The news & observer. [volume] (Raleigh, N.C.) 1894-current, 1897-05-15
ONE POINT aOWER TO IW'
POINTS HIGHER.
WHEAT KNOCKED L'ttLeSS

The Result Being a Decline Of ti.6
cents-.The Other Markets We're
Very Dxn, Corn Declined. Oats
Closed Unchanged and
Provisions Lost 5 to
7I2 Gents.
New Work. May 1.-THE cotton uaar-
ket opeaed steady at a decline Of 3@5
points on near positions and 1M2 points
ON the new crop months. The opening
figures were the lowest Of the session.
Following the first call. the market COM
menced to rally. The summer months
showed relative strength throughout the
session. The market closed steady
point lower to 2 points higher with total
sales of S6,4OO bales. The spot cotton
market continued to hold commanding
strength throughout the session. The
early weakness Of the market was the
result Of disappointing cadeles; the Liver
pool advices ON spot cotton, showing
decline of 1-32d and Of only 1000 bales
were particularly disappointing I'M view
of the rally made BY eur market ,yester-
day afternoon.
e. B. CUTHBERT & cos LETTER
New York, May H.-COtton was quiet
and irregular to-day and conflicting in
fluences and moderate mixed trading.
At the opening the market was weak and
prices declined ; to IS points in sympathy
with the decline af l-32d. in spot cotton
~ ~ hp,f nm
bales. and 1h TO dead. lin futures. The
selling pressure WAS light and as it soon
subsidized the market developed frmness
under support and slowly recovered all
the loss and closed ut about last nights
prices. The market was stimulated in
the late trading by the continued stead
mess Of the Southern spot markets and
continued fair demand here. with sales
of 2,a47 babes at yesterdays prices on
the basis of 13-16d for middling, of
which 1,763 hales were taken for export
and 1,1S4 for home consumption. The
trading was moderately active during the
day, with the total sales reaching sc, 400
bales. Fall River advices showed no
improvement in sight there for print
cloths. whieR continue at about the low
est prices on record att .7-16.
WHEAT.
Wheat had good, health reaction to-
day extending to IA cents from last
nights prices, to the basis Of I2a4 for
July in Chicago. The decline was due
entirely to liquidation Influenced by the
failure of the foreign markets to respond
to our advances of yesterday. Instead of
doing SO, PRICES at Liverpool opened Ad.
lower and declined Id. additional, closing
at the lowest. The reason why the for
eign markets declined to-day was attrib-
uted abruptly to liquidation and to lower
freight rates. The market was full of
stop orders, and they were reached at
the opening. causing the first prices to
be made at decline ranging fromA to l
cent. There was sharp rally after the
opening, on the purchase Of 2,0OO,OOO
bushels by several commission houses,
and killing frost last night in the West.
The late lower cables checked the rally.
and prices declined steadily later on con-
tinued pressure of long stuff coming
on the market. St Louis was especially
heavy seller, and also foreign houses and
shippers against purchases. The mar
ket closed irregular, within IA to rs OF the
lowest and showing a net decline of rs
to ~ cents from last nights final prices.
There was a good cash and export de-
III.
of wheat. FIVE loads of corn and 10000
bushels oats. At Chicago 100000 bush
els of wheat were traded in during the
day. including 175,O0O bushels for export
and the balance for interior millers. The
decrease in the visible supply on. Monday
will approximate ], SOC, 600 bushels.
STOCKS.
The stock market continued irregular
and unsettled to-day, with sharp and fire.
quent fluctuations and mixed trading
under the disturbing influence of the
agitation of the Cuban question i'm the
Senate. Engagements Of So, go, 600 gold
for shipment to Europe by tO-morrOw's
steamers We're also announced. which
with the Senate Finance committee stat
ing that it will be,impossible to report the
tariff hill to the Senate until May oath,
also exercised an adverse influence upon
the market The bears took advantage
of the situation and continued their ham
mering tactics as soon as the market
opened. causing further general declines
of - TO 1 per cent. in the 1ndustrials,
and railroad list. The selling pressure
was directed principally against Sugar,
Chicago Gas. st. Paul, Chicago. Burling-
ton and Quincy and Rock Island, each
of which declined about / per cent. Lat
or the coal stocks were vigorously raaded
on the Institution of the laws Of the SUI
prefne Court of this State on charges of
violation of the laws against mOnopolies
and combinations in restraint OF trade.
The selling movement IN the cOalers was
more pronounced against Jersey Cen
trail, which declined 2A per cent. to 75A.
and in Susquehanna and Western prefer
red, which sold off ~ per cent. to 10.
ID. and II. declined IN TO 1O4 The de-
cline in other coalers were only fraction
al The selling was partly long" stock,
and partly ''short" stock for the decline
We do not attach much Importance to
the suit as the coal trade to-day is gener-
ally governed by the laws Of supply and
demand. The best advices from Wash
ingtOn are that President Mckinley will
send communication to Congress sug-
gesting measures of relief for the dis