The news & observer. [volume] (Raleigh, N.C.) 1894-current, 1897-07-11
WHEAT CLOSED STEADY
TRADING IN STOCKS WAS ON A
SMALL SCALE.
PORK GOES DOWN A FEW POINTS
The Tariff, the Strike, and the Presidents
Probable Currency Message Are All
Factors to Be Taken Into
Consideration.

New York July 1O-The cotton mrr-
ket had a fairly favorable start on an
accumulation of buying orders over
night and the near months, on the call,
showed gain of 102 points. The pres
ence of realizing orders, however, was
soon manifest ard the market turned
weak and declined 1M2 points below
last nights closing. The average of crop
news was bearish. The government re-
port was more favorable than expected
and the market steadily easel off and
closed steady at a net advance of :
point to a net decline of 5 points, with
total sales of 66.5O0 bales.
L. B. CUTHBERT & CO.'S LETTER.
New York, July 1O.-(Special. Cotton
opened steady at last nights prices, but
soon afterward declined to 6 points on
realizing and hammering by bears on
good rains in the Atlantic and Gulf
States and light showers at two points
in Texas, Arkansas and Tennessee. Au-
gust sold down to 1882, September 715
and October 600, but later the market
rallied to 4 points on covering Of shorts
as unbiased operators saw that the
rainfall in the Southwest was trifling,
weather continued unrelieved according
to the official reports Of the weather
bureau. The market closed steady with
August / point higher and the later
months 2 to 4 points lower compared
with last nights prices. The regular
monthly government crop report was an
nounced shortly after II o'clock. but
had no effect whatever on the market
1t made the condition Sc per cent. against
S3.5 last month and 92.5 on July last
year, 82.2 in 1895 and 500 in 1894. The
report was exactly as predicted in our
market letterof last night. The improve
ment OF 21a points occurred during the
latter part Of June from the favorable
weather conditions, which prevailed
This improvement is believed to have
been lost, however, since July LIST, by the
excessive hot and generally dry weather,
since that time with the drought still I'M
broken in the Southwest. The immediate
course of prices will depend entirely up
on the weather conditions in the Central
and Southwestern portions of the cotton
belt, where the crop is now suffering
or the lack of moisture.
Wheat and corn were both adversely
affected today by more favorable wealth
er conditions in the wheat and North
west, apathetic cables and heavy selling
for Liverpool account to realize against
previous purchases. The falling off in
the cash and export demand and the de-
livery Of 425,0OO bushels of wheat on
July contracts late yesterday and fears
of a bearish government report, led to
an easier market in wheat from the start
and prices declined ~ cents for July
and u cent for September during the
first hour. Later active covering Of shorts
and renewed buying on the statistical
position and expectation of 1000, 900 de-
crease in the visible supply on Monday
led to sharp rally and the market left
off steady, with the final prices showing
a net decline Of only u cent in July and
"a to as in the later options.
The speculative demand for corn was
lighter. Prices declined " cent, and the
market closed quiet and easy at the de-
cline. About IL loads Of wheat and two
loads Of corn were reported as having
been engaged for export at the outports.
Stocks-Trading in stocks was on
small SCALE, traders were disinclined to
Increase their interests materially, owing
to the uncertainty as to what the gov
eminent reports would show, and also
the message President Mckinley pro-
posed to send to the Senate on Monday
in regard to the currency question.
Washington advices to the effect that
there will be compromise between the
sugar schedules adopted by the Senate
and the House, led to active covering of
shorts in sugar, which caused an adj
vance Of / per cent Rest Of the mar
ket moved up in sympathy, but later re-
coded on liquidation by traders. The
tone at the close was steady, Changers
were stimulated by reports Of cooler and
rainy weather in the corn belt and good
prospects for spring wheat.
e. B. CUTHBERT & co.
NEW YORA.