Gains in Cotton Hammered by Profit Taking
Market observers report cotton prices retreat as investors lock in gains. Traders note pressure from profit taking amid fluctuating demand and uncertain near term outlooks. India houses buy light.
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Newspaper
San Antonio Light
Location
San Antonio, Texas, United States of America
Date
Jun 16, 1916
Page
15
Market observers report cotton prices retreat as investors lock in gains. Traders note pressure from profit taking amid fluctuating demand and uncertain near term outlooks. India houses buy light.
Quotations for principal spot cotton remain near 16 cents delivered at market. Weather improves in western belt but profit taking drives declines. New Orleans and New York show limited demand with prices down several points. San Antonio compress prices list grades from strict low middling to good ordinary with varying figures.
The New York cotton market opened steady with a net advance of up to three points amid Liverpool buying and covering. October touched 12.98 and December 13.14 before profit taking and limited demand pushed prices back. trading firms with India ties were moderate October buyers. A bullish June 11 crop condition at 80.7 percent failed to sustain gains as midday activity stayed narrow with October around 12.94 near last night’s close.
In New York on June 16 cotton futures opened barely steady with July at 12.80, October 12.96, December 13.14, January 13.18, and March 13.30. The market closed steady, moving 4 to 8 points.
Unclear OCR shows Liverpool due to open Saturday with margin near one point. An 11 o'clock call sequence appears: New York Call Close duty. Text includes stray fragments SEE October and F January.
Rains kept the market moderate with prices rising one to two points at opening. Demand cooled after the call as buyers took profits, markets slipped three to five points from yesterday, then recovered slightly before closing three to six points lower.
New Orleans cotton futures opened steady on June 16 with early bids for July at 12.68 and December at 12.91. Prices closed steady to down 4 to 5 points, with near terms showing modest declines from the prior session.
Liverpool reports steady cotton spot prices with good middling at 8.414 and middling 8.254 as 3,000 bales traded. Futures show a cautious edge with June at 7.974 and later contracts around 7.6 to 7.9. New York lists cotton seed prices at 9.400 to 8.65 with total sales 27,000.
Raw sugar prices showed firmness in New York on June 16 with centrifugal at 4.39 and molasses at 5.62. Refined sugar values ranged from 7.15 to 8.80 per unit across various forms including cube and crushed grades, while other refined grades moved between 7.65 and 8.15, with No 1 at 7.50.
Quotations to Gay were as follows Butter Creamery 29c firsts 27c cec ins 26c packing 22c Eggs Firsts 21c Eggs 21tec country notes weak Texas Oklahoma and Louisiana Triumphs 1.60 1.65 id potatoes weak Minnesota White Rus and Ohlos 1.16
Fresh produce receipts rose on Friday with better supplies and steady demand. Peaches sold at 90 cents to $1 per four basket crate, oranges at 4.25 per box, lemons at 5 dollars, cucumbers at 2, tomatoes largely unchanged. Butter eggs and poultry receipts were lighter but demand met with stable prices.
A listing of wholesale prices to retailers and shipper buyers across wide categories. Texas potatoes and onions lead the vegetable table with crate and dozen pricing, plus peppers, cabbage, lettuce, cucumbers, and citrus. Fruit lines include apples, bananas, oranges, and limes with varied box and crate rates. Dried fruits, canned goods, fats, grains, seeds, and hogs head the rest.
Bearish export outlook pressured wheat while corn rose. July and September futures fluctuated with mixed closes. Oats and hog prices were steadier, and Carlot buyers posted varied grain and hay prices in San Antonio for the day, including corn, oats, and several hay types.
Quotations today show wheat at No. red around 1.12 to 1.13 dollars, No. 2 hard nominal, corn No. 2 at about 75 to 76 cents, No. 2 white around 77 to 78 cents, and oats No. 2 near 88 cents with No. 2 white nominal.
The report lists wheat prices with No 2 hard at 98 cents and 1.06 dollars, No 2 at 4 cents. Corn quotes show No 2 mixed at 71 to 72 cents, No 2 c oats No 2 white 40 cents, and No 2 mixed 34 to 38 cents.
Kansas City grain futures show Wheat July at 95 and Sept at 87 cents per bushel while a July No 2 red wheat trades around 91 03 and corn No 2 yellow at about 79 1/2 to 79 3/4 cents. Chicago cash grain quotes list No 2 red wheat 91 03, No 2 yellow corn 79 1/2 to 79 3/4 cents, oats standard 39 1/4 to 40, and barley 58 1/4 to 60 cents.
Quotations from Chicago markets show varied beef and grain figures with close values and \nS>An accompanying San Antonio section lists local packing house prices for dry salt, bacon, bellies, hams, and assorted pork products with fractions and averages.
Shippers report steady demand and pricing for renntry produce in San Antonio. Butter and creamery goods hold firm. country packing stock and poultry show stable quotes with hens at $4 per dozen and friers around $4.50 to $5.60. Turkeys range near $0.15 per pound, ducks $5.00 to $6.00 per dozen.
The New Orleans rice market remained strong with no sales and unchanged quotations as receipts totaled roughly 13 sacks.
In Savannah on June 16 turpentine firms show 38% sales 481 receipts 462 and 15 22 stock with no shipments. A separate firm reports sales 1061 receipts 1362 and stock 63 65 with no shipments. Quotations list varied prices across grades from A C and E to W W and N, reflecting market dispersion.
Liverpool reports 69 000 bales forwarded to mills 59 000 American stock 664 000 bales 528 000 American 77 000 bales 76 000 American exports 2599 bales. In New York Elizabeth Marbury recalls seeking a manager for The Optimist amid title debates and a joke about pronouncing Les Miserables a manager could not agree on.
The Union Stock Yards market report notes medium class offerings with cows from 5.00 to 5.50 and hogs averaging 8.00 to 9.00, with some choice hogs up to 9.25. Foreign hog prices were higher at 9.60 to 10.10, receipts steady, cattle and calves mixed, sheep steady, and regional markets shown for Texas, Oklahoma, Kansas City, and St. Louis.
Fort Worth market notes show cattle receipts around 2000 with activity steady. Reeves and Hoge price ranges listed for various categories, including stockers calves cows and hogs with mixed highs and lows. Sheep receipts near 1250 with lambs yearlings and ewes priced in the expected ranges.
Chicago reports June 16 receipts and price ranges for hogs cattle and sheep. Hogs 19,000 head market strong with various weight classes listed. cattle 1,000 head market steady with native beef cattle and other categories priced. sheep 11,000 head market steady with wethers lambs and springs quoted.
Receipts and quotations for hogs cattle and sheep reported in Kansas City. Hogs numbers around 3000 with bulk bids near 9.50 to 9.85 and light hogs around 9.70. Cattle receipts about 1000 featuring prime fed steers at 10.30 to 11.26, dressed beef steers 8.00 to 8.25, cows 5.5 to 7.5, stockers 6.75 to 8.00. Lambs quoted 8.60 to 11.15 with yearlings and wethers shown. Market conditions described as steady to higher across categories.
Receipts and quotations show hogs, cattle, and sheep trading higher to steady in St Louis on June 16. Hogs ranged from 8.00 to 10.90 per cwt with various grades noted, cattle in the 5.00 to 11.60 range across native, Texas Oklahoma, and prime categories, and sheep prices from 4.00 to 11.66 for ewes, lambs, and wethers.
Quoted today for dairy and produce include ce Rutter lower milk creamery at 25 to 28 cents. Eggs down with receipts 17 098 cases. Potatoes unsettled with old receipts 10 carat Michigan Wisconsin Minnesota and Dakota white $1.00 to $1.10. New receipts 15 carloads Triumphs $1.60 to $1.75. Louisiana white $1.70 to $1.70. Virginia and Carolina barreled $4.50 to $5.25. Poultry alive steady with fowls 18 cents. An inventor showcases a shirt with an adjustable collar band.
New York June 16 Declining trends grew sharper in early trading as the Mexican crisis and railroad brotherhoods rejection of general managers proposals spurred continued selling. Beet Sugar fell over two points then recovered. United States Steel barely steadied while specialties weakened and later firmed, with most major issues nearly at a standstill.
New York trading reports show 60 day bills at 4.72 percent and demand at 4.86 percent with cables 4.76. Sterling exchange notes 3 percent ranges and gold and silver prices quoted. Government bonds firm, railroads steady, time loans 3 percent with six months at 3 percent. Call money firm with rates near 3 percent. high rates around 8 percent.
Lead offered at wu. Spelter weak. Spot East St Louis delivery 13 asked. Copper firm Electrolytic nearby nominal September and later 27.50 to 29.25. Iron steady and unchanged. Tin quiet. Spot 42.00.
London market notes show lead at 91 pounds sterling for 7a 64, spelter 68 pounds, spot copper 113 pounds, futures 110 pounds, electrolytic 140 pounds. Spot tin 178 pounds, futures 178 pounds 10s, with June 16 dated figures.
Toledo dispatch reports a $200 million proposed automobile industry merger was dropped due to lack of cash. John N. Willys, head of Willys-Overland, stated the hasty split was not caused by fear of Sherman anti trust law.
Attorney General B F Looney returned from a three week Panhandle tour and reported cotton thriving in the region on thousands of acres. He noted alfalfa fields irrigated for strong returns and the boll weevil yet to reach the area, marking a notable agricultural revelation.
New York traders push prices higher after a sharp fall with scattered covering and buying. Opening gains of 4 to 7 points give way to day’s highs, closing 10 to 11 points below the day’s best as totals show 18 750 contracts with June through May futures listed and spot rates noted.
Slaughter, former president of the defunct Mercantile National Bank, Dallas, Texas, was acquitted in Pueblo district court of larceny of livestock tied to a $27,000 mortgage held by the bank. The verdict followed court instructions.
Reports from the State Department of Agriculture note that heavy rains and high winds damaged many crops including red providers, sweet peas, tomatoes and roses. A separate item mentions experimental fuel briquettes made from waste coal with tar binder being tested on an English railway.
The Cotton Region Bulletin from San Antonio dated June 16 provides 24 hour end figures for Houston district stations detailing temperatures and rainfall. It notes miscellaneous weather remarks from Allen Buell and includes light poetry and quips about mosquito control and household carbonic acid gas devices.
State banks in Texas with savings departments show resources totaling 3,539,707.44 as of May 1. Real estate loans amount to 2,467,493.71. bonds and currency comprise the rest. deposits total 3,498,213.73 with earnings and profits listed. The cash reserve stands at 709,786.36, exceeding the legal minimum by 199,119.51.
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