New Crop Cotton Shows Advance Amid Nervous Market
New crop cotton advanced early but gave back gains as July slipped sharply. By close, July futures lower, nearby months steadier with late-session buying and mixed signals from Liverpool and New Orleans. Receipts and exports remained sizable, market uncertainty lingered.
Hester's Weekly Cotton Statement Summary
New Orleans May 16. Secretary Hesters weekly cotton statement shows movement into night at 14,000 bales and a 87,000 bale drop from last year for the same period. For 18 days in May the totals show decreases of 19,000 from last year and 176,000 from 1905. For the season 258 days elapsed the movement trails last year's pace by 2,211,000 bales, with various regional receipts and stocks noted. World visible supply totals 3,822,408 bales, down from last week and last year, with American cotton 2,376,022 bales and other origins 1,148,876. Taking of American cotton by spinners shows week and year totals across northern, southern, and foreign spinners, with September 1 totals. Prices and market notes include sterling exchange and wool market activity in London.
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Stock Market Strain Weighs On Prices Near Close
New York May 18 The stock market showed clear strain as prices faced pressure from growing offerings and profit taking amid a late rally. Rumors and political questions fed confidence, while anticipated bank reserve shifts and government deposit withdrawals hinted at softer cash conditions ahead. Union Pacific Chesapeake and Ohio and Baltimore and Ohio helped lift markets late. bonds varied, with total sales at par 4,614,000.
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