The news & observer., 1897-08-27
COTTON OPENS UNSTEADY
CLOSED WITH \ NET LOSS OF
TO Is POINTS.
THE WHEAT CROP ESTIMATE LOWERED
10000, 900 Bushels Short Of First Estimate OF
Cincinnati Price Curent--ln the Stock
Market, Room Traders Controlled
Until Late in the Session.


So had an easy. irregular opening, the
f~st can developing a decline of 5d9
oo;n+s- followed by sharp rally or
10 Q points before noon, speaking OF lne
General list. the exception being an al
vanee of Ia points on September from
the lowest prices AT noon the market
showed q net gain of 10 points on
near positions, and net decline OF 10
2 noints on the later months. 1ranins
wes ouite active with sales Of nearly
7enCss0 bales. The market quoted
down later in the session, but showed
nervous undertone on positive evidence
az q deal which al least covers the cur
rent month and September If not octo-
her. also. Just before the close renewed
N11,;dation carried prices down sharply
syr;th the market finally barely steady al
net loss of - points on August ana
to 10 poinis on other markets
DRY GOODS.
New York. Aug. 26.-The drygoods
market was active with many buyers
p-ssen. II both the first hand ana the
;abb;nc markets. The tone was hrm IN
81 cotton lines, several advances haVfs
been announced in the last a hours-
Sa1ia-s are less willing 10 deyiate from
-z2TET F<F2Ds2<1<-l ASN ~-1A
-er. after some parley, generally TOOK
goods. the conditions are quite saCs-
factory and hopeful The export de-
rnand shows a slight increase In spite
of an advancing market. This Is con-
s.dered a good feature. Hoolen goods
@. al sorts are doing well Staple cot
tons are firm and selling freely. Fruit
o. the loom A and II, bleached, arc
again ar value. This Is not surprising
as the price has been below that Of Dons-
dale since the recent advances, and
general adjustment was deemed inevita-
5le from the first. Coarse colored cottoas
are well sustained and strong at the re-
cent advances in all grades. Print cloths
have registered another advance, 11-16
cents being paid for about 1000 pieces
extras. October and November delivery,
late yesterday morning. The market
to-day is very strong with bids scarce
at the advance. Odd goods are also very
firm. Sales have been fairly heavy this
week. Prints are again firm and subject
TO advances in some staple lines. Ad-
vanees in Garner staples have already
taken place Turkey reds are particu-
larry strong. Amoskeag staple and fancy
ginghams have been advanced "a cent per
yard.
Z. Il. CUTHBERT & co.'s LETTER.
New York, Aug 26.-(SpeciaL)- -
Wheat had another exciting day, open
ing at cents advance here and adyanc-
ing one cent further for September,
while Chicago opened three cents higher
and advanced 31a further. This wild
movement was on the Cincinnati Price
Current reducing its crop estimate from
55O,OOOOO0 to 540,OOO,00O The ad-
vance was too rapid for even the bull
clique and they sold some wheat at
Chicago openly to check the rise. Later
the trading quieted down and the mar
ket assumed normal condition. Heavy
foreign selling of contracts and resell
ing of cargoes for Liverpool and the
failure of the foreign markets to re-
spond, together with the engagement of
but five loads for export, led to sag
ging market in the afternoon, and the
closing quotations showed net advance
of but - to Is for December and one
cent for September at Chicago. Corn
was strong and higher on confirmation
of crop damage in the West.
The stock market was irregular and
heavy and largely in control Of the pro-
fessionaI roOm-traders until the last
hour. In the last hour 1t developed
strength ON fresh buying of the Changers
by insiders. There was no pronounced
increase of business. but traders who
sold the list short became alarmed at the
absence of outside selling and the
strength in the stocks covered. This
buying for long and short account caus-
ed a recovery Of all the loss established
in the early trading. Outside Of the
news developments in the grain mar
kets and firmer and higher London mar
kets, with London buying $4,000 shares
here, the situation remains unchanged.
Cotton continued irregular to-day,
with trading largely local. The tendency
from the start was lower in sympathy
with disappointing action Of Liverpool
market. Prices sold off 10 points from
early trading, but any further break
was checked by renewed heavy buying
of September by commission houses.
The rest of the list moved up in sympa-
thy, recovering the early loss, but later
the market reacted on absence of out
side support, and sold down to the low
prices reached at the opening, except for
September and October. The tone at
the close was quiet and barely steady,
at 10 points net decline, except Septem-
ber and October, which closed 5 to z
points respectively below last nights
closing. Spot cotton was unchanged at
1-16 cent for middling, with sales of
222 bales to spinners.
Il. B. CUTHBERT & co.
NEW YORA.