The news & observer. [volume] (Raleigh, N.C.) 1894-current, 1897-03-17
Mississippi Overflow and Liv-
erpool Helped Staple Along.
BUT THE GAINS WERE LOST
BEARS MADE A WHEATRAID
BUT STRUCK SNAGS.
LARGE DECREASE IN VISIBLE
Bears Repuised in Their Sortie Against
Stocks, Aiso---Receiver Stories for
Missouri Pacific, but Sage and
Gould Smashed Them.


New York, March 16.-The cotton mar
ket after making an advance of ul'
points failed to hold it, and closed bare
ly steady with prices unchanged 70 l
point net loss The spot demand which
has been the backbone of the market, IS
also unsatisfactory. exporters seeing no
reason why they should anticipate the
future so long as spectators are mdlf-
ferent. I - market opened higher on
food scsres ;.nd bHll'si, ,lb.os, but lack
ed supn ii t .:ad suddenly declined with
weakness, particularly just before the
close.
f.. Il. CUTHBBRT x cos LETTER.
New York. March 16.-(Specia]l-Cot
ton advanced to & points in the early
trading to-day, in sympathy with q better
tone to the Liverpool market than had
been expected, and with continued alarm
ing reports in regard to the extent of over
flow of the Mississippi river and the wet
weather conditions in the South There
was considerable buying by commission
houses and room traders during the first
hour, but the demand subsidized soon after
wards, and left the crowd heavily long at
the top The receipts were moderate at
both the port and interior towns. and the
Southern spot markets ruled steady at
yesterdays figures. These features COM
Dined served to hold the market steady
during the balance of the morning, but
when some of the local traders tried to
unload it in the afternoon the market
broke from under them and steadily de-
clined The selling pressure became gen
eral in tile last half hour, and the mar
ket closed weak with all the improvement
lost and final prices showing a net de-
cline of / to , points from last night $
closing quotations. The total sales were
Is, 800 bales.
WHEAT.
Wheat developed weakness in the early
trading on liquidation influenced by dis
appointing foreign adices and less con-
fidence in the bad crop reports in Kansas.
Indiana and Illinois. The foreign houses
turned up as good sellers, and Il steady
stream of long wheat came on the market
which caused Il weak opening and steady
decline of x to | Is cents per bushel. May
sold down to 1915, and July I112 Ia the
Chicago market before the selling pres
sure subsidized. General covering of shorts
and buying by holders of puts set in,
and as Bradstreet's reported Il decrease
in the worlds visible supply for the week
of 100000 bushels abgainst 6SO,OO0 last
year, the market rallied and closed steady
within Il to II of last nights closing quo
tatiohs. \ disappointing feature was the
continued asence of cash or export de-
mand. In the absence of cash business or
foreign support. we will have to have
more bad crop news TO stimulate Il fur
Their advance.
STOCKS
The chief feature of the stock market
to-day was the great strength displayed
in the face Of preconcerted, aggressive
attempt to break it by forcing further
decline of 3ft per cent. in Missouri Pa
cifc and per cent. III Wabash prefer
red stock The pressure against Missouri
Pacific was very heavy. and was accom-
panied by continued persistent reports
of pending receiyership for the property.
They were, Of course untrue, but until
they were emphatically denied by George
Gould and Russell Sage. who own almost
the entire floating debt of the company,
the rumors carried some weight in GER
tain quarters and produced some liquida-
ton. which tended to keep the market
in an unsettled condition. When the of
fetal announcement was made that all the
coupons Of the Missouri Pacific bonds
would be discounted by the leading cap
itaists Of the company, there was IL
scramble among the shorts TO cover. The
whole list developed strength and increas-
ed activity, and the market brOadened and
advanced quite sharply all along the line
under the head of the Vanderbilt, Gould
stocks and Granger shares. New York
Central sold at par for the first time
since 1895. Northwest, Omaha, Canada
Southern and Nickel Plate were the other
notable strong features of the Vanderbilt
stocks. United States Rubber preferred
recovered = per cent. of its loss on the de-
NAL of any war among the companies in
teresied in the trade The tone of the
general market Mt the close was strong
with the last prices about the highest.
The total sales were 259,i shares.
T.. E. CUTHBERT & co.
NEW YORk.
NEW YORK, March 16.-Futures opened
steady; sales 5, 200 bales.
Futures closed barely steady: sales 1850
bales,
Opening. CLOSING
April ........... .............. 7G 7o2