The Wichita daily eagle. [volume] (Wichita, Kan.) 1890-1906, 1897-08-05

drouth in the south. Trading was very
light and almost entirely OF local origin
| The market eased off TO points shortly
after the call under bear hanmer.ng start
| ed by rumors OF rain in Texas and at II
o'clock ruled barely steady with prices
| showing a net loss Of 10 points. SaleI
| to that hour reached but 2.0I0 bales. Wh.se
! the demand for spot cotton IN Liverpool
continues undated the market favors buy
| ing. Closing quotations: Spot easy, mid
ding, Sc. Futures closed steady; sales e..-
40 bales. January, SIT; February, Ea;
March, SIS: April, S.Z7; May, $50, Au-
gust. S.55; September. s7.zs; October s71i:
November, $40; December. S-Sl.
The Evening Post OF August says of
| the cotton market:
Cotton developed further decided strength
today, under the bul,sh influence of con-
tinued dry and hot weather in Texas and
! the appreciation Of the significance OF tie
bullish Texas state crop report for last
| week published exclusively in this paper
on Saturday. together with the continued
manifestation of a good demand for spot
cotton here and at all points in the south
| from spinners and exporters.
The announcement OF the intention OF
number of cotton mills al Fall River TO stop
have any influence whatever upon the mar
ket because 1t is well known fact that the
majority of them are shutting down be-
cause the majority of the mills have MOI
sufficient supply of raw material 10 las;
them until the new crop arrives freely il
September, by which time they hope prices
for the staple will be lower. The logical
conclusions previously outlined IN there re-
ports in connection with the statistical po-
sit.on OF the staple and the important bear
ing the Texas crop situation may have
upon the market in the event of con-
tinuance CT the drouih in that state, SEEM
ed to have the effect OF making the bears
more conservative today, as their opera
tons were on a more restricted scale than
for some time and they showed no dispo-
sit;on 10 force the issue Owing 10 the con-
tinuance of the English banking holiday.
the Liverpool markets were closed today,
and no quotations were received from that
point. Some cables were received, how
ever and a small arb.trage business was
occasionally In evidence II was not enough
however. 10 have any effect upon the mar
ket one way or the other, which was iSfiu-
enced entirely by the operations Of the local
traders and commission houses
The market showed a strong undertone at
the opening, and the first prices pere made
at / 70 points advance from Saturdays
closing quotations. Some small hquida-
ton in August held the market in check
for awhile but the pressure soon subsidized.
and, with a growing demand for Septem-
Der and October contracts prices gradually
hardened, ard advanced 6 to s points. The
trading was largely in October. and 1t led
the rest Of the list in point of activity and
strength Az the market hardened, offer
ings became lighter. and. as a consequence,
prices easily advanced on moderate pur-
chases, and the bulls had no difficulty in
maintaining the Improvement.
August sold at s7.6S shortly after twelve
o'clock. September. 1913; October, S7.2l; No
vember, SIP: December, N.i6. and aJnu-
airy, S7.19. and the market continued firm
or that basis up TO one o'clock. The total
sales from the opening OF the market AT II |
o'clock up TO u o'clock were 5000 bales. |
The official weather map showed clear
and hot weather prevailing generally all
over the cotton belt. The only rainfall re- |
ported tn Texas was IL of an inch at Hunt
vile. Only few light scattered showers |
Cell IN the balance of the cotton belt, and |
the weather predictions were for continued |
generally fair weather for the next thirty
SIX hours, with continued high temperature
and southerly winds in Texas
The trading was very dull in the after
noon, but the market maintained its early
firm undertone, and held most Of the i'm
provement in the next crop options. Read
zing sales in August and subsistence OF the |
aggressive buying in that month prevented
i from advancing in proportion TO the rest
Of the list. Crop accounts from ell the Az
antic and Gulf states were in the main
very favorable. bpt their influence was or
set by distinctly bad crop reports from
various portions In central and southwest
Texas from most reliable and usually we'll
informed parties. These latter reports
we're TO the effect that the crop has suf-
'ered In that state from the recent drouth
md hot weather more than has been gen.
rally admitted and shown IN the govern
nent reports and by the Chronicle. The
,rop IS said to have deteriorated from shed
ling and premstureopening OF the bols.
ma the plants blooming at the top from
he prolonged dry and hot weather.
Cotton here on the spot was firm and in
air demand, at cents for middling. The
otal sales reported were 737 bales, all TAX
n by spinners for home consumption.
The weekly government crop report will
be announced before noon tomorrow. It's
general tenor should be favorable for the
Atlantic and Gulf states, but less favorable
or Texas. as the crop. according TO the
,est private advices, has suffered in that
ection from the absence of rain during the
week
The market closed steady. L