The news & observer. [volume] (Raleigh, N.C.) 1894-current, 1897-08-04
WHEAT GOES HIGHER
Stocks.Show Impetus for a
Higher Level.
CONFIDENCE RESTORED
LARGE SHIPMENTS ON ACCOUNT
OF GOOD CROPS
HAVE AN UPWARD EFFECT ON STOCKS
Buoyancy of the Industrial Stocks the Result
of Bright Outlook for Trade in the
Staple in Which the Corpor'
ationc 0eal
atoms Deal.

atoms Deal.
New York. Aug. 3.-The cotton market
.onened steady at an advance Of lWo
noints but subsequently weakened under
active selling originating in Liverpool
and New Orleans orders. The disposition
to sell was increased by the weekly gov
eminent report stating that the cotton
crop continues to make favorable pro-
gress.
The continued apathy of outside specu-
latiye interest added to the weakness.
Late in the afternoon renewed hpud"-
tion caused a sharp break, which loss
was partially recovered just before the
close close on covering by shorts. Inc
market closed steady at net loss OF
401O points. Total sales 62.oOO bales.
E.B. CUTHBERT & CO.'S LETTER.
New York. Aug. 3.-(Special. Wheat
made another new record for hlgh prices
to-day, advancing 21s cents III TINS mar
ket on top Of last nights prices, to S41s
for September and 50 cents for the De
~cember option, while September III Chl-
cago advanced IA to TIA and December
to 1875. The market showed Its great
strength by absorbing all the realization
sales and other offerings and closing
strong at the top prices. In all loo ioaus
of wheat were taken here and at the
outports to-day, including TO to ~ loads
in this market alone. This is equivalent
to nearly 1.OOO,OOO bushels and beats the
record for one days business. Cash
wheat was very strong here, at about
S5& for September, and this, with Liver
nool futures closing firm at TO 212d net
advance over Fridays prices, firm con-
tinental markets. decrease of 1,4OO,OOO
in Europe in stocks for the week and
worlds shipments of 100000 and con-
firmation of previous unfavorable crop
reports in France and Austria, combined
TO offset our continued favorable crop
outlook. heavy Northwestern receipts,
large arrivals of new wheat and every
thing in fact that could be said against
,+he market There is no let-up in sight
TO the foreign demand. as 1t Is now Wen
known that the European crops are %
to 35 per cent short and as a consequence
we do not look for any break IN prices
until this demand has been satisfied.
Cotton experienced a severe setback
to-day, influenced principally by llqulda-
t;on Inv short wasted bulls. The bears
took advantage of the situation and ham,
mered the market during the day. Au-
gust declined Is points from the opening
to $50 and September 8 points to 10,
while the rest of the list declined to 3
,poipts and finally closed quiet and steady
at l to points up from the lowest:
The crop news was more favorable and
the weekly government crop report was
not quite so bullish on the Texas crop
outlook as had ben expected. Early
cables were quite favorable to the BUNS,
showing an advance of 1-32d in spot cot
ton there since Friday, with spot sales
of $4,000 bales, while futures opened
80 points higher. Spot cotton here
ruled firm, with prices unchanged from
yesterday, at s cents for mlddling, with
total sales of 733 bales for spinners.
The stock market further demontrated
to-day its great strength and reflected
like mirror the revival of business and
prosperity that is going on quietly, but
nevertheless, surely and substantially all
over the country, particularly in the
South. Southwest and in the West. Our
magnificent agricultural outlook and the
handsome profit which will accrue to the
farmers this year from the continued
heavy foreign demand for wheat and
advance in prices cannot be accurately
measured 1t is evident on its face, how
ever, that it means a great increase IN
the purchasing power of the farmer, and
this will in due time be reflected at the
various mercantile centers and later ap-
pear in increased railroad earnings. On
this outlook London houses and the lead
ing banking and financial institutions, as
well as all the large local operators,
bought the stocks freely to-day. The
only people who were surprised at the
continued strength Of the market were
the bears and confirmed calamity howlers
and others who failed to recognize a bull
market, when they saw it. Commission
houses had an active day, and, although
they traded freely on both sides, they
bought considerably more than they sold,
the bulk of the purchases being for out
siders for investment account, while the
sales were principally to secure profits
on stocks which had been well bought
last month. We find bullish sentiment
predominating and very hopeful feel
ing prevailing all over the country In
regard to the future. The only blue spot
is in the soft coal regions from the min
ers' strike. This deplorable condition,
however, is not likely to continue much
longer, as strong efforts are geing made
to effect settlement. We continue to
advocate purchases of all the better class
of stocks and bonds on soft spots.
Il. b. CUTHBERT &, co.
NEW YORA.
NEW YORK. August 3-Futures opened
steady: sales 2,400 bales.
FyIft n err DIV. Ioro