The news & observer., 1897-07-29
THE GRAIN TRADE
The Dominating Influence OF
Markets Strength.
THE EXPORT OF WHEAT
MORE STOCKS WE'RE ACTIVE
THAN FOR SOME TIME.
THE SOUTHERN RAILROADS ADVANCE
The Prospect of Large Crops and Consequent
Large Freight Traffic and Large Earn
ings Has Good Effect
on Their Price.

New York, July 2S.-To-day's cotton
market opened steady with prices lower
by 467 points. following bearish crop
accounts, particularly from Texas anu
very unsatisfactory cables. After a iur-
ther decline of 1M2 points III the near
months under the local and some South
ern liquidation, the market steadleu Oh
moderately good buying orders AND CLOS
ed firm for near months and STEADY OH
distant positions with prices one point
higher to FIVE points net lower.Sales 81
400 bales. Official as well as private
crop advices showed the drought IN CEN
traI and Southern Texas to be broken
hv good rains last night. The ready
RESPONSE of the Liverpool market no
this news led to considerable selling of
long contracts, held throughout yester-
davis break in hopes of reaction To-
day.
The market was very small and mar
row and sensitive during the afternoon
with small orders either way. Business
continued light and almost entirely local
but a steady undertone continued IN evi-
dence on the spot situation. Under
a. few notices of intended delivery OF
cotton on August contracts were issued
and they were stopped as soon as they
were put in circulation.
E. B. CUTHBERT & CO.'S. LETTER.
New York, July 2S.-(SpeciaD-Cotton
opened weak this morning ON good rains
in Texas ranging from "a to "a inch at
ten different stations and pa inches at
Brenham. The Liverpool markets were
easier and decline of 1-32d in spots
there with sales of 10000 bales and
futures closing 3-64d lower also had an
adverse effect upon sentiment. Liqulda-
ton ty small holders was resumed as
soon as the market opened which led TO
a decline cf 6 to Z points in prices, but
most of this was recovered upon the
failure of many notices of delivery on
August contracts to appear. The feW
that were issued were stopped by ex-
porters. Speculation Jagged, however,
throughout the afternoon and the market
closed quiet with August unchanged,
September 2 points lower and the others
to points lower. compared with last
nights close. Spot cotton was quiet and
unchanged at 1916 for middling. The
sales included 1.225 to spinners and 500
delivered ON contract. The exports were
5000. The sales of the day were 67,-
400.
GRAIN WHEAT.
The feature of the wheat market to-
day was apparent liquidation of July
contracts for the the pool in the option
at Chicago. The contracts will mature
on Saturday the 31st, instant, and in
view of khe large premium existing,
those interested deemed it advisable to
liquidate, especially in view of the larger
arrivals of new wheat which will be
available for delivery. The foreign ad-
vices were rather disappointing with
futures at Paris closing but 10 centimes
higher and Liverpool unchanged to I'D.
lower compared with yesterdays prices,
but this was offset by reports of large
acceptances of cable offers last night
by continental and London houses and
the market opened up firm at last nights
prices and subsequently advanced " to
"a cent The fact that the crops have
not been materially injured by the re-
cent unfavorable weather together with
the larger interior receipts of new wheat
and the subsistence of the outside spec
ulative demand and European buying,
took the edge off the market and in the
afternoon, weakness developed on genral
liquidation and the selling in July. Corn
l.
"a to q on moderate buying in sympa-
thy with the early advance in wheat, but
later lost the improvement and closed
quiet.
STOCKS.
The speculation in stock continued
active to-day. The market opened firm
and advanced 1 to per cent under the
lead of Louisville, r. l., Sugar and the
Gould stocks. The low-priced miscel-
laneous shares, moved up in sympathy
to a similar extent, accompanied by
good commission buying in them for
both speculative and investment account.
The bull leaders supported the advance
and although realization sales were again
heavy and professional traders continued
to work against the market, most of the
early improvements We're maintained
and the closing tone was strong at the
advance. The rise in Louisville and
Southern preferred were in anticipation
of larger earnings from the cotton crop,
and rumors of contemplated dividends
on both in the Fall. The advance i'm
Rubber was accompanied by report
that the trust is contemplating taking
in two competing companies in the East.
Cotton oil and spirits advanced by buy
ing by insiders Chicago Gas was stim-
ulated by reports of progress in COM
pleting the consolidation scheme and to-
bacco and the coalers were better on re-
ports Of larger earnings.
e. B. CUTHBERT & co.
NEW YORA.
NEW new YORK. July 2S.-Futures opened
STEADY at the decline: sales 7,4O0 bales
Futures closed firm on near months s+ooau