The news & observer. [volume] (Raleigh, N.C.) 1894-current, 1901-07-11
SOUTHERN STORM
CAUSES A BR[ Ak
A Scramble is Made to
Dump Cotton.
PRICES DROP SHARPLY
Market Closes at Decline of Ten to
Nineteen P,ints.
RENEWED WEAKNESS NOTED IN STOCKS
The Future Of the Money Market Causes Much
Uneasiness. No Ease in Money is Now
Locked For Until Crops Be-
Gin 10 Nov
(By the Associated Press.)

New York, July 10. There has been no
increase in the demand for staple cot
tons today in any description, but the tone
continues firm and previous prices are
held for. Print cloths are inactive but
steady in price. Prints quiet but firm.
No change in ginghams. Mems wear
woolens and worsteds quiet, but firm in
staples. fancies irregular. Dress goods
dull and irregular.
THE RICE MARKET.
New York, July 10.-Advices from the
South note steady movement, restricted
supply and full values along the Atlantic
coast; in New Orleans and at interior
points in the southwest there is a con-
tinuation of former large volume of bust
ness. Recently there has been an added
call from the HARVEST which, with that
from the general distributive demand and
Porto Rico makes up volume far in ex-
cess of that which prevailed during SINH
lar period for several years past. The
shipments to Porto Rico alone, last week
exceeded 10000 pockets and orders are
now being filed against shipment for the
next steamer, which sails from New Or
leans the latter part of the present
month.
Reports concerning the new crop are
more encouraging; there have been gen.
cral showers throughout Louisiana, which
have proved very beneficial. The Mis-
sissippi district is full of promise and the
outturn is likely to be considerably in
excess of any recent years.
Carolina crop movement: Receipts, 81 j.
555 barrels; sales, "a ,425 barrels; market
quiet; offerings limited; prices firm.
COTTON.
New York, July 1O.-Much of the ad-
vance recently scored FIN cotton futures
was wiped out today. The market opened
on the local exchange easy with July 8
POINTS higher and other months l to Z
POINTS lower These figures were the
best for the day, while at the bottom the
net loss was II to II points, with July
leading the downward movement. The
influence was a report that
another West Indian storm had struck
Galveston and was breaking up the
drouth which has held Texas so long in a
grip that was very injurious to half
grown cotton. This storm caught the To-
cal trade, but Southern and foreign in
tcrests were pretty well loaded with new
crop options. A scramble to dump this
staple overheard resulted in a pronounced
break in prices throughout the list. Small
er longs lost faith in their standing and
also hastily unloaded. The early. English
market was about as expected, but when
the rain reports reached there, sensa-
tional break began, reaching level of
to 51a points under last nights, closing
at the lowest. In the early afternoon
bulls directed their attention to the fact
that the weather forecast did not point
to general rains in Texas tomorrow but
indicated continued drouth over the rest
of the Central and Western belt. More
over, a storm was said to be approaching
the South Atlantic coast, where dry
weather is now much needed to save the
crop from grass and lice. But the room
was skeptical and refused to take the bull
side, preferring to await tomorrow's
cables and weather map. While there
were some reactionary movements, the
general course of the market was disap-
pointing all through the last hour Closed
easy at a net decline Of 10 to - points.
NEW YORK
NEW YORK, July TO-. Cotton futures opened
tt,,ft, f,,t,,