The news & observer. [volume] (Raleigh, N.C.) 1894-current, 1897-06-11
MODERATELY ACTIVE
Cotton Opened Steady at an Ad-
vance of l to 4 Points.
ON BETTER FOREIGN NEWS
SPECULATIVE SUPPORT WAS
LACKING, HOWEVER,
PRICES DROPPED s AT POINTS
The Market Finally Closing Steady at
Net Loss of 2 to 5 Points,
Wheat Was Strong But
Very Nervous.
ON BETTER FOREIGN NEWS
PRICES DROPPED AT POINTS
Very Nervous.

1 h,
ket was moderately active today. The
| opening was steady at an advance of l
| to points on better Liverpool cables,
conflicting crop accounts and fears of a
| bullish government crop report. Specu-
rlative support was lacking, however, and
| prices returned to about yesterdays
closing figures before noon. When the
government report was announced, the
market became slack and almost en-
tirely dependent upon the local traders
for further business. Liquidation set i'll
and prices declined to Z points without
resistance. The market closed steady at
a net loss of to points with sales of
futures of $4,000 bales.
E. B. CUTHBERT & CO.'S LETTER.
New York, June 10.-(Special. Wheat
experienced a good recovery today from
yesterdays break. The foreign markets
did not decline any more than had been
expected and this feature, together with
light northwestern receipts and the sold
out condition of the market and renewed
buying in July, and the rather unfavora-
BILE tenor of the government weather re-
port impaired steady undertone at the
start. Apprehension of a severe squeeze
in July in Chicago market in conse-
quence of the strength of the statistical
position and the complications in the
elevator situation stimulated the market
and prices steadily advanced 1Ac and
closed firm within 3sc of the highest
price, despite free realizing sales and eff
forts of the bears to break the market.
There was a better cash and export de-
mand and foreign houses were moderate
buyers of contracts to cover previous
sales After the close Bradstreets an
nounced its European cables making Eu-
ropean decrease in visible supply last
week but 100000 bushels, instead Of 81
100000 bushels; it calculated the de-
crease in the worlds visible supply at only
3.053.OOO bushels, when it should have
been 5,733, 900 bushels This is a most
disastrous mistake for anybody to make,
much less such usually reliable firm.
Cotton opened up firm today and ad
vanced to points, owing to the failure
of the Liverpool market to respond to our
decline of yesterday, cables reporting spot
cotton unchanged at o-32 for middling,
with sales increased to 10000 bales, and
futures closing steady at y point net de-
cline Speculation was not strong enough
to sustain the improvement however,
and all the advance was lost before il
o'clock. The government report was then
announced, which estimated the increase
| in acreage at 49, per cent over last year,
and the average condition Of the crop
| $50, against 97.2 last year and 81 in
| 1895. A general selling movement fol-
| lowed the announcement of the report
as it was generally interpreted as bear
| ish. Tired holders and disappointed bulls
started in to liquidate, and prices lie.
clned under their offerings 6 to s points
and closed steady at 1 to 2 points of the
| lowest, after total sales of $4,000 bales
What the market needs to stimulate It is
either a crop scare or a decided improve
| ment in dry goods at first hands, partic-
ularly in the demand for cloths and
yarns.
Stocks.-Today' stock market deyel-
oped increased activity, with the princi-
/ pal feature in increased demand from
| foreigners and outsiders. Commission
| houses were free buyers of the general
| list, but principally the low priced indus
| trials and railroad shares. London got
over it's scare caused by the London
Times, and they took back all the stocks
| they had liquidated in the last several
days, buying upwards of $4,000 shares.
| Their purchases were mostly in the
grangers and coalers. All these stocks
which were the conspicuously strong
| features, steadily advanced from / to
per cent. Realizing sales extend to the
rest of the list and caused considerable
concessions from the highest quotations,
but the market left off firm, with prices
for the majority of the stocks showing
important net gains over last night S
closing. The market for bonds was very
active and stronger and higher through
out the session, and the demand for them
| was one of the noteworthy features Of
the day d. b. CUTHBERT 81 co.
NEW YOHA.
NEW YORK. June l0.-Futures opened
steady; sales $4,000 bales.
Futures closed steady: sales 75, 800 bales.