The news & observer. [volume] (Raleigh, N.C.) 1894-current, 1897-08-12
SENTIMENT Is BUlLlSH
CONTINUED PURCHASES BY MON
EYED INTERESTS.
COTTON HAD A WEAK UNDERGONE
Closed Quiet at Net Decline of 2 to 10 Points
Wheat Was Extraordinarily Strong,
Closing With Net Gain of No
2 7-8 to 8 Cents.


New York, Aug. 1.-THE cotton mar
ket opened easy at a decline of zoo
points under disappointing cables and
bearsh crop accounts. Following the
first call the market further declined du-
ring the morning 204 points and showed
considerable irregularity, with uneasl-
ness on the part of the longs, largely
owing to reports of spreading moisture III
Texas At noon the market showed net
loss of Ar points. The weakness was
most noticeable in the new crop months,
the strong statistical position and favor
able reports from dry goods centers Civ
ing support to August, September and
October positions, on the theory that
early receipts would be promptly abb
sorbed by the demand from American and
European spinners. Reports from the
South, however, indicated bearish SEN
timent on the theory of a large cotton
crop. During the afternoon the market
ruled irregular with a generally weak I'M
dertone following renewed reports of rains
in Texas with an inch and half rainfall
in the central part of the State. Liquida-
ton was a feature of the afternoon mar
ket, which finally closed quiet and steady
at net decline of 201O points.
e. B. CUTHBERT & co.'s LETTER.
New York, Aug. 11.-(Special)-C
ton was easier to-day under general sell
ing for both long and short account on
the lower Liverpool cables and reports of
good rains in Arkansas, Louisiana and
Texas The market showed little rally
ing power and declined steadily up to the
close. The features of the trading was
ha cola af % 0A0 no pf short
tracts for New Orleans account, said to
have been made ON the government crop
report, and the rain in Texas. The mar
ket closed quiet at about the lowest, 3
points decline for August and to 10
points for the rest of the list from last
nights prices. The total sales were $4,000
bales. In the Liverpool market today,
spot cotton was reported easy, but prices
were unchanged. The sales were 10000
bales, at 9-32d for middling. Futures
there closed to ~ points lower.
Wheat developed increased strength
and activity today and advanced 15-16c
at Chicago for September and ! 13-16c
for December, to respectively S15sc and
Size, and 21ac for September in this
market to SS5sc, and 134c for December
to size, and closed strong at the top
pIlCtS, w DlcdhS pACftouo hAcA
records for this crop The foreigners
traded heavily on both sides, but as bust
ness progressed and prices advanced they
turned heavy sellers to secure profits on
previous purchases of contracts. The ex-
port business was large and was esti-
mated as high as so loads here and 80 at
the outports The market maintained its
strong undertone and closed buoyant at
he 4ny1 araf iyQ1u in Give
but was steadier and closed IL to 3sc
higher in sympathy with the advance in
wheat. Provisions were dull and neglect
ed.
Stocks.-The stock market showed fur
ther strength and activity today. The
Changers and Southwestern and South
ern roads were the strongest features
and made new high records. All the news
was of a favorable character. The gov
r~~rent crop reports were on the whole
beclar than expected, all the railroad
earnings reported showing large in
creases. In the early trading foreign
houses bought about $4,000 shares of
stock, but subsequently turned heavy
seller on the advance and sold about 20
900 more than they had bought. Their
transactions were mostly in st. Paul,
Louisville, Atchison and Reading securi-
ties. There was a good class commission
business, mostly all ON the buying side,
in evidence throughout the session. The
demand from this source, together with
continued investment purchases by the
large moneyed interests, including the
leading banking institutions and insur-
ance companies, was more than enough
to absorb the offerings and the market
closed strong, with sentiment still conf
IDENTIFY bullish.
e. B. CUTHBERT & co.