Cotton Prices Ease Off As Markets Move
Prices for cotton eased off amid a fluctuating market session as favorable weather conditions improved outlooks for crops and market activity showed mixed gains and declines across trading.
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Newspaper
San Antonio Light
Location
San Antonio, Texas, United States of America
Date
Aug 10, 1916
Page
11
Prices for cotton eased off amid a fluctuating market session as favorable weather conditions improved outlooks for crops and market activity showed mixed gains and declines across trading.
Cotton traders faced a see saw session with New York and New Orleans down 5 to 9 points at open, later sliding 16 to 18 points before buying support trimmed losses. Liverpool rose briefly then closed 12 points under previous levels, while New Orleans and New York final quotes showed a broad decline.
The New York cotton market opened with a decline but soon steadied as Western houses bought and reports of hot Oklahoma weather supported prices. December slid to 14.42, January to 14.50, then recovered some before slipping again to 14.43 and 14.50 by mid afternoon amid renewed selling and nervous trading.
New York reports August 14.18 and futures for October 14.30 and December 14.50 with January 14.60 March 14.72 and May 14.83. Futures close steady. Liverpool due to open Friday six points down as 11 o'clock call follows with October December January closes.
The Liverpool market weakness and favorable eastern belt weather spurred selling on August 10 in New Orleans. Prices fell 15 to 18 points early, then recovered slightly before slipping 12 to 13 points by 1:30 PM as selling persisted despite support from bullish interests.
In New Orleans on August 10 futures opened steady with bids for October at 14.12 and December at 14.31. January 14.42 March 14.59 May 14.75. Prices shown include a later close around 14.39.
San Antonio mills matched national gains with flour up 40 cents per barrel to $7 as wheat prices climb and export demand rises. Provisions and hogs also advance. California potatoes move to $3.25 per hundred, peaches at 75 cents per four-basket crate, lemons steady at $8 per box. Fort Worth reports a $1 per barrel flour rise tied to wheat gains.
Dallas market reports flour prices rising by 60 cents per barrel on August 10. Trade activity and surrounding market influences were noted as buyers monitored supply levels and regional demand.
In Toledo on August 10 the flour price rose 75 cents, with spring product at $9 a barrel and winter patents at $8.50 and $8.75, driven by a 12-cent rise in wheat.
Byers paid steady prices for San Antonio country produce including butter at 20 to 25 cents per pound and poultry such as hens 5.09 to 6.00 per dozen. Chicago reports butter higher at 25 to 29 cents, eggs higher with firsts 28 to 24 cents, potatoes unsettled with mixed regional prices, and poultry alive higher with fowls 16 to 17 cents.
Quotations today show butter at 28 cents for creamery firsts 26 for seconds 23 packing stock 21 eggs firsts 24 hens 16 roosters 10 broilers 21 New potatoes firm with Triumphs and Kaw Valley early Och tos sold around 1.00 to 1.05 in Louisiana Texas Arkansas Oklahoma markets.
Spot cotton prices slip with middling at 8.624 cents per pound and low middling 8.464. Sales reach 7000 bales, including 1200 for speculation and export. Receipts recorded as none.
Futures quoted in Liverpool on August 8 show August 8.50 od and spreads from August-September at 8.464 to July-August at 8.3444. Prices drift with light activity, outlining near and distant delivery windows across the season.
U S port figures show cotton receipts and stock levels across major hubs including Galveston New Orleans New York Boston Philadelphia and Morfolk. Current stock total 90 839 with a week earlier at 488 238 and year ago at 724 229. Deficit for the season recorded at 233 390.
Chicago August 10. Wheat futures showed mixed action with highs near prior session levels but overall contracted volume. Gains tied to forecasts of early Canadian frost and strong European demand, while holders booked profits and some selling followed peace talks. September futures near $1.44, December around $1.48, with late session declines and nervous close. Corn weakened on showers. hogs and provisions rose on stronger selling pressure.
Feeder calves drew top values of 7.75 dollars at Union Stock Yards Aug 10. Calves sold mostly 6.00 to 6.50 with few better. Hogs were scarce with best at 9.50 and 2.00 low. Steers 5.75 to 6.25 cows 4.50 to 5.65. Receipts: cattle 113 calves 104 hogs 62 goats 7.
New York trading opened with a resumed advance though more moderate. Fractions to four points gains appeared in many specialties while United States Steel Reading and others faced selling above or below prior session close. Rubber shares and motor accessories rose in mid day trade but most prices eased. Union Pacific dividend news and steel tonnage decline spurred further selling as Consolidated Gas led late-session strength amid selective gains in war and semi war stocks. Closing was irregular.
Quotations released today show wheat at No. 2 red 1.44 to 1.48 dollars and No. 2 hard 1.43 to 1.45 dollars. Corn No. 2 yellow around 8 to 8.. Oats standard 44 to 45 cents and barley 69 to 95 cents.
Quotations list wheat corn and oats in St. Louis on August 10 with No 2 red wheat at 1.48 to 1.53 and No 2 hard around 3.43 to 1.51. Corn No 2 at 86 cents and No 2 white at 85 and fractional cents. Oats No 2 around 42 to 42 percent and No 2 white at about 40 cents.
The report lists grain prices with Wheat No 2 hard at 1.42 to 1.45, No 2 red at 1.40 to 1.47. Corn No 2 mixed at 84 to 85 cents and No 2 white and yellow at 85 cents. Oats No 2 white 44 to 46 cents and No 2 mixed 42 to 45 cents.
Grain futures closed in Kansas City with Wheat September at 1.38 and December at 1.41. Corn September at 81 and December at 71. Prices show modest gains for wheat and corn across contracts.
Receipts today show cattle at 1600 head steady to 10 cents lower and hogs at 900 head up 15 cents with top price of 9 dollars 9 dollars and 90 cents. Readable names Morris Norman Southwell Eure and Depew appear with average weights and bid prices around 6.25 to 6.09 dollars.
Kansas City reports cattle sales with 7500 head including 20 cars quarantines. averages show steers around 6.65 dollars per hundredweight, with Heaton Osage offering 623 steers at about 6.00, and Lanning Osage plus Schuitz Wynona listings at 6.65.
Major Dixon, assistant organizer of the Farmers Institute, will tour Texas August 17 at Carson, August 18 at Ivanhoe, and August 19 at Savoy to discuss marketing and organization. A former Harris county legislator from Houston, he led the Texas building and exhibit at the Panama Pacific Exposition.
Fort Worth Texas August 19 cattle receipts 2800 with prices to 7.50 for heifers and 6.90 for Reeves. Hogs receipts 3600 with heavies around 9.90 and various midrange bids from 7.86 to 9.75. Sheep arrivals 500 with lambs at 9.75 and ewes down to 4.60.
New York August 10 Cotton goods were active and prices tended higher with Brown sheetings firmer Worsted yarns higher and cotton yarns firm Robbers reported active trade for home and export delivery.
Receipts: hogs 19000, cattle 4000, sheep 16000. Hogs market active with prices from 8.10 to 10.60, cattle: native beef $6.96 to $10.60, stockers $6.00 to $7.85, cows and heifers $2.60 to $9.25, calves $9.00 to $12.25. Sheep: wethers $6.75 to $8.25, lambs $7.50 to $11.85.
In New Orleans on August 10 rough rice remained strong and active while clean rice stayed steady. Receipts totalled 858 sacks with sales including 365 rough Honduras and 4114 pockets of clean Honduras. Quotations show rough Honduras at 8.80 and clean Honduras at 4.5 cents.
Savannah gains mix of activity with turpentine firm reporting sales 42 42 receipts 723 shipments 8658 stock 14703 resin firm posting sales 1499 receipts 2279 shipments 20 stock 62420 and references to prices 6.40 and 6.45 for nearby commodities.
Pittsburg Pa August 10 demand noted another price change in crude oil with Ragland Was announcing a five cent per barrel reduction across all grades.
Receipts and quotations for hogs cattle and sheep. Hogs seen at bulk around 9 to 10 dollars per hundredweight with variouspacker and butcher values noted. Cattle with prime fed steers near 9.50 to 10.25 and cows 4.75 to 7.50. sheep market steady to lower with lambs 10.25 to 11.30.
Receipts total about 9000 hogs and 8000 sheep with a higher market. Hog prices range from 8.75 to 10.40 for various grades, bulk near 10.15 to 10.35, and prime yearling steers up to 9.00. Sheep trade steady with lambs at 7.00 to 10.55 and ewes from 7.25 to 10.00.
United States Steel Corporation reports unfilled orders for July 31 at 9,693,592 tons, down 46,866 tons from June 30. The monthly statement notes the decline as part of the firm’s order status update.
Raw sugar quiet with centrifugal at 6.77 and molasses at 5.00. Refined sugar steady with Fing granulated at 7.25.
Local packing house quotations to dealers on Thursday include dry salt bacon extras at 17 1 2 cents a pound, dry salt bellies 14 to 16 pound average at 18 cents, fancy breakfast bacon at 27 cents, fancy ham at 21 cents, bacon bellies 14 to 16 pound average at 18 cents, pure lard 14 1 2 cents, and compound lard at 11 2 3 cents.
Galveston intelligence reports arrivals Fort Italian Genoa Mexicano Tampico and losses El Alba Topila A E McKinstry Havana via New Orleans. Other ships include Genoa Tampico New York and Havana.
The Standard Oil Company of Kansas announced a regular quarterly dividend of three dollars and an extra dividend of two dollars per share. The dividends are payable September 15 to stockholders of record August 31.
The railroad commission issued amendments to tariffs on cotton seed and cotton seed products and on iron and steel articles. The changes extend to October 22, 1916, keeping current rates for cotton seed products among Houston Galveston Texas City Velasco and related tank bottoms transfers.
Former President Taft worries about his daughter taking up flying as a hobby though trainers insist she is already expert and trustworthy with an aeroplane. Taft recounts a nurse’s nail biting warning given to a boy who stopped and later tauntingly accused him of nail biting.
Temperatures and rainfall for the 24 hours ending 8 a m show unsettled belt weather with near normal temperatures. Notable rainfall reported at Rome Georgia Woelden North Carolina Memphis Tennessee Macon Mississippi Little Rock Malvern Arkansas. Allen Buell meteorologist Weather Bureau.
U S Department of Agriculture weather bulletin reports observations taken on August 10 1916 with notes on wind speed and precipitation. The text includes garbled lines and a humorous cartoon caption about milk quality from the era.
Time loans become cheaper in New York on August 10 with terms for 60 days at 24 8 percent 90 days at 2 3 and six months at 3 gar cent. Call money remains firm with high around 2 percent and the ruling rate steady at 2 percent.
New York notes show No 7 Coffee futures firm with September at 8 70 and December at 8 78 as market activity underpins the steady run.
Trading in Mexican currency in San Antonio showed bids and asks for silver pesos es vasos, half pesos trwa, state bank notes 0 1 7, national bank notes 17% 17%, Bank of London and Mex 15% 144, Carranza money 0 4% 04.
New York market brief notes 60 day sterling bills at 4.71 percent and demand at 84.75 percent. Cables quote 4,767-16 for mercantile figures with guilders demand 4 15-16 and 4 year silver at 66 2/3 percent. Mexican dollars at 50 cents. Government bonds steady while railroad bonds show irregular trading.
In a Kentucky mountain school, teacher remarks on Mrs Crums industry as girls and boys praise wool work. Children recount relatives famed for knitting, including a grandmother who slept with knitting and woke to finish socks. Harper's Magazine excerpt.
Lead at 6 dollars asked while spelter remains dull. Copper steady with electrolytic priced 25 to 27 dollars and tin firm around 38 dollars. Market details reflect dull activity in spot trades and varying metal prices across exchanges.
London markets report lead at 29 29 6d bid, spelt er at 47, copper spot 110 pounds 10s, futures 108 pounds 10s. Electrolytic copper 124 pounds. tin spot 169 pounds 10s, futures 170 pounds 10s.
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