The news & observer. [volume] (Raleigh, N.C.) 1894-current, 1897-08-08
ALL NEWS FAVORABLE
INCREASED r. r. EARNINGS AND
HEAVY BANK CLEARINGS.
MANHATTAN LEAD, JUMPING UP g POINTS
Wheat Vas Irregular and Easier on Lower LN-
erpooI--COtton Opened Up Firm but Good
Rains and Absence of Outside Sup
mort chackad the Advance
port Checked the Advance.

Nv York, Aug. THE cotton mar
ket opened steady at an advance of to
2 points, following more favorable cables
than expected from Liverpool, and was
also helped by encouraging news frCm
Fall River and the dry goods district.
Following the first call the market turn
ed easier under liquidation, in the absence
of outside speculative support and under
more favorable accounts from the cotton
belt, the notable exception being Texas,
over the greater portion of which dry
weather continues and the plant is said to
be suffering for want of moisture. Fol
lowing the call the market declined 2 to
points and closed steady at net decline
of 2 to points.
e. B. CUTHBERT & CO.'S LETTER.
New York, Aug. 7.-(Special 1.-THE
stock market continued strong and active
to-day and made new high records in the
Changers, Vanderbilts and Gould stocks
The bulk of the business was in the
shares of these companies and they at
tracted the most attention by their ac-
tiyity and strength. Manhattan was the
strongest feature and jumped 8 points
at the opening from last nights prices,
selling up from 90 to 10S on a furry
among the shorts and talk of a corner in
the stocks and an impending deal where
by the Metropolitan Traction Company
is said to be endeavoring to obtain CON
troll of the stock. Western Union ma
turally sympathized with its advance.
The high prices were made on covering
Of shorts on stop loss orders and manipu-
lation by brokers for insiders. 1t was
broad, active bull market from start to
finish, and closed strong at practically
the best prices of the day and the high
est since the Inauguration of the upward
movement. The best buying was by
commission houses for investment and
speculative purposes and by brokers
prominent as recent heavy buyers for the
large insurance companies. All the out
side news was favorable, showing large
increased railroad earnings and heavy
increase in bank clearings.
Cotton opened up firm this morning at
1 to 2 points advance in sympathy with
an advance of 1-32d in spots at Liver
pool, with sales of 1000 bales at 5-16d
for middlng, and futures closing - to
1-64d higher. The buying power, how
ever, was not strong enough to absorb
the offerings of traders, which were
based on the absence Of outside support
and the weather bureau reporting good
rains in the Atlantic States and very
light rain at FIVE points in Texas, rang
ing from trace to % inches at Hous-
ton, and the market declined and closed
quiet, within a point of the lowest at 2
to 3 points net decline from last nights
prices
Wheat developed considerable irregu-
larity to-day on lower Liverpool cables,
foreign selling and liquidation and ham
mering by bear traders here and at Chi
cagO. The cash demand for wheat show
ed a further diminution and the engage
ments were light. The market developed
an easier tendency from the start and
closed quiet and irregular at the decline.
The receipts were moderate, but 1000
cars of new wheat are expected to arrive
in Kansas City on Monday, and it is
thought that the visible supply will then
show an increase of over 100000
bushels. The market next week will
continue to be dominated by the course
If prices al Liverpool AMI Paris AID
the foreign crop news. Corn was dull
and easier to-d9y on renewed liquida-
ton, and closed quiet at Is cent net de-
cline. Provisions we've weak, on the
large run of hogs, selling by packers and
subsistence of the good cash demand
e. B. CUTHBERT e co.
NEW YoRA.
NEW YORK. August 7.-Futures opened
steady; sales 4t,00 bales.
Futures closed steady; sales 10 200 bales.