The news & observer. [volume] (Raleigh, N.C.) 1894-current, 1897-07-02
PROSPERITY is EXPECTED
IN ALL BUSINESS CIRCLES AT
TER THE HOLIDAYS.
GRAIN AND PROVISIONS WEAK
At the Opening, But Improved Later on
and Wound Up Firm For Grain and
Strong For Provisions at an
Advance For Each.

New York, July 1.-The cotton market
onened steady, unchanged to points
higher Following the call there was an
advance of 465 points on shorts buying
and an increased demand for invest
ment account. The basis of the improve
ment was a growing conviction that
broadening activity in business circles at
large was likely to follow the holiday and
supplement the exceptional strength OF
cotton statistics. The market later
eased off partially on realizing, but
strengthened again ON favorable accounts
from Fall River and improving reports
from the dry goods district. Shorts were
fairly active buyers in the afternoon. The
close was firm at a net advance Of 1OQ12
points.
E.B. CUTHBERT & CO.'S. LETTER.
New York, July 1.-(SpeciaD-The inn
provement in cotton to-day was ON bet
ter Liverpool cables, with spot sales
there of 1900 bales and futures closing
1-64 higher, continued dry and warm
weather in the South, making the trade
apprehensive of crop damage and good
demand here for spot cotton, with sales
of 1856 bales and prices 1-16 higher for
middling. All these features combined
to restrict sales and lead to better
speculative demand and prices showed a
tendency to advance from the start. The
port receipts were nominal and the in
dications were for liberal decrease in
the visible supply, all of which, together
with bulling by traders kept the market
firm during the afternoon, and the final
prices were about the best quotations
reached. There 1lere delivered ON con-
tract to-day 1850 bales of cotton.
The trading in wheat to-day was only
moderately active and prices showed a
further dragging tendency under disap-
pointing foreign advices, good crop re-
ports and continuance of the liquida ton
in July. The deliveries of cash wheat
were light both here and the West, but
this was offset by liberal offerings OF
new wheat from the Southwestern points
on July contracts. The opening was a.
bout same as last night, but came easier
as business progressed and sold off cent
for July AMI " for August and Septem-
her. In late trading, the acceptance Of
IS loads of August loading for shipment
to Antwerp and loads additional for
other points in this market, stimulated
covering, the market leaving off steady
at about last nights close. Corn was
firm ON covering of shorts.
To-day's stock market continued very
irregular. with active but mixed trading,
owing to the conflict of heavy realizing
sales and renewed scattered buying
throughout the list. The market showed
weakness in the early trading as the
selling pressure then largely predomin-
ated. Reports Of receivership for Bay
State Gas, on claims of insolvency, led
to the violent decline in that stock, and
simultaneously with it Sugar sold off
~ points, likewise Chicago Gas and
general heavy liquidation and hammer
ing by bear traders. All the losses es-
tablished in the early trading, except in
Bay State, and a few other weak spe-
cialties, were covered and a general adj
vance of ~ to 1 per cent, was made
throughout the list Of the more active
stocks. Manhattan was especially strong.
The stock rose ON general covering of
shorts and belated investment buying.
The tone of the market at the close was
strong, with general good undertone.
Il. B. CUTHBERT & co.
NEW YORA.
NEW YORK, July l.-Futuree opened