
20-21
21-23
38- 39
39- 41
45- 46
46- 4$
47- 48
10
Closed steady.
Monday, December 8.
Spot cotton, middling 13.00.
i
1
X5
to
9
4
n
c
X
Xx
o
® *
is
CLC
Dc i 12.72 12.75 12.62 12.64)12.59-60
Jn 112 83 12.90 12.68|12.69 L2.69-70
Fb | I 112.71-73
Mh
Ap
My
Jn
Jiy
Oc
13.02:13.10 12.87 12.90 12.90-91
I | | '12.91193
113.10 13.17j 12.95 12.98112.9798
! I I 112.98-13
1.3 1313.18T2.99'13.00 12.99-13
I ! I 111-70
12.88-89
12.98- 99
12.99- 01
13.17- 18
13.17- 19
13.24- 25
13.25- 27
13.20-27
11.95-11
Closed steady.
Tuesday, December 9.
Spot cotton, middling 13.00.
a
9
a
O
fi
31
i
o
.j
Dc
Jn
Fb
Mh
‘ AP
i My
.Jn
Jiy
12.65 12.66:12.51
12.73 12.79 12.56
12.91
12.99
13.03
12.98 12.76
13.06112.86
13.08)12.86
* »
Jz
12.59
12.66
«
tn
o
O
is
12.86
12.94
12.96
12.57-59 12.59-60
12.66- 67'12.69-70
12.67- 69 12.71-73
12.86- 87
12.87- 89
12.94- 95
12.95- 97
12.96- 97
12.90- 91
12.91- 93
12.97- 98
12.98- 13
12.69-13
Closed steady.
COTTON MARKET OPINIONS.
Weld & Co.: It is possible prices may
go lower, but we strongly advise against
short sales.
Morris H. Rothschild & Co.: Watch
the Southern spot markets for future
guidance.
E. F. Hutton & Co.: We see small
prospect of any permanent improvement
as yet.
Miller & Co. i We look for lower
prices favoring sale of May.
NEW YORK, Dec. 16.—The local cot
ton exchange will close December 25
and January 1 only. There was a peti
tion issued last week to close the ex
change December 25, 26 and 27. but this
was overruled by the board of man
agers.
* * *
Waters was the best buyer on the
opening, but gave up to McFadden after
the call.
* * *
NEW ORLEANS, Dec. 16.—Hay r ward
& Clark: The Government seems to
have changed the acreage for the sea
son. It was originally given on July
3 as 35,622.000 acres, but yesterday
Washington issued final estimate of
acreage and production in which it says
acreage cotton 36,912,000: yield 181.9 per
acre; crop, 13,677,000 bales.
* * *
The New Orleans Times-Democrat
says: “Monday’’s cotton market com
pletely scattered the remnant of the
bullish forces, and convinced high price
people generally that there are two sides
to the price question in spite of an ob
viously- bullish statistical drift.
“The friends of cotton explained the
influence at work thusly: New York,
as a whole is intensely pessimistic in
all directions and is in a frame of mind
to mob any* man who says ‘Merry
Christmas.’ Currency legislation to rob
New York of its hold on the nation’s
business affairs. What, therefore,
could be more natural than for New
York’s action to be against a market
which is pouring its tens of millions of
money into a section of the country
that would welcome currency legisla
tion designed to decentralize' financial
control. This the disposition of the
so-called ‘cotton corner case.’ which
some operators seem to think strength
ens the influence of the short seller and
weakens the holder of long contracts in
that the decision of the Federal Court
is construed to prohibit any concert of
action designed to absorb and move into
consumers’ hands New York’s protect
ive stock.
“These factors, combined with timid
support, and some accumulation of cot
ton in the interior, where the banks are
not over well supplied with cash, have
it appears, resulted in the forcing of
long liquidation in a very drastic way,
causing a sharp break In values. But
the statistical position is very strong
and short sellers at relatively low price
levels must in the end pay the piper ”
STOCK GOSSIP
The New York Financial Bureaus
“The stock market may* be irregular
again to-day, but it is due to harden
and may recover sharply soon.”
* * *
The New York Commercial: “The
market is too thin to stand liquidation.”
* * *
The New York Herald: “The mar
ket shows great resistance to pressure.”
* * *
The New York American. "Investors
are bringing back stocks that they are
willing to exchange for cash.”
* • •
The New York Sun: “Buying power
is restrained by the character of news
and the market is professional.”
* * *
Twelve industrials declined .62. Twen
ty active rails declined .79.
* • *
The New York Post: “There still are
many people who are skeptical of the
Government’s purpose to carry forward
the suggestion that it is broadening its
activities in the business world beyond
the postal service, but the significance
of the decline in American Telephone
and Telegraph can nevertheless not be
got away from.”
* * *
G. D. Potter says: “The short in
terest throughout the entire list is very
large and this in itself is a sustaining
factor. I believe there will be liquida
tion in some special issues, such aa
American Telephone and Telegraph. I
would sell this stock conservatively on
an y good rally. Expect to see many
standard issues, such as Union Pacific,
Reading and Utah Copper, advance
gradually to a higher level.”
TURNER’S COTTON REPORT.
MEMPHIS, Dec. 16.—Excepting Texa
a.nd Oklahoma, where rains delayed or
erations, weather has been favorable t
activity, both in picking and ginnin*
while in parts of the Carolinas the cro
is turning out better than anticipatec
But by reason of the rapid prosres
made in harvesting only a small amour
remains to come forward and many gin
have closed down for the season.
Following table shows ginnings b
to December 13: North Carolim
685,000; South Carolina, 1.239.000; Geoi
gia, 2,215,000; Alabama, 1,460,000: Mis
sissippi ,1.043.000; Tennessee, 337,00(
Florida, 63,000; Arkansas. 858.000; Louis
jana. oj0.ft00; Texas. 3,624.000; Okla
homa ,86.000; others. 96.000; to*a
l nited States, 12,798,000 bales.