The weekly Georgian. [volume], June 16, 1914, Page 10, Image 10

About The weekly Georgian. [volume] (Atlanta, Ga.) 1913-19??

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10
Market Quotatiom For Week Endmg JunflelG.filg_}’i
REVIEW OF COTTON MARKET
Under improved weather conditions-—actual and predicted—the cotton mar
ket eased off sharply from last Tuesday's closing quotations and at the close
of the market Monday the New York future contract list stood 6 to 2§ points
lower. The character of the selling looked to be about two-thirds liquidation
and one-third going short mostly by New York ring professionals and Wall
Street. Selling by Southern interests and for Liverpool operators on this side
was also a cause in depressing values. This class of selling caused uneasi
ness on the part of “longs’’ and some of the larger spot houses, including Pell,
McFadden and Weld interests. The latter's selling was mostly switching their
commitments from the July option to October and December.
The buying as a rule was moderate and at times scattered and im small
lois. Leading bull houses were mostly idle on the reaction and some of them
seemed to be content to let the market take care of itself. t
The government's supply and distribution report, made public Saturday,
showing that 467,123 bales of cotton had been consumed during the month of
May, as compared with 481,983 bales the cotresponding month a year ago, was
regarded by the majority as bullish and as emphasizing the need of a very
full yield this season, although the consumption was several thousand bales
less than in 1913, This was followed by a bullish report en the cotton crop, pub
lished Monday by the New Orleans Tim es-Picayune, showing the lateness of the
crop, especially in the Western States, where field work has beeen extremely
backward on account of the recent exeessive wet weather and unfavorable
preparations in the Eastern States, owing to the drougth. The report, while
bullish, was not sufficiently so to affect better weather conditions through
out the cotton-growing States and continued weakness shown in the English
market, where values have inclined to sag on liquidation by foreigners. Weak
ness in the foreign market was based on —or rather reported to be—the result
of rumors to the effect of renewed complications in the Balkan States and
threatening financial panic in Frauce. As a whole, Liverpool seems to be
against the market on this side, as they continue to feed the market with
contracts quite freely and sent cables saying there was a lack of buying
power to sustain values. However, it’s a weather proposition, and while
prices may decline temporarily, a spell of good weather in the middle of June
does not assure a big crop, neither a normal yield, as a hot July-August and
an early frost could cut down the ultimate output sharply.
The government in its weekly forecast predicts occasional thunder show
ers in the South Atlantic States. Otherwise generally fair weather is indicated
Auring the week so far as the cotton States are concerned.
Close observers of the staple say that this is no market to be short of.
Contracts remain pretty scarce, except when some fellow sees a fancy profit,
and when a block of cotton is wanted the broker usually has to bid the mar
ket up to get it. As a rule, the money still looks to be on the long side, buy
ing on little reactions and taking profits on bulges.
Mun{ traders evened up their commitments Saturday so as to take a new
look at the situation Monday. Wall Street operators, who have had a dull
market, were conspicuous on the selling side during the week and have put
out many new short lines, with the end in view of covering them at lower
levels. Weather developments, however, are, and will be, the ruling influ
ence for some time yet to come. Texas and Oklahoma could do with another
week of dry weather, as temperatures are normal. The central States are
doing well, except that Arkansas needs more rain. Alabama and the Atlantics
had more rain Saturday and Sunday than is generally realized. While travel
ing crop correspondents wire their houses that the crops are making up con
siderable damage sustained during the spell of unfavorable weather, close ob
servers of events do not consider the improvement sny too sufficient to war
rant going short, except for a scalp.
On the other hand, the strength of the market in the face of weak cables,
better weather, sufficient labor and unfavorable political news was a good
deal of a surprise to both bulls and bears. Traders rather expected to see
more liquidation by the leading bull houses, following the liguidation credited
to that quarter Friday. Some of the talent were inclined to make a drive at
prices and go short on the prospects for more rain in the Bastern belt, but at
this writing they have not made much impression on values, except that which
is usually the result of free profit-taking.
Some Texas authorities maintain that there will be no abandonment of
acreage in that State. Waco advices said: *We have now had sunshine for
the past several days, and all the farmers are unanimous in saying there is no
reason to believe that Texas cannot make a fair crop this year. Of course, it
wonld be ridiculous to say that the crop will be a bumper one. We think that
an estimate of 25 to 30 per cent not planted would be conservative in some
sections, and less in other portions of the State, and much -of the unplanted
Las been planted in the past two or three days. We are of the opinien that
the muech talked of abandoned acreage in Texas will be nil, as you may per
haps call to mind the season of 1908 with similar conditions and cotton planted
in the territory om June 19 made three-fourths of a bale to the acre. We have
reason to believe that much of the small grain acreage, upon which the grain
crop has practically been ruined, will be replanted in cotton, due to such an ex
traordinary season in the ground.
While bullish sentiment is still predominant and the majority favoring the
long side, cautiou is being exercised in many quarters, awaiting to see which
way the pendulum will swing.
TUESDAY’S
NEW YORK, June 16.—Liquidation o(‘
July options was continued in the cot
ton market at the opening to-day and
at the call prices were 3 to 8 points net.
lower than Monday's close. Ideal weath
er conditions overnight and Liverpool
cables against the market also con
tributed to the weakness.
After the call, buying by Liverpool
interests and brokers closely identified
with spot interests steadied the tome,
forcing the list 2 to 7 points over the
initial range. July came in for active
demand, but distant options, mainly Oc
tober and December, were in the most
urgent demand, with efferirgs,scarce
and scattered However, this was soon
overcome and prices ranged 4 to 9 points
down from the previous close, the list
being under renewed liquidation on pre
dictions of general shewers over the
belt, including certain sections of Tex
as, where complainis are being made of
baked ground. In addition, a partner
of one of the leading spot interests hergq
was on the floor expressing a bearish
opinion,
The list developed strength during the
late forenoon on covering by shorts and
lighter offerings. Prices reacted to a
range of only a few points frem the
early high mark.
In the face of a much better weekly
Government report on weather, besides
good rainfall since Sunday in the East
ern States and a favorable noon weather
report, showing cloudy in Texas, with
scaitered showers, just what is needed,
and unsettled east of the river, promis
ing general rains there to-night and the
drout:mxefl will be a thing of the past,
the et maintained a steady tone
during the early afternoon on buying by
the larger spot houses and for New Or
leans account.
The demand was based to some extent
on the bullish talk of a local trader who
cut a big figure in 191, and who knows
Texas as well of better than anybody
else, saying he could mnot determine
whather Texas would be better off with
or without rain. If it rains farmers
can’t cultivate and if it doesn’t, the
cotton that is mot up won't come up,
and the State can not make over 3,500,-
900 bales at the outside. October held
steady around 12.65, December 12.69 and
January 12.54,
NEW ORLEANS, June 16.—Precipita
tion during the past twenty-four hours
was general over the eastern half of the
bait and it is now safe to say that the
drought is broken. Oklahoma and north
Texas had some good rains, which were
much needed, as compiaints were begin
nh&:obehflflo-lmbestprogress
of erop being impaired by too sud
den chaneg to dry weather. Indications
are for clearing weather in Tennessee,
clowdy and general showers in the rest
of the belt, with th bst rainfall likely
in Mississippl. Alabama and Georgia.
THE GEORGIAN’'S NEWS BRIEFS
REVIEW:
It will get cooler over the emtire north
ern half of the belt amd considerably
cocler over east Tennessee and North
Carolina. |
Liverpool was 6 to 7 points lower as
due; spots 7 points lower; sales larger;
total, 10,000 bales. This is Manchester
Day and the larger sales show that mills
are eager to buy at concessions,
Our market opened a few points
easier, but found little disposition to sell.
Apparently the idea prevails that a re
action of 50 points is suféicient until
more is known of crop progress. A lit
tle rally followed on buying in anticipa
tion of a bullish weekly government re
port, which would still speak of drought
in the East for the reason that these
weekly reports only include up to Sun
day night and did not, therefore, com
prise the splendid rains of yesterday.
The trade, however, knows that the
drought has been relieved since Sun
day.
l Liquidation of outside longs in July
caused weakness in that position in
New o¥rk, but this does not in any
way change the probability of very
strenuous developments after notice day.
July there is 115 points under spot
middling in the South. Low cotton has,
and will appreciate in value, and there
is every inducement for consumers to
take New York tenders.
l The old and new crop situations are
two entirely distinct considerations anBl
| easiness in mew crops skould in no way
affect old crops, as these go with spots,
which are firm at 14c.
A staement frooa Washington says the
South will get a’l the assistance needed
from the Treasury Department for mar
! keting and moving the crop. ‘
SPOT COTTON MARKET,
Atlanta, nominal; middiing 144,
Athens, steady; middllng 13%.
Macon, steady; middHing 13%.
| Liverpool, easier; middling 7.73 d.
New York, quiet; middling 13.40,
New Orleans, steady; middling 13 15-16.
Boston, quiet; middling 13.40.
Savannah, steady; middling 137%.
Augusta, steady; middling 14%.
Charleston, steady; middling 13%.
Norfolk, firm; middling 13%.
Galveston, firm; middling 13%.
Moblle, firm; middling 12 11-18.
| Littie Rock, quiet; middling lile.
‘ Baltimoere, nominal; middlln{ 11%.
Bt. Leuls, quiet; middling 13%.
! Memphis, firm; middling 13%.
' Houston, quiet; middling 18%.
Louisville, firm; middling 13%.
! Dallas, steady; middling 13%.
BAR SILVER.
LONDON, June 16.—Bar silver steady
at 25 15-16 d.
NEW YORK, June 16.—Commercial
bar silver, 56%e¢. Mexlean dollars, {4c.
NEW YORK.
Wednesday, June 10.
Spot gouon;_r_nlddung. 13.65.
glslul 118
ol |3 !__ g g_‘?._.
To 00l o] o e 15-90-25(13.18-20
Jiy 113.16/13.35(13.13 13.2313.23-24/13.20-21
Ag 13.0513.16(13.04/13.14/13.14 [13.08-10 |
Sp [12.83/12.83 13.23{1:.:: 12.90-93,12.83-85 |
Oc 11267112 81/12,67/12.81(12.80-81/12.72-73
NV (e onelonnreleseselssess]l3.6s-68/12.55-56
De 1268(13.83(1267/13.82(1 281-8212.73-T4
Jo |12.54 H.“‘12.53512.68;12.87-68'12‘5140
Mh [12.60 13.72}'12.60‘18.72;12,73-74 12.64-66
Ap [12.78(12.79(12.7812.78/12.88-50/12.80-82
My [12.791285/12.79/13.8912.90-911282-83
O vy sdy.
: —';r;;r—sda; June 1.
_Spot_cotton; middling, 13,70,
¢ ; Sl & »
i B 3|%%| 2 5!
I <) 4 0 Q
To il nlias . [15.26730/15.20-35
Jly |18.27 13.3211316}13.30,13.39-30113.23-24 |
Ag [13.20/13.28(13.18/13.2013.20-21/13.14
$p 13.00(13.03 13.00.13.0212.99-01[12.90-93
Oc |12.85(1293/12.82{12.87(12.87-88/12.80-81
Ny Ll 12.73-16!12.6&68
Dec [12.88(12.94.12.83(12.88/12.88-89/12.81-82
Jn |14.75/12.82(12.69/12.75|12.75-76/12.67-68
Mh [12.78(12.87(12.75(12.82(12.81-82/12.73-T4
My |12.97(13.03(12.97113.0213.00-0112.90-91
Closed steady.
e
__Spot cotton; middling, 18.79.
fl. ' l 2 :-~ ¢ l 0"
@ n n
~‘i‘|§‘“!3 | £
1o !Rlaldal © | o 8&
To 00 10T alt a 0
Ty [13.24/13.88/13.18113.19/13.18-20 13.29-30
Ag |13.14/13.24/13.091315/13.16 |13.20-21
Sp |12.98/12.98{12.98 12 98 12.93-9512.99-01
Oc {12.82(12.94/12.79(12.82/12.81-8% 12.87-88
Nv [18.72]12.72/12.7212.72/12.65-6812.73-76
De |12.84(12.9812.80 12 8312 82-83/12.85-30
Jn |12.71/12.83112.68]12.69/12.69-70 12.75-76
Mh [12177)12.8712.73/12.73/12.73-7412.81-82
Ap lm.sqxz.oo:lz.sx;m,oo 12.90-91/12.97-99
My 112.96/13.96/12.91/12.92/12.92-9313.00-01
Closed steady. T
" Saturday, June 14.
Spot cotton; middling, 13.60.
4R 13131 €1 &0
FO 1. loceiliaesils--113.08-11[13.16-20
Jul [1310(1318/13.06/13.11/13.10-12/13.18-20
Au [13.05/13.15(13.04(13.10(13.09-11{13.15
Spt |12.90(12.91/12.9012.91)12.50-91/12 63-95
Oc [12.75(12.86{12.76(12.78{12.78 [12.81-82
NV Lovoilioidor,onlos .. J12:68-64]12.:65-68
De [12.77 12.37{12.77 12.79(12.79-80/12.82-83
Ja )12.68 12.73/12.63/12.65/12.65- 66 12.69-70
Mr [12.74/12.76(12.70(12.70|12.70-71112.73- 74
Ap 112.86:12.88‘12.86 12.86/12.85-87/12.90-91
My [12.95(12.95/12.88]12.89/12.89-90]12.92-93
Closed steady.
| Monday, June 15.
Spot cotton; middling, 13.46.
; . ¢ .
w §| €| s|se| 8 |5B
51E1313 &
olxNigd il - B 3}
Ll 12 ge-agE 0811
Iy 13.03113.09{12.37,1“2112.9:-93[13.10-12
Ag 1304113‘08}12.88;12.91‘12.91-92:18.09-11
Sp [12.77112.77\12.77(12.77/12.73-75/12.90- 91
Oc "12.73!12.76‘12.59‘12.62‘12.62-63{12.78
No o s ) 1124961112 68:64
De (12.75/12.78(12.60 12.66(12.65-67/12.79-80
Ja |12.61/12.64/12.49/12:51/12.51-5212.65-66
Mr 1z.5:11:53]12.55;12.5&12.55-56 12.70-T1
Ap [12.7812.78(12.78/12.78/12.72-74(12.85-87
My [12:85/12.86[12.75/12 81(12.75-76/12.89-50
Closed barely steady. e
Tuesday, June 16.
_ Spot cotton; middling, 13.42._.
dl d| slusl & |
l =|s‘ lal i H
ol = 3 &% o &0
Yol 5k Dt 200:02
Jy 18‘88‘12.’5!12.33 12.3:112.”-:4 12.92-93
Au |1285/12.90/12.8312.83)12.83-84/12.91-92
Sp ....“.....].,........12.73-7512.73-75
Oc {1257(12.67]12.58(12.62,12.62-63(12.62-63
Nv [12.41]12.41|12.41]12.41]12.49-51/12.49-51
De [14.61/12.71]12.61/12.67]12.66-67/12.65-67
Jn [12.48(12.55(12.47(12.53{12.52-53/12.51 -52
Mr [12.51112.60/12.50!12.57{12.57-58!12.55-56
Ap el 1 12.74-76(12.72-74
My |1271112.79112.70{12.77{12.77-78112.75-76
Closed barely steady.
Complaints Made of
Poor Baling of Cotton
Complaint of poor ecotton baiing is
editoriaily expressed in The Textile Re
corder, of May 15, published at Man
chester. That periodical says: “It
would be almost impossible to number
the complaints that have been made
relative to the inferior method of baling
American cotton. For quite a number
of years spinners in this and other
countries have complained Dbitterly
against the Jjosses cus to this ~ause,
and at different times the ouicry has
been so great that some attempt at
amelforation his been made.
About twelve years ago there was a
proposal to bale American cotton in a
cylindrical shape, the material being
really in lap form, but this method did
not meet with moch success. The con
trast between Kgyptian bales and
American is most marked, the compari
son being much to the disadvantage of
the latter. Recently two bales were ex
hibited in Manchester and Liverpool
baled on a new system or by improved
means. The difference between these
bales and those one usually associates
with the American output was most
marked. It 1s certainly to be hoped that
those who produce the bales in the
United States will, now that cotton is
so high in price, pay more attention to
the methods adopted and thus save
themselves and their customers consid
erable sums.”’
COTTON MARKET OPINIO!NS,
e
S. M. Weld & Co.: ‘“We think It ad
visable to make purchases on any fur
ther decline.”
. - .
Moyse & Holmes: “We would buy
cotton on recessions.”
. - .
logan & Bryan: “We will no doubt
have lower prices temporarily.”
. . -
M. R. Rothschild & Co.: “We recomn
mend purchases on this decline.”
NEW ORLEANS.
w«lnnda(r. June 10,
Spot cotton; mid ling, 13 15-16.
'
] :
) 2
: 3| :l i
B 3 B o
m ‘ ii'ééfls'cru 13.64-65
Jly |13.58)13.66/15.5813, -64-66/13.64-
A§ >1345 12.52/13.43/13.52(13.52-54/13.46-48
o e gL 18 8
12.65/12.80(13.65/12. 78-79(12.69-7
Ny .?...f.....1.....'.....12.78-7912.67-70
De |12.65/12.7913.65(12.78(12.78-79(12.69-70
In 12.67]12.81'1167 12,80/12.80-81/12.70-73
Mh [12.76/12/89/12,7512.88(12.88-90/12.80-81
MY foooolooonileonde.. . [12.89-9112,80-80
T Closed steady.
_;‘;urs::;y. June 11,
__Spot_cotton; middling, 13 15-16: ___
: T y o
14N | § 1 8%
ol 3 ‘2| © no,
Je |..‘..“.....'.'....&..‘..!13,67~fii;13.64-68
Jy (1373 14.75/13.68/13.68 13.67-68 13.64-66
Ag |13.60/13.63/13.56/13.56 13.55-56/13.52-54
- A P AR T
Oc [12.85/12.91|12.80(12.82/12.82-8312.78-79
Nv g.....!.....;..w;..“.n:-sz—ssgg.?s-m
De 12.32:1191;12.30:12,& 12.82-8311%.78-79
Jn !12,84,12.9212.82;12. 12.82-83(12.80-81
Mh (192 13.01{12.91‘12.93112.92-93412.88-90
MY |oooodoeesdend . ..]12.92-93{13.89-91
Closed steady.
' ”F'rifiay, JunefifS. o
Spot_cotton; middling, 13 15-16.
o 8 : ; >
la‘zl%\i%‘ £ }«5
o 8 | 3ldal B &5
T e P T T BT
Jly [13.65{13.75/13.62 13.62,13.(32-64!13.67-68
Ag 113.53/13.62/13.5013.50(13.50-51113.53-56
8D Loovofosne boson|sses |18:00-01/13:03-05
Oc 12.8%12.91/12.78/12.78/12.78-79/13.82-83
NV b o sl 1378 T9¥Rl2- T 8
De [12.79'12.92/12.70/12.78112.78-7912.82-83
Jn [12.87112.93/12.80/12.81|12.76-80,12.82-83
Mh [12.91/12.02/12.8812.89 12.88-89(12.92-93
My Lol lorilies 18 88-8811502:08
Closed steady.
| “saturday, June 14.
Spot cotton; middling 13 15-16.
~ Spot cotton; middling, 13 15-16.
Re e T S e
|
| g ® . g ¢ > f
| laltl§’s=| & '“
| o 2| © Be
TU [ocoolosoilesons]os oo 13.57-58]13.62-4
Jul |13.59/13.64]13.56/13.57/13.57-58/13.62-64
Au |13.55/13.55|13.45(13.47(13.45-47/13.50-51
Sot bi as el ancol
Oc 112.75 12.82{12.74{12.77!12.76-77/12.78-79
Ny Lol s R Teariane )
De (12.80/12.80/15.74/12 7712.76-77112.78-79
}Ja 12.75/12.82 12.75;12.79;12.77-78‘12.76-78
Ma ‘12.85-12.91 12.84/12.8612.86-87(12.88-89
MY [ooverloreeidonnloss..|l2.B6-87{12:88-89
Closed steady.
er\i‘onda‘;. .Tu_;e-.fi.
Spot cotton; middling I_3 15-16.
4 ] ¢ .8
oK 333 5 o
Jn ‘12.53{13.53i13.58{13.53113.41-43313.57-—5
Jy [13'53/135013.4013 43,13 42-43/13.57-58
Ag 13.41013.42113.2943.29(13.23-29 13.45-47
Sp .....'.....1.....1.,...|12.83-8412.98‘13
Oc 112.73/12.75/13.59 12.61{12.00-51 12.76-77
Mr (..l 12.60-61112.76-77
De |1273/12.74/12.59/12.59/12.59-60/12.76-77
Ja ;12&‘:::12.73|12459'12,61112.W-61i12.77-78
Mr [12.8012.82(12.69/12.69(12.69 |12.86-87
MY |uooeleenncloennlerr..l2.69-70/12:86-87
Closed steady. i
Tueula;. June 16,
.Spot cotton; middling 13 15-16.
d| 4 ‘-‘u ; s »3
12t 2R
SIE|3 38 B 8D
Je .....].‘..4|...,.!....‘13.3% [3.42-13
Jy |13.35(13.41|13.35(13.41|13.41-43(13.42-43
Au [13.23/13.28/13.21/13.26 13.23-25\1&28-29
8p [....1.....1.....0.....113.84-8612.83-84
Oc [12:57]12.63/12.54/12.63]12.62-63(12.60-61
Ny |...0f...] .00 .. 112.62-64112.60-61
De |12.57/12.62/12.55(12.62(12.61-63/12.59-60
Jn 1:.539:.63{1:.58 12.63(12.62-63/12.60-61
Mr [12.66/12.70/12.65 12.70/12.71-7212.69
My [.0000ee100enn]00...[12.72-73/12:69-70
Ciosed steady.
Showers in Eastern
WASHINGTON, June 16.—Local
showers further improved the outlook
for cotton in many central and eastern
portions of the belt during the week,
but large areas are still dry where the
excessive heat was harmful. The crop
is making splendid growth where there
is sufficient moisture, especially the
early planted In the western portion
of the belt the weather was highly fa
vorable in Texas and Oklahoma and
the fields are now weli cultivated with
the crop recovering rapidly. In Arkan
sas and Touisiana there was little prog
ress in growth on account of the dry
weather, but beneficial showers occurred
at the close of the week in Arkansas.
More moisture is badly needed in Louis
jiana. Over the truck growing regions of
the South some further relief was given
by local showers, but most sections con
tinue dry and some truck is beyond re
covery.
Weekly mean temperatures rangfi
from nearly normal in central Texas
9 degrees above normal over the cen
tral-northern portion of the cotton re
gion. The mean ranged from 76 to 86
degrees over the eastern, from 84 to 88
degrees over the central, and from 80 to
84 degrees over the western portion of
the cotton growing States. 'The lowest
weekly mean temperature, 76 degrees,
occurred at Asheville, N. C., and the
highest, 88 degrees, at Mobile, Ala.
Preeipitation occurred generally over
the eastern and central portions of the
cotton region. but it was unevenly dis
tributed, and no rain occurred in parts
of northern and eastern Arkansas, weste
ern Tennessee and northwestern Missis
sippi and in small areas in Alabama and
Georgia. Over the western portion, in
Texas, Oklahoma and western Louisi
ana, very little precipitation occurred,
the only rain of consequence ocourrins
in the central and eastern portion o
Texas and in extreme northwesterg
Louisiana. The greatest weekly rain
fail, 4.70 inches, occurred at Kufaula,
Ala.