The news & observer., 1897-04-23
WAR AND FLOOD RUMORS
CAUSE HESITATION AND T1MID1-
TY AMONG SPDCULATORS.
DISAPPOINTING MARKET
For the Most Active Positions the
Scope Of Fluctuations Was Matter
of Only 8 to a Points, Closed
Quiet and Virtually
Unchanged.
Unchanged.


actions in cotton futures foot up So'ooo
bales, representing small and disap-
pointing market For the most active
positions the scope Of the fluctuations
were a matter Of only 3@4 points and
the market closed quiet with prices fully
UNCHANGED to points higher as compar-
ed with yesterdays closing level war
and rumors of war on the one hand and
the Mississippi Valley food on the other
hand have been conflicting forces that
have completely muddled the views OF
the cotton trade at this point and led to
general hesitation and timidity. The
feature of the market is the interest
shown by cotton buyers, both by splnners
and exporters.
e. B. CUTFTBDRT & CO.'S LETTER.
New York, April 22.-(SpeciaD-Cot-
ton showed no new features to-day.
Trading was light, and entirely local ana
devoid of special interest Prlces ad-
vanced 3 to 5 points in early trading,
sympathy with Liverpool. The bull trad
ers bought and bid up the market, but
the speculation was not strong enough TO
hold the market, all of which but one
point was lost later on efforts OF some
holders to liquidate. 1t was a small,
narrow and featureless maket, and very
disappointing one to those who have been
predicting higher prices. Aside from lhv-
erpool cables. all news was bearlsh. Spot
cotton here and at the South was I'M
changed. We still see nothing in the
general situation or conditions surround
ing the market to bull the stuff on. Total
sales of all options to-day were only
$500 bales.
Wheat continued unsettled and irreg-
ular to-day. with a heavy mixed trade
and sharp and frequent fluctuations in
prices. Early Liverpol cables reported
a decline in futures there of only to IA
in response to our weakness yesterday
and half this loss was recovered before
our market opened. These advices were
much better than had been expected and
led to strong opening. The market con-
tinued firm throughout the morning and
held most of the improvement until the
last hour. The buying power then subsid-
ed and efforts to realize by some of the
larger operators led to repetition of yes
terday's break, and all the Improvement
was quickly lost and a decline of "a to l
cent established under last nights clos
ing quotations. Exporters took twenty
loads here, with rumors of ten more.
Corn and oats were dull and steady, and
were independent of the fluctuations Of
wheat.
To-day's stock market was irregular,
with trading largely local. 1t was what
the talent calls "spotty" market, and
very much mixed. Foreign houses were
apathetic, owing to pause in the specu-
lation abroad in consequence Of conflict
ing war news, and commission houses
were generally without orders. Western
Union was raided and sold down 2 per
cent ON published accounts of new
system Of telegraphing There was some
liquidation of long stock on the break.
which was said to be some Of the stock
owned by the Baltimore and Ohio com
pany. Jersey Central was exceptionally
strong on manipulation against the short
interest in the stock. Whisky sold down
2 per cent, on reports te . disagreement
In regard to q proposed deal to continue
the advance in spirits. There weS large
scAttered long interest in the stock and
stop orders werc reached which acceler-
ated %he decline. The late press cables
INDICATED that the Turks have . walkover
they anticipated IN exterminatnS the
Greeks, and this had an adverse Influence
upon sentiment, and the whole market
elosed weak, with q downward tendency.
p. B. CUTHHNRT q co.
INV YOAA