The news & observer. [volume] (Raleigh, N.C.) 1894-current, 1897-03-30

steady with prices unchanged to points
higher or reports of a disastrous break
in the levees and consequent flooding OF
important cotton districts. Spectators
failed to appreciate this feature and the
local contingent had the market practic-
ally to themselves. T0lerably good re-
ports were received from the dry goods
districts and also from Fall River which
also checked selling. Private wires in
tiicating backward crop In portions OF
Texas, caused local covering In the after
noon. The market closed steady with
prices unchanged to three points lower.
e. B. CUTHBERT & co.'s LETTER.
New York, March 29.-(SpecialeCot-
ton developed further weakness to-day
under the depressing influence Of continu-
ed falling of in the consumptive demand
at Liverpool and the South, absence OF
outside support unprecedented sales OF
fertilizers and a critical condition of af-
fairs in the Levent. Several breaks oc-
Cured in the levees below Greenville and
Natchez along the Mississippi, and
these reports, with heavy rain
were used by the bulls ms
a pretext for supporting the
market. At the start prices. were adj
vanced 2 to 8 points. hut this improve
ment was subsequently lost, and the
market closed quiet and barely steady at
/ to 8 points net decline. The total
sales for the day 65.4O0 bales. In Liver
pool spot cotton closed easy at 1-32d. de-
cline, with sales Of only 5000 bales,
while the futures closed ] to IL points
lower. The Southern spot markets were
quiet and steady and unchanged with
small sales.
Wheat showed steadier undertone to-
day, and with war news. less IN sorai'le
crop reports and a larger production in
the visible supply than had been cx-
pected to aid the market, prices Advanced
" to *, and closed steady at h to "A net
advance. The professional traders were
all bearish on the light speculation and
limited cash export demand, and their
selling, together with liberal offerings by
holders Of calls, held the market in check.
The Northwest receipts were enormous,
aggregating S44 cans. but they were
Offset by the Orange Judd Farmers re
port for April, making the condition for
winter wheat S3.5 per cent agaiast 81
last year. The Thoman crop report will
stood that it will not he sc bulish. TIE
visible supply Of wheat decreased for the
week / ,4O7 900 bushels, making the
amount now available in this eruntry
80, O23. 900 bushels. The worlds visible
supply will probably decrease 3.25O.00H
to 3,5OO,OOO bushels for the week. The
English visible supply shows decrease
OF $4,000 bushels. The export clear
ances for the day were equivalent to
1900 bushels Of wheat. No lew
business was transacted here to-day for
export in either wheat or corn, ana cash
trade was very dull, with the demand
limited.
The stock market developed increased
irregularly and weakness to-day uude~
continued liquidation. As though We had
no trouble enough ourselves with the
prospect OF general rate war following
the dissolution OF the Western Freight
Associations, early cables reported all
the markets were weak and lower. with
consols down n and SIC on general sell
ing, owing to apprehension that Greece
may formally declare war against Tar
key at any moment, in consequence Ut
the continued strained condition of at
fairs in Crete. All the foreign markets
were weak and generally demoralized
and only recovered slightly from the
worst. These advices, together
with reports . of rate cutting in
the West by the Missouri Pacific, st.
Paul and Chicago and Great Western
roads, led to a weak and demOralized
market at the opening. There was
heavy general liquidation by traders.
commission houses and local operators
and prices broke rapidly. Stop orders
were reached in large numbers on the
way down, and their forced execution
lat the market" made the extreme low
prices. The selling pressure was directed
principally against Missouri Pacific and
the Granger stocks. Active buying
by brokers arrested the decline and sub
sequently steadied the market. The COW
ering Of shorts during the afternoon, and
prices slowly improved and recovered
about half the early losses. with the
market closing steady in tone at declines
averaging 1 per cent from Saturdays
closing. There was some talk of pool
ing bill being introduced in Congress to-
morrow, but our advices from Washing
ton are to the effect that it cannot pos
sibly pass The condition surrounding
the market and the general outlook as far
as we can see. remain unchanged and
our views are the same as outlined in our
weekly market letter of last Thursday.
70. B. CUTHBERT & co.
NEW YOhh.
NEW YORK, March 29.-Futures opened
steady; sales 5000 Uales.
Futures closed steady: sales O. 400 bales.
Opening. Cioeink 4.
March, 695 6.2
DriI ,,,.,...... -. .......... d u 693
Nav ACKNOWLEDGEMENTS. 6U
Iune ACKNOWLEDGEMENTS. 7t3 1Us
Julv ....,................. 90 TO
August .................... 10 7W
spnfember ....,.......... 6S3 68t
Ocfoner ............. ...67I 6G8
SIS.sa-.,,n, N