Cotton

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

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.

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

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

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 to 1¹⁄₄ 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

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.

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