The news & observer. [volume] (Raleigh, N.C.) 1894-current, 1897-08-11
BEARS ARE REFUSED
- sr.r 90
Their. Drive Comes Head-tnd
Against a Stock Rally
NO / J BREAK EXPECTED
THE MARKET CLOSED STRONG
AT THE BEST PRICES. w.
STRONG WHEAT AND FOREIGN BUYING
Gold Shipments Expected This Way Soo0-'
> Wheat Slowed Renewed Strength with
.-.g a Two Cents Rise--Cotton Was
Feyerish and Irregular.

F.. a wv ~S'S
Feverish and Irregular.
New York, Aug. 10.-The cotton mar
ket opened steady at decline Oh -47
points. cables being Disappointing anu
weather news generally bearish, lnalca-
tions of beneficial rains in Little hoch'
&. Savannah and Memphis districts WIN
talk of showers to good rains IN Texas
Following the opening call the market re- :.
covered the loss and at noon was sleaus
but very quiet at about yesterday $ cl0s-
ing figures. The rise that folloWeu the
. opening decline was due TO Duillsn III
ternretations given to the official weekly
cron renort Immediately following the
announcement of the monthly report
from Washington, however the marker
broke to about the lowest prices. Inc
afternoon ruled quiet with the tradlng
Level generally a few points under the
closing figures of yesterday and the tone
finally steady at a net decline of points
TO an advance of point. Total sales fu-
lures, $1,000 bales.
E. B. CUTHBERT & CO.'S. LEIIEh.
New York. Aug. 10.-(SpeciaD -Wheat
-developed renewed strength IN sympathy
with stronger and higher foreign mar
lxets with an advance of go centlmes at
<Parisg and heavy foreign buying OF Sep
TENDER futures here and in the West
and enca cement of Is loads of wheat
for iexp6rt Including 80 loads here and
% at the Outports. Private crop reports
from France and Austria were very
bullish and backed up as they were with
GOOD buying orders, they seemed to con-
firm the strength of the foreign sltua--
tion. Bradstreets worlds. visible show
cd decrease of 4,29S,0 900 bushels for the
week. including a decrease of 3,S0O,OOO
bushels in European stocks The Sea-
hoard cleararces were enormous bout
100000 bushels, making 100000 so far
This week. while the Northwestern re-
GENTS continued light. All these factors
helped to create a strong bullish sentl-
ment and prices, after opening "A to 70
higher. steadily advanced over 2 cents
per bushel. September here selling at
S61k and at Chicago 1914, Is above the
highest prices recorded for this crop,
which were reached on the bulge last
Wednesday. The advance brought out
the usual realizing sales, but the offerings
firm within a fraction Of the best prices.
Corn was firmer in sympathy with
wheat. I The early expectations Of the
trade were that the government report
would be rather bullish and show lower
average conditions for both crops OF
spring wheat and corn The spring
wheat condition was expected to show
about So per cent against 91.2 last month
and 7S.9 last year, when the condition
!. fell IA points during the month of
3 July. r. The condition Of corn was ex-
pected TO be about so per cent, against
800 last month and 90 last year.
ffEff 03F COTTON. fsEEfF( q
The cotton market was very feverish
and irregular to-day, with mixed trad
ing on the government reports and dis
appointing cables from Liverpool and
conflicting crop and weather news. The
market opened easy in sympathy with
the decline of 1-64d to 2-64d in futures
in Liverpool and spot sales reduced to
4 5000 bales Prices declined 3 to- 5
points but rallied later on the weekly
crop and weather report, which showed
damage in Texas, Louisiana and Arkan-
sas, from excessive heat and dry wea tn
er. the market recovering all the early
decline. Upon the announcement of the
regular monthly crop report, which made
the average condition of the crop 500
per cent against Sc last month, SOL
last year and ITO in 1895, the market
developed weakness and declined to the
opening low level. The condition of the
crop on August 1st, last year and the
previous year were the lowest August
conditions ever reported. The detailed
4. ,
show an Improvement in Georgia, North
Carolina, and South Carolina of respec-
lively 10, and points. In the lower
Mississippi Valley, the improvement is
much less marked while in Texas there
has been a decline of 10 points to Aug.
list, to rs per cent. The latter was the
feature OF the government report and
together with the bullish weekly crop
report prevented any further decline,
the market finally closing steady at a
net decline of but 2 to A points from
last nights prices. The total sales were
$1,000 bales The market will continue
to be dominated by the crop and wealth
err news, especially from Texas and the
reports from the dry goods centres. +
STOCKS.
The stock market showed its inherent
strength by rallymg Sharply to-day and
recovering considerable of the losses
prices sustained in yesterdays heavy
selling movement. The great strength of
wheat which advanced over 2 cents per
bushel entirely on the foreign demand
and supply situation, with the foreign
exchange rates to- very, nearly the gold
importing point encouraged ! renewed
heavy buying for the rise. As business
progressed, the demand increased, and
with the advancing tendency, the trad
ers who were active yesterday and early
this morning in efforts to break the mar
ket were forced to cover. The market
closed strong, with prices nearly the
best quotations. The bull interests were
well-satisfed with the way the market
acted during the day, and the sentiment
at the close continued confidently bullish
tln LccE Il, k.,r,anl a.. A =.