The news & observer. [volume] (Raleigh, N.C.) 1894-current, 1897-01-19
BIG BUSINESS IN STOCKS
The Dealings Were Unusually
Large Yesterday.
WHEAT DECLINES SD CENTS
Corn and Oats Both Very Weaks-Sro'
visions Started the Same way
But Turned Strong.

movement at the interior and the ports,
this running considerably beyond esti-
mates put. forward last week. AT the
same time English advices were decidedly
unsatisfactory, indicating weakness
and poor outlook for cotton consumption
by English mills on account of the India
famine. There were plenty OF private
cables to this effect, supported by selling
orders from Liverpool. Liquidation OF
long cotton was a feature, bulls who had
loaded up last week in the expectation OF
smaller receipts being conspicuous as
sellers. At the lowest point the market
showed loss OF $40 points. Selling was
arrested by New Orleans buying orders
and local covering, following favorable
Fall RIVER accounts. The market closed
quiet at a net decline of 2@5 points.
=. b. CUTHBERT 6 CO.'S. LITTER.
New York, JAN 1S.-(Speciaa)-T
was n day of profit taking sales ON the
stocks exchange, and in view of the fact
chat the greater part of the short inter
est had been eliminated and a considera-
Die part Of interest had been created
IN its place, n reaction from the advanc-
ing tendency OF the market was natural
and to have been expected. The opening
Of the market was marked by activity and
buoyancy under the influence of an ac-
emulation of buying orders over Sun
day and London's market for Americans
responding mere fully to our stiff ad-
vances OF Saturday, ranging from u to
III per cent, osn top of Saturdays final
quotations witle G. b. and O., Manhattan
and the sugar, the leaders in point Of
sbx pfasS al. al
operators took advantage OF the rise to
unload their holdings and thus secure
their profits, add as the pressure from
this source was greatly in excess of the
buying power, che first quotations were
as rule the highest reached during the
day. London operators were buyers at
first, but turned sellers as soon as the
market showed signs of reacting, which
it did before the end Of the first half
hour of business The handsome profits
which the leadera had proved too tempted
for them to resist. While the selling
pressure was at lis height, two bank fail
ures were announced. and Mr.. Cameron,
the father OF the Cuban independence
resolutions pending in the Senate, turned
ND at Washington and intimated that 1t
Il his intention to call them up for con-
sideration In day or two. This COM
bination Of circumstances told against
the market, and prices declined up to the
close, when the tone was irregular and
unsettled, with bears raidmg the mar
ket. The specially weak feature was
Wheeling and Lake Erie preferred. This
company has not yet defaulted on the
interest on its bonds, which interest is due
February 1st While the gener-
al conditions ; surrounding the
market remain unchanged from
last week, and we expect that eventually
prices will sell MUCH higher. The lead
ers have simply bsgged their profits on
the advance today and they are now in
xUetter position 20 take bold again,
which they are very likely to do.
Wheat was quiet: and irregular to-day
under conflicting European advices and
mixed trading. The opening was firm,
with prices slightly higher, but the first
quotations proved ii, be the best of the
day. Liverpool markets reacted and lost
the early improvement of u cent which
had been reported there, and the worlds
shipments showed up little larger than
last week. The outside business was
disappointingly light: and traders turned
sellers. Prices sagg.>d until the visible
supply statement was announced, which
showed a loss of over 100000 bushels
I'm the American visible. This was larg-
or than had been expected, but it never
theless failed to stimulate much new bus
mess. The sentiment at Chicago grew
bearish on this and they hammered the
market, claiming it was overbotght and
in position to break, as there was very
little outside support and export business
had fallen off. This latter claim Is I'M
doubtedly true, but we hear that 10000
bushels were worked at Chicago for ex-
port and there are more orders in the
market at slight concessions. While
the close was weak, with prices / cent
below the opening and rs below Satur-
day and the sentiment Is generally
bearish, we still feel friendly to wheat
and think that it will sell much higher on
Its merits.
Corn was dull and. easier on heavy sell
ing by traders and elevator interests,
and ON reports OF further cut in rate
and prospective larger receipts.
Oats were easier in sympathy with
corn and wheat.
Provisions ruled steady on fairly good
cash trade and moderate receipts. In the
late trading offerings by packers, no
doubt influenced by the easier grain mar
kets, turn prices. little easier at the
close.
Cotton declined Z to o points IN the
early trading, to the basis of 6.92 for
March and 7.05 for May on general liqui-
tlation by tired holders and disappointed
bulls influenced by weaker foreign adj
vices with spots 1872 lower and futures
21a points below Saturdays prices at
Liverpool, larger receipts and continued
advance of outside support. In the after
noon the market rallied ON subsistence Of
selling pressure and covering of shorts
on exports aggregating 39,500 The close
of the market was steady with prices
within / TO points of Saturdays final
quotations, and total sales of 10000
bales. The speculation is still confined
chiefly to the room traders and is with
out special feature. The general senti-
ment is mixed, owing to the injection
OF the India situation as factor in the
European trade outlook and continued
~.