The news & observer. [volume] (Raleigh, N.C.) 1894-current, 1897-08-05
A SCALPER'S MARKET
Cotton Played in a 3 to b
Point Limit.
BULL DAY FOR STOCKS
NINETY STOCKS DEALT IN DUR
ING FIRST HOUR.
TOBACCO WAS AMONG THE LEADERS
Another Big Day for Wheat, and Prices Scored
Further Sharp Advance Shortage
Of Crops the Great
Card Played.

Card Flayeo'
New York, Aug. 4.-There was very ut
tie speculative activity in cotton futures
and prices were dominated almost entlre
ly by the operations of professional traa-
ers. A rather better class of Engllsh al
vices advanced 1 to points on local
buyinc orders. Reports of light rains in
several sections of Texas brought out
considerable long cotton shortly after the
call. which resulted in loss or 10
7 points. This selling movement soon
run its course, however, and with favora-
BILE news from Fall River, buyers again
took hold and the market regalned the
early loss by midday. New Orleans rep
resentatiyes were moderate sellers dur
ing the break. The market steadily
improved throughout the afternoon and
finally closed steady at net advance
of 9 to s points, the gain being chleny
in the late months.
EB. CUTHBERT & CO.'S. LETTER.
New York, Aug. Acknowledgements
was dull and irregular to-day with fiuct-
nations ranging from 3 to = points OF last
nights closing prices with trading con-
fined largely to the Board room scalpers
and local interests. In response to bet
ter cables from Liverpool, than expect
ed. the market opened at to points ad-
vance and lost this improvement soon
after the call and closed 3 TO points on
selling by room traders, the majority OF
whom are bearish on the absence of bust
ness and the expectation Of big crop.
There was no rain in Texas. In Liver
nool spot cotton was in good demand, at
1-3od decline and sales of 1900 bales,
on basis of $50 for middling. In res
ponse to our decline of yesterday, futures
there opened / to ~ points lower and
closed quiet and steady on that basis.
At New Orleans and Mobile yesterday,
the temperature was 1O3 and 1O2 at
Montgomery, Little Rock and Atlanta
with 90 degrees west Memphis, Vlcksburg
and 100 degrees at Lonvlew.
The stock market broadened out to-
day into very strong and active and
bullish market AS an indication OF It's
great strength and activity over ninety
different stocks were dealt in during hrst
hour. Houses with London connection,
sold freely from the start and iquidated
upwards of 10000 shares in first two
hours, but these offerings, as well as the
large sales by two leading operators to
test the markets strength, were readily
absorbed without any decline Of conse-
Quence from the opening quotations. Su-
gar sold up 21a per cent and the Gran
eers made new high records, r. l., and
N. W.. also Tobacco crossed 80 and
Consolidated Gas sold above 1915 and
Chicago Gas 1884, These stocks were
the leaders and the rest of the market
followed them closely. The public came
into the market in large numbers and
the numerous commission houses were
kept busy executing orders. At 3 o'clock
the total sales aggregated 1886 shares.
Wheat had another big day to-day
and prices scored further sharp adj
vance. Prices advanced 1ss to ~ cents
at Chicago and closed strong within a
fraction of the top prices, which were
Sc cents foR September and December
in this market 1874 for September and
S01b for December at Chicago. AS has
been the case all last month, the market
derived its strength from the continued
heavy foreign buying in consequence Of
the heavy shortage of the foreign crops
this year, which is estimated at up
wards of 200,000,000 bushels. The for
eigners began to buy as soon as the
market opened and continued good buy
SAS Va anu IeCeUlDcF 10
the close, most of it being for Liverpool
account. There was considerable con-
tinental selling in the early trading, but
it was more than offset by the London,
Liverpool and Paris purchases. Large
acceptances of wheat offered by cable
last night were reported and the export
engagements here and at the outports
were estimated at 100 to 40 loads The
latter estimate was probably an exayyer-
alton. Still the enormous takngs, all OF
which is for nearby shipment, showed
the situation and feeling abroad. 1t in
tensifed bullish sentiment. Prices now
average 10 to Is cents per bushel above
the quotations current ON July LIST since
the Inauguration of the upward move
ment and they are % cents higher for
September in this market than last wear,
when September was quoted at Ga cents,
and 20 cents higher at Chicago. when
September sold there at about 5S11h
cents. Corn declined to-day on liq1ida-
ton Influenced by good rains in Kansas
and Nebraska. Prices sold off ~ to 1%
cents, but later rallied u to 5s in SYM
patty with wheat.
~ b. OUTHBERT & co.
NEW YORA.
NEW YORK. August 4.-Futures opened
steady; sales 600 bales.
Futures closed steady; sales SO, 400 bales,
Opening. Closing
August. .................. 81 T55