The news & observer. [volume] (Raleigh, N.C.) 1894-current, 1896-07-25
Bankers and Brokers in No
Spirit to Speculate.
TALK OF a THIRD TICKET
The Volume of Trading in
Stocks Was Very Small.
PRICES WERE DISAPPOINTING
Realizing on the Recent Advance Caused
Wheat and Provisions to De-
cline, but Cotton Was
Unchanged.


acute depression in the stock market
and the financial distress that pre-
vailed until Monday of this week, was
not without it's effect upon cotton.
This effect, however. was not pro-
nounced, and it's expression was rath-
er in holding prices in check than III
further depressing them. v 18th the
relief that has come from the action
of the Morgan syndicate, and the sup
mort accorded the United States Treas
ury by the banks of the country. there
has been a sharp reaction in the mar
ket. This reaction is primary due
to the better feeling in financial cir
cles, but it is to be noted also that
there is a growing disposition i'm some
quarters to modify crop ideas, and
there is not so much talk heard of
crop beyond precedent in its size. The
fact is, that many people are disposed
to recognize that the most critical
period of the plants development is
vet to come, and in view of the large
short interest already existing, it
would seem hardly prudent to antici-
pate a further decline, at least until
it has been more clearly demonstrate
ed that those who are believers in still
lower prices for cotton are correct
in their views. Much stress has been
laid upon the fact that the crop is an
early one, and that exceptionally large
receipts during the first month or two
of the season win create in the minds
of foreigners the impress on of a mann
moth production, and so slacken the
demand for cotton. 1T remains to be
seen. however. whether this theory
is correct. As a rule, taking the aver
age of past years, cotton has advanced
during the first two or three months
of the season. independently of the
volume of receipts. This yesr the re-
ceipts, however large, will come upon
amarket of lighter stock than for many
years. Ii apprehension over the pos
sibility of Bryan's election shall be
diminished and confidence in McKin-
! ley's election shall lead the CONNER
cial world to anticipate the demand
that would unquestionably follow such
an issue to the political contest, we
shall probably find an eager demand
amongst American manufacturers of
cotton for the raw material, and they
with the foreign consumers are likely
to be competitors with the large short
interest in the market, for such pro-
portion of the early receipts as may
be necessary to replenish supplies to
a normal point. The short interest in
the market, in its magnitude, is al
most without precedent. The condi-
tions prevailing for the past six
months have all contributed towards
its augmentation. Conditions now
seem to be changing. and it is quite
within the line of probability that the
revulsion OF sentiment may bring a
bout a precipitate stampede on the
lighter weighted bears.
New York, July 24.-The cotton
market opened easy at decline of 305
points under disappointing cables and
local disposition to sell. There was a
prompt rally following the first call
and prices advanced s(d1o points from
the lowest figures, after which the
market again turned easier on indiea-
tions of an earlier and liberal move
ment of new cotton. During the af-
ternoon speculation was4Nery slack
and quite local. and the general situa-
ton without feature. The market
closed quiet and steady at net adj :
vance of ? points to a net decline of
2 points. Total sales $4,000 bales
The spot department showed up in
a little better shape to-day, with sales
of 1929 bales to spinners at former
prices.
NEW YORK.
New York. JULY -Cotton-Spot
closed steady :middling uplands, Z 3-16;
middling gulf, 7-16; sales ], 120 bales.
Futures opened easy; sales $500
bales.
Futures closed quiet and steady;
sales $4,000 bales
Openg. Clos'g.