Newspaper Page Text
*
1 /
THE GEORGIAN’S NEWS BRIEFS
Market Quotations Eor
Week Ending December 30, 1913
1 REVIEW OF COTTON MARKET
Following the adjournment of Christmas holiday, there was good demand
f.,r notion futures around 12c, and a recovery of about 15 points ensued. At
no time did fluctuations exceed 15 points either way. The triple holiday in
I ivorpool cotton market restricted business on this side to a great extent.
Traders of either element were not Inclined to play with the list until the
holiday spirit had worn away. However, the continued optimistic feeling in
regard to general conditions throughout the country, which was reflected in
lighter offerings, revival of trade demand and a disposition on the part of a
few stubborn shorts to cover, promoted general absorption by spot interests
here and abroad, which checked the aggressiveness of bear leaders, causing un
easiness among shorts.
Sentiment has become friendly to the market. With Liverpool closed
Thursday, Friday and Saturday, the influence of the market was absent and
there was no development over Christmas to affect sentiment. However, a
sharp break in New Orleans on the circulation of January notices was respon
sible for an early dip in the New York market, but on the decline there was
steady accumulation and shorts covered, resulting in a rapid recovery of the
decline, on account of the first January notice day in New York, the trade
was not inclined to do much and the market fluctuated narrowly and was sen
sitive to small transactions.
Certificated stock of cotton in New York is 67,895 bales, but it is well
to remember that cotton can be tendered before it has been classified. At
the close of business Monday the to'al amount of cotton in the New York
warehouses was 82,265 bales. It is understood that a good deal of sandy,
trashy cotton has been refused by the exchange recently as unspinnable. This
confirms the many reports from the belt that a goodly portion of this season's
staple is unspinnable and fit for nothing except junk. Most of the undesira
ble cotton is coming from the western belt, where the excessive rainfall and
continued drouth put the staple In bad condition and decreased the production
more than a million bales. It is generally believed that all of the 67,895 bales
of the certificated stock will be tendered Tuesday. Who will stop these no
tices is problematical, but it would n ot be surprising to see most of the cer
tificated staple taken over by spot houses. The majority believe the hand of
the spot houses is hidden in the January-Mareh situation. These interests
have covered a good bit of January sales, but are still believed to hold a
larger bunch of short lines, w r hile they are presumably long of March, as they
have been fairly good absorbers of the later option.
Futures were steady Monday, with a soft undertone, due to renewed
liquidation of January in advance of first notice day. The leading spot houses
appeared to be buying all day. There was buying for European and Southern
Recounts, which was probably to fix prices on call cotton, the final result
t)f these cross-currents of trading being to cause the list to close steady
\vith prices 4 off to 6 points higher than Saturday's close.
After Liverpool remained closed for three days, it opened Monday with
prices about 5 points better than due and reported heavy sales of .12,000.
This brought out heavy buying at the outset by spot houses and caused
shorts to cover some cotton they didn’t want to. All the time American
operators were selling January, Liverpool was a good buyer and support of
later positions looked to be from shorts and partly from new buyers who are
of the belief that there Is still more of the upward reaction in the market
after the severe cleaning out it has had since the last ginning report. All
rallies seemed to meet with heavy offerings from Wall street, where that
clique of traders is enjoying much prosperity as a result of general optimism.
A striking and encouraging feature Is the comment in the North as to the
new currency law, which is far more favorable than had been expected. Eas
ier credit facilities and revival in trade activity seem generally expected
and will tend to diminish or remove the depression caused by uncertainty,
fear and ultra-conservatism.
Spot holders are said to be firmer and in a better position to stand pat
with what cotton they have left.
Much interest is centered in the forthcoming ginning figures. At this
writing the belief is that Turner, of Memphis, and the National Ginners’
Association will show rather large returns in their reports. This belief,
however, is only based on freer offerings of the staple in Memphis, in the
face of the striving efforts of the more bold to sustain the market. The
next Government ginning report will be issued January 9. 1914. The report
will compare with 12,919,257 bales ginned from December 13. 1912, to Janu
ary 1, 1913 against 14,317,002 in 1911. The figures will also compare with
12,923,606 bales ginned to December 13, 1913. If reports from the belt he
true, ginnings will be under those of last year for the period. It is said
NEW YORK.
Wednesday. December 24,
Spot cotton; middling 12.60.
Open
X
N
X
i
3
35
e
</i
0
6
|I
Dc
12.20
12.28
12.11
12.15
12.12-15
12.13-16
Dc
Jn
12.04
12.10
11.94
11.95
11.94-95
11.97-99
Jn
Fb
11.99-03
12.01-05
Fb
Mb
12.25
12.34
12.16
12.21
12.21
12.22-23
Mh
M >
12.24
12.28
12.13
12.16
12.16-17
12.18-19
Ap
In
12.27
12.27
12.27
12.27
12.16-18
12.18-20
My
Jiy
12.20
12.30
12.13
12.18
12.18-19
12.19-20
Jn
Ag
12.0::
11.10
12.00
12.00
11.98-12 11.98-12
Jiy
Oc
11.70 11.70
11.61
11.63
11.59-61
11.69-60
Oc
Open
jC
&J0
5
* S.2
O f «
.2 1—< or.
Close.
Prev.
Close.
Dc
J11
Fb
Mh
Ap
My
Jiy
Ag
Oc
12.13
11.91
LI?. 23
12.06
12.13
11.90
12.19
12.05
12.19-20,12.07-09
12.05-06111.92-93
12.10-15 11.99-12
12.34-35 12.19-20
12 29-32 12.15-17
12.18
12.35
12.18
12.35
12.18
12.20
12.30
12.31
12.18
12.20
12.30
12.31
12.29- 30
12.30- 31
12 10-12
12.15-16
12.15-16
11.96-1*8
11.55-57
11.63
11.70
11.63
11.70
11.70-72
Closed
very
steady.
Monday, December 29.
Spot cotton:
middling
12.60.
c
©
a
si
i
0
m *
d d
lose
k ®
£.2
0
X
1—4
O
0,0
Thursday, December 25—Holiday.
Spot cotton; holiday.
Friday, December 26.
Spot cotton; middling 12.60.
a
©
JB
5£
tt
■ j ®
m ® 2>
a
0
d d -
O
X
j
J m 1 0
« £
Q ©
~ u
NEW ORLEANS.
Wednesday. December 24.
Spot cotton; middling 12 11-16.
o
e
G
O
a
u
*
o
d
©
J.
O
O
„ ©
•v -
112.28 12.35 12.28,12.33 12 23 112.20
12.34 12.36; 12.18 12.23 12.23-24 12.30-c
31
12.1
12.76
12.76 12.58
12.8012.63
I
12.49- 50 12.55-56
12.50- 52 12 56-58
12.62 12.61-62112.67-68
12.61-62)12.67-69
12.65-66' 12.71-72
J 1.55 111.60
12.65
Thursday, December 25—Holiday.
Spot cotton; holiday.
Friday, December 26. ..
Spot cotton; middling 12 11-16.
Dc
12.10 12.10 12.01
12.07
12.07-09
12.12-15
Jn
11.91 11.94 11.83
11.91
%1.92-93
11.94-95
Fb
]..
11.97-12
11.99-03
Mh
12.18 12.21 12.11
i2.20
12.19-20
12.21
Ap
12 15-17
12.16-20
mV
i2.15li2.17ti 2.07
12.15
12.15-16
12.16-17
Jiy
12.16jl2.17 12.08
12.16
12.15-16
12.18-19
Ag
II.99IH.99111.98
11.95
11.96-98
11.98-12
Oc
11.60 11.60 11.52
11.57
11.55-57
11.59-61
Closed steady.
Saturday. December 27.
Spot cotton; middling 12.60.
Dc.
Jn.
Fb.
Mr
Ma.
J ul.
Au
Sp.
Oc.
12.30112.30|12.17
12.13 12.15 12.03
12.26
12.07
12.44| 12.44 12.34 12.37
12.40 12.40 12.29 12.33
12.39|12.40 12.30 12.34
12.23112.2311 2.15112.16
11.82 11.82| 11.82 j 11.82
11.78 11.78 11.66111.78
Open
High.
Low
1
Last
Sale
9
V)
0
6
u ~
Dc
12.10
12.19
12.10
12.19
12.13
12.23
Jn
12.20
12.20
12.06
12.14
12.14-15
12.23-24
Fb
12.19-21
12.28-30
M h
Ap
My
12.48
12.48
12.35
12.43
12.43- 44
12.44- 46
12.49- 50
12.50- 52
12.60 12.60
12.48
12.58
12.57-58
12.61-62
Jri
12.57-59
12.61-62
Jiy
i2.G4
12.64 12.53
12.63
12.62-63
1 2.65-66
Oc
11.48
11.55
Closed steady.
Saturday, December 27.
Spot cotton; middling 12 11-16.
c
®
a
O
i
j
Last
Sale.
Close.
©
u
Dc
Jn
Fb
Mh
Ap
My
Jn
Jiy
Oc
12 29
12.1*7
12.39
12.41
12.29
112.17
12.39 12.38-39
12.38 12.38-39
112.43-45
12.13
12.14-15
12.19-21
12.43-44
12.64-66
12.57- 58
12.57- 59
12.62-63
11.48
12.49
12.68
j 12.48
[12.65T2.65-66
12.65-67
12.62
12.80
[12.62
12.79,12.79
12.80-82
12.70
11.84
12.87112.67
11.84 11.84
[12.87 12.86-87
11.84 [ 11.84
Closed steady.
Monday, December 29.
Spot cotton; middling 12 13-16.
12.25-27 12.19-23
12.05-07 12.05-06
12.14- 18 12.10-15
12.39-40 12.34-35
12.32- 33jl2.29-30
12.33- 34112.30-31 | Ma
12.14- 16112.10-12 i Ju.'
11.75-82jll. 79-80 Jul.
11.68-69 11.70-72 Oc
De.
Jn.
Fb.
Mr.
A 13 '
St
X
*
C
d
» ±
rt ct
hX
©
m
o
O
12.39
12.47
Closed steady.
Tuesday, December 30.
Spot cotton; middling 12.60.
12.71
12.84
12.91
11.81
12.39
12.47
12.35
12.72112.61
12.84 12.74
12.91
11.81
12.80
12.80 12.85
11.79 11.80
12.39
12.41
12.67
12.40-
12.40- 41
12.45-47
12.66- 67
12.67- 69
12.79- 80
12.80- 82
12.84-85
11.79-80
1 > ®
i ? ' n
s- ~
1 h'- _
12.38-39
12.38-39
12.43-45
12.65- 66
12.65- 67
12.79-
12.80- 82
12.86-87
11.84-
Closed steady.
a
■
a
O
St
M
X
Low.
Last
Sale
Close.
. ©
t. T -
£°
CLU
d
©
M,
O
S
X
Low.
» i
« R
4
9
0
5
Prev
Close.
1
Dc
12.20
12.36
12.18.12121.12 20-21
12.25-27
Dc
|
12.40
12.40
Jn
12.05
12.11
11.90
12.00
12.00-01
12.05-07
Jn
12.43 12.47
12.33
12.40
12.40-41
12.40-41
Fb
12.09-13
12.14-18
Fb
12.45-47
12.45-47
Mh
12.41
12.43
12.28
12.32
12.32-33
12.37-40
Mh
12.68
12.75112.56
12.03
12.62-64
12.64-67
My
12.31
12.36
12.22
12.28
12.28-29
12.32-33
A n
... J
12.63-65
12.67-69
Jiy
12.33
12.38
12.24
12.30
12.29-30
12.33-34
My
12.79
12.86112.68
12.76
12.75-76
12.79-80
Ag
12.16
12.17
12.10
12.10
12.10-12
12.14-16
Jn
12.75-77
12.80-82
Sp
11.78
11.78
11.78
11.78
11.78-80
11.75-82
Jiy
12.89
12.9212.75
12.81
12.81-82
12.84-85
Oc
11.69
11.72
11.69111.70
11.70-72
11.68-69
Oc
11.77-79
11.79-80
Closed steady.
Tuesday, December 30.
Spot cotton; middling 12 13-16.
Closed steady.
the crop Is practically ginned and marketed throughout the belt. Ninety
per cent of the Georgia crop has been sold, in the opinion of some Geor
gia cotton factors, who say that 99 per cent of the crop has been ginned.
Perhaps the most interesting argument heard in cotton circles in many
weeks was estimates of an acreage of 40,000,000 next season. The' im
pression appears to prevail that there will be the largest planted area on
record. The largest acreage on record was in 1911. when something over
36 000.000 acres were cultivated in cotton
According to some of the most conservative traders it is impossible for
the trade to reconcile the Government estimate of the crop 13,677,000 bales,
With the ginning to December 13 of 12,923,606 bales, so they immediately ex
pressed the belief that the Government underestimated the crop by several
hundred thousand bales, and it was best for them to dispose of their hold
ings and continue their “waiting and watching” policy.
It is said that the South is holding back a good deal of. cotton, and
that the ultimate ginning returns will indicate a larger crop than previ
ously anticipated, while decreased spinners’ takings are looked for in some
quarters. However, spinners’ takings so far this season are in excess of
last year, being 6,115,000 bales, against 5,607,000 last year and 5.329,000 bales
in 1911. Should the unexpected happen, which generally prevails, it would
require a crop considerably in excess of 14,500,000 bales to satisfy the needs
of the world.
TUESDAY’S REVIEW.
NEW YORK, Dec. 30,—While trading
was heavy, price changes were unim
portant at the opening of the octton
market to-day and first quotations were
from unchanged to 2 up to 1 point
lower than Monday’s close.
Notices for less than 50,000 bales
came out, nearly all from a large Phila
delphia spot house. Notices were ab
sorbed mostly by the same source that
issued them. Commission houses sold
January, while Europe and spot houses
bought Liem. The result of these cross
currents of trading being to advance the
list to 2@6 points from opening range.
There was considerable liquidation on
the call, owing to the amount of no
tices issued, but the demand after the
call was good. However, sentiment is
against the market, and it took little
selling to depress the list. It is said
that a further advance will bring out
further selling by Wall street.
There always are some hangers-on
who wait until the last minute to get
out of an untenable position and these
were selling December. resulting in
prices easing off to the previous close.
Liverpol cables were steady.
The market looked soft during the
late forenoon. There was a scattered
long interest in January, held big oper
ators who had purchased the option
after the last revision, believing that
this positions would sell at a good
jremium. A large portion of these
ines were liquidated to-day and ab
sorbed by leading spot people. After
the English market closed support was
lacking and prices broke about 10 points
from yesterday’s final. On the second
break the market became rather un
settled. with trading evenly balanced
and prices worked a few points higher
than the low point.
Sentiment continued bearish and there
is a disposition on the part of the ma
jority to sell on all upturns, pending the
forthcoming Government ginning fig
ures
At the close the market was steady,
with prices at a net decline of 2 to 7
{joints from the final quotations of Mon
day.
NEW ORLEANS, Dec. 30. —Liverpool
was quieter to-day, apparently await
ing edvelopments on our side. Futures
about unchanged. Spots 1 point lower.
Attention here was centered around
price changes in the January position in
New York. Early advices gave 50,000
bales as tendered, mostly by MeFad-
den, but instead of the expected de
pression, January in New York showed
strength, indicating that some strong
influences are contending for the stock,
and the technical condition must have
changed radically since the heavy li
quidation of the past week. A keen
observer advances the opinion that the
difference on low grades w r ill be further
increased in the February revision, and
that as soon as January tenders are
accommodated the market will be in
better shape to respond to bullish in
fluences.
On the idea that conditions for ten
dering might be severe in March, this
position is likely to keep its premium
over January, and those who tendered
stock this morning and met competition
for it quickly boug thin notices in or
der not to lose stock.
Our market gained about 7 points
this morning in the early trading, on
the strength of developments in New
York, but the advance was poorly sup
ported. As usual, people appear to lose
faith at the decisive moment.
The break of the past week seems to
have shaken confidence and a great deal
depends on the coming Census report.
If it should be excessively heavy, .as
the last Census, the bull side would
lose many friends without regard to
the strong argument that such author
ities as The Times-Democrat, the Gov
ernment and the Turner Bureau of
Memphis, are not likely to be much out
of the way in estimating the crop.
Should the Census be around last year's
figures for the period and give the
least support to the contention that rap
id ginnings are misleading the world as
to the size of the crop, a decided revival
of confidence and action on the bull
side would likely follow. In any acse.
the market is now rwo-sided, and
chances on the bull side are logically
greater after the break than they
were before.
PORT RECEIPTS.
The following table shows receipts at
the ports to-day compared with the
same day last year:
1913.
1912.
New Orleans. . .
7.198
18,947
Galveston
27.500
24,525
Mobile
5,151
415
S avannah
3.053
3,705
Charleston
878
680
Wilmington . . . .
602
1.758
Norfolk
4.635
2,591
Baltimore
3,622
New York
667
Boston
146
449
Newport News. . .
4,711
Brunswick. . . .
,
2,083
Pacific coast. . . .
6.199
Various
15.054
Total
59.163
85.605
INTERIOR RECEIPTS.
1913.
1912.
Houston
5.944
13.071
Augusta
1.597
580
Memphis
5.695
3,320
St Louis
4.598
1.163
Cincinnati
2,245
10,943
Little Rock . . . .
1.029
Total
20,079
30.106
SPOT COiioN makKl7,
Atlanta, nominal; middling 12 11-16.
Athens, steady; middling 13?{
Macon, steady; middling 13%.
New Orleans, quiet; middling 12 13-16.
New York, quiet; middling 12.60.
Philadelphia, easy; middling 12.85.
Boston, quiet; middling 12.60.
Liverpool, steady; middling 7.06d.
Savannah, steady; middling 12%.
Augusta, steady; middling 12%.
Charleston, steady; middling 13V4
Norfolk, steady; middling 12%.
Galveston, steady; middling 12%.
Mobile, steady; middling 12 7-16.
Wilmington, steady; middling 13c.
Little Rock, quiet; middling 13c.
Baltimore, nominal; middling 12%.
St. Tamis, quiet' middling 13%.
Memphis, quiet; middling 13%.
Houston, steady; middling 12%.
Louisville, firm; middling 12%
All Holiday Goods
Were Well Sold Out
Marshall Field & Co., in their weekly
review of the dry goods trade, says:
“The volume of mail orders received
during the last few days preceding
Christmas was in excess of the totals
for the corresponding days a year ago.
This is remarKable, considering the ex
tremely unseasonable weather during
that time.
“The numerous mail orders may be in
terpreted as an indication that the gen
eral distribution of holiday goods was
larger than a year ago, inasmuch as the
sales of heavy wearing apparel were be
low normal.
“The increase of last minute orders
also seemed to indicate that holiday
stocks throughout the territory adjoin
ing Chicago were well sold out'”
COTTON MARKET OPINIONS.
E. F. Hutton & Co.: “We doubt any
movement of consequence until a bet
ter line can be had on the ginning for
the last half of December.”
Shearson, Hanynill & Co.: “We favor
purchases on slight reactions.”
S. M. Weld & Co.: “We are likely
to have quiet markets, though on any
setback we believe cotton can be safely
bought.”
MONEY AND EXCHANGE.
NEW YORK, Dec. 30.—Money on call,
4 per cent. Time money unchanged.
Sixty days, 4%; ninety days, 4%; six
months, 4%.
Posted rates: Sterling exchange, 4.82
®4.86, with actual business in bankers’
hills at 4.851O@>4.8520 for demand and
4 8125 for sixty-day bills.
Prime mercantile paper unchanged.
METAL MARKET.
XI,W YORK, Dec. 30. — The metal
market was easier to-day. Copper, spot
not quoted. January to March 14■%Cm
14%; spelter, 5 2547,5 40; lead, 4 RDM 20
tin, 37.25^37 50
How 1913 Harvests Compare With 1912
Yields in BushHs.
Fi . n Q a 1 , i F Value —-
Winter—
\V inter ....• .'>23.->G1,000 400,600.000 $ 133 Jr, 000 1 323 572 000
bp £ n ,e 239.819.000 330 000.000 170 127.000 2 JUOMOO
TotaL .... 70.,...80,000 730,000 000 J 010,121.000 $ 555,280,000
3,124 740 000 II 092 092 000 $1 520 454 000
2 at ? I,121.i68.000 J 41 3 000,0 50 439 590 000 452 409 000
» ar, *- v 178,189.000 22 4.000,006 95 731000 ' '
Rye 41.381000 3 , *0 4 000 >0 220 000 u
Buckwheat . «.,».**» S2
Potatoes tl.tOl.HM
Tobacco .... 19.7 ” JJ8U.SJ
tBalV.: "tp’SHaJ ?T,„, ,2 **"** > r,! ’ *»M»S.0*0