The news & observer. [volume] (Raleigh, N.C.) 1894-current, 1897-05-13
Southern Manufactures May %
Cut Of This Week.
MEETING At CHARLOTTE
THE CONFERENCE THERE SAl-
T1RDAY WILL DECIDE Ia
rHE STAPLE KEEPS FALLING
Stock Market Local and PROFESSIONAL
With ScaIper Transact'ons'-""e@e
Opened Strong, But Closed al
Orenirg Figures

Now York. May 1.-THE cotton snar-
La+ showed considerable lrregularlty TO-
dav. selling off in tire forenoon, but rally
inc nartially later in the session, with
rho market finally steady at net decllne
of 105 points. The early weakness In
COTTON was due primarily to very disap-
, nointing cables from Liverpool IN view
of the advance that took place In our
market Yesterday afternoon. AT the
Same time crop accounts. while more or
less conflicting, dad a bearlsh average
during the forenoon. Later in THE ses-
sion there was some rally on less favora-
BILE weather predictions, pointing 10 lndl-
ga tions of showers all over the cotton
belt within the next "a hours. Mucn
of the time Juneaand July contracts held
a firm relation to the general market
owing to continued interest shown %!
American spinners and exporters IN spot
cotton. During the afternoon bUglng on
Southern ogsders was "a feature, whlie
room traders met the demand without
hesitation. At the weakest interval the
market to-day showed a net loss OF 4'4'
points.
r r. CJJTHRERT & coo LETTER.
New York, Nay 12.-Wheat showed
continuation of the strength which mas
characterized the market for seyeral days
and scored further advance OF 10 IA
cents this morning, under the hullish IN
fuence of firmer and higher markets with
good foreign buying, continued drought
in California. prices advanced steadily
: / tol ~ cents Snem the opening, which
were the same as last night. Covering
I by l,elated SHORTS and Liverpool buying
made the high prices. After this demand
was satisfied lleillerS began to take prof.
its. 1t was only natural that they should
do so. and the pressure increased aas the
business progressed. 1t was accelerated
by falling off In fine short demand. which
was occaSioned |yy the prices of spot ana
the nearby options getting out of the line
with exporters. views and limits and as
a consequence. prices slowly receded for
all the options. the market closing steady
at fine lowest quotations. which Were the
same as the opening and yesterdays clos
ing. Corn and outs closed steady with
moderate trade. at net decline of Is to
IL cent for corn. and unchanged fes'cafs.
STOCKS.
The, trading i'm stocks to-day WAS a rep
etition of yesterdays business. ASIDE
from purchases of about 1000 shares by
London houses, principally of Union IA
cific. IS. Paul and Louisville. the trad
ing was largely local and professional.
In the morning the foreign buying IN ull-
ion Pacific was the principal feature OF
the market. and the traders tailed on to
the movement, causing the stock 80 SO
vance 12per cent. I'm the meantime, the
Changers and railroad shares were gen
orally firm and advanced fracuonaAy Ill
sympathy while ia the Industrial hist
Tobacco showed heaTineSs on liquidation.
After the London market closed, and the
foreigners ceased buying, the traders at
tackled the market, but they made little
Roadway except in Chicago Gas, wh1etl
broke to S16s on general selling, on mis-
apprehension that the defeat of the Hum
phrey Street Railway bill in Illinois
House had some connection with Gas
bills. 1t was shown that this was not the
case. the ssieea rallied 1t was largely
a traders market and the fluctuations
were in the main the resnltscf the efforts
to scalp each other Of the marrow fiuctu-
atoms.
COTTON.
Cotton was moderately active to-day,
but showed a Isl ghtly easier .endertone
from the start In the early trading
prices decligled 5 to Z points, on disap
pointing Liverpool cables spot cotton
there ruling dull and unchanged with
sales of but 5000 bales, while futures
closed easy at i 10 ~ points tiecline,
after having opened Ltd. higher. Gen
eral r5leavy warm rains all over the
South with port receipts of 1000 bales
helped to depress the market. later.
under stimulating ibfuence of steady
Southern spot markets, with spot sales
here OF 2,915 bales, OF which 9, 1874 were
taor expert and 100 Were taken for home
consumption, the market rallied on COW
.ering of shorts and recovered all the loss
AT thu close there were re-
ment of production by the majority OF
ports that a general curtaiknent
of production by the majority OF
by manufacturers at a conference to be
heh at Charlotte ON Saturday.
f. b. CUTHBElT & CO.
NEW YORk.
NEW YORK. May I2.-Futlres opened
easy; Gales 3, 4W bales.