The news & observer. [volume] (Raleigh, N.C.) 1894-current, 1904-08-25
DISBELIEF AS TO
DAMAGE BY RUST
The Result is a Big Drop
in Wheat.
FIVE ANDAHALF CENTS
This Represents the Fall From the
Close of the Previous Day. Corn
is Off One and Five-Eighihs.
Stocks are Rests
tant.
FIVE ANDAHALF CENTS
(By the Associated Press

New York, Aug. 24.-The activity
and excitement continued in today S
cotton market. Liverpool at first
showed a disposition to follow the To-
cal decline of late yesterday and with
the weather good, sentiment here
seemed to have rather a bear.sh aver
age before the opening. But the bulls
evidently had some definite object in
mind and the market started firm at
an advance of points on August and
of 13fb21 points on the later posi-
tons. There was lot of cotton for
sale at the advance and for a time
fluctuations We're very Irregular and
rapid, with the list showing hardly
any tendency when shorts We're I'M
settled by rumors that III. +. Page &
Company, of New Orleans had sus-
pended. This concern was said to be
short of the new crop and part of the
line was believed to be held in the To-
cal market by various New York
houses. When the news of the failure
was circulated, the months supposed
10 be involved became tremendously
r active. October sold from 1887 to
1852 in about three transactions and
later positions were almost equally
excited. The bulls took profits freely
on the bulge checking the advancing
tendency and easing the market slight
~, but in the early afternoon again
supported. Sentiment was badly mix
eel and the trade was peculiarly SEN
sitiVe to rumorS which We're freely
circulated. 1t was stated that large
short lines still remained outstand-
ing for account of powerful local and
Southern interests and at every pause
in the covering the bulls supported
prices which worked upwards until in
the afternoon they stood about &c to
IS points net higher with August sell
ing at 1890, September at 1880, Oc-
tober at 1869, December at 1866 and
January at 1867.
Toward the close the late months
eased oft slightly as room longs took
profits, but there was a final squirt and
bull support and covering that closed
the market firm and practically the
best prices of the session or a net gain
of &c to 81 points. Sales We're esti-
mated at 100000 bales. The new
orleans market sold off about 10 to
~ points after the close here and the
transactions were reported unofficial |
~ after the close here at a decline OF
about 3 points, as compared with the
closing figures It was a matter OF
gossip here that the Page concern
was short some one hundred thousand
bales, of the new crop months. There
vas no estimates as to how much OF
this had been in the local market and
The account was said to be so scatter
cd that no large losses fall on any in
dividual house. but it is probably thai
the gradual covering of this cotton
during the session had considerable in
fluence in the afternoon firmness.
Estimated receipts at the ports to-
day 4.10S bales, against 2,239 last
week and 1872 bales last year. For the
week 5000 bales, against 1902 last
week, and 1.43S last year. Today's
receipts at New Orleans were 5S9
bales, against 80 last year, and al
{Iouston 1928 bales, against "A last
year.
New York Aug. Election spot quie
90 noints higher middlng uplands II.2O
Iniddling gulf Ills, sales =. bales;