Cotton Market Mixed at Open as Prices Fluctuate
Market reports show cotton opening strong with prices then slipping later in the session. Traders cite supply jitters and demand uncertainty as key factors affecting early gains.
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Newspaper
San Antonio Light
Location
San Antonio, Texas, United States of America
Date
Oct 21, 1916
Page
7
Market reports show cotton opening strong with prices then slipping later in the session. Traders cite supply jitters and demand uncertainty as key factors affecting early gains.
Saturday, October 21, 1916. For San Antonio and vicinity tonight and Sunday, fair with rising temperatures. East Texas also expects fair skies tonight and Sunday with gradually rising temperatures.
The Cotton Exchange notes a bullish early tone in New York and New Orleans fading after frost damage fears subsided. Prices drift, then firm as ginning forecasts of 7.5 to 7.6 million bales spur buying. New York and New Orleans close steady with minor gains. Local San Antonio spot prices show Good middling at .665, Strict middling near .665.
Reports of frost in the eastern belt and strong dry goods demand spurred early buying. December at 18.50 and January 18.40 on the call, then eased to 18.30 and 18.28 as selling pressure grew. Mid-session firming due to bullish southern spot notes and rumors of a 17.46 million bale ginning by October 18, with a total crop near 11.49 million bales. Close at 18.48 with the list up 10 to 17 points.
In New York on October 21 futures markets show steady starts with December at 18.49 and January 18.40 while March 18.50 May 18.65 and July 18.66. Futures closed very steady with ranges and final quotes near 18.46 to 18.81.
Cold weather pushed New Orleans cotton futures up 6 to 9 points at the open but soon reversed as liquidation pulled prices 9 to 12 points below yesterday. A forecast of 7.5 to 7.6 million bales from the forthcoming ginning report spurred some buying, leaving the market 1 to 3 points up at mid-session. Frost in the cold night provided steadying support, and by late morning months traded 7 to 11 points above yesterday’s close.
New Orleans cotton futures opened steadier with October 17.40 and December 17.81 for nearby months. January 17.99 March 18.22 May 18.37 and July 18.44 were also quoted as asked. Closing data shows mixed but generally steady finishes across contracts.
A list of individuals visiting San Antonio area hotels includes Joseph Netzer and H. M. Roberts at the Gunter, F. Salisbury and J. E. Phelps at the St. Anthony, Walter Ritter and J. E. Smith at the Menger, and others from Dallas, Brownsville, Laredo, Eagle Pass, Saltillo, and Tampico. Several guests are noted at the Menger and Gunter with ties to Garza, Guerra, and Rihl.
Game Fish and Oyster Commissioner W. W. Wood urged the governor to permit the use of seines on the Texas coast for shrimp due to a substantial rise in shrimp under state protection. He also recommended protecting red fish.
Sugar costs rise daily says San Antonio wholesalers with May prices peaking at 8.70. A season crop shortage and high demand push prices higher, despite a temporary dip after May. Market again advanced to 7.80 per unit as of mid August with related wholesale commodity rates listed for nuts, beans, dried goods, and animal products.
The notice lists wholesale prices for potatoes onions tomatoes celery peppers and more by region including Colorado California Texas and Illinois. It covers fruits dried fruits canned goods coffee sugar oats hay and grains with per unit and per weight pricing for buyers and traders.
The War Department reportedly developing a hand grenade shaped and sized like a baseball. It is safe to handle until thrown with a curved release and a small instrument sets the plunger to explode on impact. The device promises greater range speed and accuracy than existing grenades, with potential future use by American pitchers as grenade sharpshooters.
Governor Ralston and many others attended the English Opera House for Robert Mc Laughlin's Hoosier romance An Old Sweetheart of Mine based on James Whitcomb Riley folk songs. Cast included Orrin Johnson Richard Barbee Frederick Burton and Agnes Findley. Mrs Wesley Grey, former child servant of Riley, inspired Orphant Annie.
The Texas Company headquartered in Houston received approval from the secretary of state to amend its charter raising capital stock from 37 million to 44.4 million dollars.
Oct 21 Union Stock Yards reports very slow trading on Saturday with cattle and calves dominating pens. Officials expect brisk activity next week as a large supply remains, with receipts today totaling cattle 110, calves 63, horses 3, hogs 109, sheep 345 while market totals show cattle 639, calves 53, hogs 28.
Fort Worth Texans market news shows cattle receipts about 700 with steady tone. Steers 6.00 to 7.50, stockers 6.00 to 6.75, heifers 6.50 to 6.90, cows 3.25 to 6.25, bulls 4.00 to 5.00, calves 4.50 to 9.25. Hog receipts around 1500 with bids up five cents. Bulk hogs 9.80 to 10.00, top 10.45. Sheep receipts 180 steady. lambs 9.00 to 9.50, yearlings 7.00 to 8.00, wethers 6.75 to 7.56, ewes 6.50 to 7.00, culls 4.00 to 5.00, goats 3.75 to 6.25.
Receipts for hogs were 14 000 with a strong market. Bulk 9.90 to 10.35, light 9.60 to 10.40, mixed 9.65 to 10.45, heavy 9.65 to 10.45, pigs 7.00 to 9.45. Cattle receipts 1 000, market steady. native beef cattle 6.50 to 11.40, western steers 6.10 to 9.25, stockers and feeders 4.75 to 7.75, cows and heifers 3.40 to 9.50, calves 7.25 to 11.85. Sheep receipts 3 000, market ready. wetherns 7.00 to 8.25, lambs 8.25 to 10.55.
In St Louis on October 21 receipts and prices show hogs at 4500 head with mixed and butchers from 9.85 to 10.35, heavy hogs up to 10.26, and a bulk range 9.90 to 10.30. Cattle receipts 1000 with native stock steers 7.50 to 11.00, yearlings and heifers 8.60 to 10.75, cows 5.50 to 7.50, stockers 5.30 to 7.59, plus Texas quarantine steers 5.50 to 8.00 and prime southern steers 8.00 to 9.00. Sheep receipts 600 with lambs 7.00 to 10.65, ewes 3.75 to 7.26, breeding ewes 8.60 to 9.60, yearlings 4.00 to 8.75. Market steadiness noted across groups.
Kansas City market results list receipts for hogs at about 2500 with steady to higher prices across categories. Bulk hogs quoted near 9.75 to 10.20, light and pigs ranges shown. Cattle receipts around 500 with various price bands for prime fed steers, dressed beef steers, cows and calves. Sheep receipts 3000 with lambs near 10 to 106.50, yearlings and other categories shown with mixed bounds.
New York market notes firm futures for Coffee No 7 Rio at 95 cents, Dee at 8.39, March 8.47. Raw sugar and molasses steady with refined prices listed, including October 5.40, December 4.99, March 4.23, May 4.30.
Chicago quotations show butter unchanged and eggs steady with receipts at 3818 cases. Potatoes advance with 45 carloads from Minnesota and the Dakotas priced at 1.40 to 1.50 for white varieties and 1.35 to 1.46 for other whites. live poultry prices remain unchanged.
Kansas City dispatch notes butter eggs and poultry unchanged. Valley Early Ohio firm price listed as one dollar fifty cents per unit, totaling sixty cents for a quoted quantity.
The cotton goods market was strong today with yarns advancing and wool firm. Ready-to-wear lines were active, especially dresses and coats, signaling robust demand in New York on October 21.
Houston bankers estimate that out of 62.5 million dollars on deposit in city banks, 37.6 million is loaned, with about 40 percent in the reserve fund. The reserve exceeds the legal requirement, creating a loanable surplus of more than 15.5 million dollars.
Norfolk Virginia October 21 Normal Bell Jr secretary and superintendent of the Norfolk Portsmouth Cotton Exchange and a prominent cotton man in the South died here today He was a Confederate veteran.
New York stocks opened with United States Steel dominating activity. Steel moved 25,000 shares at 120 to 119 and saw further large transfers near 120, while General Motors hit a new high of 806. Cuban American Sugar and peers advanced, rails showed strength in a broadly higher tape.
New York and London market notes show mercantile paper rates with 60 day bills at 4 3 4 percent and demand at 7 59 16 for sterling. Francs and guilders prices listed. tariff silver and Mexican dollars cited. London money rates shown with short and three month discounts and cotton statistics referenced.
Continued firmness in the copper market was reported with fair domestic demand and little copper offered for delivery before January. Prominent agencies quoted electrolytic copper for the first quarter around 28 to 27 1/2 cents, while iron remained unchanged.
Elgin butter prices held at 24 1 2 cents with no sales and market unchanged. New Orleans rice markets showed rough and clean prices steady with receipts of 5642 sacks rough and 885 pockets clean and sales including Honduras and Japan lots.
Savannah report lists firm activity with sales and receipts figures, including percentages and shipments. It records resin firm data and notes multiple notation codes and a price figure of 6.50, highlighting varied trading metrics across firms.
A brief notice notes observations recorded at 8 a m on Saturday October 26 1916. It references Universal Electric Sad Irons and Sam Speir Hardware Co as the advertisement source.
Smil Graff, 55, farmer and stockman from Hondo, died of heart failure Friday afternoon in San Antonio while attending Shriner ceremonies. He wished a Knight Templar funeral if his death occurred. Survived by widow, son Walter, daughters Lena Minnie and Paulina, and brothers Charles and J L Graff of Hondo. Body sent to Hondo with Knight Templar escort. funeral to be held there Sunday at 2:30 PM.
Nueces County eyes a bumper cabbage crop with prices ranging from 35 to 49 dollars per ton, a stark contrast to last year’s four dollars. County Farm Demonstrator Caldwell estimates record acreage of the so called stomach-acheless variety will be grown, boosting local profits despite recent reverses in the area.
Shippers market buyers paid prices for country produce delivered in San Antonio on Saturday. Butter steady at 34 cents per pound, country creamery. poultry very firm with hens at 6 dollars per dozen and large fryers 6.50 to 7.00. broilers 3.50 to 4.00. turkeys 18 to 19 cents per pound. ducks 4.80 to 5.50 per dozen. geese from 6 to 8 dollars per dozen.
Quotations recorded for October 22 show Wheat No 2 at 1.67 to 1.70 dollars, No 2 spring at 1.71 to 1.76, corn No 2 yellow around 98 to 99 cents, and barley priced about 8 shillings 0 pence per bushel with Root Standard spread noted.
Fresh advances in wheat sparked heavy profit taking, then a rally as resting orders appeared. Bulls note ongoing Argentina drought and moderate strength in cable quotations, with world shipments rising including Britain. December and May futures moved from opening highs to a strong close up about 1 to 1½ percent.
Quotations show wheat unchanged or slightly lower with No 4% hard at 1.66 to 1.75, No 2 red 1.69 to 1.71. Corn holds steady to lower with No mixed 91 to 92 cents, No 2 white around 92 to 93 cents, No 2 yellow 94 to 95 cents. Oats also flat to lower with No 8 white 49 cents, No 2 mixed 48 to 50 cents. Rye ranges 1.25 to 1.26 dollars.
Kansas City grain futures close with Wheat Dec at 1.65 and May 1.66 while Corn Dec trades 2 3/4 cents higher at 85 1/2 cents and May at 85 3/4 cents.
Quotations show wheat higher with No 2 at 1.76 to 1.80 and No 8 around 1.74 to 1.77. Corn rises with No 2 at 98c and No 2 white near 1. Oats steady at No 2 49 143 and No 8 white nominal. Rye steady at No 2 1.32.
Local packing house quotations show varied meat products with price ranges for dry salt bacon bellies lard and compound fats. Details include bacon extras at 18 cents and 22 cents for fancy cuts, 14 to 16 pound bellies at around 18 to 20 cents, and pure lard at 17 cents.
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