Cotton Market Closed Steady After Opening Dip
The cotton market opened with prices easing four to five points but rallied midmorning. Traders noted steadiness by mid session as prices recovered and held near closing levels.
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Newspaper
Atlanta Constitution
Location
Atlanta, Georgia, United States of America
Date
Aug 16, 1908
Page
6
The cotton market opened with prices easing four to five points but rallied midmorning. Traders noted steadiness by mid session as prices recovered and held near closing levels.
New York August 1 The cotton market opened steady with prices holding unchanged and edging up to 4 points higher on scattered covering. By mid session prices eased slightly as the market moved to October at about 21, with volume governed by short-covering and demand from shorts.
Spot cotton eased about 19 points with middling around 10.50, while futures opened steady. Reports from New Orleans and New York note quiet demand, varied price levels for cotton seed, turpentine and rosin hold steady, with metals, grains, and livestock trading amid drought concerns and uneven demand across regions.
Traders moved cautiously as the market opened after yesterday’s steep drop. American Smelting and Amalgamated Copper led losses while United States Steel slid. rails offered resistance but softened late. Clearinghouse banks reported reserves above requirements, with deposits up and gains in cash and loans aiding a tentative market recovery.
Chicago August 18. Wheat futures closed weak after buyers and holders drove a price drop, with September down 11 1 2 cents and near the day’s low. Oats and provisions moved lower to higher, while Nebraska and Kansas shipments expected soon boosted bearish sentiment. Local receipts and clearances detailed, with mixed moves in corn and hog markets and regional price listings from Atlanta and New York produce exchanges.
Geain Liverpool August 15 report notes wheat bids steady with No 2 red western winter at 7s 7d and No 1 California at 7s 101 4d. Futures calm with September at 7s 4d and December at 7s, while imperfect text suggests small price movements and uncertainty.
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