The news & observer. [volume] (Raleigh, N.C.) 1894-current, 1897-08-10
SALES, 10000 SHARES
ONLY PAUSED FOR A MOMENT
AT CANOyAS SCARE.
1T WAS A WILD, FLUCTUATING MARKET
Bulls Took Profits, Shorts Covered and Bears
Took Advantage of the Temporary Open
ing to Arrest Advance--Cotton
and Wheat Higher.
and Wheat Higher .

New York. Aug. 9.-The cotton market
opened quiet and steady. The first call
started with prices lower and finished
with prices higher, the decline being due
to reports Of more or less general rains
in the cotton belt with Texas the most
notable exception. Before the call was
finished Liverpool cables came higher and
brought buying orders on which the mar
ket rallied Following the first call the
market had general advance of 4d9
pointS. shorts being rather nervous in an
4icipation of Tomorrow crop report from
Washington. In the afternoon the market
was slow with a generally firm under
tone. closing steady at net advance OF
l 10 points.
BIB. CUTHBERT & co.'s. LETTER.
New York. Aug. SPECIALIZATION
ruled very steady all day with moder-
ate demand. absence of much pressure 10
sell, and closed quiet and steady at 8
points advance for August and : points
for the rest of the list over Saturday
prices. At one time August was points
higher and the rest Of the list TO d
points. which was brought about by
moderate buying, on continued dry
weather N Texas and improvement in
the dry goods trade. but the advance
was nearly al lost in the late trading on
subsistence Of this demand and realizing
sales. Spot cotton was firm and I'M
changed at s cents for middling with
sales Of $50 bales TO spinners and 5000
delivered on contract. The government
report Tomorrow is due al noon. We
believe il viii make the condition OF
the crop 81 per cent against Sc last
month, sol last year.
WHEAT.
Wheat was frmer and more active to-
day on irnler and higher continental ca
bles, especially from Paris. These ca
bles were accompanied by good CONT
mental buying orders which were fully
large enough 10 absorb continued sales
for Liverpool account. The English
visible decreased ], 200,O00 bushels while
our visible instead Of increasing nearly
100000 as the talent has expected,
showed decrease Of nearly 100000
bushels for the week. This, with COM
paratiyely light receipts, and bullish
crop news from France and Austria
and renewed talk that Russia intends
TO prohibit exports, created a strong
sentiment and the market, after opening
quiet, developed strength and steadily
advanced 1I5 cents, closing firm within
u Of the highest. The export engage
ments for the day were estimated at 10
loads Of wheat here and so at the out
ports. In the West, the pool markers
prominent in the recent July deal, were
heavy buyers of September and De-
cember. The trade generally expects
a lower average condition in the Spring
wheat crop and also in the averag e con-
dition of corn in the monthly Govern
ment crop report, which is due at 5
p. IN. tomorrow.
STOCKS.
Not since the Venezuela panic or the
great activity in the speculation in 1887
has the trading in the stock market been
ON such a tremendous scale as to-day.
The total transactions aggregated 753,-
213 shares. 1t was wild, f1uctuating
market. After reading the morning pa
pers, containing the surprising and pain
full announcement of the assassination
of Senior Canovas, the Prime Minister
of Spain, yesterday by an Italian an
archist, there was great anxiety felt
IN regard to how the incident would af-
feet the European market. The bears
here formed combinat ton and used the
news as a pretext for hammering the
market, but it opened steady and the
small fractional declines were soon re-
covered under commission buying and
continued large purchases for the leading
bulls and large financial interests. I'm
der the influence of this buying, prices
advanced l to 21a per cent and made
new high records all along the line. On
the bulge some OF the bull leaders sold
freely to realize profits, and as the bulk
of the short interest had been driven in,
the professional trading element rallied
their forces and made a drive at the
market. Nearly all the early improve
ments were lost except in few in
stances, and the closing prices were gen.
orally the lowest for the day. The pro-
fessional traders hammered the list, es-
pecially in the last half hour, and the
close was weak under this pressure.
T.. B. CUTHBERT & co.
NEW YORA.
NEW YORK, August Cultures opened
steady; sales 5000 bales.
Futures closed steady; sales Al, 300 bales.
Opening. Closing.
August;...'' ...''........"" 752 759