The news & observer. [volume] (Raleigh, N.C.) 1894-current, 1897-07-25
OPTIMISTIC MARKET
The Traders Look For a Bet
ter Day.
HIGHER PRICES THE RULE
WHEAT FIRMER, COTTON WILL
BE AFFECTED BY TEXAS NEWS.
HIGHER PRICES ARE THE RULE

Share in the Exsensye Profits Ac-
corded by Compromise Sugar
Schedule in Tariff Bill. :"
New York, July 23-The cotton mar
ket developed a good deal of irergularlty
today, chiefly resulting from the course
of August contracts, which opened at a
decline of five points and made an lrreg-
ular rally of 10 points, while the rest OF
the list, following the opening call,
worked within range of six points. AT
ter selling from 7.43 to 7.54, August
sold off to TAI, but not without zig-zag
action, which led to a more or less cur
rent belief That manipulation, more than
any other influence, might be at work. 1t
was claimed that the rise was caused by
demand from consumers. The market
closed quiet and steady with prices final
ly 2 points lower to points higher.
Sales, 43,400 bales.
e. B. CUTHBERT & CO.'S LETTER.
| New York, July 24.-Wheat was firm
err today and recovered considerable of
the loss sustained yesterday on renewed
| buying for long and short account on
rather bullish French crop reports, a
better cash and export demand and pre-
liminary estimated of 100000 bushels
as the total worlds shipments Of wheat
from the large exporting countries to
| Europe. The Northwestern receipts
were larger, and this, with rather freer
offerings of new wheat, made operators
conservative, but there was enough new
| ~ hi {Lo hull Of 4hn
ment and keep the undertone steady at
! the advance. Foreign houses traded on
! both sides, but were good buyers on bal
ance The market will be dominated dur
! ing the coming week by the European
supply and demand situation Corn was
dull but steady throughout
| Cotton.-The market was quiet and
steady today, on moderate transactions
| Liverpool advices were about as ex-
pected and were therefore without eff
/ feet upon the market. The Chronicles
crop report said there were beneficial
rains in many parts of the cotton belt
| during the past week and marked
| improvement was reported from some
point. In Texas, however. the report
says. there have been only scattered
showers and rain is still badly needed
| in that State. Today's weather map
showed that no rain has fallen in Texas,
except about II of an inch at Orange
| This stimulated the market and renewed
| buying of August by commission houses,
| influenced by its strong rela ton to spot
cotton, caused a firm opening and adj
vance of to points throughout the
list. The demand. however, was soon
Cd nd ~, 4ha 1a4n
market reacted on realizing sales and
closed quiet at a net gain OF puu Two
points over last nights prices. Spot cot
ton was quiet and steady and unchanged.
The market will be dominated during
the week entirely by the crop and wealth
e reports from Texas.
Stocks.-The stock market showed its
great strength today by readily absorb
ing the realization sales of traders and
the large offerings of the professional
operators who continue the policy of
playing for reaction, and closing
strong at considerable further net gains
for the more active shares. The strong
features of today's market were the
shares of the A. M. It. Co., Sugar, Man
haitian and the Changers, all of which
scored good advances. Bullish sentI-
ment was stimulated by our very fav-
srable agricultural situation and assur-
,}ance that the tariff bill will pass the
Senate this evening, and the realization
and appreciation of the other builish
factors surrounding the market. to
past two months. The London stock
which we have repeatedly alluded to in
market was closed today and conse-
quently no quotations were received from
that point, but nevertheless there was
continued fair foreign buying Of ST.
Paul, Louisville, and stocks like Atchi-
sor. Southern AMI NJ. Is. Il. preferred.
We believe the conditions are favorable
for much further advance in prices
| later on, and we look for a very brisk
fall trade in all branches of business
and we are of the opinion that it will
begin to show itself by the last week In
August. In the meantime reactions may
occur in the stock market from time to
| time on the shifting of the long interest
| in realizing sales, but we think adj
vantage should be taken Of all these
soft spots to effect purchases in the bet
| ter class Of stocks, particularly the
| Changers and Southwestern securities
and the general railroad list.
e. B. CUTHBERT & co.
NEW YORN.