The news & observer. [volume] (Raleigh, N.C.) 1894-current, 1897-06-12
OCCASIONAL RALLIES
Cotton Opened Quiet Unchang-
ed to 4 Points Lower.
CABLES DISAPPOINTING
DISAPPOINTING
CLOSED QUIET AT A NET DE-
CLINE OF 1 TO 5 POINTS.
THE GOVERNMENT CROP REPORT
Caused Momentary Snow OF Strength
at the Opening of the Wheat MAR
ket, But Reaction Followed ana
the Close Was 7-8 Lower.

ket, But Reaction Followed and
the Close Was 7-8 Lower.
New York. June 1.-THE cotton mar |
ket opened quiet and easy with prices !
unchanged to four points lower and fur |
ther decline of ? to 4 points. Following |
the first call business was fairly active |
for a time and there was some indlca- |
ton of new outside speculative interest |
There were occasional rallies produced
by covering. Certain shorts who were
able to secure handsome profits were led
to cover by conflicting crop accounts
which had somewhat bullish average.
The early cables were disappointing as
to the public accounts from Liverpool,
while private cables stated that the En-
glish cotton trade placed a bearish con-
struction upon yesterday'es bureau re-
port. A number of accounts were llqul-
lated today, the shorts being the buyers.
The close was quiet at a net loss of 1 to
5 points.
e. B. CUTHEBRT & CO.'S. LETTER.
New York, June 11.-(SpeciaD Cotton
rules duh and easy to-day ON account
liquidation influenced by yesterdays
government crop report more favorable
weather conditions and futures at Law
erpool closing easy at 212 points net de-
cline with total spot sales of but 6,OOU
bales. A strong effort was made short
ly after opening to rally the market and
while prices recovered from the decline
of 3 to point at the opening, the specu-
lation was not strong enough to hold the
market and later it resumed its sagging
tnedency. The business in the last
two hours was very small. Spot cotton
here and at the South ruled quiet and
steady. What the market needs to sus-
tain it is either a good crop scare or a
material Improvement in the demand
: for spot cotton.
WHEAT.
Wheat opened active and buoyant to-
day on last nights rather bullish gov
,arnment crop report and early cable re-
porting futures at Liverpool firm at
sto lid. in advance and Berlin "a marks
higher. Prices opened up "a to / cent
and sold at 20 for July and 65A for
September. The bulge however, brought
out general heavy realizing sales for
both foreign and domestic account and
the bullish influence of the governments
report was soon lost sight of under the
offerings notwithstanding the fact that
it made the condition of winter wheat
7S.5 against 500 last month and 11.9
last year and spring wheat 800 per
cent. against 800 last year and lndi-
Gated a total crop of fifty million to six
tv million bushels loss than last months
figures. More favorable weather con-
ditions in the West, a reactionary ten
dency to the foreign. markets with an
easier closing together with a very light
cash and export demand increased the
selling pressure and prices steadily de-
clined and closed weak at the lowest.
The final prices showed a net decline of
"a cent compared with yesterdays close.
The government crop report makes the
total acreage of spring and winter
wheat "a $1,000 acres against 34,6lS,-
e646 last year and 34,047, 332 in 1895
which with the average condition noted
above for both crops indicates total
WELD of 446 900, 900 bushels against 427,-
6S4 900 last year and 467, 100000 BUSH
264 ,3339. 900 last year and 257,7O9,OOO in
els in 1895 contributed as follows: Win
ter wheat 26O,9O0,000 bushels against
1885, Spring wheat 186,0OO,OOO "a
gainst 163, 1000 last year and 2O9,-
394 900 in 1895.
~ STOCKS.
The stock market showed increased
inEctiyity and a broadening tendency
do-dar and prices made further considera-
sblep 1>gress toward improvement; crop
report VS. more favorable than was ex
pected AID as consequence selling
pressure asainst grangers ceased. This
together With more favorable weather
conditions ana foreign buying of Union
PACING, IL. ana ~, Nor. Pac., Missouri,
Kan, and Tex and Southern, prefer
ed, and Presldtut McKinley's state
ment in an lntervNw at Kentucky last
night that the tariff Aill would be passed
and Congress adJouraed by July 10Th,
combined to help the market and slim
ulate bullish sentiment. There was con-
siderable realizing by RAIDERS and the
bears made strenuous eff.rts ito turn the
market downward but all offerings were
absorbed and the market cl.sed strong at
net advances for the day Oe 2 per cent.
in Sugar and ! per cent eac.. II. G.. and
l., w. u, U. p, D. and III. N. Y. c..
and ]. c.. and 21a per cent in N. P. pre-
ferred. The buying in the hitter was
by insiders ON it's better outlook for in
creased business and closer relations
with its rivals calculated to REFUGE the
destructive competition in rats. Su-
gar advances were largely ON Washing
ton advices that Sugar schedule Would be
adopted by the Senate based %, the
general improving situation.
e. B. CUTHBERT & so.
NEW YORA.
NEW YORK, June 11.-Futnres op.ned
quiet ana easy; sales 9,00J bales
Futures closed quiet sales $1,000 bales,
Opening. Clotire.
a.. Il