The news & observer. [volume] (Raleigh, N.C.) 1894-current, 1897-07-07
Speculation Diverted From
Wheat to Corn.
THE WEATHER A FACTOR
rrIIE STOCK MARKET EACEED-
INGLY DULL.
THE MINERS STRIKE THE CAUSE
The News That the Strike Was Not so Formula
Bile as at First Reported Had ReassurIng
Effect and Prices Advanced to
C-;d,,yc E;ruroc
fridays Figures.

Fridays Figures.
New York. July 6.-The cotton market
was fairly active but irregulai' opehin5
with near months sac points hlSner' anu
the more remote deliveries 700 po,n'a
higher The advance was due to cables
which ayera ced better than expected. On
Saturday tine Liverpool cotton narhet
lost two sixty-fourth pence ana was
nuiet. on Monday regained half the loss
and this morning, when our market
opened after a three-days' holiday, much
to the surprise Of the trade, LVcrpool
market was 1-64d higher than the CLOSING
figure of Friday, having picked up TWO
points over night. During the Mondays
the crop news. while conflicting, possibly
had a bullish average up to tins morn
ing. some rains having been reported IN
Alabama and portions OF the Atlantic
States, while Texas reported parching
hot winds and high temperature.
Under these conditions our market open
ed higher. but soon commenced to sell OF
under disposition to realize. Accounts
from Fall River were particularly
strong. indicating demand for print
cloths, with increasing difficulty in get
ting supplies of raw cotton. Before noon
the advance was lost. Buying for Liver
pool account, which was feature of the
forenoon, subsidized. In the afternoon the
market was unsettled and very weak,
under active liquidation; closed easy at
a net decline Of 3 to 10 points
=. B. CUTHBERT & CO.'S LETTER.
New York, July 6.-(Special) Cotton
was irregular and unsettled to-day. The
market was firm at the opening and ad-
vanced 4 to 6 points over Fridays clos
ing on general buying for both long and
short account and liberal purchases for
LIVERPOOL and the South on continued
dry weather in the southwestern portion
OF the cotton belt Rain fell in Alabama,
Georgia and South Carolina yesterday
and Sunday, according to official weather
man. and. although the officials said 1T
was merely local and hardly more than
enough to lay the dust, still it offset the
strong cables which reported spot cotton
at Liverpool firm and 1872 higher, with
sales Of 10000 bales and futures open
ing firm at ~ to 2 higher, and closing
steady at 10 to 1-64 above Fridays
closing. The selling pressure increased as
business progressed and by noon all the
early advance had been lost and prices
then showed A points decline. The mar
ket then held steady until the last half
hour, when prices sold off points ad-
ditional for next crop and the market
closed easy on reports of rain in the
South. Liquidation and hammering by
traders was the feature of the late trad
ing. the final prices showed to points
net decline on July and August and to
9 points on next crop compared with
Fridays closing.
STOCKS.
To-day's stock market developed con-
i siderable irregularity and depression on
A more conservative feeling owing to
solicitude in regard to the extent and re-
ssult OF the great strike of the lacol min
ers. Washington advices foreshadowing
delay in the passage Of the tariff bill and
apprehension Of damage to corn crop.
In early trading, the general list declined
Il to q. to IL points, with the latter in
Sugar. Burlington, Chicago Gas, Louis
Vile and Tennessee Coal and Iron. Dis
patches from Columbus. Ohio, expressing
hope that basis Of settlement may be
devised which will be satisfactory to the
miners at a meeting of the coal operators
at Detroit tomorrow, together with the
defeat of the Trust amendment to the
tariff bill. checked the selling movement
in the afternoon and led to covering OF
shorts and some renewed buying. The coal
stocks exhibited a very good undertone.
They were not affected by the coal strike,
which has done entirely with soft coal.
Jersey Central declared quarterly divi-
dend Of / per cent. The market will be
dominated during the next few days by
advices from Washington, crop and
weather conditions and developments in
regard to miners strike.
WHEAT.
The grain markets were stimulated to-
day by the steadiness of the foreign
cables and the excessive heat and dry
weather prevailing in the West and
Southwest. Owing to apprehension that
these latter conditions have seriously in
jured corn, the speculation in wheat was
diverted to the latter, and the corn pits
here and in the West were the chief
centres of interest. Prices opened up n
cent and these opening quotations proved
to be the lowest of the day. The market
hardened as business progressed. and,
although the demand was only moderated,
prices advanced 1 cent additional and
closed firm at the top quotations, net
advance Of 1% to ~ cents. Wheat open
ed dull, but later hardened and advanced
"a to / cent in sympathy with corn and
closed steady at "a cent net advance.
There were 80 loads of wheat reported
taken here for export, 2 car loads of corn,
but the market advanced so quickly for
the latter article, that it shut out other
orders. 1t is entirely weather market,
and prices will be largely Influenced by
the weather conditions for the next few
days.
e. B. CUTHBERT & co.
NEW YORN