The news & observer. [volume] (Raleigh, N.C.) 1894-current, 1897-07-27
ITS STOCK GOES UP SEVERAL
POINTS.
THE STOCK MARKET WAS IRREGULAR
And the Fluctuations Were Violent There Are
Different Causes Assigned for This
Foreign Business a
Big One.


day. the market showed unmistakapie
signs of strength. Opening steady at an
advance of 406 points, prices furIher
improved lac points, with the mark No
finally steady at net gam OIL fUo
cpoints. Better news from Llverpool IMAM
looked for. reports of damage by con-
-tinued heat, dry weather in southern anu
central Texas and portions of Arkansas
and a hardening tendency of spot mar
lSets. both in this country ana aproau;
all tended TO check selling and SEM
shorts to cover. A number OF attempts
were made to raid the market, but at no
time during the session was there EVIL
dence of weakness. Several slight reac-
-+;ons followed selling for profits by timld
Iongs hut a rally inevitably followed.
The bulk of the business done was tor TO-
cal account. with October receiving chlet
attention. Considerable switching OF the
August option to the more remote posi-
t;ons was a feature. New Orleans ana
foreign interests were early purchases,
hut turned sellers at the highest point.
r. B. CUTHBERT & CO.'S LETTER.
New York, July 26.-Cotton was firm
or today, on good buying by commission
houses and some covering or shorIs Oh
continued hot and dry weather IN texas
and predictions of clear weather III thaC
State nm to tomorrow night. Apprehen-
sion of crop damage from this continued
drought offset the favorable reports from
all the other cotton States anu every
thing else of the bearish nature and I'M
,orted q strong undertone to the market.
Resrs were conservative, and with no
coll Of
roarlzet opened firm and steadily ad-
ronoad 8 To 10 points. The tone of the
Tiverpool advices was favorable ana
4hara was disposhion manifest to an
t;o;-,o+o an imnroyemnt in the dry goods
s;+,,ot;on in this country from the set
-+lonant of the tariff question. The clos
inc Iiverpool cables reported spot cot
tom There firm at AID. for middling, with
total sales of 5000 bales, while the mar
ket for futures closed steady at 1-o4d.
advance. Spot cotton in this market
continued steady at 1916 for mlddhng
-Todav's sales were $50 bales, including
56O for home consumption and loo lot
exnort Wednesday, the 10Th inst. VIII
he the first notice day for the delivery
of cotton on August contracts. In an
tinination of this event there was con-
siderable August cotton sold today ana
October contracts bought instead, when
made October the strongest and most
active month. The tone of the CONTRACT
market at the close was steady, with the
final prices points higher for August,
and to 10 points higher for the next
cron compared with Saturdays Closing.
The total sales were 1900 bales.
Wheat was very feverish and irregu-
lar and unsettled today. with sharp and
frequent fluctuations in prices covering
a range of IA to "a cents. The market
opened strong and active and ABOUT l
cent higher. owing to an advance or Us
ito Cd. in futures at Liverpool and nrmer
and higher continual markets. torelgn
bousas turned up as heavy buyers and
took about 100000 bushels in this
market alone during the first hour, when
caused a further advance of about ~
to 81 cents in September and December
ontions. hut when this demand subslded
-the market eased off. The English vlsl-
hIe supply decreased 100000 bushels,
hut this was offset to a certain extent
nv the visible supply in this country
showing an increase of 70S,OOO bushels.
Tb;s together with more liberal offer
;nos of new wheat. led to general hqul-
dation nv traders in the last hour, and
thn market slumped off, losing all the
oarIv advance and finally closing within
q fraction of the lowest at "a to ~ net
advance from Saturdays prices. Inc
raceints of new wheat at the interior
noints were very large, and this proven
TOO much for the market, notwlthstahd-
ing the fact that the closing cables were
strong and higher. Corn opened nrm at
IL to 81 advance, in sympathy with an
advance of 1hd to 34d at Liverpool put
Later declined in sympathy with wheat
and the visible supply showing an m
crease for the week of 1,O49ooo push
els. The tone at the close was easy a'
-the lowest at "a to "a net decline.
Stocks-Today's market was lrreeulai,
with heavy mixed trading ana Viole1I
fluctuations. A strong e1ort was uh''ue
IN break the market at the opehlhs' DO
large number of selllng orue s!,,;5o+o
discovered in the market to llquiut'e
-rlrovious purchases on the passage OF .ne
tariff bill and thus secure the pronts'
Tnrgo ceiling orders had been sent TO
London Saturday, which, together WIN
+1,e usual English pessimistlc sentiment
-. r,1ord TO the result of the tariff legls-
Ia+;on DEPRESSED prices there 70 10 "a
nor cont. When our market opened lIle
hnovv foundation sales contingent on TIE
tariff bill. together with large offerings
by the bears and "reactionists" lea 10
a decline of / to ~ per cent. IN the
more active shares, in the hrst niteeh
minutes, with Burlington, ROCK lsiano'
Sugar and Louisville, the weak features
~manv stop orders being uncovered IN
them. A sharp advance Of nearly per
cent. in Tobacco. to S45s, on continued
inside huving and further assurance
from reliable crop experts of our very
favorable agricultural situation and the |
subsistence of the early selling move |
ment caused a sharp rally.
NEW YOhA.
NEW YORK. July 28.-Futures opened !
steady at the advance: sales 400 bales.
Futures closed steady; sales $1,000 bales.
E' 4aasaS