Wall Street Sellers Push Cotton Down Then Market Rebounds
Cotton prices slid as selling pressure emerged on Wall Street, but the broader market recovered later. Liverpool trading also showed declines amid renewed volatility in commodities.
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Newspaper
San Antonio Light
Location
San Antonio, Texas, United States of America
Date
Jul 20, 1916
Page
11
Cotton prices slid as selling pressure emerged on Wall Street, but the broader market recovered later. Liverpool trading also showed declines amid renewed volatility in commodities.
The daily cotton market report notes bears retreating after a brief bull push as prices firm into the late morning. Bad cables caused an early dip, but spot support and wet weather abroad lift values with New Orleans and Liverpool showing gains while New York remains steady. Prices for Good Middling and grades are listed with specific figures for the local compresses.
Wall Street selling dominated the opening as traders focused on crop damage doubts and ongoing eastern belt flood concerns. October edged to 12.91 amid rains in Taylor Texas and Oklahoma, with later rallies to 12.94, 13.11, and 13.16 on improved buying and spot support.
The New York cotton market opened steady on July 20 with contracts from July to March showing small gains and steady highs around 12.96 to 13.18 while nearby months closed near 12.74 to 13.11, reflecting a tight trading range for July futures.
Market widens losses to 2 to 6 points at open due to poor conditions before midmorning rebound. Wet eastern belt weather and renewed interior demand lift prices, with near noon quotes 8 to 4 points above yesterday. Afternoon trade steadies. futures close near steady with slight gains.
Liverpool spot cotton quotes show Good Middling at 8.12 and 2x0 middling near 7.96 with 7,000 bales traded. Futures listed from July through June with varied spreads and July August at 7.81 and 7.78. New York reports raw sugar firm at 6.27 per cent, molasses 5.50, refined granulated at 7.85.
An advance of one dollar per box in lemons overnight boosts the market on Thursday as Wednesday quotes were six dollars per box and Thursday asks reached seven. Heat waves in the North and East drive prices up with expectations of further gains before mid August. Also reported are California tomatoes relieving pressure, cucumbers rising to 1.75 to 2 per bushel, peaches softer, and fresh shipments of plums grapes pears and string beans with varied per box or per bushel rates.
Wholesale prices to trade list Texas and California produce\nNew Texas red potatoes at 2.85 per cwt and onions etc near hot markets. Includes peppers tomatoes lettuce melons apples bananas oranges lemons figs raisins canned goods and meats with varied per unit costs and dozen or hundred weights.
Chicago reports show wheat prices jumping as rust damage spreads in North Dakota and heat in the beet belt of South Dakota boosts futures. Falloff in demand and scattered showers curb gains, while corn prices follow the wheat rally with steady to higher closes.
Market brief notes steady New Orleans prices for cotton futures and spot bids. Analysts report limited supply and steady demand amid seasonal harvest timing and global textile demand trends.
Grain and hay prices in San Antonio Texas include mixed feeds and various grains with per ton hay prices ranging from 10.50 to 16. Oklahoma City listings show cattle around 700 head and hogs near 750 with mixed results and steers priced near 6.00 to 6.30. New Orleans rice market remains quiet with 1136 pockets at 43 16e and no receipts.
Quotations show wheat at No 2 hard 1.08 to 1.14 per bushel and No 2 red 1.12 to 1.21. Corn ranges No 2 mixed 0.78 to 0.79, No 3 2 white 0.79 to 0.80, No 2 yellow 0.80 to 0.81. Oats list No 2 white 0.42 to 0.43, No 2 mixed 0.38 to 0.40 per bushel.
Kansas City July grain futures finish with Wheat July at 1.07 and 1.08 percent. Corn July at 76 1/2 cents, Sept at 73 4 1/2 cents.
In St. Louis July 20 quotations show No 2 red wheat at 1.22 to 1.28 and No 2 hard at 1.17 to 1.18 dollars. Corn No 2 at about 80 percent of a basis and No 2 white at a similar range. Oats No 2 at 40 percent and No 2 white listed as nominal.
In Chicago on July 20 the wheat market shows No 1 red at 1.12 and No 2 hard old at 1.15. Corn No 2 yellow trades around 1.04 with large options. oats standard 42 and barley at 65.
Chicago provisions show mixed quotes with pork open high low close at 26.00 26.05 26.00 26.05 for July and 24.87 24.65 24.70 24.65 for September. Lard futures quoted around 12.97 12.72 12.75 with additional Sept figures. Dry salt extras quoted at 16 cents, bacon extras at 17, bacon bellies 14-19 cents, pure lard around 14 1/4 cents and compound lard at 17 1/2 cents.
Buyers pay the following prices in San Antonio for country produce. Butter and creamery prices show steady markets with per pound figures. Poultry values are listed for hens, large fryers, broilers, and turkeys, alongside duck and goose prices per dozen.
Quotations to Gay show butter at 28c for creamery firsts 26c second 23c packing 21c. Firsts fees listed at 22 4c. Poultry quoted for hens 15c, roosters 10c, springs 22c. New potatoes weak with Triumphs from Texas Oklahoma and Louisiana at 55c, Kaw Valley early Ohios weak at 5c.
New York July 20 buyers purchased wash fabrics lightly for spring, with major activity in high priced novelty lines. Cotton goods held firm, yarns and worsted yarns steady, laces dull, embroideries soft, while hosiery remained in strong demand.
Turpentine firms show 4.24 sales, 629 receipts, 445 shipments, 13 130 stocks while resin firms report 11 491 cases, 1833 receptions, 0 shipments and 65 145 stocks. Quotations list prices across grades A through W and HB to W with values from 6.25 to 7.00 dollars.
Fort Worth stock market sees light receipts and dull business with prices nearly unchanged. Cattle receipts total about 2,500 with beves, stockers and cows priced in narrow ranges while hogs fall slightly and sheep stay steady as producers wait for higher prices after rains.
Chicago reports hog receipts 15 000 with mixed to heavy classes quoted from 8 00 to 10 20. Cattle receipts 3000 with native beef at 6 50 to 10 75 and western steers at 7 80 to 9 00. calves 8 50 to 11 75. Sheep receipts 13 009 market weak with wethers 6 75 to 8 20 and lambs 7 00 to 10 40.
Hogs receipts 6000, market steady to five cents lower. Prime fed steer prices range 9.75 to 10.50, other cattle and sheep figures noted. Cattle receipts 6500 with 3600 southern, cows 4.50 to 7.50, heifers 6.00 to 9.50, stockers 6.00 to 8.00. Lambs 9.75 to 10.30, yearlings 7.65 to 8.25, wethers 7.25 to 7.60, ewes 6.75 to 7.10.
Receipts and prices for hogs cattle and lambs listed with ranges for hogs between 9.00 and 10.95 per cwt and cattle mostly high grade and steady. Native beef steers yearlings cows stockers and prime southern and Texas Oklahoma entries given with varied price bands. Also a clipped humor excerpt about a Perthshire farmer’s wife and a druggist.
New York July 20 Mercantile Marine preferred slips six points on early dealings after cable advices that Britain will impose a heavy excess profits tax on shipping. Atlantic Gulf and West Indies rose to a record 66 while munitions and related stocks drifted. Rails and metals softened while Studebaker Maxwell Willys-Overland declined. Specialties like Mexican Petroleum and Republic Steel showed activity before an irregular close.
London on July 20 reports Bar silver at 29 per ounce and Money at 4 percent with discount rates 5 percent for short bills and three months.
Lead in New York asked at 6.40 dollars with strong demand for spelter and Baet St. Louis delivery noted. London report lists lead at 28 pounds 10 shillings and spelter at 51 pounds.
Weather bulletin from the Cotton Region Bureau notes unsettled conditions across the Houston district with above normal temperatures and scattered rainfall. It lists cities such as Washington, Pine Bluff, Demopolis, and Columbus among those with an inch or more of rain.
A statement to the House judiciary committee by the national foreign trade council warns of a European assault on the United States gold reserve and foreign trade as war demand fades. It urges passage of the Webb bill to allow American combinations in export trade to compete against European rivals and governments.
Washington reports ICC prescribes new freight rules for pedigreed stock. Minimum weights set for cattle sheep and swine with carrier liability values such as horse 150 and calf 90 dollars. Higher declared values permit 2 percent extra rate per 60 percent above standard. Crated stock charges and crate provisions deemed unreasonable and banned.
In Dallas Texas the National Tractor Demonstrations begin a four day exhibit at Grand Prairie to showcase traction engines performing soil preparation planting and harvesting. Farmers landowners from Texas Arkansas New Mexico and Louisiana expected to attend with fifty manufacturers and various farm machines on display. Dallas aims to host up to 100000 visitors as demonstrations run through July 21 with road work and ditching shown by the machines.
Washington reports a marked rise in overseas shipments in American vessels. From January to June, 91 vessels made 278,000 trips to South American countries, carrying 267,000 tons to Europe, with eleven trips to Asia and seven to Africa.
New York reports a firm coffee futures market with a close 3 to 6 points higher or lower, 35 250 in sales for July, and steady spot. Contracts listed include July 8.44 August 8.44 September 5.50 October 8.55 November 8.60 December 8.65 January 0.71 February 8.78 March 0.85 April 8.90 May 8.96 June 9.01 with Rio at 7 9 14 and Santos at 48 10 percent.
Quotations show butter steady at 23 to 27 cents, eggs firm with receipts of 12,688 cases. Potatoes decline with 80 car receipts and Virginia prices 2.00 to 2.25 a barrel. Poultry alive prices drop with fowls at 17 to 19 cents and springs 21 to 24 cents. many regional varieties listed.
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