The news & observer. [volume] (Raleigh, N.C.) 1894-current, 1897-02-02
THE KING IMPROVING
Cotton Closed Quiet But Steady
at Two Points Advance.
STOCKS MOVE UPWARD
BUT LATER DECLINE AND CLOSE
AT A FRACTIONAL LOSS.
WHEAT WAS RADICALLY WEAK
And Closed Ia Lower Than Satur
DAVIS Close Corn and Oats Held
Their Own Provisions Lost
TIP to 10 Gents.

New York. Feb. 1.-The apathy of the
New York cotton market is apparent III
the exceptionally small total sales OF flu
tire deliyeries--only GS,000 bales. Open
ing at an advance Of to 4 points ON bet
ter cables than expected, an early reports
OF smaller receipts at the ports for the
week. The market further improved l0D
. points on a few months following re-
rorts between exporters and New Eng
land spinners for desirable grades or
snot cotton in the Southern markets.
At the same time Fall River adyices in
dicated IL firm though quiet market for
print cloths. There was also some talk
Of better conditions in the dry goods dis
trict But speculation was very slack
and the market lacked support from
every quarter. A return to the opening
prices followed local liquidation, but the
market again braced up little and
closed quiet but steady at net advance
of 2 points.
IN. b. OUpHBHRT & CO.'S. LETTER.
New York. Feb. 1.-(Speciall COTTON
was duh all day and devoid of any special
feature worthy of note. Ilhe sllght I'M
provement was due 30 the Liverpool mar
ket for futures closing steady af 2.64
advance Port receipts for the day es-
timated at 10000, against 33,575 last
week and 22,275 last year and to exports
for the day of 20. 449 bales. Under or
binary circumstances, the market would
probably have shown better response TO
these features, but as ct was, THE specu-
lation proved inadequate The market
closed dull at a net gain of but three
points There was no outside business,
and little local speculative demand. The
course of the market during the day was
very diseoura ging to the bulls, as it is
evident that it will require some very
bulliah developments to raise it out OF
the rat into which it has fallen. The to-
tai sales for the day were only 6S,00O
bales. Spot was unchanged in this mar
ket, and also at all the principal South
ern points excent Mobile, where prices
were reduced 1-16. The total sales for
the day ia this country did not exceed TO-
900 bales.
WHEAT.
Wheat continued irregular and unset
tied. I'm response to weak foreign mar
hets, and about ! cent lower, and a fur
Their decline OF / cent Immediately fol-
lowed the May option in Chicago market
selling down to 1915 and July 70ss. Heavy
selling by disappointed bulls who had
loaded up ON FRIDAY and Saturday, and
hammering by the bears accelerated the
decline. Ths market rallied ON large pur-
cha SEES by substantial interests IN the
West covering of shorts, and q decrease
of over 1,740,000 bushels in the visible
supply, which was nearly 100000 bush
els more than had been expected. Corn
and OATS were steady, ON covering shorts
and absence of selling pressure.
STOCKS.
There was relaxation OF the buying
power in the stock market to-day in con-
sequence of some of the leaders and
majority OF the traders, as well as the
foreigners showing an inclination 20
secure some of their profit. This led to
quiet and slightly easier market to-day,
but the general undertone continued
strong, the selling pressure the general
list closed steady and only "a to as lower
for the railroad stocks. The realization
movement was doubtless accelerated
more by the action of the Senate In
holding up the arbitration treaty than
anything else. The treaty was discussed
in the foreign relations committee of the
Senate to-day, and an agreement was
reached TO favorably report the treaty
with the proposed amendments, which the
Senate thinks Lord Salisbury will ac-
cept London houses were moderate sell
ers throughout the forenoon, taking pro-
fits, and their offerings encouraged re-
newed aggressive bearish tactics, but lit
tile progress was made against the mar
ket. Our brokers in the Board report
continued evidence of moderate invest
ment buying in the better class OF bonds,
and railroad stocks.
e. B. CUTHBERT & co.
wNw VORh