Daily press. [volume] (Newport News, Va.) 1896-current, 1910-08-03
Exchange is Largely Affair of
Professional Traders.
Early DEPRESSION PASSES
Government Report on Cotton Condi-
tons is Foremost Influence in Snap
ina Judgment Of Agricultural Out
look-RaIly in c. & o.
(Rv Associated Press.1


of professional traders and their
views of the speculative outlook
seemed TO change from hour TO hour,
Judging by the continual fluctuations
in the course OF prices. The move
ment of some special stocks gave
warning that the bear party had been
at work i'm the past few days. 1he
perception of this fact and the susqic-
iuns which il engendered were as
much as influence on the days mar
ket as any news bearing on condi-
tons affecting actual values. There
Is no one subject at present TO which
so much importance is attached as
the Kansas harvest and the market
bowed a real response to the more
hopeful turn of the days news in that
respect. Early depression was trans
formed into a buOyant and active
closing.
The government report on cotton
conditions as of July %, was the fore
most influence in shaping judgment OF
the agricultural outlook. The con
dition figure, showing a heavy deterio'
ration during the month and poor
comparison with the average in a
number of years. does not offer great
inspiration to enthusiasm when con-
sidered absolutely. The speculation
considered ii not from that stand
point but relatively. III that light 1t
was no worse than expected ana
better than some OF the preliminary
estimates. notably that OF the Ma
tional Gnners Association. Inc
action of the cotton market itself.
since large speculative realizing was
called for even on poor showing IN
the government report, is OF doubtful
value as index of the immediate situa-
tIon. The influence OF the monthly
report was supplemented by the IAN
guage of the weekly bulletin of the
weather bureau, making il ION the
whole probably the most favorable
week of the session" in the Eastern
portion of the cotton belt. which is
the portion most seriously affected
by the unfavorable showing of the gov
eminent report. Finally, the drouth
stricken portion of the corr belt were
reported as having been visited by
abundant and soaking rains and
there was heavy selling OF that COM
modify.
The cheerful tenor of these adj
ices strengthened the resistance
which stocks had been unable to show
10 the depression in the early part
of the day. The depression center
ed on the Hawley group. TO the ac-
compartment OF predictions that
the dividend on c. & o. could not
he maintained. that the ambitious pro
jccts of combination centering
around that property were becoming
involved in embarrass ments similar
to those which overcame the Pear
son syndicate There appeared de-
nand for the stock that was not felt
yesterday during its sharp fall and
that bears found the supply smaller
than when they began to bid for it
to cover their shorts. This pat new
face on the mater. The strong rally
in C.. & O. and similar rebound in
Sloss Sheffield Steel served as warn
ing that protective measures against
bear raids were in force.
The overtending bears in the mar
bet were put fairly to rout by the
end of the day and the active list
s"o"tu cams al 'he way 'N'h "
4 points.
Bonds were irregular. total sales
par value. 81 100000. U. s. bonds
were unchanged on call.
Total sales for he day. 63s.609. in
GLIDING: Sugar, 500; A. G. l.. 500:
C. & O.. s9.7o0: l.. & ". 500; n K
w. 7Oe.- Reading. 122.6o0: Sloss
Sheffield. 400: Southern Pacific. 81
500: Southern Railway. 500; pfd. 4Go;
Union Pacific. 1o1. 700: United States
Steel. 171.2o0; v. c. C., Loco.