The news & observer. [volume] (Raleigh, N.C.) 1894-current, 1897-08-20
CLOSED | ~ CENTS OFF
THE BEARS HAD A CLOSE SHAY Il
COVERING STOCKS.
THE BULLS ARE LIQUIOAT'NG
Further liquidation May Further Oepress But
1.-THE Tone is Good For Purchases on Breaks
- wv 'O"0 " - = ssss aksSySae&
H. Cotton Was Irregular Closing ! to
Points OFF.


New York. Aug. 19.-The cotton mar
ket opened steady at an advance Oh
263 points, further advanced l to
points; then broke 5113 points and clos
ed easy at net loss of 2t1S points. Ihere
was some encouragement for tlme Ill
the early morning session based on more
favorable cables than had been expected.
At the same time, crop accounts were
somewhat conflicting. Late cables were
less favorable and the crop news was
regarded favorably. In the actions OF
outside speculative support, the market
weakened and declined D to Ii points
from the highest prices of the morning
with the loss chiefly on August contracts,
following active liquidation. During the
afternoon selling was quite active alike
bv longs and shorts and the market clos
ed at about the lowest point.
WHEAT.
New York, Aug. 19.-Wheat gained
III cent in price at one time to-day, es-
tahlishinc another record figure for the
wear. but lost many friends in so doing.
Conservative traders felt that news from
Europe did not warrant such sensational
iumps as the market experienced to-day
and withheld their support. The result
was an irregular list of values all day
covering a wide range of prices. BY
putting forth all their efforts the bulls
succeeded in running September up to
95Si cents. or one and one eighth cent
above Yesterdays highest point and 112
cent higher than last nights close. They
were aided by extreme nervousness "a
mong shorts and strong news from the
northwest, Prominent authorities are
now estimating the spring wheat in Min
nesota and the Dakotas crop as low as
125.0OO,O0 bushels.A few weeks ago2OO,-
100000 bushels was considered very
conservative estimate. To-day's inform
alton to traders here claim that thresh-
ing was late and the ears untitled, owing
to recent rains, suggesting the likelihood
of a smaller per cent of the crop grading
No. l northern, than for any year since
1888. The quota tons for No. l northern
afoat in this market at one time to-day
on the nominal basis of six cents over
September was 10134 and No. red 1914
to 81 afoat, but dollar wheat" in the
trade acceptance of the term refers to-
the September option in which most of
the trading now centers.
At the best point to-day this option
was only Az cents away from the goal.
Tt was found impossible, however, with
out constant support from all sides and
a steady European demand to maintain
this pace and in the late afternoon prices
gave way suddenly, losing ia cents on
September and "a cents on December
from the highest point, under heavy and
excited selling by scalpers, foreign houses
and others. The close was very nervous
on the basis of "a cents for September
and 1924 cents for December. Still later
on the curb September rallied to 94B
cents. One of the days features was
the abundance of foreign selling orders
representing profit taking on recent pur-
.chases, new short account sale, etc. Late
private cables asked for offers but the
actual export transactions were dlsap-
pointingly small-about lOO,OOO busnels.
Everybody on 'change is keyed up to
the idea of dollar September wheat be-
fore the end of the month and bear oD-
orators are too timid to offer determined
resistance except in such markets as that
to-day. when the trade was clearly over
loaded. Total future sales for the ses-
sion were S,6O5,000 bushels.
DRY GOODS.
New York, Aug. 19.-There was no
change to-day in the firm attitude OF sell
~ers in both first hands and Jobblng mar
ka+s In the latter the continued pre-
sence of many buyers induced heavy
trading in nearly all departments. The
renorts from out of town jobbers show
that business with them has been quite
br;sl in spite of the rush of the New
York market. In staple cottons the de-
mand for brown goods for domesuc is
-rrolI sustained, though exports have fall-
AN off and buying for foreign account Is
,,o+ heavv. Print cloths are firm at
90 sales OF extras for September dellV-
orT to the extent of 10000 pieces were
made yesterday.
II p CrTTHBERT u CO.'S LETTER.
Now York. Aug. 19.-(Special)-Cot-
son was irregular to-day, with a mode,
rately active trade, which showed Iotdl
transactions of $4,000 bales. In response
to frmer Liverpool markets, reporting
spot cotton 1-16 higher, at AS for MD
ding, and sales of 10000 bales ana Iu-
lures opening up 3-64d, the market
.opened firm at to points advance. al
ter the "call," the market advanced
IN 6 points over last nights prices. LIE
Liverpool market reacted ana prices
closed there easy at but liza to 2-o4 net
advance. This checked buying here ana
later the market receded under general
realizing sales, finally closing easy at l
to 4 points decline for next crop and y
points for August Spot cotton ruled
quiet ard steady, with prices unchanged.
The total sales were 932 bales, 800 for
export, balance for home consumption.
Wheat was very irregular and unset
tied today with sharp and frequent fiuc-
tuations covering a range of 2 to 2Ac
per bushel Prices opened 1ac to lie lower
and recovered this and advanced lie over
last nights closing. A violent reaction
followed this recovery, in which prices
dcclined11ac from Yesterdays closing to
SIC for September in Chicago. 1t was a
wild fuctuating market all day and very
=; 10 Foraiupars cold