Price of Cotton Rebounds After Early Drop
Cotton prices recover from an early decline with spot buying described as moderate. Market observers note improved demand supporting a price rebound as traders monitor futures and export news for guidance.
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Newspaper
San Antonio Light
Location
San Antonio, Texas, United States of America
Date
Jun 12, 1916
Page
9
Cotton prices recover from an early decline with spot buying described as moderate. Market observers note improved demand supporting a price rebound as traders monitor futures and export news for guidance.
The daily quotations show an early decline across the list with prices recovering to a few points below closing. San Antonio market remained quiet with spots closing at 12.32. Buyers paid stated prices for cotton delivered to local compresses Monday.
The New York cotton market opened modestly lower on disappointing cables with active months selling 9 to 19 points down early. October slipped to 12.88 and December to 13.05 before easing later to around 12.93 for October and 13.08 for December as trading subdued.
June 12 New York cotton futures opened barely steady with July at 12.80 and December at 13.13. Futures closed modestly lower by 1 to 4 points. Liverpool is due to open Tuesday two points higher as 10:30 call follows.
In New Orleans on June 12 selling for short account pushed cotton 8 to 9 points below Saturday’s close in the first half hour. Weather conditions were very favorable and cables were not high enough. Demand rose slowly aided by forecasts of the upcoming monthly consumption report. trading months hovered around 1 point under Saturday’s final. By 1:30 p.m. the market was stagnant with a net loss of 2 to 4 points.
New Orleans markets report steady opening for cotton with July at 12.65 and December 12.90, futures closing 3 to 4 points lower. Liverpool spot cotton steady with good middling at 8.58, receipts and sales noted, including 5,000 bales with 500 for speculation and export.
Futures closed down across the curve with June futures at 8.14150 and varied daily shifts along the prompt and distant months including June-July at 8.12d and December-January at 7.776d as of the Liverpool market report.
New York cotton seed values show a closing steady tone with spot prices at 10.80 to 11.10 dollars. Futures for June through January range from about 8.87 to 11.25 dollars, with total sales reported at 13 160 units.
A Bay City and lower Colorado river rice growers committee, led by attorney Royal A. Ferrin of Dallas, appealed to the state board of water engineers and Austin city council to open the Austin dam for more water for rice crops. The board lacks jurisdiction over the matter.
The first California grapes reached the market Monday amid brisk demand for all produce. Thompson’s Seedless crates sold at 3 dollars each while oranges are expected to advance soon. Openings in the grain market were light and shipments to border points slower due to exchange rates.
Buyers paid prices for country produce delivered in San Antonio on Monday with steady fees. Butter and creamery products showed firm quotes. poultry markets remained steady with hens, friers, broilers, turkeys, ducks, and geese priced per dozen or per pound as listed. Chicago quotations followed, noting firm butter, higher eggs, and unsettled potatoes with various regional price ranges.
Quotations today show butter at 29c for creamery, 27c firsts, 25c second, 22c packing. Eggs at 21 1/4c for firsts. Poultry lists hens at 15 c, roosters 10 c, springs 25 c. New potatoes firm with Texas and Oklahoma Red Triumphs at $1.85, northern old Minnesota White Rurals and Ohio at $1.30.
On June 12 in New York raw sugar remained steady at $6.33 for centrifugal and $5.56 for molasses. Refined grades were also flat with various forms listed from cut loaf at $8.80 to granulated at $7.65 and confectioners A at $7.55.
Speaker Champ Clark says Republicans risk nominating a Supreme Court justice and Progressives bucking two term limits. He argues Roosevelt's acceptance would give Wilson a clear path to victory while Roosevelt declining could produce a boss race favoring Wilson. Clark touts Wilson's steady career against a split opposition.
A seven inch tarantula is adopted as mascot of Company D Second Texas Infantry in Donna on border patrol duty. It is kept in confinement after being found in a company tent during a rain storm. Brigadier General James Parker inspected Donna troops and commended the commanding officer on progress.
A national rail labor conference halted after resuming in New York as 860 000 workers seek an eight hour day overtime pay and double compensation. The session adjourned as workers press the ultimatum while railroads prepare a response. Also San Angelo couple wed in Texas at Rev. Lyon’s home with locals Dolph Keeton and Jettie Caldwell tying the knot.
In Chicago on June 2 wheat prices fell due to easier cables favorable weather and slow shipping demand. July wheat opened around 1.03 to 1.04 dollars and closed about 1.03 while September touched 1.04. Corn fell about 4 to 5 percent with oats also down, while higher hog prices boosted the provisions market.
Monday prices for corn, oats, sorghum and hay delivered in San Antonio are listed. Values include Texas No 2 corn at around 82 cents a bushel, mixed and white oats near 61 to 82 cents, sulfurized sorghum at 61 cents, and various bulk hay prices from 1.11 to 17 dollars per ton.
Chicago market report lists Wheat No 2 red at 1.04 percent and 1.03 percent for No 2 hard. Corn No 2 yellow at 73? Onths standard 40% and Barley at 58 80c.
S and T market report from St Louis dated June 12 shows wheat prices with No 2 red at 1.08 to 1.10, No 2 hard nominal. corn No 2 at 72 4? and No 2 white at 93 1/2 c. oats No 2 at 27% to 28 c and No 2 white nominal.
Kansas City grain futures closed steady with Wheat at July 96 and Sept 95? or v? plus Corn at July 68 1/2 and Sept 67. Prices reflect light trading and firming demand as farmers monitor market cues.
Local packing house quotations to dealers list dry salt extras 14 c bacon extras 6 c dry salt bellies 14 16 pound average 17 c fancy breakfast bacon 26 c fancy hams 21 c bacon bellies 14 16 pound average 18 1 2 c pure lard 14 1 2 c compound 12 c. Through sleepers to Memphs and Chicago daily. Southern Suficice 84 15 New York and return Via Pacifie adv.
The twentieth annual summer normal opens at 9 a.m. Wednesday June 14 in the Main avenue high school auditorium. Enrollment and six week term plans will be outlined for teachers and high school students. The faculty includes C. A. Arnold M. M. Johnston W. J. Knox H. H. Ryan S. C. Smith J. K. Harris and Miss Adah Gibbons.
Market brief notes New Orleans cotton prices and trends. Dealers report current quotes and daily changes with focus on nearby months and cash prices.
Light Monday receipts lift prices and fat stock sold early. Good cows bring 5.00 to 6.50, better than last week, while medium grade offerings move slowly. Hog prices rise across foreign markets while cattle stay steady to higher. Chicago sheep decline with 13 000 receipts. Local total receipts: cattle 672, hogs 78, calves 114, horses 10, sheep 392, goats 131. Market receipts: cattle 1063, calves 57, hogs 78.
Fort Worth Texas June 12 cattle receipts about 6700 with Reeves and Hoge markets showing varied gains. Bulk beef 19 to 26 dollars. heifers 5.50 to 8.00. cows 4.25 to 5.50. calves 4.60 to 9.25. pigs 4.50 to 7.00. sheep receipts 1500 up 18 cents with Lands 9.00 to 10.00. yearlings 8.00. wethers 7.00 to 7.25. ewes 6.50 to 7.00. cull 4.25 to 4.75.
Kansas City stock market report shows hogs with receipts near 12,990 and bulk bids around 9.15 to 9.50, heavy class 9.36 to 9.56, and pigs at about 8.50 to 9.00. Cattle receipts about 11,000 with prime fed steers 10.40 to 11.00, dressed beef 9.00 to 7.25, cows 5.50 to 6.69, heifers 7.50 to 10.00, stockers 6.75 to 8.50. Sheep receipts about 12,000 with lambs 9.50 to 11.60, yearlings 8.00 to 4.25, wethers 7.25 to 8.25, ewes 6.75 to 7.7.
Receipts and quotations show hogs at 8000 head with higher market. Pigs and light hogs traded from 7.50 to 9.65, with butcher and mixed classes near 9.10 to 9.60. Cattle receipts 6000 with steady market. native beef steers 7.50 to 11.00, yearling steers and heifers 8.50 to 10.60, cows 5.50, stockers 6.50 to 8.50, Texas/Oklahoma steers 5.56 to 9.80, prime yearling steers and heifers 8.75 to 10.76, cows and heifers 5.00 to 8.00, prime southern steers 9.00 to 10.00, native calves 6.00. Sheep receipts 4809, market steady. wethers 5.50 to 7.00, clipped ewes 6.50 to 5.00, clipped lambs 8.59 to 10.35, spring lambs 16.00 to 11.68.
Chicago cattle and hog markets show firm to strong demand for hogs with bulk at 9.40 to 9.60 and pigs 7.20 to 8.60. Cattle receipts reach 16,000 with-native beef steers 7.90 to 11.35 and cows 3.85 to 9.85. Sheep receipts total 13,000 with wethers 7.26 to 8.35 and lambs 7.75 to 10.45.
The railroad commission authorizes a per car rate on rough logs carloads from points up to eighteen miles north of Beaumont to Beaumont for consignment to saw mills. The rate, effective today, applies on the Santa Fe and follows the dismissal of a complaint by Stockman residents for better depot facilities.
Cattle sales totaled about 1900 head with steady prices. Hogs sold about 1300 with higher top bids around 9 80. Buyers listed include John Martin of Duncan and Steed Groom of Texas with varied steers and heifers priced near 8 00 to 8 30.
Dead offered at 6.90 while copper dull and spellter steady. Electrolytic copper near term and later months quoted around 28 to 29. Iron holds firm with No 1 northern 20.25 to 21.00. Tin quiet at 43.75 to 44.75.
London market figures show read 81 pounds Sterling 16s for spelter 70 pounds sterling. Spot copper at £121 108, futures £119, electrolytic £143, spot tin £184 10s, futures £185.
From San Angelo Texas on June 12 copper ore ore from the Crowell area in Foard county moves daily to El Paso smelters. The mines, long idle, were reopened as European war demand raised copper prices.
Observations recorded Monday morning June 12 1916. Wind speeds under ten miles per hour and precipitation under .01 inch are not published here. Advertisement: $84.15 New York and return via Pacific.
New York trading opened with broad strength as the political developments fueled speculative buying. United States Steel led gains, up a point on heavy volume while other industrials railway stocks and munitions issues rose one to two points. Reading, Steel, Beet Sugar advanced, Marine preferred and Mexican Petroleum declined slightly, but overall market held strong with profit taking late.
New York notes show Mercantile Paper at 39 38 percent sterling with 60 day bills at 64.3, demand 4.75 11 16, cables 4.76 7, guilders demand 6 17, cables 3 1 1 2, bar silver 64 1/2, Mexican dollars 49 1/2. Government bonds steady and railroad bonds firm.
The port bulletin notes the arrival of Cambria from Genoa in New York on June 12.
The belt is generally fair with above normal temperatures. Rainfall of an inch or more occurred at Dyersburg Milan Nashville Tuscumbia Newnan Rome Tallapoosa Chattanooga McAlester and Okemah. Allen Buell meteorologist Weather Bureau reports.
A parade of visitors checks into San Antonio hotels including Cc Hurley of Houston at the St Anthony Brandes of New York at the Gunter Roy Corsiney of St Louis at the Menger H R Shine of Gainesville at the St Anthony A E Chavez of Edinburg Tex at the Gunter plus others from Dallas Fort Worth Palestine Chicago Deming Shreveport and Humble registering or staying at the Menger Gunter St Anthony and Rt Anthony.
Evening band concerts at Fort Sam Houston will resume Monday night with the Third Field Artillery Band playing from to 9 o clock followed by another Thursday night performance and continuing each Monday.
Thursday night throughout the summer the same parking rules as last year apply. Cars may park on the parade in front of the commanding general's quarters. Do not sound horns or start engines during the concert. Concerts have run Mondays and Thursdays from 4 30 to 6 30 p m.
Oklahoma City faces two dangers to its water supply after twenty men believed to be farmers destroyed the North Canadian River dam late last night. If repairs lag, a water shortage looms as flood waters may recede. guards failed to stop the act and the men escaped before aid arrived.
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