The news & observer. [volume] (Raleigh, N.C.) 1894-current, 1900-08-11
FLOOD OF BUYING ORDERS
Nearly a Million Bales Sold During
the Day.
VERY STEADY MARKET AT THE CLASE
There Was Net Rise of Fourteen to Twenty
-Four Points. American Sugar and Brook
lyn Rapid Transit Showed Some
Activity Yesterday,

New York, August 10-Very high tenn
perature has checked spot business. Store
trade light, although large arrival of
buyers during past few days. Fully aver
age mail order business, Brown sheet
ings and drills dull and easy. No change
in bleached cottons or wide sheetngs.
Prints far demand and steady. eng
hams quiet and unchanged; linens in
moderate request at previous prices; bur-
laps scarce and tending upwards.
COTTON.
New York, August 1O.-After opening
steady with prices unchanged to points
lower, the cotton market became sensa-
tionally active and developed most posi-
tive strength. The fact that the local
contingent had for some time been oper-
ating on the theory of favorable crop
conditions, leading to a heavy accumula-
tion of short accounts, put the market
in shape for the crop report announced
on change at IL O'Clock today. The ex-
element that followed the official state
ment was intense and exceptional. Prices
leaped five and ten points between trans
actions. The immediate effect of the
statement was to advance the market
twenty to twenty-one points. The adj
vance from the lowest prices to the high
est prices of the day was a matter of
twentyfour to twenty points. Shorts
were wild, and there was an in-pour of
buying orders which contributed to the
days unusual total of business, estima-
ted at close to a million bales There
were numerous intervals of violent reac-
ton under selling to secure profits, but
the undertone of the market remained
very firm, the trading having an eye to
the possibility of a Liverpool scare to-
morrow. Included in today's business was
a larger percentage of bull speculation
than has been seen here for a long
time past. Even the professional con-
tingent changed their tactics and opera
ted for higher prices. The market was
finally very steady in tone at a net rise
of fourteen to twenty-five points. New
England spinners who have of late been
rather pessimistic in their talk were buy
ing the more remote new crop deliveries.
ALMOST A PANIC.
The August report from Washington re-
specting the condition of the cotton crop
produced almost a panic on the Cotton
Exchange among the shorts. For a long
period they had been operating on the
theory that the crop situation was of q
very high average, ignoring contradictory
advices. At noon the official report was
announced. 1t showed the average condi-
tion of the crop to be rs per cent against
81 per cent in August last year.
This was worse than the most daring
bull had presumed to hint at. There was
wild scramble to cover short contracts
There was enormous buying also by a
class of traders which had been waiting
for some such report to throw consterna-
ton into the ranks of the shorts and JUS
tify bull campaign. Everything offered
was taken and the market advanced by
rapid leaps SO that within very few
minutes after the announcement of the
report prices were 21@22 above the clos
ing of yesterday Still later business in
creased the advance to 24@29 points. Tt
is estimated that the transactions in cot
ton futures today did not fall far from
100000 bales, or up to the maximum
record.
NEW YORK.
New YORK, Aug l0.-Cotton futures opened
steady.