The news & observer. [volume] (Raleigh, N.C.) 1894-current, 1896-12-17
Everybody Loaded; Only Short
Interest to Sustain Market.
QUICK SLUMP or 2I-4 CENTS
Cotton After Waverings Closed
Steady at l7Points Loss.
BIG RECEIPTS AND WEAK CABLES
Stocks Scored General Gains, Partly on
Net Gain in November of Seo.ooo,-
900 in Exports and on Less
Cuban Agitation.

GuDan AkUaNOt'
New York. Dee. 16.-The cotton mar
ket opened at decline Of 6IdS points,
rallied SAL and again turned weak, at
the lowest intervals, showing net loss
Of 13014 points and finally was steady
Mt n net decline of 11Ulf points The
pressures to-day were Disappointing for
eicn adyices and unsatisfactory Southern
spot cotton markets. The news from
Fall River was also Disappointing, In
dicating dullneSS and more disposition
tn sell The prime cause of the weak
moss however. was the continued heavy
movement at interior towns and the ports.
Owing to the storm, orders failed 20 put
in an appearance and the local contingent
had everything TO themselves all day.
During the latter part Of the session !
the undertone of the market was com-s
paratively steady on disposition to se-.
cure profits. ::
Il. b. CUTHBERT & co.'s LETTER.
New York. Dec. 16.-(Special.l --Cottous
was duh and easier Oh Disappointing
cables from Liverpool, closing barely
steady at 2la points net decline, aftef
starting with an advance OF 1G2 points
and spot sales of $4,000 bales, In adds
ton to these advices, the semi-weekly
movement at ID leading interior towns
showed receipts of 1922 bales against
81 COG last week and 1862 last yeas.
There were slight rallies from the iowest
bat the business at the close was barely
steady. The total sales were 162,4g0
bales. Spot cotton here was unchangei.
The closing figures show a decline of ten
points from last night /.
WHEAT.
Wheat was feverish and irregular
throughout the day with no decided ten
dency TO lower prices. Liverpool cables
were dull and weak. closing 12d. lower FOR
futures at Liverpool. This led to an easy
opening with prices Il cent lower, less
favorable crop reports and Northwest
receipts of only 3TT cars, against 623 last
week and S5S last year, stimulated ball
ish feeling among the traders and LED To
sharp upturn in the market, which gar
ried prices II cent over last nights closing
to 3112 for May. The crowd got loasfed
up around 81, and general efforts to real
ize profits on the advance resulted in
running break to 1884 for May. Evary-
body tried to sell out at once, and the
short interest having been eliminated and
outside buying failing TO materialize,
prices ran off sharply There was na let
up in the bun news, but the absence of
business caused the market 10 close weak
in tone, with prices within 1s of the low
est. Ten loads Of wheat reported fog e1~
port at New York and 100000 bushels Of
STOCKS.
The stock market was very weak and
irregular and unsettled during the lslorn
ing on reports of impending gold Iship-
ments to Germany this week and agita-
ton Of the Cuban question in the 5ress,
and more unfavorable statements Of rail-
road earnings together with farther
rise in the discount rate at London at
31b per cent On these unfavoratle de-
yelopments, the bears raided the market
and induced renewed liquidation lin G.
3. O., st. r., Il. & N, Tenn, Goal &
Iron, Spirits and Sugar. Stop orders
were unearthed in all Of them, but notably
G. b. O., Spirits, Manhattan aEd st.
Paul, the leading bear. operator. how
ever bought heavily both openlye and
through brokers on the decline, ans their
buying subsequently checked the esecline
and turned the market upwards, and on
adyices from Washington that the COM
ulllct Oh OTelSn htldtiOIS udu ~
report on any of the resolutions introduc-
ed on the Cuban question, and the de-
NAL OF any intended shipments, the mar
ket recovered all its early lossest and
steadily advanced up to the close. There
was particularly good buying in Sugar,
Chicago Gas, st. Paul. Reading and Man
haitian, and all these stocks closed Arm at
advance ranging from 1@2 per cent over
last nights closing. While most Of the
late buying was on covering of shorts,
there was also some good buying for
long account. Chicago Gas was Bought
by the Benedicts, Sugar by the insiders
recently steady sellers, the grangers by
the leading bears and Reading by sPhila-
dclphia houses on the belief that the hear
ing in the courts in the test suit against
its charter would be favorable TO the
company's interest. J
corn. E. Il. CUTHBERT eco.
NEW YORK.
NEW YORK, December l6-Futures opened
steady at the decline: sales 5000 bales
Futures closed steady; sales l62, 400 bales.
Opening. Closing.