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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.