The news & observer. [volume] (Raleigh, N.C.) 1894-current, 1897-08-01
Stocks. Were Irregular But
Advances Were Made.
WHEAT UP THREE CENTS
NEARLY A MILLION BUSHELS
ENGAGED FOR EXPORT.
INCREASING BUSINESS OF THE J0BBERS
lInfayorabIe Features for the Week Were
Tagging in Iron Market and Closing
of Numerous Cotton Mills.

| OF VuIIIcTUuS OUttuH WH'os
| New York. July 31-The cotton mar
ket opened steady and unchanged. The
| first cotton call passed without single
! transaction, as there were absolutely
| no orders within working limits "A
| feature of the session was some buying
| for New Orleans account, which stiffened
the market and closed it steady at a
net rise of 3 to points, or the best
prices of the session. Sales 29,OOO
bales. Crop news was not satisfactory
as it indicated generally dry weather
throughout the cotton belt, while some
private dispatches claim that the crop
| in some localities was suffering for want
of moisture.
e. B. CUTHBERT & CO.'S LETTER.
New York, July 31.-(Special.)-T
trading in cotton to-day continued light,
but the market was firmer in tone on
account of continued dry weather III
Texas and reports of serious damage
having already been done to the crop In
the central and southwestern portions
of the State from the drought and hot
weather. The market opened quiet at
last nights prices and after easing OIL
l to 2 points on local selling ON the
absence of Liverpool quotations, owing
to the holiday there to-day, and on
Monday, the market rallied later and
closed firm at an advance of to d
points over yesterdays closing quota
tons. The strength of the statistical
position was further demonstrated by the
weekly movement of the crop showing
decrease of 10000 bales for the week
in the worlds visible supply, bring the
total amount down to 1,376,5S7 bales,
which is $4,000 less than on this date
last year.
There were new specially important
features developed in the stock market
to-day The volume of business was
on reduced scale, as the rank and fle
of operators were disincliDed to very
materially increase their interests over
Sunday, especially in the absence of
quotations from London, where the mar
kets were closed to-day on account of
the observance of the midsummer Eng
lish banking holidays, which continue
until Tuesday. There was some selling
pressure from the professional traders,
who always even up their accounts over
Sunday, but aside from this there was
not much stock offering. There was
more talk of larger gold shipments, but
as it can easily be seen, they can only
be temporary in view of the heavy for
eign demand for our wheat, it had no
influence upon the market, which con-
tinued strong, though dull, up to the
close The advance in Northern Pacific
preferred and Chesapeake and Ohio,
which were the, strongest features of the
,nI htrxy "
friends of d 3 management on reports
of better g s gigs and improvement in
the outlook .Sthe property.
The trading was less active to-day,
but the market showed continuance
of the strong undertone and bullish senti-
| ment which has recently characterized
the speculation. In addition to the con-
| firmation Of yesterdays export engage
ment there were over thirty loads more
taken to-day here and the outports. This
apparent continued good demand for our
wheat from the foreigners, offset the
| bearish influence Of the favorable out
| look for our crop and large Northwestern
receipts. The market opened up firm
and advanced 1 cent on general buy
| ing, but later receded on heavy liquida-
ton of July contracts by spectators,
owing to the maturity of the option.
| September and December options re-
ceded in sympathy and they closed steady
at Is to II cent net advance compared
with yesterdays final prices, while July
closed at 741a, as against 76;A yester-
days final price. Corn was firmer on
dry weather in the west and closed IS
| higher. The trading was moderately
active, with continued good buying by
parties who were the first big bulls in
wheat.