The news & observer. [volume] (Raleigh, N.C.) 1894-current, 1897-04-20
STILL GOING down
Cotton Closed at a Loss OF Z to
ID Points.
RESULT OF WAR SCARE
AND ABSENCE OF ADVICE FROM
EUROPEAN MARKET.
WHEAT WILD AND EXCITED
War News Produced CONSERVATION
Among the Shorts ard Caused
Reckless Buying. May Wheat
Gong 8 Ia to q Ia Higher
81 INA Round
at One Bound.

New York, April 19.-lne cOtuOn HiT-
ket broke IL to Is points to-day, as a nat
ural result Of the European war scare,
and in the absence of advance from Ell-
ropean cotton markets, which remain
closed on account of Eastertide holidays.
Fears of very bearish advices from Liv-
erpool markets Tomorrow lead to an
active liquidation early in the morning,
after which there was some rally on re-
newed reports Of an alarming character
from the flooded districts. At the lowest
point the market showed a loss Of II to
Is points, and was finally quiet and
steady at net loss of to IA points.
e. B. CUTHBERT & CO.'S LETTER.
New York, April 19.-SpeciaD-Wheat
was a wild market all day, with heavy
mixed trading and violent fluctuations,
covering a range Of 3 to 4 cents. The
market started off at all sorts OF prices,
with general heavy covering and outside
buying. The demand from this source
absorbed the realization sales for time
and prices advanced to IS among tremen-
dous excitement and heavy trading. None
of the foreign markets were open and
as a consequence, the foreigners dealt
heavily in our market. Instead OF taking
everything in sight, they turned sellers
and their action led to a violent break
of 35s to AZ. The big plungers who
helped to manipulate the advance Thurs
day and Saturday, sold heavily from the
start to secure their profits, and as the
short interest had been run in and the
foreigners also continued to Equidate. the
edge was taken off the bullish sentiment
for the moment and war news failed to
check the break. In the last half hour
buying by early sellers and covering by
scalpers caused a rally of l cent. Corn
and oats were moderately active in SYM
pathy with wheat and closed with net
gain of u cent per bushel. Pork ad-
vanced % cents in the early trading, but
later reacted and closed irregular at Sat
urday's prices.
Cotton developed weakness on the war
news, leading to heavy selling. The sell
ing was heaviest IN the first hour. and
market declined 10 to 10 points. From
this level, there was a rally of to .
points on covering shorts. but further
buying was restricted by uncertainty in
regard to the foreign situation. Business
will not be resumed in Liverpool until
Wednesday and in the meantime the mar
ket is likely to continue nervous and I'M
certain, with perhaps further declining
tendency.
STOCKS.
To-day's stock market reflected the Off
cial announcement of the declare ton OF
war between Greece and Turkey. As the
London and Continental markets were
closed in continued observance of holt
days, the selling pressure was concentra-
ted here. Houses with foreign connection
<L1 hr.ax Of Stn
dating upwards Of $4,000 shares. The
local traders and professional operators
Joined in the selling and soon after the
market opened prices averaged l to 3
per cent lower. Sterling exchange rates
hardened and advanced II cent, which
was regarded as indicating gold ship
ments. There was a stacking in the sell
ing pressure about noon and some cover
Ing of shorts led to a rally Of " to per
cent, but it was succeeded in late trad
Ing by renewed heavy selling which con-
tinued up to the close and the market
left off feverish and Irregular and un-
settled at about the lowest, with the in
ternat:onal stocks the weakest on the
list. The total sales were 265, Ala shares.
The London market will reopen to-mor-
row, as will also the continental security
market and lower prices will undoubted-
" prevail, with further advance in dis
count rate.
n u CTrTI4RHpT, g. rO