The news & observer. [volume] (Raleigh, N.C.) 1894-current, 1897-06-20
Cotton Opened Fairly STEADY
and Declined 2 to 4 Points.
A SHARP RALLY FOLLOWED
IN ANTICIPATION OF THE LIVER
POOL HOLIDAYS.
CHICAGO MARKET VERY DULL
All Prices Suffered from the Lack OF
interest in Trade Wheat Declined
&C and Corn Remained
Unchanged.
Unchanged

New York, June 19.-The cotton mar
ket opened fairly steady. The hrst can
showed unchanged prices to decline Oh
one point. There was further decnne
Of 2 to 4 points, after which the market
made a sharp rally of 6 to points. Inc
rise was chiefly ON the months OF July,
August and September. The early weak
ness was the result of pounding by local
bears who took advantage of outside
support. The strength later was due to
covering by shorts in anticipation OF the
Liverpool holidays and on favorable re-
ports from business centres at large and
notably from the dry goods trade and
Fall River. The close was very steady
at net unchanged prices to an advance
of points.
E. B. CUTHBERT & CO.'S LETTER.
New York, June 1S.-(Special.)-Cot-
ton was moderately active to-day and
closed steady at 4 to points advance
for the near months and points for the
distant options over last nights prices,
after total sales of $4,000 bales. The
improvement in the market was almost
wholly influenced by covering of shorts
for local account and loosening of hedges
against spot cotton. Liverpool cables
continued favorable, reporting spot cot
ton there firm at yesterdays prices, with
sales of 5000 bales and futures to 11a
points higher. These advices were offset
by continued favorable weather through
out the cotton belt and fine crop reports
from all sections, together with very
favorable crop report by the FINANCIAL
Chronicle, which says that the crop
shows much improvement as a result of
beneficial rains and the warm weather.
The Liverpool markets will be closed on
Monday and Tuesday.
Wheat fiuctuated without the extreme
~ narrow range of n to ss cent to-day,
with a very light trade and finally closed
quiet and steady, at Is to "A cent net de-
cline from last nights prices. Gables
were rather disappointing, reporting de-
cline of I'D in futures at Liverpool, but
were offset by worlds shipments of only
100000 bushels for the week and in
creased shipments from this country, to-
gether with the expectation of decrease
of over 100000 bushels in our visible
supply on Monday. A car of new winter
wheat was reported as in transit for st.
Louis and the bears used this as a pre-
text for hammering the market, but
aside from their own offerings, there was
no pressure to sell. The cyclone which
swept through Ohio, Indiana, Illinois and
Nebraska last night caused extensive
damage to the crops, beating them down
and otherwise injuring them, especially
corn.
STOCKS.
Trading was ON a reduced scale and
the fluctuations were on aw hole con-
fined to narrow limits. The market was
irregular intone, owing to mixed trad
ing. The room generally was long, and
as result, the selling pressure predomi-
mated during the greater part of the
session. Professional operators took adj
vantage of the situation and worked
hard for a reaction i prices, but at the
close, the changes were only fractional,
compared with last nights prices. Union
Pacific weakness was caused by liquida-
ton by small holders, inundated by re-
ports that the reorganization committee
will declare a heavy assessment, neces-
sary from stockholders and that it will
be levied in the near future. The changes
in the rest of the list were slight and
entirely unimportant. About 81, 100000
gold will be shipped to Europe by Tues
days steamers on special orders, but this
had ben generally expected. The bank
statement made very favorable exhibit,
showing an increase in surplus reserves
of $7S9,975, and an increase in loans of
1892, 100. The latter clearly shows the
expansion in comercial business. Foreign
houses were practically without orders
to-day and expect very little business on
Monday.
E. B. CUTHBERT & co.
NEW YORA.
NEW YORK, June la.-Futures opened
barely steady; sales 8 600 bales.
Futures closed very steady: sales $1,000
bales.