The news & observer. [volume] (Raleigh, N.C.) 1894-current, 1897-04-10
VERY LITTLE CHANGE
Cotton Opened Steady at 2 to 3
Points Advance.
LATER LOST FOUR POINTS
But TURNED AND ADVANCED
4 TO { POINTS.
ON REPORTS Or LARGE SALES
Finally Closing Quiet at Net Decline
of Two to Net Advance OF
Four Points.
AFTER LOST FOUR POINTS
ON REPORTS Or LARGE SALES

New York, April 9.-The cotton mar
ket opened steady at an advance of 2d3
points. following better class Of cable
news than had been expected and to some
extent influenced by early rumors of bids
for large lots of spot cotton by exporters.
Later the market eased off four points
under foundation but turned a sharp cor
nor and advanced 407 points on re-
neved reports of very heavy sales to eX-
norters Local shorts were active buyers
and outside speculation showed more en-
crcy than has been seen here for some
time. The market closed quiet at net
decline of > to n net advance of points
with total sales of $4,000 bales
T.. r. CUTHBERT & CO.'S LETTER.
New York. April 9.--(Special.)-Wheat
developed renewed weakness to-day oW-
ing primarily to the continued weakness
of the foreign markets, especially at
Liverpool. where prices opened "a lower
and closed weak at Id. net decline. This
was regarded as no response whatever
to our improvement Of yesterday, and
as the promised improved cash and export
buyers became discouraged and threw
over their holding. Their offerings with re-
newed liquidation by old bulls and heavy
foreign selling led to a continually weak
or market after the opening rally was
dissipated. and prices steadily declined
2H cents per bushel from last nights
closing and left off with rally OF only
IL to 81 from the lowest The action of
the market has been very disappointing
one. but under the changed speculative
conditions. the market ought to do better
after the selling movement subsidies.
Cotton showed such slight response to
the many favorable features which de-
veloped to-day as to make 1t apparent
that outside speculative interest III it is
dead and the local bulls do not care TO
increase their interest. All the news.
both from Liverpool and the South. as
well as the developments in the spot
situation. were favorable to higher prices,
but the market only advanced 3do points
for this crop options and finally closed
quiet and easy, with prices within 1G2
points of the highest. and showing only
Il net gain of 36I4 points for this crop.
while the next crop months were I'M
changed. Liverpool closed steady and
unchanged for spots with sales of TO-
600 bales, while futures closed y to ]
point higher Spot cotton here advanced
1-16 to 7-16 for middling with sales of
800 bales for export and 325 for spin
ming The Southern markets were steady
and unchanged to 1-16 higheR Wet
weather prevailed generally throughout
the cotton belt, and the Mississippi flood
situations showed no improvement
To-day's stock market was a distinct
disappointment to the bull interests, as
it showed subsistence of the aggressive
buying power noted in our market letter
of yesterday. with the exception of one or
two specialties. An unexpected break of
two cents additional in wheat, with heavy
profit-taking sales in sugar and rumors
that steps have been taken to enjoin the
payment Of the Jersey Central dividend
and Il report that the Interstate Com
merce Commission has been requested to
investigate the subject of Anthracite
tolls, on the claim of discrimination in
rates. together with the disagreeable
weather conditions and light commission
business were enough to take the edge
off the bullish sentiment under more IA
vorable circumstances than at present
surround the stock market For the
first half hour the market showed
firm undertone and disposition to advance
under the lead Of sugar, Chicago gas, to-
bacco and the Vanderbilt shares. The
halt in the buying infused fresh courage
among the bears, and instead of covering
the remainder of their short interest, they
put up fresh lines. The bear pressure
continued up to the close There were
some final rallies in the late trading on
covering of shorts, but the market left off
irregular and unsettled. Chicago Gas
was the strong feature Of the market, adj
vancing 15s per cent. to 81 on transac-
tons of 49, 45 shares and closed firm at
the highest. The buying in the stock
was for the bull pool in it; the operations
Of which have been based ON the weak
financial condition of its chief competi-
tor.
T.. r. CUTHBERT & co.
YORk.