The news & observer. [volume] (Raleigh, N.C.) 1894-current, 1897-06-30
Closed Steady at 4 to IL Points
Net Advance.
TOO MUCH HOT WEATHER
A DEMAND FOR SPOT CoIIoN
FROM AMERICAN SPINNERS.
WHEAT LOSES HALF A GEN.

sepce.-September Move NS''Se
Corn and Provisions Unchanged
..Oats Weak and IA Cent
Lower.
New York. June 29.-The cotton mar
JSet opened quiet but firm at an advance
of to 5 points, cables being better than
looked for and crop accounts, while con-
fiicting, reporting too much heat ana
protracted drought. The average OF
telegraphic crop accounts, however, re-
mains bearish. Following the first cali
the market recedes partially in the alb
senee Of outside support which led to
some realizing ON local account. But
again there developed a strong feeling
on indications of demand for spot cot
ton from American spinners, including
orders from the South. From the closing
prices of yesterday to the highest point
of to-day there was an advance of to
IL points. Trading, however. was not
particularly active at any time of the
day.
During the forenoon local traders raid
GQ Tile ludThet, UuI CndnSCu AAOhI PAOhAP-
Iy on indications of pronounced stability.
In the afternoon there were indications
of outside buying. Later advance, how
ever, has been largely on covering follow
ing reports of unfavorable conditions i'm
the Atlantic territory as well as in parts
of the Gulf States, with Tennessee, Mis-
sissippi and Louisiana in particular send
ing less favorable advices.
81 al cfr 1xva nj Il
vance of to IL points with total sales
futures $1,000 bales.
e. B. CUTHBERT & CO.'S. LETTER.
New York, June 299.-(Special)-Th
was made day for general proht-taking
tsales by the majority of the local pro-
Bfessional operators in the stock market
land as a consequence, there was consid-
Terable irregularity in the trading and
sharp and frequent fluctuations in prices.
All the news continued of favorable
character, decline in Sterling Exchange
rates being especially noteworthy, still
the general desire was to secure profit.
The pace the market had cut out had
been too rapid to hold, and in view of
the many losses that had been made dur
ing the past month"; was regarded as the
essence of wisdom to take time
by the forelock and scoop the profits on
at least a part of the holdings, rather
! than wait and let somebody else secure
them. The foreign houses sold upwards
of $4,000 shares in following the same
policy; as consequence, most of the
early improvements were lost and the
market closed irregular, unsettled and
! generally lower, with the majority of
/ the stock showing net losses ranging
from q to ~ per cent.
COTTON.
There was more strength and activity
in cotton to-day than for sometime. 1t
was occasioned by cables reporting spot
cotton 1-32d higher in Liverpool, with
sales of 10000 bales at 1sd for middling
and futures opening up point higher and
closing steady at ~ to 2-64d net advance,
together with a less favorable weekly
government report than had been ex-
| petced. A general rain is much needed
| over the Central and Western portions
Sof the cotton belt There was consid-
erable covering of shorts and also some
new buying developed in the days bust
hess. Some Of the bulls sold freely on
The advance, to realize profits, but the
offerings were well taken and the market
held most of the improvement and closed
! steady at the advance. Spot cotton
I here, advanced 1-16 to 1916 for mid
ding. The total sales were 3, 400 bales
of which $3.50 bales were taken last
night by spinners. The sales also includ-
ed 512 bales for shipment to Europe.
WHEAT.
Wheat continued irregular and unset
tied to-day, owing largely to the uncer-
tainty in regard to the outcome Of the
s'dear' in July option in the Chicago mar
ket The fluctuations, however, were
narrower and less frequent, and the trad
ing was rational throughout. The for
eign advices were very unsatisfactory,
showing full response at Liverpool TO
our break of yesterday. In addition to
this, the crop news continued favorable
and there were more liberal offerings
of new wheat for delivery in July and
August. Moreover, Bradstreet's worlds
visible supply statement was disap-
pointment, showing decrease in the
worlds visible for the week of but 81
62S,O00 bushels, decrease Of $4,000
of corn and 63 900 bushels of oats. There
was considerable selling pressure on the
market at the opening, and the first
prices were made at declines Of Fl for
July and % for September, at 69s4 and
64R respectfully. There was no dis
position to shorten the market, how
ever, by the talent, and as the selling
pressure soon subsidized, prices later raj
lied and closed steady at ~ cent decline
for 1u1v ana nth mood for fha raSf nj