The news & observer., 1897-03-27
COTTON VERY TAME
The Market Closed at About
Thursdays Figures.
WAS ACTIVE FOR a TIME
WHICH WAS CAUSED BY \ RUSH
TO COVER.
SALES REACHED ONLY $1,000
Receipts al Northern Por;s and interior
Continue Light Advice Trom FAN
River ere Encouraging White
English Advces Are
Disappcin'icg <

English advices are
Disappcin'ic K.
New York, March 26.-The cotton mar
ket finished at about yesterdays closing
figures, some positions being one point
lower and others ] point higher, after
having shown loss of 800 points. The
recovery was due to a breakage IN the
Arkansas leyee, news of which reached
our market in the afternoon and caused
anxiety ON the part Of shorts. The rush
to cover, made an active market for
time, but the business of the session
reached only 81 200 bales. The market
for the most part was very tame and
almost entirely dependent upon local
trading. Receipts at Northern ports and
interior continue light and advices from
Fall River are regarded as encouraging
while English advices are disappointing.
T.. B. CUTHBERT & cos LETTER.
New York, March 26.-1'he cotton mar
ket showed no new feature of Importance
to-day, the general situation remaining
unchanged from our former adviceS.
The trading was less active and the
fluctuations were narrower than ycster-
day. Liverpool did not respond to our
improvement cG yesterday, and this, with
some selling lV disappointed bulls, led 10
a decline of = to ) points in the early
trading. This loss was, however, later
recovered on covering of shorts and buy
mig by the bulls on reports of a break in
the levee at Memphis. After they stop
ped buying the market relapsed into dull
ness, but closed steady with prices within
one point of yesterdays closing. The
total sales for the day were S12o0 bales.
against 154,1O yesterday. The Liver
pool market for futures opened TO lE2
points higher. but soon afterwards lost
all of the Improvement and closed quiet,
with the final prices unchanged to y
piont higher, compared with yesterdays
closing. Spot cotton there was quiet and
unchanged. with sales of but 5000 bales,
the total sales for the week were only
As. 900 bales. against II 900 last week and
52 900 iasf wcek.
WHEAT.
Wheat continued quiet to-day, and
prices flucuuated within narrow limits
the extremes covering range of half
cent up and down the scale from yester-
days closing. the market closed steady
at Il to Il net advance. The Liverpool
advices We're again disappointing, and the
with Northwestern receipts large, all
of which was against the market. Crop
reports. however were less favorable
especially from Illinois and reports were
current that the Missouri State crop re-
port next week will make the condi-
tion of wheat in that State 03 per cent.
against q last year. Statisuclans are
| figuring on a decrease in the visible sup
ply on Monday of / 100000 bushels and
| less than 100000 worlds shipments for
| the week.
STOCKS
The speculation in stocks continued
moderately active to-day, but the market
was irregular and unsettled throughout
| the session under the continued disturb
ing influence OF the anti-railroad traffic
decision handed down by the United
States Supreme Court last Monday.
| There were no new developments in the
situation, all the railroad officials appear
| ing in a quandary over the decision, and
unable to formulate Il plan of procedure
to eyade the law or to seek relief from
| it. Reports from Chicago that ten roads
had formally withdrawn from the West
ern Traffic Association and thirteen 9th
aers likely TO resign In a day or two, to-
gether with weaker foreign markets.
with absence of support Tobacco was
adversely affected by reports that it's
dividend will be passed by directors next
week and more common stock issued to
redeem the scrip given holders in pay
ment of the 20 per cent dividend last
year The selling sugar was on an
nonhcement Of plans for building n rival
refinery at Long Island City. The de-
cline in X. A., preferred, and General
Electric was on liquidation by belated
longs. All the Changers and Vanderbilts
sold off ! per cent. In the afternoon the
selling pressure subsded and covering
OF shorts caused n sharp recovery, and
closed firm with one or two exceptions.
the general list closing at only fractional
losses compared with the last nights
closing Tobacco continued exceptionally
weak on continued liquidation and short
selling.
Il. B. CUTHBERT & co.
NEW YORh.