The news & observer. [volume] (Raleigh, N.C.) 1894-current, 1897-06-09
And Cotton Responds With
Some Advance.
LIVERPOOL WAS DRAGGING
RIFT THERE WAS A NET GAIN VI
TO 8 POINTS.
STOCKS WE'RE IRREGULAR
There Was a a Slight Decline through
out the lists--Less Favorable Con
ditions BulIed the Wheat MAR
lot and Frightened Shorts.

ononAd dull lint steady with prices I'M
cbanoed to < points higher. Early cables
at hand when our market opened were
mot satisfactory, but later advances We're
of favorable purport and our market
steadilv advanced, the improvement being
stimulated by contradictory cotton crop
renorts. which had bullish average as
received from private sources, indicating
q backward growth on account of cool
nights and of some damage to the plant
by insects, while claims Of an overgrowth
of grass through excessive moisture at
some points were also received. The mar
ket in the main showed a tirmer under
tone than has been apparent for some
time. Fears of bullish bureau report
next Thursday at noon also led to cover
ing. The market showed increased busi-
ness today with some outside interest re-
ported and other signs of returning spec
ulative activity based on the continent
unfavorable crop reports. AT the best
point the market showed an advance of
sail points over yesterdays figures and
was finally stead at a net Improvement
of 2@10 points.
E. B. CUTHBERT & CO.'S LETTER.
New York, June S.-(Special.) Wheat.
The market developed distinctly bet
ter undertone today under the bullish in
fuence of decidedly less favorable crop
reports in consequence of the continued
cold weather conditions of the past week.
The visible supply in this country for the
week showed a decrease of 2.441 900
bushels, or over 100000 bushels more
than had been expected. The Northwest
receipts were light and foreigners turned
up as good buyers here and at Chicago to
protect their interests, owing to the con-
tinued observance of the Whitsuntide
holidays in the Liverpool market. The
English visible supply decreased $4,000
bushels for the week and the large opera
tors in the Chicago market are said to be
healthy and heavily long of July con-
tracts and sitting on" them for higher
prices, with a view of squeezing the
shorts. All these features tended to help
the market, and it opened firm and
showed a steady advancing tendency from
the start. Prices advanced 2asc from last
Saturdays closing quotations for July
and 112c for the later months, and closed
strong and active at the top, with a gen.
eral scramble upon the part of the shorts
to cover.
Cotton.-The advance in cotton today
was on covering Of shorts and buying by
traders on cooler weather in the South
and less favorable private crop reports
The Liverpool markets, which resumed
business today, opened dull and draggy,
with spot sales of but 5000 bales and fu-
lures " point lower from last Fridays
closing, but the latter subsequently rallied
sharply in sympathy with our improve
ment and closed firm at 2-64 net advance.
This helped our market, and prices ad-
yanced to 6 points for this crop and s
to 10 points for the next crop months.
The markets closed quiet, with the final
prices showing a net advance of to 8
points, after total sales of 7S,700 bales
for the day. Spot cotton here and at the
South was quiet and steady at yester-
days prices and in only fair demand. The
port receipts Appropriated 1000 bales
against 1000 last week and $500 last
year.
Stocks.-The stock market today was
very irregular and unsettled and equally
as uncertain as yesterday Some mis-
statements published in the London Times
in criticising President McKinley's adj
ministration upset the foreigners and led
to a weak and irregular market there for
Americans and liberal foreign sales here.
to close previous purchases, previous to
the London fortnightly settlement This
irregularity of the foreign markets and
pressure of London selling, together with
!, distinctly less favorable crop reports from
= all sections of the Northern corn belt,
and Iowa State crop report making the
condition of corn in that State 70 per
cent or the lowest average condition for
ten years, combined to unsettle the mar
ket at the start and prices for the granger
shares, internationals and general rail
way list opened weak and declined " to
/ per cent throughout the list, under the
dead of ST. Paul, Burlington, Rock Island
and Louisville. Prices showed sagging
tendency until shortly after the noon
hour, when heavy buying orders were re.
ceiyed in Sugar from Washington, sup.
nlemented by the official announcement
that the Republican Senators had adopt
ed in caucus a new sugar schedule prac
ideally conforming with the tariff passed
by the House a sharp advance of
points in the stock, together with a rise
of 2 per cent in Leather preferred on g
report that compromise will be reached
on the Senate's tariff schedule on hides
rallied the market and it left off firm witt
net declines ranging from but Is to y pei
cent from last nights closing for the ma
jority fthe list. Both Sugar and Leather
held their advances, despite heavy rea
lizing sales.
e. b. CUTHBERT & co.
NEW YORK..
NEW YORK. June S.-Futures opened
dull but steady; sales 1870 bales