The news & observer. [volume] (Raleigh, N.C.) 1894-current, 1897-07-28
Cotton Feels the Effect of I'M
proved Crop Conditions
THE FOREIGN BUYING
JrSIrAIJY NEGLECTED STOCKS
CHANGE HANDS.
GOVERNMENT BONDS WERE IN DEMAND
The Strength of Wheat and the Weakness Of
Silver Were the Incidents
of the Day.

New York. July 27.-Bearish crop
accounts, weakness in futures at Liver
pool and a general lack of outside sup
port proved too much for the bull contln-
gent to-day After brief stand at the
opening bulls turned sellers and under
active liquidation the market broke
sharply. Liverpool and New orleans
sold the late months during the carry
session but purchased in small way III
the afternoon. Bearish sentiment was
furrher strengthened by the weekly gov
eminent report, which stated that the
crop has made favorable progress ana Is
fruiting we'll. Officially the market
opened steady at unchanged prices 10
decline of 8 points and at the lowest
point showed a loss of 3 to ~ points.
The market was finally quiet ana
s+asdv Mt a net decline of to points.
Total sales footed up 122.OOO bales.
F. B. CUTHBERT & cos LETTER.
New York. July 27.-The irreguiarity
hitch was the chief characteristic OF
Yesterdays market was IN evidence ~
dow under heavy mixed trading. Olo
sh,,ils anneared to continue the process OF
J;ou;dation and securing their pron's
while the new eleventh hour pulls EN-
.,5aavored to absorb the offers and esuao-
lish a range of prices. Londoh HOUSES
reversed their positions and bought up
,vords of $4,000 shares. The market
nnonad strong and advanced ~ TO per
cont. over last nights prices unaer Ine
lead of tobacco, st. Paul, Loulsvlile, MIS-
-Souri Pacific and the coalers. Inc latier
were conspicuously strong, Win Deia-
uara and Hudson advancing Z per cent.
and Jersey Central pa, on buying on
what was called for the Morgan loi-
1o,r;no The market maintained most
- tho advance until the London market
closed and the London buying ceased.
when renewed heavy general ilquluatio,l
cot in under the influence of when the
market developed weakness and all the
5 carly Improvement was lost ne ser
n, nrassura was directed prlnclpaHy
AGAINST Tobacco and Sugar, when broke
rasnectiyely 3s4 and 434 points from tne
carly high level. A large number OF
stop orderes We're uncovered III DOM vi
-tba way down. which accelerated the de-
cline The Changers and the Gouid
CLOCKS and Louisville and Lead, all re-
.eeded ia to 134 points IN s!mpatny.
Commission houses were active IN TAKING
r,rof;ts and the room traders went about
the exchange cunning for stop orders.
In the last hour the pressure suDsided
somewhat and fractional recoverles were
recorded from the lowest, but the tone
,at the close was irregular and unsettled.
Wheat ruled firmer to-day and recover
cred Yesterdays loss, ON active covering
of curb and some buying for long account
under the bullish influence of large buy
ing Of September and December for for
.e;gn account and liberal acceptances OF
offerings for nearby deliveries cabled
last night. The principal bullish factor
was this foreign buying which supple
.mented frmer and higher foreign mar
kets. with Paris showing surprising
strength and activity, with wheat ana
flour there up 40c. to 5Oc. All the nome
news and statistics were bearlsh, bul
was offset by the foreign situation. Ihe
market opened firm at "a to lie. advance
and Immediately advanced % to "a fur
-ther to 1875 for July, "a for September,
and 75h for December in the Chlcag &c
market. Subsequent heavy realizing
sales carried prices back to within 42c
of last nights closing, but the market
later rallied on % loads of wheat being
taken here and at the outports for ex-
port. including ten loads for Havre. Inc
market closed steady, at q net advance
of 13s to 134c. Corn was frmer, in SYM
pathy with wheat, and recovered yester-
days decline, closing steady at net ad-
vance of 15c. Oats ruled dull and fea-
tureless, and likewise provisions.
The cotton market reacted to-day on
beneficial showers in Texas and half a
dozen different points and beneficial
rains elsewhere in the cotton belt, and
disappointing Liverpool advices. The
market opened easy at 2 to 8 points de-
cline, and steadily sold off 6 to s points
additional and closed quiet and steady
within 1 to 2 points of the lowest. The
weekly government crop report was gen.
orally regarded as favorable except
demand. In this market the total sales
were $4,000 wales. Spot cotton here and
at the South continued steady in good
demandw. In this market the toal sales
were 1,26S bales, including 965 for ex-
port and 221 for home consumption.
In Liverpool the market was firm for
spot cotton, with sales 10000 bales. at
an advance of 1-32d. in prices, to $500.
for middling. Futures there opened 1
to ~ points higher, but subsequently
reacted and closed quiet and barely
steady at last nights prices.
e. B. CUTHBERT & co.
NEW YORM.
NEW YORK. July 27-Futures opered
steady: sales 1900 bales.
Futures closed quiet and steady; sales I2?,-
900 ba'es.
Opening. Closing
July AZ
august. .''.t'.'''..'t.... 30 744
september .''..'.......,...,. 80 T26
october '''''''..'..'.'..-. -. n 10
November ...............,.., z 90 Tot
December .,......,.......,.... II TOO
January ....'........,......... IA 70l
February. ...s..........t..... 10 713
March ......... .............. ~ 716
April .'...::...' ..;.....; % : 10