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About The Augusta daily herald. (Augusta, Ga.) 1908-1914 | View Entire Issue (Jan. 8, 1910)
AUGUSTA COTTON MARKET Today, 15 3-4. Tone, nominal Middling this da y Last Year, 9 7-16 (TODAY'S FIGURES.) Strict good ordinary 14 7-8 Low middling .. ...15 7-16 Strict low middling 15 5-8 Middling 15 3-4 Strict middling ..15 7-8 Good middling 16 Tinges, Ist 15 5-8 Tinges, 2nd 15 7-16 (PREVIOUS DAY'S FIGURES.) Strict good ordinary .. .. >l4 7-8 Low middling 15 7-8 Strict low middling 15 5-8 Middling 15 3-4 Strict middling 15 7-S Good middling 10c Tinges. Ist 15 5-8 Tinges, 2nd 15 7-16 receipts for the Week. Sales. Spin. Shipt. Sat 1152 83 153 Mon. . .... .• • ■ Tnes .... . • ■ • Wed Thurs .... .■. • Fri .... .... Totals . . 1152 83 153 Comparative Receipts. 1910 1909 Saturday 587 488 Monday .... Tuesday '... .... Wednesday .... Thursday .. • • Friday , .... .... Totals 587 488 Stocks and Receipts. Stock in Augusta, 1910 .. .. 66,965 Stock in Augusta, 1909 . . .. 99,336 Received since Sept. 1, 1909 . .318,777 Received since Sept. 1. 1908 ..294,977 Augusta Daily Receipts. .Georgia Ry 222 97 Southern Ry 20 118 .cugusta Southern ... 60 .... Cent, of Ga. Ry 84 C. & W. C. Ry 237 134 Wagon 41 55 Net receipts 587 488 Througlf .•. ■ Totals 587 488 Fort Receipts. 1910 1909 Galveston 3878 8074 New Orleans 7856 5253 Mobile ... 1019 1449 Savannah 2623 1538 Charleston 48 64 Wilmington 980 Norfolk 1053 1829 Boston 74 183 Total ports 19370 Interior Receipt*. 1910 1909 Houston 6956 6163 Memphis 808 .... Cincinnati 534 523 Little Rock 548 LIVERPOOL COTTON Open. High. Low. Close. Jan. & Feb. .. 8.12 8.04% Feb. & Mar. .. 8.13 8.07 Mar. & Apr. .. 8.17 8.10 —. Apr. & May .. 8.19 8.11% May & June .. 8.20 8.13% .... June & July .. 8.20 8.13 July & Aug. .. 8.18 8.12 .... Aug. & Sept. .. 7.92 7.85% Sept. & Oct. .. 7.41 7.38 Oct. & Nov. .. 7.18 7.16 Sales, 4,000. Receipts, 300. Tone, dull. Middling, 8.27. NEW YORK COTTON Open. High. Low. Close Jan 15.40 15.55 15.38 15.60-70 Feb 15.73-5 April 15.96-98 March . ..15.58 15.88 15.58 15.85-88 May ... .15.88 16.09 15.88 16.06-08 June.. . .15.87 16.00-03 July . . .15.90 16.07 15.88 16.06-07 Aug .. . .15.49 15.70 15.49 15.68-70 Sept. . ..14.22 14.38 14.22 14.37-8 Oct . . ..13.58 13.71 13.55 13.69-71 Dec 13.25 13.40 13.25 13.35-40 Tone—Strong. NEW ORLEANS COTTON HOLIDAY. BANK STATEMENT. NEW YORK. —Folowing is the weekly bank statement: Average cash reserve, 25.03 per cent. Reserve decrease, $1,422,875. Less United States deposits, de crease, $1,424,200. Loans increase, $3,385,900. Specie decrease, $989,400. . Legal tenders increase, $1,401,700. Deposits increase, $7,340,700. Circulation decrease, $85,800. Actual cash reserve, 26.27. ST. LOUIS MARKET. ST. LOUIS. —Cash wheat—No. 2 red, $1.32. Corn—No. 2, 66 %c. Oats—No. 2,49 c. Close: Wheat—May, $1.13%; July, $1.02 >4. i Corn—May, 68%e bid; July, 68%c. Oats —May, 47%c asked; July, 44c; nominal. ARGO, JESTER & CO. Cotton Merchants BEAVER BUILDING, NEW YORK. Members: New York Cotton Exchange, New Orleans Cotton Exchange, Liverpool Cotton As sociation. NEWS OF THE COTTON CROP AND MARKETS MARKET LETTERS DAVISON & FARGO’S LETTER. The news from Liverpool was very disappointing this morning for that market instead of opening 10 up as due, advanced only 7 points and nad lost even this before the close. Fu tures in New York felt the influence of the poor cables, but soon recovered and ruled very steady a little above last evening's prices for most of the short session. Just before the close at noon prices shot* up rapidly and the close was firm 4 with March 17, Mai 13, July 12, and October 13 up for the day. Our market here is quoted steady on basis of 15 3-4 for midd dling, which about right. The shorts must have been covering in New York at the last moment in anticipa tion of a bullish census report on the ginning to January Ist, which comes out Mpnday. The statistical posi tion of cotton is strong and there is really nothing in sight to put prices down. On the contrary everything at present points to a higher market, but it is liable to sharp setbacks like the one we have just experienced.— Davison & Fargo. ARGO & JESTER’S LETTER. NEW YORK. —Opening prices failed to reflect the weakness in cables due, it was reported, to selling orders from this side. As expected there was a good deal of proflt-taking around 16 cents but the market took the cotton very well and as soon as it became plan that prices were not going to give way shorts turned to cover, carrying prices back to the point from which the big break really started. A most important feature is the ad vance of a quarter of a cent in the price of standard prints in Fall River, during the week. There is now an open bid in that market of four and one-quarter cents for deliveries ex tending through January, February, and March. Roughly speaking this is equivalent to 18 cents for raw material and /is a sure indication that the trade expects a continuance of high prices with an active demand. There is no doubt a good deal of long cotton bought around these prices and carried through the decline, -which will come on the market at a further advance of a quarter to half a cent, may re sult in some recession. On the whole, however, the long side looks the best and purchases on fair declines are advisable. ARGO, JESTER & CO. CHICAGO WHEAT MARKET. CHICAGO.—Wheat closed l-4c low er; corn was down 3-8 to l-2c; oats lost 3-8 c to l-2c, and hog products were lower all around. COTTON SEED OIL. NEW YORK —Cotton seed oil close: January, 7.51a54; March, 7.55a56; MpYi 7.60a61; July, 7.65a66; September, 7.53a58; October, 7.00a7.01. Spot, 7.52a56. Sales, 2,600. MONEY MARKET. NEW YORK—Nothing said An money. Posted rates sterling exchange $4.54a54.87%, with actual business in bankers’ bills, $4.86.65a70 for demand and $4.83%a4.84 for 60 day bills. - 4 LIVE STOCK MARKET. UNION STOCK YARDS, 111—Hogs: Receipts 11,000; five cents lower. Mix ed and butchers 850a890; good heavy 880a895; rough heavy 860a876; light 845a885; pigs 740a750; bulk 865h885. Cattle:’ Receipts 800; steady; beexes 435a800; cows and heifers 210a590; Stockers and feeders 315a540; calves 750a950; Texans 510a625; westerners 436a650. Sheep: Receipts 3,000; market steady. Native and western 365a -625; lambs 575a910. NEW YORK COTTON. NEW YORK. —In the face of weak cables the market was remarkably well supported and first prices were T points lower to 6 points higher. Wall street was a buyer and commission houses in general also had buying or ders. There was very little cotton for sale at the start. Bulls appeared to be giving it support. • Shorts were active buyers. BOSTON STOCKS. BOSTON, Mass. —Opening: Giroux 12; North Butte 42 1-2; Adventure six and Green Can. 11 1-4; Miami 27% LONDON BAR SILVER. LONDON.—Bar silver firm 24 l-Bd, advance l-16d. COMMERCIAL BAR SILVER. NEW YORK.—Commercial bar sil ver 52 3-8, advance 1-8. Mexican dol lars 44c. CORRESPONDENCE INVITED. • Orders solicited for pur chase and sale of Cotton, Stocks, and Grain for fu ture delivery. RANLETT ON COTTON (By Edward Low Ranlett.) NEW YORK. —The market was ad vanced yesterday largely by spinners calling for cotton on contract, and the strength of southern spot markets. The Liverpool market was strong in the future department and Liverpool hedge traders bought freely in New York in covering short commitments. Support given the market on Thurs day was continued In yesterday's ses sion by the bull clique and their op ponents were well satisfied with tha break of over 120 points on which to cover. There was more covering in yesterday's market and some good buying by the larger spot interests. Opening prices were from 7 to 20 points up, as a result of better cables than expected from Liverpool. Dur ing the early trading, January sold at 15.38, March 15.59 ( May 15.83 and July at 15.82, with October of the next crop selling at 13.47. Belated liqui dation and realizing caused a mod erate loss from the above level, which was all regained, however, In the sub sequent trading. Liverpool was due 2 to 6 1-2 points advance yesterday morning. That market opened from 14 to 21 points Cause of Recent Cotton Decline (By Walter Parker.) NEW ORLEANS. Wednesday’s sharp break in cotton was more ap parent than real, since the disturb ance incident to the clearing up of the future market, which had become top heavy, has not had a correspond ing effect on ehs spot sit,., .ion In supdrr of this view of tho week’s cot ton market occurrences, the statis tician of the firm of Ja, Keplinger & Brown, after a month of careful re search has published an elaborate compilation showing the compaartive worth of commodities in general, and by a series of logical deductions draws the conclusion that 20 cents a pound for middling raw cotton would not be a heroic figure if cost of production and shortness of supply be regarded in its proper relationship to scope of requirement. Consumption Continues. . Says this careful writer: "Al though cotton has advanced 715 points within twelve months there has been no serious stoppage of spindles, and consumption continues at the rate of 12,000,000 bales and more a year. Meanwhile prices of manufactured goods are gradually being adjusted to TIGHT-WADDO THE MONK. r (BT GEORGE l fU TAict DtD too GET / 1 MY WIFE TO SEE that! SEATS IN A ' N 2™' NG • Parades 5«dT B THINK. (IT'S AN OUTRAGE, ) ( WANT A BOX' I'M MADE . 1 BUT l S'PQSE I'u I\ JO STAND ON (monet \ i ? oss * VT \ (Q UA * Tt *i I*U ? —7M cheap )/ I WANT MT V FIRST \ l ( Quarter Baor l /// / ) vA h alf of the " J & and j J nVr 'S> M&b* I Toucan see t I "Q ) '> — THE AUGUSTA HERALD, AUGUSTA, sjA. up. and closed firm 22 to 25 points net gain for the day. Four thousand bales of spot cotton were reported sold in Liverpool yesterday at 13 points ad vance to B.lSd for middling. During the late trading the market advanced sharply as a result of cover ing by floor traders and a favorable view of the week-end statistics with large takings by spinners of American cotton. Southern spot markets were nomi nal, with quotations unchanged in most markets. New York spots were advanced 30 points to 15.80 for mid dling. The week-end statistics show ex ports for the week of 132,806 bales, against 251,242 bales last year. To tal exports since September 1 have been 3,805,950 bales against 4,9,r>1,5R> last year. Spinners takings of Am erican cotton since September 1 have been 5,301,400 bales against 6,000,880 bales last year. The world's visible supply of Am erican cotton last night was 3,843.942 bales, against 4,528,683 last year. The number of bales brought in sight for the crop being marketed was 7,654,- 527 bales, against 9,537,343 lust year. conform with the cost of the raw ma terial. ’American mills are well engaged with forward contracts, and their operations thus far will justify the usual dividends. "In spite of the advancing tenden cy of manufactured goods, their con sumption appears to be increasing. A short raw cotton supply will ulti mately necessitate a decrease in tha production of manufactured goods, whether consumers so desire or not. Comparative Figures. "Compared with wheat at $1.16 per bushel, corn at 66 cents, and pork at $22, cotton at 20 cents a pound will not appear relatively high, when it is remembered that the majority of cot ton planters buy their bread and meat on the basis of these prices.” According to Professor Burkett, in his able book on "Cotton,” one pound of cotton at 10 cents will make: 1% yards delm worth 22 4 yards brown sheeting worth 32 4 yards bleached muslin worth .. .32 7 yards calico worth 35 6 yards gingham worth 45 25 yards handkerchiefs worth ...2.50 10 yards lawn worth 2.50 or 66 spools No. 40 sewing thread worth ... 2.80 “It should cost more to transform raw material into a manufactured product than to produce the raw ma terial,” says the statistician quoted above “but the fact that the manufac turer has prospered sufficiently to en- courage a much more rapid expan sion in manufacture than has taken place in the culture of raw cotton is proof positive that the net profits en joyed by the manufacture have been relatively greater than the net profits enjoyed by the farmer, consequently a radjustment that will result in a more equitable division seems logical enough. "Fifteen cents for raw cotton lias not checked consumption to an ap preciable extent. The true test of a just distribution of an equitable di vision of profit is a maximum price that will check consumption and a minimum price that will check pro duction. At present prices there is no danger of deliberate raw cotton production curtailment, but since present prices are not checking con sumption they can hardly he called high.” The cause of the future market de cline of 100 points from the top could not be traced to free selling of spots, or to restricted demand for spots, since the actual cotton market has refused to follow the downward course. Fear on the part of stock market interests of tho president's attitude on corporation legislation caused the free selling of securities, a decline and calls for margins, which in turn forced some security market longs to liquidate cotton market in terest in order to secure profits. This in turn depressed the future cotton market. But spot ootton longs have laughed at tho decline, since future market shorts must ultimately buy from spot longs the cotton they will need for delivery on contract, and the mills have stood ready to pay more tor spot supplies than speculators are now in position to pay without seri ous loss. With cotton selling at 15 and 16 cents a future market reaction of 100 points Is less strenuous and more to he expected than a 60 point reaction when cotton is selling at 10 cents. I lie truth of the case is, the market has advanced so steadily and so per sistently during so many months that most people had begun to think that declines were not coming. Thus the enforcement of some fundamental economic law has waked them up, hut has not harmed the cotton market In the end. MINISTERS’ ALLIANCE CHOOSE PRESIDENT At the annual meeting of tlie Pro testant Ministers Association, the usual routine business was transact oil and the following 1 officers chosen for the ensuing year: President, Rev. Richard Wilkinson; vice president, Rev. John 8. Kden; secretary and treasurer, Rev. George Penable. The next meeting will be Monday, following the first Sunday in Febru ary; the second vice president and treasurer will be chosen. President \\ ilkinson, in looking over the consti tution and by laws of the association, finds that the executive committee shall comprise five men, instead of three as was thought. The duty of these five men is to arrange themes and other official business that comes before the meeting for discussion. NEW YORK STOCK MARKET (BY CHARLES W. STORM.) NEW YORK. —Strength prevail i d at the opening of the stock mar ket today hut with gains generally confined to fractions. The strong opening was due to realization that the president’s special message was very conservative. Shortly after opening, pressure made its appearance chiefly in Southern Pacific and Reading. This unsettled the entire list and all the gains were wiped out and replaced with fractional losses. Trading be came dull as prices declined. Wall street expected a favorable bank statement today and tha banks were expected to show a gain In cash of nearly ten million dol lars for the week. The squeeze in call money was believed to be over and the return flow of money distributed in interest and dividends by corporations was already being felt by the banks. American shares were strong in London. On the New York curb mining shares were irregular with trading active. Las» Open. High. Low. Sale. Amalgamated Copper 38 88 % 88 88% American Ice 25% 25% 25% 25% American Sugar 122% 122% 122 122 American Smelting 101% 101 101% 101% American Locomotive 60 60% 60 60% American Car Foundry 70% 71% 70% 71% American Cotton Oil 66% 66% 66% 66% Anaconda 52% 53 52% 53 Atchison .' 122% 122% 122 122% Brooklyn Rapid Transit. 78% 79>4 78% 79% Baltimore & Ohio 113% 119% 118% 119 Canadian Pacific 180% 180% 180% 180%' Chesapeake & Ohio 91% 91% 90% 90 7 / a Consolidated Gag „ 158% 159 158% 158% General Leather 47% 47% 47% 47% Colorado Fuel & Iron , 49 49 49 49 Denver and Rio Grande 50% 51% 50% 51% Erie 34 34% 33% 34% Erie Ist preferred 52 52% 52 52 Great Northern preferred '. 142% 142% 142% 142% Great Northern Ore 79 79% 79 79% Illinois Central 146% 146% 146% 146% Interhoro Metropolitan „ 21% 24% 24% 24% Interborr, Metropolitan preferred.. 60% 60% 60% 60% Kansas City Southern 43% 43% 42% 43% Missouri, Kansas &■ Texas 49% 50 49% 49% Missouri, Kansas & Texas, pfd 74% 74% 74% 74% Louisville & Nashville 158 158% 158 158 Missouri Pacific 71% 71% 71 71 % ! New York Central 124% 124% 124% 124% National Lead 88% 88% 88% 88% Norfolk & Western 98% 99 98% 99 Northern Pacific 143% 143% 143% 143% Ontario & Western. 49% 49% 49% 49% Pennsylvania 136% 136% 135% 136% Pacific Mall.. . .. 41% 41% 41% 41% People's Gas 114% 115 IH% «6 Pressed i-ceel Car 60% 51 50% 51 Reading „ 1«7 1«7% 186% 167%' Rock Island 40% 47 46% 46% Rock Island preferred - ..88 88 87% 87% Republic Iron and Steel 45 45 41% 44% Southern Pacific 137% 137% 136% 136% Southern Railway 32% 32% 22% 32% Southern Railway preferred 73% 73% 73 73% St. Paul 155% 155% 155% 155% Texas-Pacific 35% 36 35% 35% Third Avenue - 19 19% 18% 19% Union Pacific 201% 202% 201% 201% United States Rubber . ..: 51% 61% 6 1 % 51% Utah Copper 60 60 50% 50% United States Steel 88 80% 87% 88% United States Steel, pfd 124% 124% 124% 124% Va. Chemical 64% 56% 54% 56% Western Union 76% 76% 76% 76% Wabash 25% 25% 25 25 Wabash preferred 57% 57% 57 57% Westinghouse 81% 81% 81% 81% Total sales, stocks 343,400. Total sales, bonds $1,712,000. CHICAGO GRAIN. CHICAGO. —There was an easier feeling in corn Saturday morning be cause of milder weather, while there was ft stronger undercurrent for wheal, which was fractionally higher. Oats were 1-4 lower. Provisions were steady. Opening prices; Wheat, May 113 7-8 to 114; corn, May 68 3-4a5-8; oats, May 48 1-8 to 48; pork, May $21.95; lnrd, may $12.12 1-2; ribs, May $11.57 1-2. Maybe the reason riches take wings is because poor folks are beginning to ride In automobiles. —Dallas News. FINANCIAL The National Bank of Augusta ORGANIZED 1865. We cordially Invite the banking business of the public, feeling confident that our ample resource*, superior facilities and the uni formly courteous rind liberal treatment which wo accord our custom ers and friends, will render association with us permanently agree able and profitable. Safety Lock-Boxes in our Magnificent [Vault, for Rent $3.00 to $20.00 Per Year. L. C. HAYNE, President. CHAS. R CLARK, Caihler. GEORGIA RAILROAD BANK Security to Depositors, $900,000.00 l,f ; Interest at 4 percent paid on Savings Accounts. ~ v Your account is solicited, whether it bo large or small. The National Exchange Bank Augusta, (la. Capital and Surplus..., $540,000.00 New Accounts Solicited Old Acounts Appreciated. All Accounts Rairly Treated. Interest Allowed on Time Deposits. Are You Holding the Reins? It’s hut a small step from having affairs manage you to managing your affairs. Usually the opening of a hank account means taking the reins of affairs into your own hands, and af ter that you drive —instead of being driven. MERCHANTS DANK SEVEN RUTT CAN’T ENTER GERMAN ARMY RERUN. —Proof of the evils of slx iay bicycle racing was given today when It was learned that Walter Butt, one of the teams which won tlio races here and In Now York, is suf fering from enlargement of the heart nnd defective hearing. He Is lnellgl bl to service In the German army. The authorities will forbid all six-day ( races or compel complete physical ex- ( amlnatlons. FINANCIAL i!'1)H;
