The news & observer. [volume] (Raleigh, N.C.) 1894-current, 1896-12-16
LOADED WITH STOCK
Public Bought Heavily Day At
ter McKinley's Election.
ARE NOW HOLDING THE BAG
Short Interest is Only Mainstay
of Declining Market.
ALB CENTS SAG HITS WHEAT
Cotton Braces Up After the Recent
Slump and Closes With Net
Advance of IS to I6
Points.
ARE NOW HOLDING THE BAG
All -s CENTS SAG HITS WHEAT


ket opened firm and active The first
call commenced at an advance of to
points. and finished at an advance of to
o, There was further advance Of to
Is points. The close was steady at net
advance Of 10 to 16 points, with total
sales of 266. 500 bales The course of the
market has been variable under con-
hicting conditions, mainly on the one
hand. the unexpected stability shown by
the Liverpool market for spots and flu
lures by to-day's cables in view Of the net
decline of Ac. in our market yesterday.
On the other hand the movement OF
cotton continues to astonish the trade,
and estimates of 100000 are not scarce
on the Exchange at the present time.
The weeks receipts at the ports are now
figured by some as high as 100000 bales,
against 267, 951 bales last year. Shorts
were active buyers to-day. There is also
considerable proportion of investment
buying, on the theory that the crisis OF the
market has passed. There was further
liquidating to-day which checked the up
ward movement.
e. b. CUTHBERT & cos LETTER.
New York, Dec. 15.-Cotton developed
better undertone to-day, influenced by
the liquidation of the distressed" cotton
yesterday, and Unexpectedly better turn
in the Liverpool markets, with cables re-
porting spot cotton irmer with an increas-
ed demand, and sales of 10000 bales and
futures closing steady at q net advance Of
l to 212 points over yesterdays prices.
The two firms which failed yesterday will
not be able to make a statement as to
how they stand for several days, but
enough is known to say that nobody has
been badly hurt by their suspension,
and nothing but sympathy is felt
for them No other failures are
looked for in the trade, as the long in
terest has been pretty well liquidated, and
what remains is pretty well protected.
The immediate course of the market will
continue to hinge on receipts.
WHEAT.
Wheat. after a firm opening and adj
vance of u cent in sympathy with Liv
erpool market, making full response to
our advance of yesterday, turned weak
on general pressure of realizing sales.
AS the market reacted, Liverpool lost all
its early advance and closed lower. This
accelerated the liquidation, and the elm
nation of the short interest and exhaus-
ton OF the buying power led to steady
declining market. The closing quotations
were the lowest of the day. Corn and
oats were dull and barely steady. Corn
declined q and oats q. Bradstreefs
weekly statement shows an increase of
$4,000 bushels in the worlds supply.
STOCKS.
a,,I
irregular to-day, under renewed liquida-
ton, and yesterdays success of the bears
in springing to greater efforts. Long
stock dribbled out after the first hour,
up to the close, and as there was but fee
BILE support, prices showed a sagging ten
dency, and the closing was generally at
the lowest, with the tone irregular and
heavy. Sugar was the feature, and lost
nearly per cent, selling about Ito ex.
div. American spirits (common) and pre-
ferred, Tennessee Coal and Iron, Chicago,
Burlington and Quincy, Union Pacific and
anhattan all weak The agitation of the
Cuban question in Congress ad the pass
age of Senator Morgan's resolution in the
Senate, together with the weakness of
the foreign markets and disposition of the
foreign houses to sell our stocks here,
were the principal unfayorable factors
which caused the selling movement. The
mainstay OF the market is existing short
interest Eliminate this and there would
be no support, for the large money inter
ests continue to hold aloof, and public
seems to be carrying full supply of
stocks, bought the day after election, in
the belief that there would be an immedi-
ate revival of business everywhere, fol-
lowed by general boom.
Il. b. CUTHBERT 81 co.
NEW YORk.
NEW YORK, December FIXTURES opened
firm: sales IL, 200 bales.