The news & observer. [volume] (Raleigh, N.C.) 1894-current, 1904-08-31
DAY WHICH MADE
TRADERS HUSTLE
Cotton Opens Down and
Goes Lower.
BUT Then THE REPORT
Buying Orders Rush in from all d.
rections. The Market is Finally
Firm at a Net Gain OF From
Twenty-Seven to Thirty
Points.
BUT THEN THE REPORT
(By the Associated Press.)

New YORK, Aug. oU.-Il was olle Va
the most active sensational sessions
that the cotton trade had experienced
since the bull campaign of last win
ter. The market opened weak at a
decline of 1902 points and after
some irregularity increased the decline
to matter of about 5000 points
under active selling by local profess
SIGNALS encouraged by lower cables,
favorable weather and larger receipts
as we'll as by anticipations of a bear
ish bureau report at midday. But
when the report was issued 1t proved
more bullish than any one had been
looking for, as it indicated a reteriora-
ton from almost all sections. Fol
lowing this report there was the ut
most excitement and confusion. Lo-
cal sellers of the forenoon started I'M
mediately to cover and later buying
orders poured i'm from all directions.
Prices went up and points be-
tween sales and around IL cents a
big batch of stop loss orders We're un-
covered. This added to the excitement
and before the upward tendency was
checked September had sold at 11.25,
October at 11.16, December at 11.15
and January at 1116. This was q
net advance of 30@37 points and a
gain from the low point of the morn
ing of little over half a cent pound
or about $50 trading contract. just
before the close there was heavy
realizing and the market worked of
a point in an irregular way but was
finally firm at a net gain of 20 u
points. Sales were estimated at no
less than million bales. All sorts Of
sensational rumors were circulating
as to powerful interests behind the
advances. In some quarters it was
stated that the local bull of last win
ter. whose sensational failure was
partly responsible for the downward
movement which had carried the
market to around 925c not long ago
was again actively engaged in mark
ing up prices with part of the buy
ing on the decline this morning cred
tied to him. AS matter of fact, how
ever, the advance appeared to most
close observers to be nothing more nor
less than genuine crop scare coming
at a time when many had considered
prices much too high and had COM
mitted themselves accordingly. The
weekly report was thought in many
quarters to foreshadow a very bullish
report by the government next Fri
day. and it was predicted on every
hand that the condition would fall be-
low the figures of a year ago. After
the regular close transactions were
made on the curb fully 3@4 points
above the official figures on the sup
position that over night calls for mar
gins would bring in heavy buying or
ders tomorrow morning, while 1T was
also feared that the weekly report
would exert a very decided effect in
Liverpool, where the trade recently
has shown much nrvousnesS owing tC
the scarcity of Immediately 2yailable
supplies. 1t was felt, however, that
the advance of today must have gone
far toward eliminating the outstanding
short interest and thus reduced the
buying power, while present prices
seem very high for a time when re-
ceipts are beginning to assume large
proportions.
Receipts of cotton at the ports to-
day 1898 bales, against 7,774 last
week. and 405 last year. For the week
$4,000 bales. against 32.539 last week
and 5,513 last year. Todays receipt:
in New Orleans were 664 bales, against
none last year, and at Houston 12,31e
bales, against 4S9 last year.
New York, Aug. 3O-Cotton spot quiet
% points higher middling uplands Ii.70
middling gulf 1876, sales 225 bales.
Futures opened weak and closed firm.