The news & observer., 1897-02-09
STOCKS DEPRESSED
The Dealings w ere Without
special Significance.
WHEAT DECLINED
,pIIE COTTON MARKET OPENED
SffEADY BUT DTCLINEn
BfG PRINT CLovH SALES
Earls Cables We're Unsatisfactory and
Outside Speculative Support
Was Entirely Lacking.


Was Entirely Lacking.
New York, FSsb S-The cot5en market
opened steady at decline OF 6tIS points;
early cables being unsatisfactory and
outside speculative support entirely lack
ing Small Buying ON New Orleans or
ders started local covering and reaction
of 1(d2 points followed the first call.
Eater, however the market became un-
settled and very weak, selling down
rapidly under local pressure and reach
ing stops orders that brought large blocks
a,of near deliveries on the snarket At
the weakest interval prices showed a net
loss of 12d17 points. Later there was
"a better feeling on the report of extraor-
iinary business in print cloths from Fail
River The rally that followed this re-
port was disappointing. This fact is par
italy explained by receipts at the ports
to-day, these being heavier than antici-
pated The market closed steady at q
net loss of 9010 points.
E. B. CUTHBERT & co.'s. LETTER
New York, Feb. S.-(Speciail)- Cotton
experienced the break to-day which we
have been rather anticipating for the
past several days. The prices opened 3
points lower and declined z to s points
further on general heavy liquidation by
tired holders and disappointed bulls to
6.S3for March 6.95 for May and IO6
for August, the lowest prices recorded
during this crop season. The selling aeFe-
ment was inffuenced by the development
of unexpected weakness in the Liver
pool markets at which falling-off there
in the demand for spot cotton, cables re-
porting sales of but 5000 bales at lied
decline, and futures closing easy and
4-6d lower The receiphs were also
heavier, the total arrivals at the ports
aggregating 27,290 bales. The market
had been loaded with a lot OF weak long
cotton, and it began TO c1ne out as THE
market developed weakness. Trading
was very active, the total sales for the
day being 235, 400 bales, -four tinEeS as
much as has been traded Ia for amy day
for nearly the past week The market
rallied slightly on covering of shorts
influenced 10y the reported sales of 100,
900 pieces of print cloth taken ON spec
ulation at Fall River Only a part Of
the scattered weak long interest has
been liqgfidated, and the rest of it viii
come out with the development OF amy
new unfaYoraIble features In the anean-
time, the Southern spot markets are
saasier and 1-16 lewer, and the indications
ARE that the weakness in the market to-
day will bring out larger receipts as soon
as the weather conditions will permit.
STOCKS.
All the news that developed to-day
having amy bearing ON the stock market
was of an unfayoralble nature. This was
bad enough of itself for holders Of stocks,
but to make matters worse, the bears
invented and circulated war rlruors and
used the whole as a pretext for making
another drive at the market The result
WAS that many holders were intimidated
into liquidating, while great many in
tending buyers we've frightened off, and
an irregular and unsettled huetuating
market prevailed from tine start. I'm ad-
dition to the agitation of the investigation
proceedings, in regard to the trusts, by
the Static investigation committee, the
London markets were weak ON the dis
tu1bance in Crete and disquietipg Egyp-
tian politics London turned up a pret-
ty good seller of st. Paul and Louisville,
and sensational cables exaggerating the
Cretsn affair led to @ weak market
throughoutthe morning session In the
ton were circulated that the Cameron
Cuban independence resolutions would
be called up in the Senate in addition
to which runors were set afioat that
Admiral Bunce feet at Hampton Roads,
had been ordered to Havana. All of
which led to very nervous and unset
tied feeling and aided the bears mater
tally in depressing prices. In the last
md caIlirAU c11ksSilnH EaIf
1t was not until then that the shorts tried
to cover and the market began to rally
that the absurdity of the rumors, and
in fact, the whole days movement iR
prices. were Dealized. There was then
scramble upon the part of the bears and
the timid bulls who had been intimidated
into liquidating to recover their stocks.
hinder the impetus of this demand, the
market moved up rapidly / to 2 per cent
in the industrials and " to II in the
railway list from the lowest, and closed
firm ON the rally, with few stocks Offer
ing. 1t was on the whole a very narrow
and sensitive market easily influenced
by the news developments and ruaors
and Yreponderanee of orders. Our Wash
ington friends say that the Cameron res
olutions will he called ap as soon as III
will be reached ON the calendar, but this
is not expected to occur until Saturday.
In the meantime, the rHmOrs IN refer
ence to sending our feet OF warshsps to
Havana are too silly for serious denial.
v1rozhhl ETAOIN SHRDIU ETAOII
NEW YORh4
NEW YORK. February s.--Futures opened
st ady at the decline; sales 2l,20A bales.
Futures closed steady; sales 2sEs 400 bales.
Opening. Closini
February ..,................. 6S3
March. ............ ................ 81 q IS
April .........,. ~ ,...,.6 D 81 692
MAY Observation-Disclosures. 7 04 6 10