The news & observer. [volume] (Raleigh, N.C.) 1894-current, 1897-07-17
THE FOREIGN SUPPLY
COTTON MAKES FURTHER I'M
PROyEMENT AND GOES TO SC.
STOCK MARKET A SMALL AFFAIR
Sugar Was Affected by the Private Advices
Received From the Rooms of Conferees
on Tariff Now at Work in
Washington CITY.

ket opened firm at an advance of ouo
points. The opening call developed
fair degree of activity with considerable
buying for New Orleans and Liverpool
account After the first call there was
a loss of 1@3 points. but the market
again turned firm and advanced in the
general way, 4@5 points from the lowest
figure. with prices finally 6@9 points
above the closing level of yesterday with
the market very steady. Whale the
market was not decidedly active. the
general phases were very firm and es-
reciallv so in the afternoon There was
A sharp upward movement just before
the close on covering by shorts started
hy the appearance of renewed buying
orders for Liverpool accounts. The gen.
eral run of cotton crop news IS bulilsn,
especially for Texas. Mississippi and the
Arkansas valley. The Liverpool advlces
were somewhat disappointing to-day as
to public market cables, but the presence
of considerable numbers of English buy
ing orders more than offset this feature.
EB. CUTHBERT & co.'s. LETTER.
New York. July 16.-(Special-
A half hour before the opening of the
market this morning We sent out the
following bulletin TO all our branch Of
fees and agents: I'VE look for a firmer
and higher market for wheat with broad
or and more active speculation and think
il should be bought. 1t is simply ques-
ton of foreign supply and demand This
is the first time for several weeks that
we sent out such strong advices to our
customers and friends. But you can
see from the way the market acted our
forecast was exactly correct. 1t was
precisely what occurred during the day.
The market was frTner and higher and
was more active and broader than for
some time and closed strong at the high
est price at a net advance of ~ cents
for July. . cents for September and
IL, for the December option III the
Chicago market. Prices here showed
corresponding improvement at the close.
The market felt the bullish influence of
the demand for cash wheat from Argen-
tine. Brazil, France and English inn
porters There were some very large
acceptances on offers made over night
and the export business officially report
ed was 30 loads taken, principally at the
outports and 10 loads of corn. Crop
accounts and weather conditions were
favorable. but were ignored by the grow
ing demand for spot wheat Corn dld
NOT share in the improvement with
wheat. continuing dull and featureless
with small and narrow fluctuations. 1t
should come to the front again later ON,
and advance on the good cash and ex-
port demand. which we expect will ma
terialize with the opening of the sea-
son.
COTTON.
Cotton made further improvement
to-day in prices for all the options under
the stimulus of continued good demand
for spot cotton firmer and higher Liver
pool cables and the strong statistical po-
sition of the staple. The market was
oyersold yesterday and the day before
and there was a scarcity of offerings
while the buying power showed lncreas-
ing strength. The closing quotations
were the highest for the day and also
the highest reached for some time past,
showing a net gain of two points for
August and 5 to 10 points for the next
crop options. The total sales were a.
600 bales. Crop reports continue favor
able from the Atlantic and Gulf States,
but poor from the Southwest especially
from Arkansas and also some points III
Texas where the crop is suffering from
hack Of rain. Spot cotton here ad-
vanced 1-16 to 8 cents, with sales Of
9S1 bales. At the South, spot cotton
was held frmer and higher. There has
been no rain in Texas, Arkansas or
Tennessee and consequently the drought
in those States continues unreieved.
STOCKS.
To-day's stock market was on the
whole a small and narrow affair, with
business light and chiefly local and fiuct-
nations confined within narrow limits.
The undertone however, was strong
throughout the entire day under the
bullish influence of the continued adj
vance in wheat and realization and APP
probation what that means to the farm
ers with the present favorable outlook
for the crops. There was nothing done
towards breaking the deadlock existing
in the conference committee over the
tariff situation but private adyices were
of an encoura ging nature and this with
the miners coal strike held in check,
contributed to the better feeling. The
market dragged until the last hour
when it developed decided strength and
activity on active covering of shorts
in the grangers, spirits, l.. and N, and
Sugar, and closed strong, with the final
prices within fraction of the best prices
reached during the day. Government
and Railroad bonds closed strong and
in good demand
ID. B. CUTHBERT & co.
NEW YORA.
NRw YORK. July 16.-Futures opened
AVN hQtaQ