The news & observer., 1897-01-29
Cotton Closes Quiet at d Decline
Of 2 to 6 Points.
STOCK DEALINGS SMALL
BONDS DISPLAYED STRENGTH
IN GILT-EDGE ISSUES.
WHEAT GOES BELOW 75 CENTS
Fer the First Time in Many Weeks, and
Closes al a Decline of So Corn
and Oats Loses | 8 Cera and
Provisions 2 I 2to Z IL.

New York, Jam 2S-The cotton market
opened quiet and steady ut an advance
of 2(U4 points ON near months and de-
cline OF / point ON the late months. The
opening call WAS followed by a loss Of
2d3 points, local sentiment becoming
weak IN view Of some selling for New
Orleans account Again the market
rallied on reported large sales OF spot
cotton at Liverpool and a rumor that
the Manchester market was firm Oh adj
vices from India indicating that an ar
fectiye method had teen found to check
the spread of the plague Buying was
further stimulatedy for time, by re
ports Of subSiding receipts in prospect
and firm Southern markets. But there
was no speculation and the market here
again turned weak and closed quiet but
steady ut about the lowest point OF the
day or net decline OF POS points, with
sales limited to IT, 100 bales.
E. B. CUTBERT X CO.'S LETTER.
New York. Jan. 29- Especial. Cotton
was dull again to-day and showed an
easier tendency from the start. The
Liverpool cables were slightly better than
had been expected, and they together
with the lighter receipts, encouraged the
bulls to support the market in the early
trading, but the slight advance of to B
points which they established was soon
lost ON efforts os some OF them to iquidate
There was " continued absence of out
side speculative demand, and with light
spot sales at the South, with continued
slack demand from American spinners,
investments on the long side, and the re-
suit was a repetition of yesterdays dull
and dragging market, with the closing
quotations barely steady at the lowest,
showing net decline of 3 points from
last nights final bid prices. The volume
of business showed further falling off,
as the total sales of II, 100 bales, which
was the aggregate for the day. We hear
great deal of bull talk on 'Cchange
and undoubtedly much of it is dissent
mated throughout the South and abroad,
but as lit is based on more conjectures
in regard TO the statistical position We
do not take much stock in this bullish
feeling.
WHEAT.
Wheat became demoraIized to-day after
a nearly II cent advance from the open
ing and made running break OF ] "a
cents from yesterdays closing on renew
ed general heavy liquidation and alb
sence Of support, May selling down to
T4B and July 715s in Chicago. The early
advance was on better Liverpool cables
than expected, with some continental buy
ing, influencing some covering OF shorts.
Upon the subsistence of this demand
liquidation was resumed, with heavy
selling orders coming in from all points.
Support was withdrawn after the cover
ing against puts" had subsidized and the
market thereafter steadily declined. All
the statistical information is now ignored,
with the trade confning itself to study
ing the speculative conditions and await
ing the adjustment Of the supply and de-
mand problem. Fifty loads OF wheat
were reported taken here and at the
various outports for export Corn and
oats were not effected by the decline in
wheat, as the price OF these articles are
low and the long interest in them has
been light.
STOCKS.
To-day's stock market ruled quiet and
steadier in tone, except for a few spe-
cialties and the Gould stocks, which con-
tinued under the hammering of the bears.
Their selling operations, however, were
on more restricted scale than for some
time, and they met more resistance and
made less headway in consequence. The
ties was frmer and cables brought liberal
buying orders for execution here for the
foreigners in ST. Paul, Atchison and
Northern Pacific. The buying in the
latter was especially good and it was the
strongest feature in the railroad list, ad-
vancing rs to 35 and closing firm at
that price. The improvement In the
financial status of the Hooking Valley
Company and the settlement OF some
OF the rate troubles in the soft coal re-
gions, led to sharp advance OF / Sd
per cent in the stock of that company, and
a rise OF per cent in the bonds. The
directors of the Omaha road declared
dividend of per cent on the common
stock, but as it has been generally ex
pected, it failed to have much influence
on the price OF the shares. The only
cmspicuousIy weak stocks were Man
haitian and Western Union. The general
undertone of the market was very steady
throughout the late dealing and it closed
So with a slightly better feeling pre-
vailing in tire Street" We are able
to announce that ne Hooking Valley
Comptany will pay the interest OF the
bonds OF the Columbus and Toledo Rail
way Company, which is due on February
LIST. The interest will be paid at the
company's ONCE in this city.
C. B. CUTHBERT & GO.
NEW YoRh.
NEW YORK. January 2S.-Futures opened
steady; sales $500 bales.
Futures closed quiet and steady; sales Y, ,lOO
bales.
Opening. Closins
January Ian ...'t'.'....-....-...'. -o. 1@9
Yss 4