The news & observer. [volume] (Raleigh, N.C.) 1894-current, 1896-12-22
The Rem orseless Decline in Cot
ton Forces Liquidation.
WAS SICK AT 8 POINTS OFF
Wheat Troublous Within Mar
row Limits on Bank Scars.
ToNEFRoM oLNEY S STATEMENT
Together With Other Current Causes.
the Stand of Executive as to Cuba
Offset Bearish Tendencies
Naturally at Work.


points after an irregular and unsatisfac-
tory session resulting in sales of only
16T. 900 bales. The market opened steady
with prices on the first call unchanged
to points lower Gables were unsatis-
factory receipts heavy and exceeding es-
innate; trading light and almost entire
~ local, except for some buying for Eng
lish account against sales at Liverpool on
a switching basis. Throughout the ses-
sion trade partook of holiday character
with weak undertone on the theory Of
slack foreign support on futures in view
of the large receipts and the tendency
to curtail operations in anticipation of
the brace Of holidays at hand in both
countries.
Il. b. CUTHBRET & co.'s LETTER.
New York, Dee. 2f.-(Special) Cotton
ruled dull and easy under the depressing
inuences of . to 1854 decline in futures
in Liverpool and port receipts of 67,521
bales, against 3,440 last week, 40, l41
last year and estimated total receipts at
all the ports for week 100000 to 100000
bales. against $4,000 last week, 900, 49,
last year and 265,772 in 1894. These
factors led to renewed liquidation by tired
holders which caused prices to decline
7 to S points, The exports were $4,000
bales and this with some class commits
sion buying on the decline, led to a slight
rally in the last hour, and prices closed
steady at 2 points recovery from the low
est The total sales We're 10000
WHEAT.
Wheat was quiet to-day and nuctua-
tons confined within one cent, the market
finally closing steady with kc. of Satur-
days closing quotations. All the news
was bullish from abroad, but the Chicago
bank troubles overshadowed the market
and their good effect was consequently
lost. Business was entirely local, pending
further developments in Chicago. Liver
pool closed firm at &c. net advance. The
official worlds shipments were 6,431 900,
against 9,159,000 last week and 6, 129, 900
last year. The visible supply increased
$4,000 bushels, against an increase of
2,56f 600 bushels this day last year.
Thirty four loads of wheat were reported
engaged for export.
STOCKS.
After an hour of weakness and irregu-
larity from the opening, due to mixed
lIddAhE anu III iGStLd w hA4t
cause of the bank troubles at Chicago,
the stock market developed strength and
activity and steadily advanced up to the
close, recovering all the early fractional
declines and closing firm with the general
list showing advances ranging from / to
1M per cent over Saturdays closing quo
tations. There were frequent raids by
the bears in an effort to check the i'm
provement of the Market but the posi-
ton taken by Secretary Olney with re-
gard to the constitutional prerogatives
of President Cleveland was early recog-
nized as an effectual check upon hasty
action favoring the declaration of the
independence of the Cubans, and this,
with weaker foreign exchange rates and
the absence of the expected engagements
Of gold for export to Germany by to-
morrow's steamers, offset all the unfavor-
able features and everything that could be
said against the market. The bearish
sentiment subsidized, and with the absence
Of selling pressure, the bears became
nervous and the leaders were active in
covering shorts. The demand from this
source, together with rebuying by holders,
who became panic-striken on the war
scare, of last Friday, absorbed all the
offerings.
f. b. CUTHBRET & G..
NEW YORk.