The news & observer., 1897-04-24
Gotten Market Ruled Quiet
and FeatureiasS
FROM START TO FINISH
TRADERS WE'RE ALARMED Al
STRENGTH OF sUOT COTTON,
WHEAT WAS AGAIN F6Ve
Majority of Traders on uii sioe' TO"
ever. and Whooped Her UP
Gents Higher -O,her Marke'S
BORROWED More or Less
Strength From wheat
Strength From Wheat


StrAneth From wheat.
New York. April 2o.--f rom s'".' "
finish tbe cotton market was disap-
,,o;,tn,ent to-day. Opening steady with
noor months / point higher and later
months unchanged to points lower, the
market ruled quiet and quite featureless
throughout the session. foioWlhS 'he
first call. there was an advance u "
points on covering by iocal trauers "hV
~ alarm on account of the continued
strength of spot cotton as compareu via,
fntures. and on reported active demand
So American spinners and from eN-
norters in Southern markets as well as
Now York. Later. however. the market
turned easier in the absence of outside
snecu!ation the support and for the rest
of the session showed a rather weak un-
dertone.s Selling was checked. however,
bv continued conflicting reports from the
inundated districts The closing was
ouiat Mt n net advance of 3 points to net
decline of l point.
f. CUTHBERT & CO.'S. LETTER.
New York. April 23.-(Special)- Wheat
took a turn for the better to-day and after
a little hesitation and irregularity at the
opeping. prices advanced and closed firm
at "a for May and T4& for July. The
= Iiyer1,ool markets did not respond as
much to our decline yesterday as had
been expected. and this. with the fierce
fight that is being put up by the Greeks
coupled with the state report of the Kan
sas Commissioner of Agriculture. MAX
ing the condition of winter wheat in that
State so per cent against So last year
were some of the bulEsh factors. Dis
matches from San Francisco reporting an
advance in prices there of . cents per
cent. sales of 10000 bushels of cash
wheat at Chicago, the Modern Miller re-
porting brisk demand for -four from
the South and frmer and higher markets
in the Mississippi Valley. together with
expectation of decrease in visible supply
on Monday. equivalent to 1,o00,O00 bush
els helped TO stimulate and hold the adj
vance The trading was moderately ac-
tive. with good class buying for both long
and short account especially in the late
trading. The outlook remains the same
as set forth in our weekly market letter
of hast night.
COTTON.
Cotton was a dead market again to-day
and attracted but very little attention
even from the local professional traders.
There strong efforts We're made to bull
the market, fter the opening, and prices
were advanced TO points on buying
principally by the bull interests. No
outside support was forthcoming and as
Liverpool markets closed quiet and un-
changed for both spots and futures and
Mississippi river showed a further falling
7off' at all points and the weather condl-
tions were favorable, throughout the cot
ton belt, receipts liberal and there was no
short interest to work against. the market
reacted and lost all the improvement
and relapsed into dull and listless state
and finally closed quiet and barely steady
at last nights prices. Spot cotton was
quiet and unchanged. 1t was ON the
whole a continuation of narrow trad
ers' market, with nothing in sight to bull
it on.
STOCKS.
Nothing specially new was developed
in the speculation in the stock market
to-day. The trading was largely local
and merely of a scalping character for a
short turn. The foreign situation was
further complicated by the ma gnificent
stand the Greeks are making against the
Turks Strange as this may appear,
their victory would be regarded as likely
to have a very bearish effect upon all the
foreign securities, and as the weakness
would undoubtedly be reflected here, to-
days cable advices indicating the re-
pulse Of the Turks naturally added to the
uncertainty and stopped all speculation
for the rise. English, France and Rus
sia hold enormous stocks of Turkish Sc
curities and in the event of the Turks
losing a big battle some of the holders
would doubtless be frightened into liqui-
dating them. In such a contingency, there
is no telling where the selling movement
would end and what it would result in.
The capitalists would undoubtedly at
tempt to support the market, but such
support would necessarily carry little
weight in event of continued Greeks sue
cess. Hence the markets continue very
nervous and sensitive to the tenor Of the
press dispatches and adyices from the
front The fluctuations that occurred
during the day were largely the result OF
the operations of the room traders. They
had no other significance. The foreign
news will continue the domina ting infiu-
ence i'm the speculation, and traders will
do we'll to study the press cables care
fully. Tn view of the general uncertain
ty, we think that traders will make more
money by buying on the weak spots and
selling on rallies and being satisfied with
short, quick turns than by taking a def
mite position and pursuing it.
T.. B. CUTHBERT & co.
NEW YORh.
NEW YoRx. April 23.-Fucuies opeae
steady; sales z, 200 bales
Futures closed quiet: sales 70 800 bales
Opening. CLOSING
April .........'. ....... ...... TOT