The news & observer. [volume] (Raleigh, N.C.) 1894-current, 1900-06-21
WHEAT AND COTTON
SHOOTING UPWARD
Bull Movement Based on Bad
Wsather News.
LOCAL SHORTS IN A PANIC
Very Discouraging Crop Accounts
From the Cotton Belt.
CONSERVATIVE PARTIES SOLD LATER
They Believed the Advance Was Too Rapid TO
Last, Nevertheless Cotton Closed at
Net Advance cf From 10 o
80 Points.

New York, June 20.-No Improvement
in demand for general run or cotton
goods and market continues very quiet
in all staple lines. Prints in moderate
request Ginghams steady with average
demand Print cloths. inactive, no change
ut first hands. Auction sale $3.50 pieces
of printed percales brought Indifferent
prices Styles generally poor. Mems
wear woolens are dull at previous prices.
Dress goods quiet and unchanged
COTTON.
New York. June 20.-It was a day OF
surprises on the Cotton Exchange. from
an Indifferent start at about last night S
prices pendulations gathered remarkable
impetus in the late session ana swung
fully AZ points. Moreover. speculation,
which was exceptionally tame and fea-
tureless in the first call grew at an
amazing rate with total transactions pro-
badly the largest ever recorded, some
thing over 100000 bales, according TO
conservative estimates, the bulk CT Which
carton 1900 lands during the last
hours of the session. The ofhclai ratihs
of the opening was quiet Win prizes
unchanged to two points hlgner 10
ward the close of the first hour hrlh Ca
HES from Liverpool and bad crop aoVlces
from nearly every portion OF the pelI
started local covering, when gfauually
broadened until the South and Europe
were also making good oversold accounts.
The rise at midday was matter OF
four to twelve points, with no speciai
excitement noticed up to that time, how
n,.1yn ~ q
change until after one o'clock and spec
ulation continued within reasonaole
hounds. A forecast for continued wet
weather throughout the belt and emphatl-
caIly bullish late crop dispatches then
infused new life into the bull faction and
gave shorts a bad scare. The latter rap
idly grew into a wild rout in which New
Orleans led. Prices forged ahead by
great strides at the best figures OF the
day, showing net advance of thirty-slX
IN thirty-seven points on the active OPP
lions. The bull movement attracted at
tention of influential grain interests
whose purchases caused strong ruling
of tho market. Wall Street, too, became
heavy buyer and speculative public
in general exhibited more interest than
in mouths Allsorts of rumors were cir
culated on the bulge and shorts at times
sere completely demoraliZed by the SEN
sational rise in prices. Conservative
narties were quick to conclude that the
advance had been too rapid to hold and
began selling for reaction. shorts
noted the lessened bull pressure and
turned for a break in the hope OF regain
ing portion of the ground lost. With
rush prices relapsed nearly twenty
points with the market finally steady in
tone at a net rise for the day OF from
sixteen to thirty points.
Anticipation of strong Liverpool cables
in the morning and fears of another batch
of bad croR news prevented a bull reac-
ton. The market closed steady at a net
advance of sixteen to thirty points as
against the greatest advance of from
thirty-six to forty-seven points. Specula-
tion was the heaviest on record. the to-
tal sales reaching over 100000 bales,
the greater portion of which changed
hands in the last two hours.
NEW YORK.