The news & observer. [volume] (Raleigh, N.C.) 1894-current, 1897-08-07
BOND BUYING WAS HEAVY
THE RECOVERY IN WHEAT
HELPED STOCKS.
RAILWAYS CONTINUE TO TEND UPWARD
Cotton Closed Steady With 3 to 6 Points Ad-
vance on Firmer Liverpool Liverpool
Strong for Wheat Which Was
Felt on this Side.
Felt on this Side.

New York, Aug, 6.-The cotton market
opened quiet but steady with prices 1C02
points higher on the strength Of Liver
pool cables which were considerably
better than expected. Following the first
call the market ruled generally firm, adj
yancing before II o'clock 304 points.
In the afternoon the market was some
what variable with a firm undertone, of
ferings being light and the local trade
rather disposed to give support to the
market, although outside speculative de-
mand continues meagre, except that New
Orleans and Liverpool sent some buying
orders. Later prices advanced on cover
ing with the remote deliveries, showing
the greater strength. The market clos
ed steady at net advance of 306
points, with total sales of 76,400 bales
for the day.
e. B. CUTHBERT & CO.'S. LETTER.
New York, Aug. 6.-(SpeciaD-Cotton
was firmer and more active to-day I'M
der the bullish influence of firmer and
higher Liverpool markets, continued
very hot and dry weather in Texas, better
trade reports and the bullish sentiment
prevailing in Wall street and on the
grain Exchanges. Strong efforts were
made by the bears to hold the market
in check, but aside from their selling. the
offerings were light. Prices opened 1 to
points higher and advanced 5 to Z
points additional, August selling at TIC
September 7.34, October 7.2O; Novem-
Der TIA; December 7.1S and January
7.22. From this range there was re-
oaf;n of IN ipfc in hn oct ho,,
on liquidation by early buyers and sell
ing by room traders and bear operators
on reports of storm having been dis
covered in the Gulf of Mexico. The
market eased off and closed quiet and
steady. The final prices were 2 to 4
points above last nights closing. with
total sales of 74,400 bales. Liverpool
cotton here and at the South was steady
and unchanged at s cents for middling,
with sales of 189 bales to spinners. The
Southern markets were unchanged. AT
Liverpool spot cotton was firm, with
sales of $4,000 bales at 9-32d for mid
ding. Futures there opened steady and
partially 1-64d higher and closed steady
at a net advance of u to ~ points over
last nights prices.
Wheat recovered sharply to-day from
its 3 cent break of yesterday and closed
steady at net advance of ~ cents
from last nights final prices, instead of
coming lower as had been expected in
view of the weak closing of our markets
yesterday, cables from Liverpool came
strong before our market opened. This
with light Northwest receipts and con-
tinned good demand from foreign houses
for cash wheat made wild market and
prices opened up strong at IL to cents
advance, with active buying for both
long and short account. Heavy realiz-
ing sales supplied this demand the prices
later Teceded to within a fraction of
yesterdays close. The export business
was 40 loads here and at the outports.
In the late trading, a large export bust
ness developed, which led to renewed
active buying. Rumors were current of
more than 20 loads of wheat Rumors
that France would remove the import
duty now prevailing there on wheat of
about 3 per cent per bushel and strong
closing Liverpool cables helped to stimu-
late the market. Corn rallied slightly in
sympathy with wheat. Provisions were
heavy on large receipts of hogs and Ii
quotation.
The stock market was again very ac-
tive and strong to-day with total sales
534, 300 shares. The market showed it's
great strength by absorbing continued
large sales for London and commission
houses. The increase in railroad earn
ings, our continued brilliant agricultur-
al situation, reports of further steady
improvement in general business and re-
newed large investment and speculative
purchases for outsiders, contributed to
the strength of the market. Vigorous
hammering by bear traders and old bulls
who had previously lost their stocks
through realizing, was in evidence at
frequent intervals during the day. The
tone at the close was strong, with the
sentiment still confidential bullish on
the general business and crop situation.
NEW YORA.
NEW YoRK. August 6.-Futures opened
quiet and steady; sales 500 bales.
Futures closed steady; sales 70, 400 ba es
Opening. Closing.
huRuSb....s. s................s b2 81
september rs 10