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Newspaper
Atlanta Constitution
Location
Atlanta, Georgia, United States of America
Date
Jan 26, 1904
Page
14
New Orleans market shows strength with futures firm gains as Liverpool boosts prices. Bulls remain cautious. January to July rises record 29 to 38 points, with New York bids and heavy buying from shorts. Export demand looms, with European markets alarmed by U S price strength and Liverpool activity.
Northern Pacific 4s yielded 39. Norfolk and Western consol 4s traded around 73. Oregon Short Line 43 and Parti 9434 Penn Cong 31s par 9815. Reading General 45 and L. and Iron Mountain 13. St Louis and San Francisco 48. Southwestern Ists 93. Seaboard Air Line 4s 67. Southern Pacific 42 89%. Southern Railway 53 113%. Texas and Pacific Ists 116%. Toledo, St. L. and Western 4s 72. Union Pacific 45 490 1 97%. S. Sleet 2a 74%. Wabash Ite 2 1155. Do. debenture Bs 5% Wheeling and Lake Erie 45 801%. Wisconsin Central 4s 90. Colorado Fuel consults 2 1278.
The market bid up sharply in the last hour then closed steady with a slight retreat from intraday highs. Outside interests led the profit taking while gulls buying dominated the close. The skulls reportedly sold heavily on balance and the spot market stayed quiet at 40 points up.
The dry goods market shows continued advances with sellers restricting sales to minimal volumes and holding goods at value. Without price alignment to ruling raw cotton values, mill curtailment is expected. advances on prints like Almanac and American become effective today.
Baxter and Co reports a bullish cotton mood in New York as Liverpool futures rise 10 to 22 points. Shorts flee, bears thin as traders expect a smaller crop than anticipated and weaker prospects for a season near prior needs. January ends with a stronger ball and growing optimism.
Miller & Co reports Liverpool cotton climbs on war news with 30 point rise and new highs. Southern demand supports futures while holders hesitate to sell as prices jump. New York opening disappoints but bulls absorb offerings and push to top levels. cautions over a possible decline after the advance.
Bruce and Co reports a strong American market start and steady advance through the day. Liverpool showed substantial gains but opening advices exceeded expectations with prices up to 6.18 at peak and closing near earlier highs. The session opened quietly, then heavy buying pushed values well above the day’s low, breaking records for highs before close.
The report notes firm levels with July options in New Orleans touching 6c and predictions that 17c could be reached before February ends. Port receipts are estimated at 24,000 today versus 31,602 last year, while buyers are advised to buy cotton on sight recessions.
New York notes a morning advance in Liverpool of about 60 American points with May at 15.40 and July at 18.50, followed by profit taking in the local market. The writer warns of a possible break of a cent and a half if the pattern of selling by prominent interests continues, while noting potential for further advances if buyers persist.
The Howell Jones Grain Letter reports May wheat plunging from 92 1/2 to 83 cents amid initial bid strength and later heavy selling. Wheat closed 2 cents lower at 89 1/2 to 89 3/4 cents. corn and oats also fell yet remained firmer than wheat. Provisions rose, buoyed by strong outside buying for lard. receipts and clearances noted as market activity shifted.
Chicago January 25 heavy selling by leading brokers tied to Armour drove a sharp break in May wheat after early gains. May corn and oats also declined while provisions rose. Visible supply and outside demand shifted, with London Liverpool cables signaling weakness and traders rushing to exit.
The report lists regional wool bale counts for New South Wales Queensland Victoria South Australia West Australia and New Zealand with scoured percentages and grease values. Notable figures include New South Wales 2209 bales Queensland 1400 Victoria 1300 South Australia 300 Western Australia 1600 New Zealand 4709 and Cape of Good Hope 0 or unspecified.
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