The news & observer. [volume] (Raleigh, N.C.) 1894-current, 1897-04-09
THE KING is BETTER
Largo Sales of Spot Cotton
Reported.
EXPORTERS THE BUYERS
SOUTHERN SPOT MARKETS RE
PORTED FIRM.
GRAIN AND PROVISIONS FIRM
Strength Due to Natural Reaction
from Wednesdays Slump
tstical News Generally
Favorable.

~ L II
cotton market to-day, as for several days
past was the strong relation OF spot sup
plies TO future deliveries. In addition to
the officially reported sales, 6,494 bales
SPOT cotton, several other lots of mag
nitude are reported to have changed
hands. exporters being the buyers. Re
ports of very firm Southern spot markets
added to the firmness of the local situa-
ton and made local holders of spot cot
ron Indifferent. The market for future
deliveries opened quiet but steady ut
one point advance to one point decline,
early cables being unsatisfactory. La
ter the market rallied lac points, fol-
lowing indications of spot demand. Dur
ing the afternoon prices eased off partial
ly on liquidation. The close was steady
at a net advance of pa points.
f. +. CUTHBERT e CO.'S. LETTER.
New York, April S.-(SpeciaD-Cotton
after ruling dull and barely steady
throughout the forenoon, with prices
averaging ! to 2 points below last nights
closing quotations, rallied in the last hour
on 6.264 bales reported taken from
stocks for shipment to Europe and sales
of go bales for home consumption and
unloading of the hedges against this cot
ton by buying back the contracts that
had been sold against them. More wet
weather in the Mississippi Valley and
the lower temperature in the southwest,
together with some covering of shorts
and buying by local traders, tended to
stimulate the market. There was, how
ever. no outside support forthcoming and
the market barely sustained the slight i'm
provement. prices closing steady at 2 to
4 points advance. Spot cotton here and
at the South was unchanged from yester-
days quotations
WEAT.
Wheat was quieter and steadier to-
day and showed a disposition toward i'm
provement. The early cables showed all
the foreign markets had opened weak,
with wheat futures marks lower at
Berlin and 1Hd lower at Liverpool. This
was full response to our decline made
yesterday. but later cables reported a
recovery of y. the loss. This influenced
general covering among the shorts, and
prices started off u to 3s higher here and
at the West. Renewed liquidation car
ried prices back to last nights close be-
fore the end Of the first half-hour. but
the old bears took everything that was
offered and foreign houses turned up free
buyers, causing Il steady advance, to the
basis of ~ cents over last nights close.
Continued liquidation on the rise and
selling by holders of calls. checked the
improvement. but the market closed firm
with a decidedly better feeling all around
on reports of 30 loads having been work
ii g.
thized with wheat and was steadier
throughout the session, on covering, and
provisions We're strong on buying by
packers. and covering of shorts.
STOCKS.
The stock market developed increased
strength and activity to-day and broad
ened out considerably under general COW
ering of shorts and buying by various
pools formed to operate against this in
terest and hasten the covering movement.
The bull pool in Sugar, to which we al
luded in our market letter of last night,
was more active and aggressive to-day,
and the stock steadily advanced to 21z
per cent ON continued heavy buying, the
price selling up to LIZ. The strength
and activity in this stock led to gen
eral buying movement for both long and
short account in the rest of the list. par
ticularly Chicago Gas. Western Union
and Manhattan, Jersey Central and the
Changers. The bears were forced to
beat hasty retreat in all of those stocks,
and the brokers acting for the pools.
bought and bid up prices on them The
speculation broadened very considerably
in the last hour, and the market closed
steady in tone, with the genral sentiment
bulish and prices within a fraction of the
highest quotations.
r. b. CUTHBERT & co.
NEW YORk.
NEW WORK. April 8.-Futures opene d
alLipt and steady. az leg o.500 bales