The news & observer., 1897-01-23
COTTON UNCHANGED
Opened aC An Advance, Closed
at Thursdays Figures
STOCK MARKET IRREGULAR
OWING TO CONTINUED APATHY
OF THE FOREIGNERS.
WHEAT WAS VERY cHANGEABLE
Finally Closing at An Advance Of $3.50
Above thursdays Figures Core
and Oats Very ull--ProVisions
Are Some Lower.

and Oats Very ull--Provisions
Are Some Lower.
New York, Jan. 22-Considerable
speculative energy was developed by the
cotton market to-day. Responding to
better class of cable news than had been
looked for, the market opened at an ad-
vance Of 405 points. Early trading was
stimulated by favorable accounts from
EaI River, but later cables were less
favorable and the market returned to
yesterdays closing prices. Again the mar
ket became firm, however, advancing
eight points on rumors of considerable
sales of spot cotton out of the New York
stock to exporters in addition to the sales
officially reported. Near the close the
market declined sharply on selling the
market leaving off barely steady and un-
changed to two points net advance
H. b. CUTHBERT & co.'s LETTER.
New York, Jan 22-The stock market
developed further irregularity to-day. ow-
ing to the continued apathy of the for
eigners and further falling off in commits,
sion business. encouraging the bears to
renew their attacks. The troubles in the
soft coal regions, as well as in the anthra-
cite districts with the poor earnings of
all these companies and the antitrust
legislation, were factors which in them
selves could not be overlooked and the
bears used them for all they We're worth
as a pretext for hammering the market
That something must be wrong with the
Hooking Valley Company, despite the de-
mails Of the officials to the contrary. was
further evidenced by the continued alb
sence of support in the bonds as well
as in the stock to-day and the continued
weakness OF the securities, together
with the susceptibility of the Delaware
and Hudson, and Jersey Central compa-
nies TO attack the decision of Judge Fitz-
gerald that the officials of the American
Tobacco Company must stand trial
against the indictments of the grand jury
that the trust is illegally doing business
and the decision reached at the Cabinet
meeting to foreclose on Union Pacific
Railroad favored the advocates of lower
prices, but aside from the coalers, To-
bacco and Il few other specialties, against
which the bear pressure was the most
pronounced the general market went
down hard and merely lost the advances
which had been established in the early
trading. The Grangers were particular
ly steady. and closed at last nights pri-
ces. Likewise. Sugar, General Electric.
Union Pacific Louisville and the Gould
stocks. The tone was irregular and clos
ed u to u higher for the per cent.
WHEAT.
Wheat showed more resistance to the
efforts to depress it than for some time,
and notwithstanding continued bearish
sentiment at Chicago and easier for
eign markets, prices ruled steady
throughout the day at "A to "a decline,
and finally closed at u cent advance with
May in Chicago 1874. The fact is
the market has been hammered so much
during the past two weeks by the bears
that short interest exists, and as the
weak holders have been frozen out, either
some new bearish factors must be devel-
oped or new crop of sellers secured
to cause a further decline. The legiti-
mate situation has not changed any, and
in spite of denials to the contrary, there
is a good cash business doing at st. Louis
and other points. and Southern millers
find it necessary to go to the larger mar
kets of st. Louis and Chicago and Mime
apolis to obtain their supplies.
Cotton continued quiet and irregular.
and unsettled to-day. The Liverpool
markets did not respond, as had been
generally expected, to the decline in our
market yesterday, and on early cables
showed spot cotton there was firm at
1872 higher, and futures steady at last
nights prices. Our market opened up
firm and advanced to 6 points. There
was no support, except from the local
bullish traders having cotton for sale,
and, despite the fact that the port re-
ceipts were again light and the total in
terror receipts for the week were but
5S,000 bales, against $4,000 last week
and 41O00 last year, and the total port
receipts approximated but 49,, 900 bales,
against 147 900 last week, and the
amount brought into sight for the week
was early estimated at 100000, against
167 900 last week. The market failed
to advance further Some of the trad
ers nearly closed, noting its failure to
respond to the flood Of bull news, tried
to sell out, and in the narrow speculation
there was not enough buying power
forthcoming to hold the market steady
and absorb their offerings, even at the
slight improvement The selling pres
sure increased at the close, and in the
final prices left off barely steady at last
nights close.
Il. Il. CUTHBERT & co.
NEW YORk.
New YORK January 22.-Futures opener
quiet and firm; sales 1900 bales.
4EUfIITnR closed GfQa1Vs