The news & observer. [volume] (Raleigh, N.C.) 1894-current, 1897-07-03
COTTON AGAIN DROPS
Opened Steady at an Advance
of 2 to 4 Points.
FOLLOWED BY COLLAPSE
CLOSE BARELY STEADY AL
MATERIAL LOSS.
WHEAT AND CORN BOTH STRONG
AT the Opening But Lost Most of Their Force
Before the Session Closed -Oats and
Provisions Also Lost

Provisions Also Lost,
New York, July 2.-The cotton market
opened steady at an advance OF ZU4
points after which there was sharp col
lapse with prices nearly points lower 10
2 points higher as compared with yester-
days closing figures. The market closed
barely steady in tone. Business was
more active than it has been for some
weeks, sales footing up 155, 700 bales.
The early rise was due to unexpected
stability at Liverpool, as shown by to-
days cables, supplemented by conflict
ing reports from the cotton belt, many
of them reporting excessive heat and
protracted drought. This led to covering.
In addition to this there was considerable
buying ON the belief that following the
fourth business in the general way would
broaden. In the afternoon, however, long
cotton came out freely, following the ac-
emulation of considerable long interest
and the early advances were lost. Inc
market for spot cotton confined TO hold
a strong relation to the future list, on an
active demand from northern sipnners
with some further inquiry also from
Southern mills.
10. B. CUTHBERT & CO.'S. LETTER.
New York, July 2.-(Special-Stocks
The trading in the stock market today
was confined largely among the local
spectators and board room traders and
was devoted largely to evening up their
interests over the short session tomorrow
and the holiday on Monday. Foreign
houses sold freely to realize their pro-
fits, liquidating about $4,000, but at no
time did the market show any positive
weakness. AS matter of fact, the offer
ings and purchases were about evenly bal
anced and well distributed throughout
the list. All the news continued favor
able. There were no engagements or
gold for export by the foreign steamers,
and exchange rates showed continued
easiness. Washington news was gener-
ally favorable, and the business outlook
showed signs of further Frightening.
Cotton developed decidedly better I'M
dertone today and further advance IN
prices was established for all the OPP
tions. The principal bullish factors in
fiuencing the market were the Liver
pool cables reporting spot sales there OF
1900 bales at an advance of 1-l6d. IN
prices to 4 7-32d. for middling, while the
market for futures closed with net
gain of 4-64d over last nights prices.
Spot cotton here was active and firm at
Yesterdays advanced prices and total
sales of 1896 bales were made, mclud-
ing 2,S42 for home consumption and 9o4
for export at rs for mlddhng. line
Southern markets were tirmer and gen.
orally higher. At New Orleans prices
advanced 1s to ~ with sales of 5,OO0
bales reported. The weeks movement of
the crop showed up light and general APP
prehension prevailed over continued hot
and dry weather in the South today with
a prospect of it's continuance. Private
Fall River and Manchester advices were
favorable, indicating more favoraple
prospect for business at better prices and
there was more in the way Of new invest
ment and speculative buying. The ad-
vance brought out heavy realizing sales,
and it's continued pressure later took the
edge off the market, but the tone at the
close was steady with prices showing
net advance of to points over yester-
days close.
Wheat-The trading in wheat was
light. In view of the fact that the mar \
ket here and at Chicago will be closed
until Tuesday morning, the market start
ed off at the opening where it closed last
night, and advanced fractionally ON some
small covering and foreign buying on less
favorable crop accounts. Later, continu-
ed free offerings of next crop in anticipa-
ton of liberal arrivals of new wheat
during next fortnight led to a decline Of
- cent, at which range the market clos
ad uuiet and Steadv Trading in corn
was more active and the market firmer
on covering of shorts and some new in
vestment buying on reports of drought
and hot winds in the West. Provisions
declined on selling by packers Of long
stuff. ID. Is. CUTHBERT d w.
NEW YORA.
NEW YORK, July FIXTURES opened
steady at the advance; sales 800 bales.
Futures closed barely steady; sales l55,7OO
bales.
Opening. Closing