The news & observer. [volume] (Raleigh, N.C.) 1894-current, 1897-03-21
COTTON WAS DEAD
Smallest Sales Recorded For a
Long Time.
NO OUTSIDE SPECULATION
WHEAT WENT OFF ON LlN blk
POOR. SELLING MOVEMENT.
STOCKS WERE LESS ACTIVE
Bears Were Stoutly Resisted, but Con-
t;nued to Market Now
Largely Dependent on war
News, awaits Developments.

New York, March 20.-(Special)- Cot.
ton was a dead market to-day, and after
fluctuating within range of GOA points
from last nights prices, closed quiet and
barely steady at net decline Of lQ4
points The total sales during the two
hours were just $4,000 bales, which is
the smallest recorded for a long time.
The alarming flood reports were without
effect as market factor. If the floods
had been delayed until crops had been
planted, it would be different. Every
body knows that cotton can be planted
in Mississippi as late as in May and
with tolerable fair season, produce a
good crop. There is absolutely no outside
speculative feeling, and the result is
that the large long interest is forced to
continue to support the market. But for
their buying to-day, prices would have
declined further than they did.
Wheat was adversely affected to-day by
the failure of the Liverpool market to re-
spond as much as had been expected to
our advance of yesterday. Gables came
only quarter higher for futures at Liver
pool, and instead of bringing buying or
ders. as had been expected. they brought
liberal orders to sell in all the options.
1t turned out that yesterdays export
demand had been exaggerated, the 35
loads reported taken here having been
counted twice, and this, together with no
demand of consequence to-day, and less
outside speculative support, led to a gen.
eral selling movement which carried
prices down "a in Chicago, with the tone
at the close rather heavy.
The speculation in stocks to-day was
less active, but the market continued ir
regular under the influence of continued
realizing sales. Bear pressure continued
in evidence from the start, but the ham
mering employed by leaders in efforts to
accelerate depression and provoke heavi-
err liquidation. met with more resistance
than Yesterday. and outside of tobacco,
whose spot orders were reached the gen.
eral list showed only fractional losses.
In the last hour renewed buying in New
York Central, on the announcement of
progress made in completing arrange
ments for refunding the interests of its
bonds due in 1908 and 1905, impaired
generally steadier undertone and a
better feeling prevailed at the close The
principal reason for the selling move
| ment of yesterday and to-day was the
! detection of quiet though steady selling
| by the prominent interests which starteo
| the upward movement in the Wander
bits and the uncertainty as to what may
| develop in Greece and Crete from the
blockade by the Powers, which goes into
effect tomorrow. To-day's foreign ad-
vices reflected continued stagnation in
! all markets at London with q nervous
and uncertain feeling. and English con-
soils down Is to 1.11%. AS the immedi-
ate future course of the stock market
will be governed to a great extent by the
developments in Greece, the foreign
news for the next few days should be
, closely watched.
f. B. CUTHBERT & co.