The news & observer. [volume] (Raleigh, N.C.) 1894-current, 1897-04-08
Floods and Foreign Advices
Together Sustain Cotton.
Better SPINNERS DEMAND
TRADING ON STOCK EXCHANGE
ALMOST STAGNANT.
WHEAT HAD A GRoGGY TUMBLE
Weak and Heavy Increase in "Visi-
ble"- Times There Was Al
most a Stampede

New York. April THE cotton mar
ket advanced 203 points at the opening,
early cables being quite as good as look
ed for, and the advices from the flooded
districts being still bad. Speculation,
however. failed to show up and local sell
ing carried the market back to yester-
days closing before noon. For the rest
of the session the market was narrow
and featureless. Selling was checked by
increased reports of Indifferent holders of
spot cotton and a good demand from ex-
porters and American spinners. During
the early trading Liverpool parties bought
considerable. The close was steady at
264 points below last nights figures.
e. B. CUTHBERT & CO.'S LETTER
New York. April 1-(Special )-Cotton
wass dull and easier to-day on disappoint-
ing Liverpool cables and weekly govern
ment crop report showing the outlook for
the new crop more favorable than had
been expected The market opened up
firm and advanced 8 to 4 points on the
flood reports from the Mississippi, but
was unable to hold the improvement.
owing to the continued absence of out
side support and liberal Southern selling
and local realizing. The bears were dis
inclined to force the issue, otherwise the
decline would have been much greater.
Futures in Liverpool market opened
firm and advanced ~ points, but closed
quiet and unchanged to Y point advance.
Spot cotton here and at the South was
unchanged with light sales. The wealth
er was generally favorable.
STOCKS.
The stock market showed no new fea.
lures of special impOr lance to-day. The
trading was entirely of local profess
sional character. and the fluctuations
were on the whole narrow, with the mar.
ket showing no decided tendency in eth
err direction. A bob tail pool was organ
lied to put up sugar, jersey Central and
Delaware & Hudson y to 1 per cent
But aside from these changes, the fiuc-
tuatiOns ON the whole were confined to
narrow limits 1t was small, narrow.
professional traders market, and their
operations were in the main devoted to
efforts to scalp each other of the fuctua
tons.
Wheat developed continued extreme
demoralized by the general selling. The
break has been plainly foreshadOwed in
all our market letters, which have indi-
Gated the continued absence of cash or
export demand. The feature of heavy
selling to-day was the continued liquida
ton Of the long interest in May con-
tracts. The Chicago market opened
weak and u lower than Mondays clos
ing, but after hesitating made running
break Of / cent. At this range there was
heavy covering of shorts and buying by
holders puts, but this demand was soon
supplied and prices soon afterwards
made another break of 2 cents, with
May selling down to 65as cents, on gener-
al heavy liquidation, execution of a top
order and large lines long wheat coming
on the market. Traders who bought
heavily around 671a for a rally were
forced to sell out, and their offerings led
to a panicky market. A number Of large
concerns were caught heavily long of the
market and they also had TO let CO. The
market continued weak and demoralized
up to the close.
K. b. CUTHBERT & co.
NEW YORk.
NEW YORK, April FIXTURES opened