Newspaper Page Text
I
14
THE GEO KOI AN’S NEWS BRIEFS
Market Quotations For w eek Ending December 23, 1913
The price of future contracts dropped with a hang this week under con
tinued general liquidation. While the selling movement was at its height
prices were $1.70 to $3.30 a bale lower than last Tuesday’s closing quota
tions. or more than $10 a bale lower than the high level reached early in
October. There were no signs of support from the bull element and spot
houses, who were talking so confidently last week. However, there was
some covering by shorts, but their buying orders w'ere generally limited and
scattered. The big professionals were inclined to wait until the Census
Bureau Issued its ginning report Saturday morning at a o’clock, and their
operations were confined only to swapping one position for another. Al
though some of the larger spot interests were credited with some accumula
tion of near positions during the latter part of the week, there w’as talk of
a sharp reaction, which would have been only natural after such a radical
decline. However, it was demonstrated by the bear clique that cotton was
atill a sale and whenever support was apparent a fresh outburst of selling
orders appeared, depressing prices still further.
The principal feature during the week was attributed to the avalanche
of selling orders from the South. It is said that the South is long of cotton
and is tired of w r aiting for the anticipated advance, which the bulls have
been harping on for the past month or so. The larger operator? attribute the
sensational decline to the unloading by the South and contend that no ad
vance of consequence can hold as long as the South continues to sell spot
cotton.
The difficulty with the market seems to +>e that the bottom is dropping
out of the demand for spots. Southern dealers are offering spots well un
der ‘‘official” quotations without llnding purchasers. Mills on this side and
‘‘across the pond” are not buying more than they can help, a’.id that is not
much. And they are timid in predicting still lower prices. They are not in
a more or less independent position, for it must be remembered that they
started to accumulate cotton last August and continued to do so until the
middle of September. With indications of a declining trade here and abroad
they are said to be planning to curtail output. Should such conditions ma
terialize they should be in no hurry about the balance of their spot require
ment.
The Liverpool stock of cotton at the close of the week was 4113,000
bales smaller than last year.
That the American mills look for lower values is made plain by the
fact that very little cotton has been called on recent breaks. Buying or
ders from this source would do much toward restoring confidence of higher
values, but at the present time mill orders are scarce.
After a decline of about 3 cents per pound a reaction certainly ought to
be in order, but no permanent advance is looked for until the business out
look becomes brighter.
Despite the continued pressure from bear quarters, confidence in a
small crop and the Government estimate, the bullish situation has not
changed, but on account of the coming holiday period support is withheld
and awaiting the effect of the report on consumers, practically the spot
holders
Christmas cotton has been dumped upon the markets, and perhaps some
of the decline may be laid to this. In past years, cotton underwent some de
pression during Deecmber, but if conditions warrant higher values, prices will
rally after the new year. If this It to be stayed, there ought to be a healthy
reaction after the holidays because conditions this season certainly war
rant higher levels than the prevailing basis.
Bulls and bears were given a shock Saturday morning when the Govern
ment made public its ginning figures as to the amount of cotton ginned to
December 14. The most radical bears only looked for figures around 12,-
800,0-00 bales, while the bulls expected a figure in the neighborhood of 12,600,-
000 bales. But the figures proved to be 123,000 bales more than the bears
expected, being 12,923,606 bales, as compared with 12,439,036 bales to Decem
ber 12, last year, and 13,770,727 bales in 1911. This was 843,000 bales ginned
for the period from December 1 to 14, against 585,000 bales last year and 954,-
000 bales in 1911. The figures were hard to digest—even among the bears
—but they soon confirmed the belief among the bears that the Government
has underestimated the crop in its estimate made last week, when the yield
was put at 13,677,000 bales. These figures took all the bullish enthusiasm
out of the trade and resulted in a frenzy of selling orders, carrying prices off
27 to 35 points from Friday's close. The selling continued heavy throughout
the short two-hour session. Support was not in evidence. Bulls refuse to
take on contracts and the only buying came from shorts.
The report was like a thunderbolt to the entire trade, because reports
from every section of the belt have been filling the public full of the idea
that ginning was practically completed, two-thirds of the gins shut down, and
yet they gin practically half as much more cotton than they did last year.
The principal increase in ginnings for the period over last year is in
Georgia, which ginned 148,0-00 bales during the period, against 111,000 bales
last year. Arkansas came in for a good increase by showing 96,duo bales,
against 43,000 bales last year. Louisiana 51,000, against 18,000; Mississippi
129.000, against 66,000; South Carolina 115,000, against 87,000; Tennessee and
others 50,000 bales, against 29,000 bales last year. Texas and Oklahoma
are about the same as last year. Applying last year's percentage of 92.2, the
total figures are 14,667,000 bales, including 650,000 linters and other addi
tions, but the best authorities state that the percentage ginned this year is
much higher than last year. However, the forthcoming census report will
have to prove that.
TUESDAY'S REVIEW.
NEW YORK, Dec. 23.—Influenced by
short covering and better Liverpool ca
bles than expected, the cotton market
opened firm to-day with first prices at
a net advance of 6 to 15 points from the
closing quotations of Monday. Rain
was reported over the greater part of
the eastern belt, with colder weather
over the eastern States,
There was quite a good deal of de
mand on the advance.
In addition to covering there was acL
ive buying by housqs with Liverpool
connections. There was some protit
taking, but the market took this selling
well.
While sentiment continues against the
market the advance was maintained.
During the forenoon shorts covered
rather urgently, seeing that the market
was unexpectedly steady. This second
wave of covering carried prices 18 to 22
points, or 90 cents to $1.20, a bale, above
the previous close.
Following are 11 a. m. bids in Xew
York: December, 12.14; January, 11.94;
March, 12.18; May, 12.14; July, 12.14.
Business was rather light during the
afternoon session, but the early advance
was firmly maintained through steady
accumulation by shorts and leading spot
Interests, The scarcity of offerings was
based on resistance in Liverpool, which
recovered the early decline and closed
about 2 points higher, with the tone
very steady. The steadiness of the
English market was chained by the
renewed activity in \\ all street and
buying by India.
Conservative operators believe the
tide has changed and prices will work
considerably higher after the holiday
period, asserting that the South has liq
uidated considerable long cotton and the
short end is extremely large, which will
run to cover should trade conditions im
prove. The feeling all around is grow
ing more optimistic, based on easier
money and prospects of better condi
tions after New Year’s.
At the close the market w T as very
steady, with prices at a net advance of
1821 points from the final quotations
of Monday.
NEW ORLEANS. Dec. 23.—Whether
accidentally sympathetic or otherwise,
the following account of yesterday’s
stock market in New York, coming on
the heels of the optimistic reports from
London and Paris, which appeared in
Sunday’s press, is most encouraging and
shows indications of an all around re
vival of confidence
“Trading'on the Stock Exchange was
more active than in many months and
was regarded as an indication that the
period of dullness is over and specula
tive element returning to the market.
The renewed activity in Wall Street is
attributed to more favorable reports re
ceived from Washington as regards the
administration's attitude toward corpora
tions.”
Liverpool came in very good with fu
tures 5 points better than due; spot
prices 1 point lower; sales, 12.000 bales.
Cables report less offering, less hedge
seling; more continental demand for
distant futures. This latter fact would
particularly indicate a growing belief
that present prices are cheap in view
of the prevailing supply conditions.
The Liverpool market closed 2 points
higher than yesterday, the tone being
given as very steady. Later cables re
ported India buying.
Professional opinions from New York
are not as uniformly bearish, and
many consider the chance- for a turn In
the market. Scarcity of sellers and a
good general demand for contracts,
based on resistance in Liverpool, better
professional news and a more friendly
feeling all round, caused an advance
here of 20 points in the early trading.
Of course support is somewhat tenta
tive and timid after the recent repeat
ed disappointments and the vicinity of
notice day and developments during a
holiday period has also a checking ef
fect. New- York rumors deal with the
liquidation of several Southern bull com
binations, as an explanation of yester
day's break, but technical conditions
must have changed materially in favor
of the bull.
The market here held well around
12.45 for March.
SPOT COTTON MARKET.
Atlanta, nominal; middling 12%,
Athens, steady; middling 13}{
Macon, steady: middling 13%.
New Orleans, steady; middling 13c.
New T York, quiet; middling 12.60.
Philadelphia, easy: middling 12.85.
Boston, quiet; middling 12.60.
Liverpool, steady; middling 6.94d.
Savannah, quiet; middling 12%.
Augusta, steady; middling 12 13-15.
Charleston, steady; middling 13%.
Norfolk, steady; middling 12%.
Galveston, quiet; middling 13%.
Mobile, steady: middling 13%.
Wilmington, steady; middling 13c.
Little Rock, quiet; middling 13c.
Baltimnre. nominal: middling 12%.
St. Louis, quiet; middling 13%.
Memphis, steady; middling 13%.
Houston, steady; middling 13 l-lf„
T^julsvill*. firm; middllne 1214.
NEW YORK.
Wednesday, December 17.
Spot cotton, middling 13.00.
e
•
a
■£
*
0
**
« -
4 t
0
7)
O
1°
O
E
-1
j *
u
EU
Dc
12.62112.00)12.00112.51
12.52-53
12.59-64
Jn
12.45
1249
12.26
12.38
12.37-38
12.42-43
Mh
12.66
12.70
1248
12.57
12 56-57
12.62-63
Ap
12.66
12.65
12.64
12.65
12.55-57
12.60-62
JVi y
12.61
12.67
1245
12.56
12.55-56
12.60-61
My
12.56
12.61
12.40
12.48
1248-49
12.54-55
Ag
12.26,12.26
12.26
12.26
12.29-31
12.31-32
Oc
|11.76jll.78| 11.76:11.78)11.71-7111.74-76
Closed steady.
Thursday. December 18.
Spot cotton
middling
12.80.
G
0
Q,
£,
M
i
ose
ii
£5
O
E
r a
£20
Dc
12.55
12.55
1246
12.54
12.51-54
12.52-53
Jn
12.41
12.41
12.31
12.38
12.38-39
12.37-38
Fb
12.35
12.35
12.35
12.35
12.37-40
12.35-38
Mh
12 59
12.61
12.50
12.60
12.59-60
12.56-57
Ap
12.55
1? 55
13.55
12.56
12.59-61
12.55-57
My
12.58
12.60
12.50
12.61
12.60-61
12.55-56
Jly
12 52
12.55
12.44
12.56
12.55-56
12.46-47
Ag
12.29
12.29
12.29
12.29
12.33-35
12.29-31
Oc
11.70
11.78
11.70
11.78)11.78-79
11.71
Closed steady.
Friday, December 19.
Spot cotton,
middling
12.90.
d
0
Q,
x:
u
8
Last
Sale.
0
m £
0 £
O
E
J
V)
Oft
Dc
12.52
12.53
1242
12.00
12.47-49
12.51-54
Jn
12.38
12.39
12 24
12.25
12.25-26
12.38-39
Fb
12.20
12.20
12.20
12.20
12.30
12.37-40
Mh
12.59
12.60
12.48
12.40
12.48-50
12.59-60
Ap
1248-50112.59-61
My
12.61
12.62
12.48
12.50
12.50-51
12.60-61
Jly
12.57
12.58
12 47
12.49
1247-49
12.55-56
Ag
12.35
12.35
12.30
12.31
12.25-27
12.33-35
Oc
11.77
11.77
11.70
11.75
11.70-72)11.78-79
Closed easy.
Saturday, December 20.
Spot cotton,
middling 12.80.
c
€>
It
8
m2
0
■
O
it
£ c
0
E
J
O
ft. 0
Dc
12.35
12.36
12.0712.20
12.20-21)12.47-49
Jn
12.14
12.14
11.89 11.93
11.92-93)12.25-26
Fb
11 95-98)12.30
Mh
12.30
12.34
12.14 12.22
12.20-2111248-50
My
12 32
12.35
12.14412.20
12.19-20112.50-51
"Jn
12.33
12.33.
12.33)12.33
12.17-19)1248-50
Jy
12.33
12.35
12.13112.17
12.17-19)12.47-49
Ag:
12.15
12.16
12.00 12.00
11.96-98:12.25-27
Oc
11.50
11.50
11.42
11.49
1148-50 11.80-72
Closed steady.
Monday, December 21.
Spot cotton, middling 12.60.
c
v
a
0
£.
is
0
j
Dc
Jn
9and
Fb
Mh
My
Jiy
Ag
Oc
|12.15112.18:12.01
.11.85|11.92|11.74
<* d
tJaa
4
91
o
5
it
ts.
ftu
12.03)12
11.76,11.
,vjtc s| J%wn’shrdcmf
.1.
12.10,12.19,11.99
12.10|12.17ill.98
12.10:12.17|11.99
11.90! 11.93'11.80
11.40 11.50 11.40
12.02
11.99
12.01
11.89
11.43
02-03:12.
76-78)11.
cm cm
80-82
00-02
99-01
01-02
80-81
40-41
11.
12
12.
12
11
11
20-21
92-93
cmo
95- 98
20-21
19-20
17-19
96- 98
48-50
Closed steady.
Tuesday, December 22.
Spot cotton, middling 12.60
Open
£
E
Dow
91 2
ci a
Close
Prer
Close.
Dc
12.08 12.16
12.08
12.15
12.13-16 12.02-03
Jn
11 88,11.98
11.86
11.98
11.97-99,11.76-78
Fb
1
12.01-05)11.80-82
Mh
12.12112.23
ii.12
12.23
12.22-23|12.00-02
My
12 14|12.19
12.09
12.19
12.18-19111.99-01
.1 n
12.1242.12
12.12112.12
12.18-20)11.99-01
Jiy
12.12ll2.20
12.10)12.20
12.19-20:12:01-02
Ag
111.94)11.96
11.93)11.95)11.98.12|11.80-81
Oc |11.52111.59111 ■52!11.59|il.59-60lll.40-41
Closed very steady.
Cotton Gossip
NEW YORK, Dec. 23.—The market
showed considerable strength on better
cables than due and heavy buying by
shorts.
* ' * *
Riordan was probably the heaviest
seller. Weld also sold. Liverpool came
in as a good buyer, resulting in a gen
eral demand.
* * *
Sterrett Tate says: ‘‘On the decline
of last few days the market has liqui
dated freely, and, while the long inter
est is greatly reduced, I think the situa
tion is not entirely cleared up. I be
lieve the market should react from yes-1
terday’s decline and around 12 cents all
declines meet strong resistance and the
market becomes a scalping affair. I
would advise caution through the holi
days and until the next ginners' report.
At present all evidence is encouraging
bear talk. There may be a different
feeling after the next ginners’ report.”
* * *
Browne, Drakeford & Qo.; “Liverpool
cables, ‘India buying. Local buying on
reaction theory.’ ”
* * *
NEW ORLEANS. Dec. 23.—Hayward
& Clark: The weather map shows fair
and cold weather in Texas and Okla
homa. Freezing nearly to the coast
Cloudy over the rest of the belt with
general rainfall in the central' and
eastern States; heavy rakis in the east
ern States and Mississippi and snow
in Arkansas.
* ♦ *
The New r Orleans Times-Democrat
says; “Absorption and consumption of
cotton continue to run on a larger
scale than production, but this does not
now seem to stand as a barrier against
decline, and another slump in values
was recorded yesterday. New Orleans
futures and interior spots continue to
maintain a general average parity Jan
uary here having closed at 12 11 ’while
the deita’s quotation for standard mid
dling at common interior Texas points
was ll%c, and nearly 9,000 bales werp
sold at that price. There is a carry in*
charge from month to month renresent
ed by the New Orleans contract quota
tions from January to July
“After a decline of 176 points from
the season s high level on March, friends
of the staple quite naturally discuss the
logic of reactions upward of steadier
markets henceforth and of the desirahil
itv of paying closer attention to the sta
tistical drift. 1,1
"But those men who predicted the
recent declines seem as confident *4
a
«
0
O
a
<4
s
Low
Last
Sale.
t
0
O
e"
£5
EC.'
Dc
112.56)12.56)12.'0
12.54
12.58-59
12 57-59
Jn
12.72
12.77
12.55
12.69
12.68-69
12.66-67
Fb
...
12.72-73
12.67-69
Mh
Ap
My
Jn
Jiy
12.91
i 2.97
12.73
12.88
12.88-89
12.91-93
12.86- 87
12.87- 89
13.00
i3.05
12.82
12.97
12.97- 98
12.97- 99
12.94- 95
12.95- 97
13.02
13.03
12.86
13.03
13.01-02
12.96-97
NEW ORLEANS.
Wednesday, December 17.
Spot cotton, middling 13.00.
Closed steady.
Thursday December 18.
Spot cotton, middling 13.00.
Dc
Jn
Fb
Mh
Ap
My
Jn
Jly
Oc
c
V
a
O
12.55
12.67
12.86
ii.Vd
i 3.00
XI
12.65
12.78
12.95
13.05
13.08
*
o
12.54
12.63
e
%
o
12.81
1.2.89
12.94
m2
d (4
j’/i
12.65)12.67-
12.77)12.77-
112.82-
12.94 12.94-
112.97-
13.05113.04-
13.04-
13.08113.07-
11.85
£ =
EO
06|12
08)13
58-59
68-69
72-73
88-89
91-93
97-98
97-99
.01-02
Closed steady.
Friday, December 19.
Spot cotton, middling 13.00.
Open
High
Low
Last
Sale
0
0)
O
0
Dc
Jn
Fb
Mh
Ap
My
Jn
Jly
Oc
12.62
12.77
12.65
12.78
12.60
12.65
12.65
12.65
12.55-56)
12.65-66
12.70-72
12.93
12.93
12.81
12.81
12.81-82)
12.81-83)
12.91-92)
13.91 93
13.01
13.01
12.91
12.92
13.02
11.78
13.05
11.84
12.94
11.78
12.94
11.84
13.94-95
11.75
*>
£5
0,0
11
.67-69
.77-78
.82-84
.94-95
.97-99
.04-05
04-06
,07-08
85
Closed steady.
Saturday, December 20.
Spot cotton, middling 13.00.
C
0
&
O
c
j
Last
Sale.
0
W
c
0
u
0
U
M-
Dc
Jn
Fb
12.43)1245)12.27112.27
12.46 12.50)12.28 12.30
-
12.27-28)12.55-56
12.29-30112.65-66
12.35-37|127 0 72
Mh
Ad
12.65:12.65
12.44)1247
1 j,...
12.47- 48)12.81-82
12.47- 4ti 12.81-83
12.58-59)12.91-92
19 Q1 Q*J
My
12.74,
12.75
12.55)12.59
Jy
Oc
12.79
12.79
12.60:12.60
1
JXi. UO UV| L . >71 _ J
12.62-63)13.94-95
11.50 111.75
Closed steady.
Monday, December 21.
Spot cotton, middling 12%.
Dc
Jn
Fb
Mh
Ap
My
Jn
Jly
Oc
t
a
w
E
Low.
m £
c*
nix
12.18
12.22
12.08
12.11
12.24
12.32
12.07
12.11
i.2.40
12.51
12.27
12.29
12.50
12.61
12.38
12.40
|12.60
) 12.63
1242 12.44
<6
in
O
11.57111.57
11.44)11.44
12.08-10
12.10-11
12.15-17
12.29- 30
12.30- 33
12.40- 41
12.40- 42
12.44-46
11.30
12.
12.
12.
12.
12.
12,
12.
12.
11.
91
£*
cuu _
27-28
29-30
35-37
47-48
47-49
58-59
58-60
62-63
50
Closed steady.
Tuesday, December 22.
Spot cotton, middling 12 9-16.
c
•
a
O
fi
E
i
o
Joi
Dc
Jn
Fb
Mh
Ap
My
Jn
Jly
Oc
)12.17)12.30,12.
|12.21)12.31112.
v
in
o
O
12.3012.30
12.42
12.56
12.41
....
12.55
12.55
12.58
12.53
12.67
12.59
12.71
12.58
12.71
17
20,12.30,12.30
12.55-
12.56-
12.07-
12.67-
12.71-
11.60
U2
■31)12
37112.
» ’A
u a
.08-10
10-11
15-17
.29-30
30-33
.40-41
40-42
.44-46
.30
Closed steady.
Mill Consumption of
Cotton Breaks Record
W ASHINGTON, Dec. 23.—A record for
the mill consumption of cotton was es
tablished in 1913, according to Census
Bureau figures made public to-day. The
domsetic consumption was 5,826,330
bales, or 418,745 more than last year.
1 he export of cotton goods of domes
tic manufacture was much greater than
last year.
PORT RECEIPTS.
The following table shows receipts at
the ports to-day compared with the
same day last year:
1913.
1912.
New’ Orleans. . .
Galveston. . . .
Mobile
Savannah
Charleston. . . .
Wilmington . . . .
Norfolk
New York . . . .
Boston
Pacific coast . . .
Various
19,936
26,179
2,141
9,541
800
2,863
5,390
' '26'‘
' 3,428 ”
10,618
33,580
900
8,191
993
2,831
2,629
828
376
2,031
717
Total
70,298
62.86$
INTERIOR RECEIPT’S
1913.
1912.
Augusta. .
Memphis. ,
St. Louis.
Cincinnati.
Little Rock
Total.
9,443
2,789
6,194
3434
1,096
12,93]
3,225
7,009
4,521
1,704
660
22,956
30,050
ever, and freely forecast further deell
of importance. Consequently, the ta !
s»till at sea an<i in many cases opr
buy O 8 r ta s n ofl aruJ refuse either
l irsf notice day on January contri
s December 26. Inst motions must
in before the close to-morrow as no
Will probably he issued before the o?:
ing on December 26. 1
♦ * *
Spot cotton steady at quotations
only owor grades of off co lor trad
' p in,?"*" 1 ' No l >roH *ure to >
but the better grades of white col
are not obtainable at quotations.
BED
-WETTING n,un An * *«*•
»■ t I I inu (let our advice and
Bo* of Penine, FREE. Address
MIsSOl'IM IlMli.py to., OMce 15 St. Louis, Mo.