The news & observer. [volume] (Raleigh, N.C.) 1894-current, 1897-07-23
BONDS WERE STRONG
THE PUBLIC ARE TAklNG hoAD
OF THE MARKET.
A NET ADVANCE OF | 10 PER CENT
The New Tariff Causes Stocks in Ol Starch
and Lead to Go Up--The Demand
viii be Greater, It is
Expected.

New York, July 22.-Ine cottoii
ket opened quiet but steady at an az
vance of to A points, ruled easier WIN
some irregularity, selling OFT oo' points
from the opening prices, re-actlve, anu
finally closing steady, unchanged 10
noint advance. Total sales futures 90, Nv
haIes. The opening advance was que W
Surnrisingly favorable cahles III view
of The decline which took place here yes
tardav. At the same time there was some
,,;so;y;nps as to the real condition OF
.ffa;rs in the cotton belt as the result OF
weather recently. But speculation falied
IA furnish any support and the market
weakened. led by a decline in August
The market in the afternoon derived
come steadiness from the large demand
for spot sotton at this point,
snot sales being limited only by
the amount of cotton offered for
sale. This and misgivings about the crop
caused quite a sharp rally just before
the close.
Cotton seed oil steady; continued fair
European demand. Prime crude +. 0. D.
mills. 166161ac; off summer yellow, 240
o41hc: prime summer white, 2702Sc.
r. B. CUTHBDRT & CO.'S LETTER.
New York, July 22.-(Special.) -Cotton-
In the afternoon the market rallied on
purchases of 1904 bales here of spot
cotton at Z 1916 for middling, including
LOO for export and 1891 for home
consumption. The Southern spot mar
kets were firmer, and some small buy
ing caused the market to close steady
at the top prices, at 2 to 4 points net
advance. Total sales were 5000 bales.
The date of the first notice day for the
delivery of cotton on August contracts
has been changed from the 9th inst. to
Wednesday, the 2Sth.
The Chicago market was closed to-day,
owing to a holiday there to dedicate
monument in memory of the late Gen.
Logan. Thus the local market had to
stand the brunt of the hedging by for
eigners. As the market is always mar
row, it naturally was very sensitive and
easily influenced. Early low Liverpool
markets and mixed foreign trading, to-
gether with realizing, and some western
selling gave the market setback, and
prices sold off ~ to 2 cents for Septem-
Der from last nights close. Five loads
of wheat were taken here for export and
fifteen at the out ports, and two loads
of corn here and fifteen Atwenty at
the out ports.
We had a real old-fash bull mar
ket in stocks to-day, withl Ye general
buying by commission houses for both
investment and speculative account from
the start to the close. There were really
no new features developed in the situa-
ton. The buying was based simply ON
a realization and appreciation of the
many bullish features surrounding the
market. The buying power was greater
than the supply, and the general market
advanced / to 2 per cent, and closed
strong with in "A to u cent of the high
est prices. The more important advances
were 21a in Rock Island, per cent in
st. Paul and Northwest. rs in Burling-
ton and IA in Louisville. London houses
were again steady sellers, but we have
become so strong lately that we have
begun to look upon the London selling
as of no consequence. Sugar was heavy
and on renewed liquidation by insiders.
The price opened point lower at 1.42A,
and Immediately declined to LAP. After
wards rallied to 1.427s, finally closing at
1.47K. We still feel bullish on the mar
1ket and confidently expect it to eventu-
ally work higher.
r. r CTITHBERT e co.