The news & observer., 1897-07-01
OPENED AT A DECLINE
THEN TURNED FIRM AND AID
yANCED 6 TO 9 POINTS.
on DEMAND TO COVER SHORTS
But Later Weakened, ,and Finally Closed
Steady at Net Advance OF z
= ~ Points to a Decline of
One Point.

Now York, June 3O.-The Lverpooi
cotton market failed to make the looked
for response to the improvement shown
hv our market yesterday and the hrst
col, here showed a decline of 104 points.
Following the opening call, however,
6rmer feeling prevailed on a demand to
cover shorts in anticipation of the three
davis holiday; prices advanced 6tglo
no;nts from the lowest. On this rise there
u.s ouite a number of outside buying
orders ON the strength of the statlstlcai
position. The market again turned
weak. as soon as outside support was
xv;+bdrawn: crop accounts du 'pg the
afternoon were quite generally favorable
and thep rices sold off 400 points from
4ho HIGHEST. The market closed steady
of NET 2 points advance to one point de-
cline. SaA
n p. CUTHBERT & CO.'S LETTER.
Now York. June 30.-(Special.) )-Ihe
DAVIS trading in cotton was not pfoduc-
tive of anything of a startling character'
either as regards business or Huctuatsoh
in nrices. In fact, the market closed at
ractically where it left off last night. AT
the opening. there was some disappoint-
ment over failure of Liverpool to make
hotter response Spot cotton there au-
vanced 1872 to 5-32 for middling ana
total sales of 10000 bales were made at
these prices. while the market for futures
opened steady and advanced l to Io4.
@1,s,,- Sbo q mere
Yesterday and the strong adyices that
had been cabled over last night, this was
not as much of response as hao peeh
expected and under free offerings the
market here opened rather easy and de-
clined to 6 points. This was later re-
covered and an advance of to points
was established over last nights CLOSING
ON covering of shorts and buying by puii
traders on alleged crop damages from
drought and hot weather. AS a matter
of fact, there had been no damage done,
and on the realization of this, the market
finally turned easy in the afternoon ana
closed quiet and steady with prices un-
changed to one point higher than last
nights closing.
The process of liquidation entered INTO
by some of the larger local traders yes
terday was continued on a larger scale
today. There were no unfavorable news
davelonments in the situation to warrant
a break. or the expectation of any sefl-
ous decline Crop accounts continued
generally favorable and the business sit
nation and outlook at Washington in re-
GARD 10 the tariff was all that could be
ernacted. hut the rank and file of opera
TORS only saw the increasing selling pres
sure in the market from the professional
and they were led to join in the selling
movement. There was good support
rendered from the various clique brokers
and in the late trading there was suf-
ficient buying orders forthcoming to alb
sorb the offerings and lead to rally
and stimulate a better undertone. AS
consequence, the final quotations showed
only fractional net declines from last
nights closing We think it would be
a good thing if the liquidation and short
selling by '.reactionists" continued and
the market have a further decline of 1
to 2 per cent, as it would then place it
in better position and condition to re-
spond to any new bullish features that
: may develop in the situation.
The speculation in wheat to-day was
moderately active. The weekly crop and
weather bulletin was more favorable IN
regard to the general outlook for both
spring and winter wheat crop, which,
together with ldwer cables, led to an
easy opening. There was an irregular. but
steady decline upto the close on the pres
sure Of liquidating, good foreign selling
and light cash and export demand. The
market closed dull and easy. Corn and
oats ruled dull and easier in sympathy
with wheat.
e. B. CUTHBERT & co.
NEW YORX.
NEW YORK, June 30-Futures opened