The news & observer., 1897-03-12
OPENED AT AN ADVANCE
BUT LATER EASED OFF UNDER
LACK or OUTSIDE SUPPORT.
CLOSED 8 TO q POINTS DOWN
Wheat Closed Weak ct a Decline of
I7~S Corn and Cats Were Sur
prisirgIy Strong Provisions
Closed 2 | 2 10 sc Higher.

entire business footing up but 60,3O0.
Fluctuations were confined to Il range
of Is 10 s points. The market opened
quiet but firm at an advance OF Sac
points, further advanced 3G4 points or
fairly good foreign and local buying, bat
later eased off to points below last
nights figures, under lack of outside sup
port and selling Ivy discouraged bulls who
had purchased "arly IN the session in an-
ticipation Of favorable late news from
Liverpool, whereas advices were tame
and lower. pGrng the afternoon the
market was dull and embarrassing Esu-
mates Of smaller receipts Of New Orleans
for tomorrow had "a steadying influence.
but failed ~ stimulate speculation The
close was quiet a, a net decline Of %ti
points.
Il. II. CUTHBERT & CO.'S LETTER.
New York, March 11.--(SpeciaL)--Co
ton ruled dull to-day with small and un-
important fluctuations. Buying by bull
traders and commission houses led to an
advance OF 4G6 points shortly after the
opening, but as was the case yesterday.
the speculation was not strong enough to
absorb the small offerings of the scalping
contingent to hold the Improvement and
the market soon relapsed into extreme
dulness and resumed its sagging tenden-
cy Efforts to realize profits at the close
developed weakness, and the market left
off easy at the lowest prices at 3Q5
points net decline from yesterdays clos
ing. The total sales for the day were
IS, 800 bales The weak future Of the
situation is the continued absence of out
side speculative demand and the continu
ed liheraly Improvement Of the crop and
apathy of European and American spin
ners over the supply problem Our
Liverpool correspondents cable there is
no speculative feeling there despite the
Improvement in the political outlook and
that the demand for spot cotton is only
fair. Our agents at Paris report the
business outlook there is not favorable.
WHEAT.
Wheat developed unexpected extreme
weakness to-day, Notwithstanding the very
bulish tenor Of the government crop re
port, which estimated the amount Of
wheat in farmers hands on March LIST
at 20.6 per cent of the crop of SS,000,000
bushels against 23.000.000 bushels last
year and 75.000,000 bushels in 1895
The fact is the governments figures were
generally discredited, and more reliance
was placed on the private crop reports
previously published. The action Of the
foreign markets in continuing dull and
unchanged from yesterdays closing
prices, showed how much stock was
taken in the government report abroad,
and this together with the continued abb
sence of any demand OF consequence
from foreigners for either cash wheat or
futures, soon developed a pessimistic
feeling, and the selling pressure increas-
ed as business progressed. Disappoint-
ed bulls joined in the selling movement
in the last hour, and their liquidation,
together with the execution OF a large
number Of stop orders caused n weak
closing the final prices being the lowest
for the day at 725s for May in Chicago.
and 697s for July, 1B014 cents net de-
cline from last nights close. The action
Of the market was a great disappoint
ment to the bulls and unless a better
cash and export demand develops, furth
er liquidation will ensue. Foreigners
took only il loads Of wheat here for
nearby shipment and Is loads for Max
and June delivery.
STOCKS.
The stock market developed a stronger
| foreign news and showed tendency TO.
ward further improvement from the
start. Renewed investment buying in
the Yanderbilts ganger and Gould stocks
was a notable feature of the early trad
| ing, and this demand and the continued
absence OF any outside pressure to sell.
made the shorts nervous and forced
many of them TO cover their contracts
T fol of
| Paul and Louisville, but the market did
not require any assistance from the for
eigners. The local demand continued in
| excess OF the supply, and the market
closed strong, with the final prices within
fraction OF the highest quotation reach
ed during the day. The Vanderbilts and
coal stocks led the list in the point Of
strength Covering of shorts was the
| principal cause Of the improvement in
the coalers although there was some
buying on reports circulated in the
Street that plans are being discussed by
| important interests to n better regulation
and control OF the coal trade. The alb
sence OF bad news made the bullish
features in the home conditions surround
| ing the market stand out prominently,
| and the sentiment at the close was much
Detter Lhan TOT some time. with any re-
vival OF activity, we think the market
would improve further The directors
Of the St Paul road declared the regular
| dividends on the common and preferred
| stock, both OF which are payable on
April 10Th, to stockholders or record OF
| March 29th
e. r. CUTHBBHT & co.
| market taken mthe1 neo y.
NEW YORh.
NEW York, March ll.--FuSlres opened
! quiet and firm sales 300 bales
Futures closed quiet: sales $3.50. bales.
opeaingE Ciosinl.
| March. ........... .,..........,..., + s92
Anrfl q