The news & observer. [volume] (Raleigh, N.C.) 1894-current, 1897-07-10
L|QU|DAT|NG MARKET
The Bulls Were Inclined to
be Timid.
HAD A SWEET llP
RIFT THOSE ION THE INSIDE
TOOK IN ALL THE SUGAR.
WEATHER BULLETIN EFFECTED PRICES
The Funding of Indebtedness of Northwestern
Favorable Influenced the Sale OF
Its Stock,

Favorable Influenced tne oaie VI
Its Stock.
New York, July 9.--The cotton mar
ket opened steady with prices lower oy
las points and further declined ogl-
points, subsequently ruling irregular
with the direction of prices governor al
most exclusively by the varied cnarac'er
OF weather news. The early weakness
was partly due to unsatisfactory ENG
,;sh advices which, while showing good
demand from Manchester and continent
nj spinners, was not up TO lhe hiaiN %
to futures. Locally the market was .ei.
nervous and easily int1uenced py "eatnei
and crop news from whatever source' nm, UuI
particularly from the southwest. Luz
notification of the weather Dullelin sno"
;np showers in certain points OF IeAas
and also at several points along the Az
lantic coast, lead to considerable reaiiZ-
ing. The entire scope OF the nuctuaIiohs
was - points ON the more actiVe poSi-
lions. The market was finally pareiy
steady at a net decline OF N11V points
E.B. CUrHBERT s. CO.'S LETTER
Now York. July 9.--iSpecial.j-Cotton
developed an easier undertone to-uas'
on innidation by timid bulls and per-
s;stent large offerings by room traders
inclined to be bearish, influenced by spot
sales at Liverpool reduced to lO,OOO
hales. futures there closing barely STEADY
81 o,64d decline. beneficial showers IN
Tho Atlantic and Gulf States, general
hal;ef mat the government report to-
morrow will mark good showing ana
absence of support. 1t was largely
I;onida ting market with the bear traders
;ncl;ned to be aggressive and help along
tho nrocess. Continued excessive neat
and drought prevailed all through the
Southwestern States. especially IN
rroyas. which conditions have now con-
timed since the first instant. But lnis
fact and an advance here OF lilo IN
arot cotton to z 1916 for middling. with
sales of 1854, including 1854 for export
and 400 for consumption, and the IN
crpasing strength Of the statistical posi-
t;on. were all ignored by the traders ana
the market closed barely steady at the
lowest prices Of 8 to 10 points below
last nights closing quotations. Inc
total sales were 127,9OO bales.
Tine stock market continued irregular
to-day. but on the whole the undertone
continued good throughout the hst the
greater part of the session ana at the
close the majority of the better class OF
.ctockS and more active shares showed
fractional advances ranging from "a 10
liz ner cent. The last named were made
in Omaha and New York Central, winch
advanced ON renewed investment pur-
.chases. Pacific Mail advanced per
cent for the same reason. Everybody
had the tin to sell Sugar at the opening
for a sharp break to 1.25 on alleged In
formation that the Senate sugar scned-
nile would be thrown aside by the con-
ference committee and the Dlngley rates
adopted The stock was sold freely, put
all the offerings were readily absorbed
by brokers who usually act for insiders,
and later the stock steadily advanced
and closed strong at point net advance
Some of the early sellers were forced 70
cover in the last half hour and tney
found it difficult to do 80 without ad-
vancing the price. Rock Island was also
a strong feature Of the market on de-
NAL Of crop damage which 1nducer re-
newed buying and caused it to advance
81. The movement in the rest OF the
market was confined to small fracuonal
changes of an irregular nature, except
in Chicago Gas, which declined 70 on
proft-taking sales.
Wheat opened steady this morning on
the fair response Of the Liverpool market
to our improvement of yesterday and the
continuation of the recent bullish senti-
ment from the large export business
transacted here yesterday and the day
before Later it was seen that the ex-
port demand had been fully satisfied,
and as there was an absence of outside
support Of bullish crop news, the profess
sional traders started into realize their
profits and put out fresh lines of shorts,
The weight of these offerings increased
as business progressed, and this caused
a subsequent steady decline Of ! cent
Crop accounts were better and corn
showed a dragging tendency, together
with easier closing Liverpool cables
showing all the early improvement there
had been lost. The decline brought out
a fair export demand and % loads were
taken for shipment. Corn was adverse
" effected by predictions OF cooler
weather in the West, with scattered
showers, the practical elimination OF thu
short interest and subsistence Of outside
speculative demand and closed steady.
e. B. CUTHBERT & co.
NEW YORK.
NEW YORK, July Cultures Opene6