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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.