The news & observer. [volume] (Raleigh, N.C.) 1894-current, 1896-12-19
Also Noticeably Affected by
Senate's Cuban Action.
WHEAT WEAK, ONE CENT LOWER
Stock Market Thrown into Panic by
the Summary Wayin Which the SEN
ate Foreign Affairs Commit
Handled Cuban Resolution.


ton set in later under a heavy movement
and selling on fears of trouble over the
Cuban question. The market following
the adoption of the resolution by the
Senate committee favoring the indepen-
dence Of Cuba in the afternoon was de-
cidedly weak with advices from Fall
River. The market closed steady at a
net decline OF 1905 points.
f. 3. CUTHBRET & CO.'S LETTER.
New York, Dec 1S.-(Special.) Cotton
opened firm to-day on Liverpoors full
response to our advance Of yesterday and
prices rose s points in the early trading
to the basis of 7.1S for March and 7.31
for May. The Liverpool cables reported
spot sales increased to $4,000 bales and
prices firm and 1-16 higher to ZIG for
middling, while futures opened 3-64d
higher and closed steady at 31a to points
advance over yesterdays close. The re-
ceipts for the week showed up heavy and
led to q subsequent loss of all this inn
provement. The market developed weak
ness under the pressure and prices made
a running break to the basis OF 696 for
March and closed feverish and irregu-
lar at Cos. twenty points off from the
higher level in the early trading and 10
to ii points below last nights closing.
Business was on moderate scale dur
ing the forenoon, but increased in volume
in the later trading with the total sales
aggregating 247 800 bales. The total
port receipts for the week are $4,000
to 100000 against 267,000 last week and
224, 1000 last year and 100000 In 1884.
The receipts at he 81 leading interior
towns reached 1928 bales, against
49,, 4S3 last week, 140016 last year and
1866 in 1894. Mr.. Hester makes the
total amount of cotton brought into
sight for the week 401, 674, against &c.,
314 last year, 497, 7S9 in 1894 and 372,-
$40 in 1893.
STOCKS.
The unexpected and summary manner
with which the Senate Foreign Affairs
committee disposed of the Cameron
Cuban resolution of independence at its
special meeting to-day, Notwithstanding
the pleadings of the administration for
further deliberation, threw the stock
market int, a panic to-day. The best
early information was that the session
would be prolonged by Mr.. Olney's ex-
PLANTATION of the situation until well into
the afternoon and that no agreement
would be reached until perhaps on Mon
day, but no sooner had Mr.. Olney taken
his departure from the committee room
than the resolution was unanimously
adopted. 1t reads as follows:
Resolved, That the independence of
the Republic Of Cuba be, and the same is
hereby acknowledged by the United
States of America.
Second, That the United States will
use it's friendly Offices with the govern
IL Al
between Spain and Cuba"
The resolutions are Of joint character
and they must pass both houses and re-
ceive the Presidents signature, although
in case of veto, they can be passed
over again without his signature. The
resolutions go to the calendar and will
be presented to the Senate on Monday.
As the Senate adjourns that day until
after the holidays, it is said they will
not be called up for action until the
Senate reconvenes. The Street regard
ed the action taken to-day by the COM
mittee as tantamount to an indirect de-
claration of war against Spain upon our
part if the resolutions are passed. The
Street" was entirely unprepared for this
hasty action, as has been previously
stated, the best information was that the
subject would be more carefully deliber-
nted before a final decision was reached
by the committee. Upon the announce
ment of the action taken a general
heavy selling movement was inaugurated
which increased and assumed larger pro-
portions as business progressed and
caused violent break in the general list,
ranging from to 613 points. The stand
ard stocks suffered alike, with the indus
trials and weaker specialties. ST. Paul,
for instance, sold down 81 points to 10;
@. B. O., 6% to 691a; r. L., As to "a;
Sugar, AS to los; Southern, preferred,
As to 1895; Manhattan, Az to S714; Chi
cago Gas, 4 points to 20; Western Union,
3A to S07s; Reading, Al to 231A, and
N. W., 3 points to 100as. There were
irregular fractional rallies OF IA to /
point from the lowest, but the closing
was weak and excited and demoralized
with considerable anxiety as to he~w the
resolutions will be regarded abH3ad.
Whether Congress has the power to
recognize the independence of the Cubans
or whether such matters are the pre-
negatives Of the President alone is a
much mooted question, but there now
seems to be no doubt, according to the
latest adyices from Washington, that the
resolutions will pass both House and the
Senate by more than the necessary two
thirds should President Cleveland decide
to veto it. The course OF the market
will depend entirely upon further de-
velopments in regard to the matter
WHEAT.
Wheat developed renewed weakness
to-day on yesterdays reported $4,000
barrels of flour cleared from Newport
News, proving to have been a mistake,
the corrected returns showing that but
$4,000 barrels were shipped. Cables
were also dull and easier, and these two
features, together with the Cuban war
scare unsettled the market, notwith-
standing more unfavorable crop accounts
from Ohio, Indiana, Illinois and light
receipts, the closing prices were one cent
below yesterday and the bottom with
May in Chicago, 1914. Had the market
kept open as long as the stock market,
the Generalization in the latter would
have undoubtedly led to further decline