The news & observer., 1897-06-24
Cotton Yields Under Selling oy
the Bulls.
WEAK LIVERPOOL CABLES
ARMOUR ABOUT TO SQuEhAH
THE WHEAT SHORTS.
MARKET HAD FIRM UNDERTONE
Stocks pemoralized by England's ou'
bilee. but Investment inquiry Was
Good--Better Stocks Advanced,
Tobacco for Three Points.


Tobacco for Three Points.
New York. June 23.-The cotton mar
ket discouraged by the failure OF the
Liverpool market to reopen AFTER an
Engglish holiday since Saturday at an
advance to conform to the improvement
here. opened quiet and steady at de-
cline of / to points and gradually sold
off until the net loss was increased TO
to 9 points. In addition to the dlsap-
pointing cables, the average of crop news
was quite bearish. At the same tune ao-
vices from Fall River indicated very
active market for print cloths at Wen
sustained prices, and reported sales OF
10000 pieces yesterday. The market
made a number of small rallies during
the day. but the undertone was weak IN
the absence of speculation, notwlthstand-
ing the talk of a revival of business
throughout the country at large. Ihe
market closed quiet and steady at net
decline of to 9 points.
r r CUTHBERT & CO.'S LETTER.
New York, June 23.-(Special.)-Cot-
ton developed decided weakness to-day
and declined 10 points for the near
months and 6 to 8 points for purchases
by the bulls from the start. The selling
was influenced by disappointing Liver
pool cables, which reported spot cotton
there easy. at the close, at 1-32 advance
to 4 5-32 for middling since Saturday,
with sales of but $4,000 bales and fu-
lures barely steady at ~ to 2-64 net
decline after having opened 1-64 mgher.
Yesterdays government crop report was
considered very bearish in Liverpool and
the East and was supplemented by con-
timed bearish advices from Texas. The
demand for spot cotton here and at the
South was less urgent, even at conces-
sions of 1-16, and this fact, together
with the failure of the expected revival
of active outside investment and specu-
lative demand to materialize, also oper-
ated against the market. As conSe-
auence. prices steadily declined with
very little resistance. Spot cotton here
ruled easy at 1-16 decline with middling
now / 1916.
WHEAT.
The speculation in wheat to-day was
more active and centered largely IN July
in Chicago market, which monopollzed
the attention of the traders owing TO the
large transfers of contracts to houses VINO
usually act for Mr.. Armour. From these
transfers it is inferred that he is about
to demand the delivery of the wheat sold
on the contracts and a. squeeze of the
shorts in the option is contemplated or Is
on the card for the near future. As
was the case yesterday, this Inference
led to a very nervous feeling among the
shorts. and notwithstanding a decline of
IL in futures at Liverpool and the fail
ure of the expected good export demand
from France, to develop here and the
rather bearish tenor of the weekly govern
ment crop report, the market showed
firm undertone from the start. Prlces
opened 81 and advanced 5s. further for
July to 691a, and then made a running
break TO 6S% on realizing sales on the
disappointing features above referred 10,
hut in last half hour, this loss was re-
covered and the market closed feyerlsh
and firm in tone at "a net advance for
July from last nights prices and un-
changed to IA lower for next crop. Corn
and oats ruled dull and a shade easier
on absence of business. Provisions were
firmer and higher on better cash demand.
Stocks was a repetition OF that Whlch
obtained in yesterdays trading. Busl-
ness was resumed in the English markets,
but as the Englishmen had not yet re-
covered from the effects Of the jubilee,
there was very little busnes forth
coming. 1t turned out, however, that
commission houses had received addl-
tional good business for investment and
speculative account in all the better
class Of stocks, particularly in the Van
derbilt, Granger and Coalers, and as
consequence, the market opened strong
and showed an advancing and broadening
tendency. Room traders and reaction
lists" who sold stocks so freely last week
in an effort to turn the market down,
were forced to-day to go into the market
and buy back the stocks they had sold,
and this buying, together with the legltl-
mate commission business, absorbed all
the offerings and led to considerable
further advance in all the better class OF
stocks. The Grangers, Coalers and Van
derbilts led the list in point of activity
and strength and scored advances rang
ing from q to 2 per cent, with the latter
in Jersey Central, Chicago Gas was also
a strong feature of the market and ad-
vanced 11a per cent, while Tobacco
moved up points. There were fractional
concessions in the late trading on realiz'
ing, especially in Sugar, Tobacco, North
ern Pacific, preferred, and the Gould
stocks, but the general undertone was
strong, with the best people confident
that the market will do still better.
E. B. CUTHBERT & co.
NEW YORM.
NEW YORK. June 23.-Futures opened
quiet and steady; sales 1900 bales.
Futures closed quiet and steady; sales 74,2OO
bales.
Opening. Closing.