The Wichita daily eagle. [volume] (Wichita, Kan.) 1890-1906, 1897-08-27
COTTON.

sales, 80 bales vbgkqcmfwyshriluhr
New Orleans. Aug 2s.-Cotton-Qu:et;
| sales so bales: ordinary, .S-l6c; good ordi-
nary, 6 9-16c; low m;ddiing, Sac; mtddlins,
3-l6c: good midding, -7-16c; middl!ng.
fair. Zee.
New York, Aug. 2s.-The cotton market
opened easy with prices to points low
er; further sold off to points; sharply
advanced to last nights figures, and at
II o'clock ruled nervous and unsettled with
prices to points net lower. Sales on the
call were 1000 bales to 1915; $500 to II
o'clock. The market showed an extreme err
ratio course, being very sensitive 10 news.
Absence of pronounced bull or bear lead
ers added to the confusion which prevailed
throughout the early session. Disappoint-
ing English cables and marked improve
ment in the weather condition over the
Gotten belts were responsible for the early
weakness. September exhibited consider
able strength on covering by shorts. due 10
reports of manipulation in that option.
Closing quotations: Spot steady. Middling
uplands, s 1-l6c; middling gulf. 5-16c; sales
90 bales. Futures barely steady Sales, 49,
90 bales; January, $Sse; February, ss.97;
March. 500: April. S0; May. SOS; Au-
gust. NS5; September, N.33: October. sI.01;
November, $3.50: December, $3.50
The trading IN cotton continued active
today, but 1t was at the expense OF values,
in the main. especially in the trading imme-
d:ately following the opening of the mar
ket, owing to the local traders finding the
temptation 10 take profits irresistible. after
a rally OF nearly 30 points. or s.. so per bale,
from the law level reached as late as last
Friday. Beyond this there were no new de
velopments in the situation 10 induce sell
Ing. AS a matter OF fact, the news from
Liverpool and the South and East. and
the home conditions Immediately surround
ing the market. continued as favorable TO
the staple as they have been for the past
three or four days.
The principal news features today was
the publication OF the weekly government
crop and weather bulletin, issued by the
weather bureau al Washington. This re-
pert said: General rains have improved
cotton IN Texas, except over the southwest
ern portions OF the state, where drought
continues. Cotton also needs rain in Mis-
sCuri. and in portions OF Tennessee, and
North Carolina; bu. over the greater part
OF the central and eastern sections Of the
cotton belt the crop has been seriously In |
JUre6 by excessive rains, ana complaints |
OF rust and shedding are quite general. |
while reports of rotti1g and damage by |
worms are numerous.
This report confirms all that has been |
said in this column during the past week |
in regard 10 the less favorable outlook 70 |
the crop. especially in the South Atlantic |
and Gulf states, from the excessive rain !
fall OF the past ten days in that section; /
and 4 also shows how unreliable afe posi- |
tive crop estimates. given a; this time. es-
pec,ally crop estimates OF $4,000 bales,
- r.FTr -
one who has been in The cotton trade long
enough 70 know is aware OF the fact tina:
.ae entire crop is not made and secured !
from frost damage before the end Of Sep
,e-nber; consequently crop estimates made
a. the present time are mere gusses" on
the future weather conditions.
AS FAR as the reaction il today's mar
ket was concerned, Il was only natural
ard 10 have beeh expected. especially after !
yesterdays sharp advance OF nearly -
points. TIE opening Of the market vas
firm and active. with prices five points
higher for August and Septsmbs-. and one
10 three points for the rest OF the is; over
asst nights closing quotations. August sold
~ cents, September. 81 October -
November 1.ts. December 10. January 7i5
md March ~ This firm opening was
Tue % the Liverpool market making a full
j
eriay. spot cotton there advancing L 20
Z. for uliddinx. with sales OF 100 bales
md futures opening strong a. &. 10 5-sil
hove las; nights closing prices. sr5 sub
eQueatiy advancing l-sli additional
Trading was very active II this make:
rom The start TIE Transactions On TIE opea-
az call SEgreszcas GlU bales After -
= ournuelt. with business conducted IA |
he opening market the pressure o. reaaz- |
* sales became ssnSral- and under - I
-ice1ce prices steadily declined = to u
os-ts from The opening hsa lsyei ard .
% % points from las nights cloSlrs ,
uotz-ooS. September sold dexn 70 =
october 1-os. November AID D.c@-nc@- S.
ID January 10 The rgbiiosSc1 OF re ]
ovs-laent c-oP report above referred 20
heckss selling and cAuSe5 sharp rally OF
20 points. oas TIE market again easel !
z later ul5ex relewet rezl-x-rx a1i Sosih ,