The news & observer. [volume] (Raleigh, N.C.) 1894-current, 1897-08-06
THE SOUTHERN EARNINGS
THIS RALLIED THE LIST WITH
LOUISVILLE LEADING.
TOBACCO WAS A BIG fAV0RITE
Cash Wheat in Good Demand but Speculative
Feature Lacking--Cotton Was Featureless
With Weak Undertone, in Absence of
Outside Speculative Support.


New York. Aug. 5.-To-day's cotton
market has been quite featureless in
the face of fairly satisfactory Liverpool
adyices, opening steady with prices I'M
changed to two points lower and then,
within narrow variations showing gem
orally weak undertone during the fore
noon under moderate selling pressure IN
the absence of outside speculative sup
port and a temptation to test the short
side of the account a little further on the
mart of local bears. Prices following
the first call declined 2@3 points. Dur
ing the forenoon crop accounts, while
conflicting, were generally sized up as
rather favorable There were reports of
fight rains south Of Sherman, Texas. and
in few other points of Central Texas.
At II noon. the market showed net
loss of 2d3 points with sales limited to
$4,000 bales up to that hour. Subse-
uuently the selling movement subsidized
and in the early afternoon the loss of
the morning was quite recovered and the
market showed firm undertone on later
reports of intense hot weather, not only
in the gulf States, but in the Atlantic
as well. The market having eased off
late in the day under light realizing, clos
ed steady at a net decline of 2G5 points.
e. B. CUTHBERT & CO.'S. LETTER.
New York, Aug. 5.-(SpeciaD-Cot
ruled dull anf featureless to-day with
a loss of 81 900 bales and fluctuations
of 3 to points from last nights prices.
and closing prices showed net decline
of l to 3 points. The room traders were
in control of the market Throughout the
day. owing to the absence OF outside
business and as they were inclined TO be
bearish and there was not much support
for the trading prices sagged. spot
COTTON here was unchanged from yester-
day at 8 cents for middling. The only
rainfall in Texas was .46 inch at Bren-
ham, "a at Cureo, AZ at Houston and
10 at Columbia At Liverpool, spot
cotton was firm, with prices unchanged,
but hardening, at 6-32d for middling
The total sales were 10000 bales. Flu
lures opened steady, at 1 to l12 points
advance and closed steady at a net adj
vance OF 1-64d Generally fair weather
is predicted for the next thirty-slx hours
in Texas, except showers in the western
portion. The total stock here now IS but
5000 bales.
The stock market continued strong
and active to-day and showed an unmls-
takeable further advancing tendency TOT
all the professional traders and large
selling for Liverpool account, continued
in evidence, but was fully offset by good
commission buying and large purchases
by brokers prominent for the past fort
night as aggressive buyers for the large
local financial interests and capitalists.
This latter class of buying appeared con-
spicuous to-day in the shares of the
smaller industrials and Southern and
Southwestern Railroads. 1t was partic-
ularly pronounced in Louisville and
Nashville whose earnings by the way, for
the Fourth week in July, published to-
day, showed an increase of sos, 139,
and also in Missouri Kansas and Texas,
Southern Railway, preferred, G. and O.
@. II. l., and shares of the American
Spirits Company. All offerings in these
stocks were readily absorbed and they,
with the Changers and Laclede Gas on
which it is reported a dividend will
shortly be declared, and tobacco and N.
Y. c., led the list in point Of activity
and strength. Tobacco advanced Az per
cent and is said to be on the way to 100
and Louisville IL per cent, Burlington
~, st Paul, American Spirits and South
ern q and N. Y. G. ~. The tone at
the close was strong, with the sentiment
still confidently bullish.
The long expected reaction in wheat
occurred to-day under the influence of a
general selling movement, for both long
and short account precipitated by prices
at Liverpool declining 11ad after open.
ing I'D higher, and foreigners turning
heavy sellers in this market and Chica
go. Stop orders were reached in large
numbers on the way down and prices de-
clined 3 cents in Chicago and 25s to 3
cents in this market, with final prices
about the lowest. The foreigners liaui-
dated over 100000 bushels of contracts
in this market and exporters continued
heavy buyers on the decline, taking 80
loads here and 20 at the outports. Paris
wheat closed steady and unchanged from
last nights prices and Liverpool steady
at but 1 to 11s net decline and Antwerp
Is to II lower. The decline was thought
to be only a natural reaction from the
recent extensive advances, which ap-
proximate Is to 16 cents per bushel
since July LIST. Corn weakened on fur
Their rains in Kansas and Nebraska.
e. B. CUTHBERT & co.
NEW yORM.
NEW YORK. August 5.-Futures opened
An n.Nxrs nIDnA