The Market Reporter, Vol. 4, No. 15

by Various

PRICES OF SPOTS AND FUTURES CONTINUE TO ADVANCE.

Condition of Crop Poorest on Record—Production Estimated at Only 6,537,000 Bales.

Perhaps the main feature in the cotton markets for the week ending Oct. 1 was the sensational advance in prices which occurred on Sept. 27. That day was the first day for the issuance of notices of deliveries to be made on October future contracts at the two future exchanges and it is reported that the notices issued were for more than 80,000 bales at New York and over 20,000 bales at New Orleans. However, in spite of these notices of heavy deliveries, the demand for October contracts during the day was such that the price at New York rose 1³⁄₄¢ per lb. and at New Orleans nearly 1¹⁄₂¢ over the low point reached early in the morning.

The closing prices for October future contracts for that day were 21.03¢ at New York and 20.70¢ at New Orleans, or 143 points and 135 points, respectively, above the closing prices of the previous Saturday. The average price of middling in the 10 designated markets reached 20.89¢ per lb. on Sept. 27, or very nearly $5 per bale higher than at the close of the previous week.

TRADE APPREHENSIVE.

Only the better grades of cotton are deliverable on future contracts so that probably one of the main causes of the keen demand for October contracts was the apprehension that the present crop will not only be the smallest for many years but that it will also be of low grade, as is indicated by reports from some sections.

During the remainder of the week prices eased off somewhat under heavy hedge selling and liquidation by long interests, but indications were that the demand for future contracts, as well as for spot cotton during the entire week, was fully equal to the offerings. The end of the week found prices higher than those prevailing at the close of the previous week except for the prices for the more distant months, which were a few points lower.

The average price of Middling as determined from the quotations of the 10 designated spot markets closed at 20.71¢ per lb. on Oct. 1, compared with 19.92¢ at the close of the previous week and 23.11¢ for the corresponding day in 1920.

Fluctuations in prices for futures ranged from a decline of 27 points for July future contracts at New York to an advance of 88 points for October futures in the same market. October futures on the New Orleans Cotton Exchange advanced 70 points. October future contracts on the Liverpool Cotton Association closed at 14.68d. per lb. on Sept. 30, compared with 14.16d. at the close of the previous week and 17.23d. for the corresponding day in 1920.

SPOT SALES LARGER.

Spot sales during the week at the 10 designated markets were much larger than they have been for any week this season. They amounted to 209,938 bales, compared with 155,954 the previous week and 96,095 bales for the corresponding week in 1920. On Sept. 28 the sales in the 10 markets were 59,929 bales, the largest single day’s sales for this season. The previous largest day’s sales for the season, involving 38,504 bales, occurred on Sept. 6. The total sales in the 10 designated markets from Aug. 1 to Oct. 1 were 980,146 bales, compared with 503,135 for the corresponding period last year. (Sales for 1920 exclude Dallas.)

SPOT COTTON QUOTATIONS.

Price of Middling spot cotton for Oct. 1, and the commercial differences in price between Middling and other grades of American Upland cotton at each of the 10 markets named, together with the total number of bales sold during the week ending Oct. 1, in each of the markets, as reported to the Bureau of Markets and Crop Estimates.

		Nor- folk.	Au- gus- ta.	Sa- van- nah.	Mont- gom- ery.	Mem- phis.	Little Rock.	Dal- las.	Hous- ton.	Gal- ves- ton.	New Or- leans.	Aver- age.
White standards:		On.[1]	On.	On.	On.	On.	On.	On.	On.	On.	On.	On.
	Middling Fair	200	250	175	200	200	225	200	225	300	175	215
	Strict Good Middling	150	200	150	150	150	175	150	175	300	150	165
	Good Middling	100	100	100	100	100	100	100	125	100	100	103
	Strict Middling	50	50	50	50	50	50	50	75	50	50	53
Middling		20.25	20.25	20.75	20.00	21.00	20.75	20.60	21.25	21.75	20.50	20.71
		Off.[1]	Off.	Off.	Off.	Off.	Off.	Off.	Off.	Off.	Off.	Off.
	Strict Low Middling	75	75	75	100	100	75	100	100	100	75	88
	Low Middling	200	200	200	200	250	200	225	200	250	200	213
	Strict Good Ordinary[2]	300	300	300	300	400	300	325	300	400	450	338
	Good Ordinary[2]	400	425	400	400	500	400	425	400	500	550	440
Yellow Tinged:
	Good Middling	50	Even.	50	50	50	50	50	50	50	50	45
	Strict Middling	125	100	150	150	150	125	150	150	150	100	135
	Middling[2]	200	200	250	250	200	225	250	250	250	250	233
	Strict Low Middling[2]	350	300	350	350	350	325	350	400	350	325	345
	Low Middling[2]	450	400	450	450	450	425	450	500	500	400	448
Yellow Stained:
	Good Middling	200	175	200	225	200	200	200	250	250	300	220
	Strict Middling[2]	300	275	300	325	300	250	300	350	350	350	310
	Middling[2]	450	450	400	450	350	400	400	400	450	400	415
Blue Stained:
	Good Middling[2]	250	225	250	275	200	250	300	300	300	325	268
	Strict Middling[2]	350	325	350	375	300	350	350	400	400	375	358
	Middling[2]	450	425	450	500	350	450	450	500	500	425	450
Sales for week, bales		10,205	2,376	3,160	3,227	25,450	11,851	68,007	58,387	8,681	18,594	[3]209,938

[1] The differences are stated in terms of hundredths of a cent per pound. By “On” is meant that the stated number of points is to be added to the price of Middling and by “Off” is meant that the stated number of points is to be subtracted from the price of Middling.

[2] These grades are not tenderable on future contracts made subject to section 5 of the United States cotton futures Act, as amended, on the future exchanges at New York and New Orleans.

[3] Total sales in the designated markets.

Commercial reports indicate that trading in cotton goods has broadened and that, while the demand for goods in small quantities and under frequent orders is rather active, there is still uncertainty as to the effect of higher prices on the consumption of goods.

The crop reporting board of the Bureau of Markets and Crop Estimates on Oct. 3. 1921, estimated that the condition of the cotton crop on Sept. 25 was 42.2% of normal, compared with 49.3% on Aug. 25, 59.1% on Sept. 25, 1920, 54.4% on Sept. 25, 1919, and 62.4% the average on Sept. 25 of the past 10 years.

A condition of 42.2% on Sept. 25 forecasts a yield per acre of about 118 lbs. and a total production of about 6,537,000 bales of 500 lbs., gross. In 1920 the production was 13,439,603 bales; in 1919, 11,420,763; in 1918, 12,040,532; in 1917, 11,302,375; and in 1916, 11,449,930 bales.

The condition of the crop on Sept. 25 is the lowest on record and the estimated production is less than that for any year since 1884 when 5,682,000 bales were produced.

The preliminary report of the Bureau of the Census issued on Oct. 3, showed 2,907,950 bales ginned prior to Sept. 25, compared with 2,249,606 bales for the corresponding period last year and 1,835,214 bales for 1919. The figure for 1921 is subject to slight corrections when checked with individual returns of the ginners being transmitted by mail.

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Closing Future Prices for Oct. 1 and for the Corresponding Days in 1920 and 1919.

Month.	New York.			New Orleans.
	1921	1920	1919	1921	1920	1919
October	20.48	22.25	30.55	20.05	20.80	31.25
December	20.65	21.25	30.84	20.26	20.42	30.85
January	20.33	20.92	30.85	20.03	20.25	30.76
March	20.02	20.68	31.00	19.59	20.25	30.72

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Stocks of Government-Classed Cotton at Future Markets.

Inspected cotton, Government-classed, in warehouses at the ports of New York and New Orleans on Sept. 30, and on the corresponding day in 1920, of the grades tenderable on future contracts made on the exchanges in these markets subject to section 5 of the United States cotton futures Act as amended:

Grade.	New York.		New Orleans.
	1921	1920	1921	1920
	Bales.	Bales.	Bales.	Bales.
Middling Fair	...	...	3	2
Strict Good Middling	234	3	293	95
Good Middling	4,393	24	3,645	726
Strict Middling	19,482	38	22,654	1,652
Middling	47,667	179	37,173	1,538
Strict Low Middling	39,264	3,079	19,040	1,264
Low Middling	9,443	1,294	7,410	409
Good Middling Yellow Tinged	3,880	136	3,214	71
Strict Middling Yellow Tinged	3,405	453	3,046	113
Good Middling Yellow Stained	23	2	3	2
Total	127,791	5,208	96,481	5,872

Total stocks of cotton, all kinds, on Sept. 30. at the port of New York were 147,822 bales and for the corresponding day in 1920, 25,594 bales; at the port of New Orleans, 426,488 bales, and for the corresponding day in 1920, 206,460 bales.

Cotton Movement and Exports from Aug. 1 to Sept. 30.
[Information from commercial sources.]

	1921	1920
	Bales.	Bales.
Port receipts	1,032,400	630,734
Port stocks	1,407,344	816,826
Interior receipts	1,292,150	736,239
Interior stocks	1,147,941	920,155
Into sight	1,852,353	1,369,128
Northern spinners’ takings	296,661	206,321
Southern spinners’ takings	497,115	328,213
World’s visible supply of American cotton	3,944,690	2,763,568

Exports for the week ending Sept. 30, amounted to 147,591 bales, compared with 86,204 bales the previous week and 109,498 bales for the corresponding week in 1920. The total exports from Aug. 1 to Sept. 30 were 870,698 bales, compared with 457,750 bales in 1920.

Exports of American Cotton from Aug. 1 to Sept. 30.

To—	1921	1920
	Bales.	Bales.
Great Britain	118,751	177,162
France	145,343	92,617
Germany	248,728	110,275
Italy	32,515	26,025
Japan and China	211,103	1,526
Other countries	114,258	50,145
Total	870,698	457,750

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Premium Staple Cotton.

A fair demand for premium staple cotton is reported at New Orleans and a good demand at Memphis. Some of the sales in these two markets during the week were as follows:

New Orleans:	Cents.
Strict Middling, 11⁄16 ins.	22
Middling, 11⁄16 ins.	22
Middling to Strict Middling, 11⁄16 ins.	22	1⁄2
Strict Good Ordinary, California, 11⁄16 ins.	17
Middling, 11⁄16 to 11⁄8 ins.	23
Middling to Strict Middling, 11⁄8 ins.	27	3⁄4
Strict Low Middling to Middling, 11⁄8 ins.	21
Good Middling, 11⁄8 ins.	30
Good Middling, 11⁄4 ins.	36
Strict Low Middling to Middling, 15⁄16 ins.	36
Middling to Strict Middling, 13⁄16 ins.	35
Strict Middling, full 13⁄16 ins.	36
Strict Good Ordinary to Low Middling, 13⁄16 ins.	22
Memphis:
Strict Middling, 11⁄8 ins.	30
Middling, 11⁄8 to 13⁄16 ins.	32
Strict Middling to Good Middling, full 13⁄16 ins.	37	1⁄2
Middling to Strict Middling, 13⁄16 ins.	34
Middling to Strict Middling, full 13⁄16 ins.	37
Middling, full 13⁄16 to 11⁄4 ins.	39
Strict Middling to Good Middling, 13⁄16 to11⁄4 ins.	40
Strict Middling, 15⁄16 to 13⁄8 ins.	40
Middling, 13⁄8 ins.	41

The average premiums quoted in the New Orleans and Memphis markets for the staple lengths specified are stated below for Middling cotton based on Middling short staple cotton at 20¹⁄₂¢ per lb. at New Orleans and 21¢ at Memphis on Oct. 1, 1921, and 23¢ per lb. at New Orleans and 25¢ at Memphis on Oct. 2, 1920.

Length.	New Orleans.		Memphis.
	1921	1920	1921	1920
	Points.	Points.	Points.	Points.
11⁄16 ins.	175	400	200	65
11⁄8 ins.	750	...	700	700
13⁄16 ins.	1,100	...	1,200	1,800
11⁄4 ins.	1,500	...	1,900	...

The latest quotations received for Pima American-Egyptian cotton are 40¢ per lb. for No. 2 grade and 37¢ for No. 3 grade f. o. b. New England mill points.

Telegraphic advices indicate that Egyptian Sakellaridis cotton for prompt shipment is quoted at 63⁷⁄₈¢ per lb. for the grade Fully Good and 49⁵⁄₈¢ for the grade Good Fair on c. i. f. terms landed at Boston or New York.

COTTONSEED PRICE QUOTATIONS.
Week Ending Sept. 24.

City.	Car lots.	Wagon lots.
	Per ton.	Per ton.
Charlotte, N. C.	$43.00	$40.00
Cheraw, S. C.	46.25	38.50
Edgefield, S. C.	42.00	40.00
Greenville, S. C.	...	38.00
Orangeburg, S. C.	45.00	42.00
Lauratown, Ark.	38.00	...
Ashdown, Ark.	...	32.00
Jonesboro, Ark.	...	32.00
Prescott, Ark.	...	35.00
Henning, Tenn.	...	35.00
New Orleans, La.	40.00	...
Atlanta, Ga.	45.00	42.00
Dallas, Tex.	41.00-42.00	37.00-38.00
Fort Worth, Tex.	40.00	...
Houston, Tex.	40.00	...
Oklahoma City, Okla.	35.00	30.00
Guthrie, Okla.	35.00	24.00
Chickasha, Okla.	34.00	28.00

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Imports of Wool at Two Ports.

Imports of wool through the port of Philadelphia during the two weeks ending Oct. 1 totaled 2,842 bales, weighing 1,203,247 lbs., valued at $129,462. Imports at Boston during the same period totaled 802 bales, weighing 330,551 lbs., and having a valuation of $42,821. In addition, 128 bales of mohair, weighing 64,694 lbs., valued at $9,375, were received at Boston.

COTTON: COMPARATIVE PRICE VARIATIONS FOR AUGUST AND SEPTEMBER.

[Enlarged chart.]

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WOOL CONSUMPTION REPORT FOR AUGUST.
Quantities Entering into Manufacture According to Condition, Classes, and Grades.
[In thousands of pounds; i. e., 000 omitted.]

Class and grade.			Grease.		Scoured.		Pulled.		Total, August.		Total, July.		Total, January to August.
			1921	1920	1921	1920	1921	1920	1921	1920	1921	1920	1921	1920
Fine:
	Combing—
		Domestic	6,241	2,090	45	56	19	45	6,305	2,191	4,166	2,411	27,035	40,533
		Foreign	2,814	4,661	14	56	1	10	2,829	4,727	2,976	5,701	28,138	53,343
	Clothing—
		Domestic	985	358	654	476	229	54	1,868	888	1,624	773	11,720	12,322
		Foreign	270	487	632	546	10	7	912	1,040	959	899	8,101	13,164
1⁄2 blood:
	Combing—
		Domestic	4,280	1,937	45	52	138	219	4,463	2,208	3,678	2,517	24,681	27,949
		Foreign	1,285	2,066	53	50	...	...	1,338	2,116	1,345	2,544	10,088	24,582
	Clothing—
		Domestic	347	195	561	345	215	45	1,123	585	925	523	7,315	10,661
		Foreign	12	10	199	114	10	7	221	131	310	98	2,131	3,057
3⁄8 blood:
	Combing—
		Domestic	2,207	1,323	299	148	185	106	2,691	1,577	2,741	1,514	20,485	29,035
		Foreign	1,603	2,112	35	37	...	...	1,638	2,149	1,410	1,503	12,420	21,708
	Clothing—
		Domestic	183	71	1,019	434	443	64	1,645	569	1,580	828	11,630	12,180
		Foreign	172	140	307	589	...	1	479	730	348	257	2,948	5,236
1⁄4 blood:
	Combing—
		Domestic	2,747	1,630	159	151	266	161	3,172	1,942	2,861	1,666	22,630	23,722
		Foreign	2,719	3,329	109	143	61	32	2,889	3,504	2,424	3,829	28,920	37,667
	Clothing—
		Domestic	289	186	790	372	193	39	1,272	597	1,143	608	8,641	6,930
		Foreign	504	314	443	243	33	19	980	576	966	608	7,106	6,561
Low or Lincoln:
	Combing—
		Domestic	158	223	9	36	2	2	169	261	156	199	1,386	1,742
		Foreign	485	570	15	45	31	3	531	618	825	572	5,555	7,839
	Clothing—
		Domestic	4	13	105	45	10	7	119	65	117	61	1,074	709
		Foreign	21	154	58	7	1	3	80	164	32	56	697	1,263
Carpet:
		Combing, foreign	2,522	2,380	95	248	70	46	2,687	2,674	1,993	2,255	13,596	23,353
		Filling, foreign	2,812	2,530	509	572	461	245	3,782	3,347	2,925	2,910	18,405	26,111
Grade not stated:
		Domestic	5,513	97	103	58	...	...	5,616	155	5,838	20	38,550	730
		Foreign	4,351	25	25	9	...	...	4,376	34	5,009	22	31,553	707
Total:
	Domestic		22,954	8,123	3,789	2,173	1,700	742	28,443	11,038	24,829	11,120	175,147	166,513
	Foreign		19,570	18,778	2,494	2,659	678	373	22,742	21,810	21,522	21,254	169,658	224,591
		Grand total, August	42,524	26,901	6,283	4,832	2,378	1,115	51,185	32,848	...	...	...	...
		Grand total, July	38,022	26,757	5,923	4,281	2,406	1,336	...	...	46,351	32,374	...	...
		Grand total, Jan. to Aug.	283,721	321,703	43,430	56,099	17,654	13,302	...	...	...	...	344,805	391,101

Class and grade.			Grease.		Scoured.		Pulled.
			1921	1920	1921	1920	1921	1920
Fine:
	Combing—
		Domestic	6,241	2,090	45	56	19	45
		Foreign	2,814	4,661	14	56	1	10
	Clothing—
		Domestic	985	358	654	476	229	54
		Foreign	270	487	632	546	10	7
1⁄2 blood:
	Combing—
		Domestic	4,280	1,937	45	52	138	219
		Foreign	1,285	2,066	53	50	...	...
	Clothing—
		Domestic	347	195	561	345	215	45
		Foreign	12	10	199	114	10	7
3⁄8 blood:
	Combing—
		Domestic	2,207	1,323	299	148	185	106
		Foreign	1,603	2,112	35	37	...	...
	Clothing—
		Domestic	183	71	1,019	434	443	64
		Foreign	172	140	307	589	...	1
1⁄4 blood:
	Combing—
		Domestic	2,747	1,630	159	151	266	161
		Foreign	2,719	3,329	109	143	61	32
	Clothing—
		Domestic	289	186	790	372	193	39
		Foreign	504	314	443	243	33	19
Low or Lincoln:
	Combing—
		Domestic	158	223	9	36	2	2
		Foreign	485	570	15	45	31	3
	Clothing—
		Domestic	4	13	105	45	10	7
		Foreign	21	154	58	7	1	3
Carpet:
		Combing, foreign	2,522	2,380	95	248	70	46
		Filling, foreign	2,812	2,530	509	572	461	245
Grade not stated:
		Domestic	5,513	97	103	58	...	...
		Foreign	4,351	25	25	9	...	...
Total:
	Domestic		22,954	8,123	3,789	2,173	1,700	742
	Foreign		19,570	18,778	2,494	2,659	678	373
		Grand total, August	42,524	26,901	6,283	4,832	2,378	1,115
		Grand total, July	38,022	26,757	5,923	4,281	2,406	1,336
		Grand total, Jan. to Aug.	283,721	321,703	43,430	56,099	17,654	13,302

Class and grade.			Total, August.		Total, July.		Total, January to August.
			1921	1920	1921	1920	1921	1920
Fine:
	Combing—
		Domestic	6,305	2,191	4,166	2,411	27,035	40,533
		Foreign	2,829	4,727	2,976	5,701	28,138	53,343
	Clothing—
		Domestic	1,868	888	1,624	773	11,720	12,322
		Foreign	912	1,040	959	899	8,101	13,164
1⁄2 blood:
	Combing—
		Domestic	4,463	2,208	3,678	2,517	24,681	27,949
		Foreign	1,338	2,116	1,345	2,544	10,088	24,582
	Clothing—
		Domestic	1,123	585	925	523	7,315	10,661
		Foreign	221	131	310	98	2,131	3,057
3⁄8 blood:
	Combing—
		Domestic	2,691	1,577	2,741	1,514	20,485	29,035
		Foreign	1,638	2,149	1,410	1,503	12,420	21,708
	Clothing—
		Domestic	1,645	569	1,580	828	11,630	12,180
		Foreign	479	730	348	257	2,948	5,236
1⁄4 blood:
	Combing—
		Domestic	3,172	1,942	2,861	1,666	22,630	23,722
		Foreign	2,889	3,504	2,424	3,829	28,920	37,667
	Clothing—
		Domestic	1,272	597	1,143	608	8,641	6,930
		Foreign	980	576	966	608	7,106	6,561
Low or Lincoln:
	Combing—
		Domestic	169	261	156	199	1,386	1,742
		Foreign	531	618	825	572	5,555	7,839
	Clothing—
		Domestic	119	65	117	61	1,074	709
		Foreign	80	164	32	56	697	1,263
Carpet:
		Combing, foreign	2,687	2,674	1,993	2,255	13,596	23,353
		Filling, foreign	3,782	3,347	2,925	2,910	18,405	26,111
Grade not stated:
		Domestic	5,616	155	5,838	20	38,550	730
		Foreign	4,376	34	5,009	22	31,553	707
Total:
	Domestic		28,443	11,038	24,829	11,120	175,147	166,513
	Foreign		22,742	21,810	21,522	21,254	169,658	224,591
		Grand total, August	51,185	32,848	...	...	...	...
		Grand total, July	...	...	46,351	32,374	...	...
		Grand total, Jan. to Aug.	...	...	...	...	344,805	391,101

Quantities Entering into Manufacture According to Sections.
[In thousands of pounds, i. e. 000 omitted.]

Section.	Grease.		Scoured.		Pulled.		Total.
	1921	1920	1921	1920	1921	1920	1921	1920
New England	27,026	13,980	3,419	2,097	894	500	31,339	16,577
Middle Atlantic	13,710	11,516	1,419	1,431	1,162	469	16,291	13,416
Pacific coast	62	47	235	182	55	12	352	241
Other sections	1,726	1,358	1,210	1,122	267	134	3,203	2,614
Grand total	42,524	26,901	6,283	4,832	2,378	1,115	51,185	32,848

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