The news & observer. [volume] (Raleigh, N.C.) 1894-current, 1897-01-12
Closing at a Decline of From 2
to 81 Points.
STOCK MARKET IRREGULAR
The Volume of Business Being
Very Light.
w4eAT. CORN AND OATS WEAK
Wheat Closing at Decline of | Sd
Cents Provisions We're Strong
and Made a Slight
Advance.

Advance.
New York, Jan. 1.-Great excitement
prevailed on Cotton Exchange from start
to finish. A rapid decline set in under
disappointing English adviccs, the, hrst
developing decline of TO IL points.
This was followed by indications OF much
larger receipts Of cotton ut the ports
than originally calculated upon At the
same time FAN River advices were unsat-
isfactory. Advices from the Southern
spot markets were also very unsatisfac-
tory. Heavy selling pressure from New
Orleans was feature of the market;
there was also heavy selling for Liverpool
account. Buying was scattered, and
chiefly by parties who. being short Of the
market, were in a position to secure prof
its. In the afternoon the market at
times showed a semi-panicky feeling,
under a growing tendency to increase
crop estimates. All classes Of traders
tried to sell. and the close was barely
steady at the lowest point Of the session
decline az II 10 y points.
E. b. CUTHBERT & CO.'S LETTER.
New York, Jan 11.-Interest in to-
days market conferred in Union Pacific
The funding bin came up in the House
Of Representatives at Washington to-
day, and the probability of its defeat was
early wired from Washington. This in
formation led to heavy general selling in
liquidation Of previous purchases by the
pools. and the stock broke 2L per cent,
selling down TO GIL, when the final an
nouncement Of the rejection OF the meas
! ure was made in the afternoon by vote
| of f6S to 102. This seemed to end all
| chances OF relief by the Government,
and the stockholders will not be forced
/ to pay q heavy assessment on the stock
| to successfully reorganize the property.
| The rest OF the market continued dull
| and featureless, with small trading and
| unimportant fluctuations. st. PauPs
| earnings for the first week in January
showed decrease OF $50, 900, but neither
| this news nor Louisville's statement Of
| earnings for six months show a decrease
in surplus of S41S,000 had any apprecia-
BILE effect upon the market, the specula-
| ton being almost entirely lifeless The
net changes show an advance Of u per
| cent in Sugar, and decline Of IL in
| General Electric and Wheeling and Lake
| Erie, and 81 in Missouri Pacific and Man
4
practically Saturdays final closing Lon
| don houses were moderate buyers Of Tn
| ion Pacific and st. Paul in the early trad
ing, but aside from this and the specula-
ton in Union Pacific, trading was almost
| wholly local. The closing was dull and
featureless and the market showing no
decided tendency in either direction.
WHEAT
Wheat developed renewed weakness
to-day and lost all it's improvement OF
Saturday and " cent additional on weak
er foreign advices, with Liverpool closing
ed. lower, and general liquidation by the
| large Chicago commission houses and
foreign selling. The general run OF news
! was Of a bullish nature, but the specula
| tive conditions on the exchanges prevail
ed and dominated the fluctuations. The
close Of the market was barely steady
with prices within Il Of the lowest
Wheat O. gassage to Europe showed j
decrease Oh 100000 bushels The visible
| supply in this country showed a decrease
Of over 100000 bushels and the English
| visible supply decreased $4,000 bushels
Cotton suffered a severe break to-day
on general liquidation influenced by dis
l appointing LiEEIp0D1 IldFhELs, Win 1u
lures there closing 312 points lower anG
| increased receipts, with the total arriy
ais for the day 30,4S9 bales, against 3D.
765 last week. The elimination OF The
short interest placed the market in q
weak position on the ten point loss al
the opening was followed by a further de-
cline of 10 to II points, the closing quo
tations being barely steady at the lowest
| with March 7.01 and May ia. The tota
receipts for the week point to 10000
| against G3,370 last week, $4,000 last
year The exports for the day aggregat
ed 53,495. New Orleans receipts to
morrow estimated at 400, against 10,36S
last week and $3.50 last year. and Hous
ton 5000 to $500 against CPL last
week and 5,297 lyast year, and our infor-
nation is that the mills at Fall River will
generally adopt short time and run on
four days of the week, instead OF five and
half, as at present.
| NEW YORk.
NEW YoRK, January 1l.-Futures opened
| easy; sales $500 bales.
| Futures closed barely steady; sales 1880
| bales.
Opening. Closing.
! January ..........,. ........... % ~
/ February ...........,.......... 10 W