The news & observer. [volume] (Raleigh, N.C.) 1894-current, 1897-07-13
Wheat Ruled Quiet and
Steady Throughout Day.
SUGAR TAKES A Squirt
1,NEs r. KEENE TOOK PART IN
,rANIPULATING MARKET.


--Grangers Stimulated by Favor
able Crop Report,
Nov, York. July 1.-THE cotton mar
ket opened easy at a decline OIL l1'
,o;nt,s. rules moderately active, with a
weak undertone, further decllneo 4oo
no;r+s on unsatisfactory cables and gen.
orally bearish crop accounts. Covering
caused partial reaction and the market
closed steady with the net decline re-
duced to 103 points as rule. July
alone was finally quoted at saturday
closing figures. Total sales reached 90
900 bales The government bulletin
ebovino rain Mt numerous points, led to
some activity in selling for snort account
IN tho absence of outside speculative
support During the forenoon there was
some selling for the account OF Englsh
houses with private advices indicating
bearish feeling abroad on recent reports
of q break in the drought in the south
west.
ER CuTHBERT & CO.'S LETTER.
New York, July 12.-(Speclal.)- Got
ton sold off 6 to points this morning on
lower Liverpool markets with cables re-
porting spot cotton there easier, WIN
sales of but 5000 bales, and futures as
having closed at ? to 3l2 points net
decline. together with heavy rams IN al
the cotton States east of the MISSISSIPPI
river. ranging from "A to 21a and inch
.es, and beneficial showers at SIX different
points in Arkansas and IeXas. Iue
Al 60 1,o x-n hrntZpn
drought east of the Mississippi river, but
west of it was insufficient and this latter
fact. together with the realization and
annreciation of the strength Of the sta
tistical position of the staple, especially
in this country. were the visible supply
is but 263. 900 bales, including $4,000 on
shipboard and about $4,000 unavailable,
later restricted selling operations and I'M
parted a steady undertone to the market.
and prices rallied in the afternoon and
closed steady at net decline of but TO
a points from Saturdays prices. Spots
here and at the South ruled steady at
715-16 cents for middling, of which SAG
were for export, S44 taken by spinners
and GOO bales delivered on contract.
Wheat ruled quiet and steady through
out the day and finally closed steady at
the top prices, showing net advance Oh
IL to u cent over Saturdays closing.
The government report on both wheat
and corn had no perceptibie effect upon
the market, as they turned out lnaccord-
ance with previous expectations. Inc
trading was light throughout, with the
market influenced by the weekly status
ties and foreign news. Cables were
apathetic and lower, but were offset by
worlds shipments of wheat, approximate
ing 4.2J4,6O bushels. Last week the
worlds shipments aggregated 6Oio,ooo
bushels. Crop accounts III the main were
of favorable tenor, but it developed
that there was quite good export de-
mand at slightly lower than current quo
tations There was at no time mucn
pressure to sell. The market advanced
in the late trading on covering of shorts
and some small commission buying. Corn
was easier and dull, on more favorable
weather conditions and better crop re-
ports from the West. Trading was light
and devoid of special feature.
Interest in to-day's stock market con-
tinued to center in sugar. The contirma-
ton of our private advices, published In
our market letter Of Saturday, of pro-
fitable compromise between the Senate
and House tariff rates on sugar, led to
active covering Of shorts in the stock
For weeks everybody had been selling
this stocks short on alleged positive as
sertions that the Dingley sugar rates
would be adopted, and on this bellef IN
had been predicted up to as late as las'
Friday night. When the shorts tried to
cover they found very little stock offering
and after opening u higher at lips, the
price steadily advanced 5$s to LOO
which quotation was reached just before
the close of the market. This was about
the highest price in the history OF the
company, and it made the shorts very
nervous. Mr.. James r. Keeue took a
very active interest in manipulating the
stock. He was heavily long Of it, and
his brokers bought and bid the stock
on the shorts as they tried to cover
There was also some good investment
buying, said to be for the Rockefeller
interest and other capitalists. The rest
of the market naturally sympathized
with the advance in sugar, particularly
leather and tobacco and Chicago gas OF
the industrial list. The improvements
however. were confined to small fraction
al changes, as the "Street' was disap
pointed by advices from Washington Of
further postponement of Preslden
McKinley's message on the currenc!
question. The Changers were stimulat
ed by more favorable crop and weather
reports.
E. B. CUTHBERT & co.
NEW YORA.
NEW YORK. July 12.-Futures opened
easy; sales 500 bales.