The news & observer. [volume] (Raleigh, N.C.) 1894-current, 1897-08-24
ALIVE CENTS TUMBLE
Wheat Gets Tired and
SIumps to &C.
CORN AND OATS ACTIVE
COTTON MUCH EXCITED WITH a
35-POINTS ADVANCE.
ENGLAND FEARS DAMAGE TO COTTON
The Market Closed Firm With Net Advance
of 80 to 35 Points "A Big Bull Clique
Rumored in Stocks Which
Respond SpiritedIy

New York, Aug. 23.-It has been Il
long day since the cotton exchange de-
veloped the activity and excitement wit
messed on change. at the opening of
business this morning. 1t is safe to say
that the most Sanguine bull operators
were not prepared for the advance that
occurred on the first call which COM
menced with August showing an advance
of Is points, gained strength as it pro-
crossed and eliminated with an adj
vance of % to 81 points. There had
been a large accumulation OF buying or
ders over night and notwithstanding
early selling pressure from Liverpool
and New Orleans, the undertone was
enthusiastically strong The market gradu-
ally righted itself and not only returned
to the best prices but made a further
decided gain. at the best point of the
day, showing an advance OF 80 to 80
points. Signs OF manipulation in Au-
gust. if not in September and October,
were detected The general improve
ment was based on an advance of 412G
Gt51ad at Liverpool. Private cables
state that the English cotton trade fear
they have underdiscounted claims Of
damage 10 cotton through recent exces-
sive rains in the cotton belt. The lead
ing activity eentered in October and
January. the former selling TO 7.21, an
advance of 80 points on Saturdays clos
ing figures and the latter TO G.13, an adj
vance Of 35 points.
In the afternoon the market was strong
TO easy, alternately. but always very
active and excited. with the tone finally
krm al net advance OF 33 to S5 points.
n DRY GOODS.
New York, Aug. 23.-The dry goods
saarket opened with pronounced activity
in all grades. The market for cottons
continued active, the slight falling OF in
the demand noted at last weeks close
being recovered to-day on mail orders
from all sections OF the country. The
price situation is still firm in all grades,
being noticeably so in brown goods.
though sellers show little inclination to
recede in any grade. Woolens in ail
lines show the same steady front which
had ruled for the past two weeks. In
mems wear fabrics, the sales on the road
at the advanced prices ruling are the
subject Of pleasant comment in the
trade. This is not confined only to the
cheaper lines. but a considerabl amount
Of higher priced goods have been dis
posed Of.
Staple lines are very firm. In brown
goods there are many buyers ready to
duplicate previous orders, but sellers
are. as a rule, disinclined to part with
goods at anything less than current
rates. Export goods have gained some
what in demand, but are not as active
as those for domestic use. Ducks and
osnaburgs are firm. Print cloth are firm
at 2Ihc. Prints are firm and fairly ac-
tive.
e. B. CUTHBERT & CO.'S LETTER.
New York, Aug. 23.-(Special.) Got
ton developed great strength and activity
today and advanced nearly 40 points,
with the closing tone firm at the advance.
The trading was very active from the
start. The market advanced on active
covering and large new buying for long
account influenced by the realization and
the appreciation of the strong points in
the situation, to which we have been
calling your attention for the past seve-
raj weeks, viz, the fact that the big crop
estimated by Neill is by no means as
sured and that it can be cut down two
million bales by future unfavorable
weather conditions; continued steady i'm
provement in the dry goods and print
cloth situation, with lighter stocks in
spinners' hands for years and the
smallest visible supply of raw cotton
since the cotton famine of 1890. The gen.
eral oversold condition of the market and
the fact that there was no excuse ex-
cept speculative short selling for the re-
cent decline. The buying was general
and continued good up to the close. The
,1-rt h,,Jcro
ing to a shifting of the long interest, but
we think purchases can be made with
comparative safety, with possibility of
good profits, should the market react
any tomorrow.
Wheat broke sharply today under
heavy general realizing sales and closed
weak and heavy at a net decline of to
414c from the opening, which were the
highest reached during the day. The
break was followed By renewed buying,
Liverpool closing at cd above Saturdays
prices and the English visible showing a
decrease for the week of ] 255, 00C
bushels and our visible decreasing 497,-
900 bushels. Prices advanced to $1.06%
for September here and S1.04M for De
cember, while the Chicago market rallied
TO Saturdays closing prices. On this adj
vance the foreign houses and local com
mission houses turned heavy sellers, and
the market developed renewed weakness
and steadily declined up to the close
The market had been heavily over
bought and the break was the natural
elimination Of the wild buying move
ment. We think it is in better position
on account of the elimination of the bulk
of the weak holders, who had been pyra.
miding their interests on the advance
The total export business reported was
but loads of wheat, loads of corn and
10000 bushels of oats in this market
and nearly one million bushels of corn
at the outports. Corn opened strong and
higher in sympathy with wheat, and
frmer and higher cables, but reacted later
in sympathy with wheat, heavy realizing
sales and the large increase in the visible
supply.
Stocks.-The stock market was strong
or and higher today and recovered sharp
ly from its declines of last week on re-