The news & observer. [volume] (Raleigh, N.C.) 1894-current, 1897-05-30
RALEIGH COTTON MARX Ell.
E. B. CUTHBERT & CO.'S LETTER.

New York, May 29.-(Special.) 1.-The
stock market developed further strength
and activity to-day, and made consldera-
able progress toward Improvement III
values all along the line, stimulated by
continued good demand for both specu-
latiye and investment account from some
of the best and largest interests III the
street. The buying was accelerated by
the most remarkable and opportune
speech of the Hon. Lyman j. Gage,
Secretary of the Treasury, in which he
predicted steady progress and speedy
passage of the tariff bill, and the refor-
nation of our currency on a sound and
substantial basis as soon as possible
thereafter as the administration and It's
friends in Congress can influence such re-
form. The London houses did very lit
tie, but the market showed steadily ad-
vancing tendency, with increasing
strenotb from the start. on Secretary
Cages speech, which was regarded as
having been inspired by President Nc
Kinley. This was the first authentic
statement in regard to the policy and
progress of the administration on these
two important questions since the Pres
ident's inaugural address, and 1t was
the administration in the future. With
the execution of the coalers, which con-
tinued heavy under realization and o. Z.
G. Co. which developed further weak
ness on the prospect of the company re-
ducing the dividend on the preferred
stock RI 9 per cent, the general market
closed active and buoyant with advance
over last nights prices ranging from u
n g.,4f nV ~ n n
session was short and the exchange will
be closed ON Monday, we belleve that the
market would have been much more ac-
tive and prices would have advanced
further As it is. upon the resumption
of business Tuesday, we look Tor proao-
ening speculation and better market.
Cotton developed no new features Oh
importance to-day. Trading was very
small and confined to the local operators
in evening up. Liverpool market for fu-
lures closed steady at 1-64 advance, ana
this, with apprehension that cold weather
will get down in the cotton belt ana IN
lure the crop accelerated the covering
movement, and induced some of the bulls
to increase their holdings. The market
developed a steadier undertone under
these influences and closed steady at !
points ADVANCE on lle suiHluef ihOuthS
and to points on the next crop options,
and closed steady at the advance, sales
being 10000 bales.
IStNheat ruled dull and easy to-day, with
- sa2ging tendency from the start owing
20 dun and easy foreign markets, espe-
o;auy I Paris, foreign selling, liquida-
y t;on bymall holders, liberal receipts and
,alA-.,.ances for the week. These
hearing feaNr res offset colder weather in
the west. WIN predictions of still colder
weather and probable frosts over Sun
dav in the lower wheat regions, and in
dications of dry weather setting in. The
chief support from shorts, and buying
by holders of puts" but this was hardly
enough II absorb the realization sales,
and the market closed weak at 12 cent
net decline. Corn developed weakness
on liquidation in sympathy with wheat,
and OATS and improved provisions also
sympathized. The markets were small