The news & observer. [volume] (Raleigh, N.C.) 1894-current, 1897-03-23
Sales of Futures Reached Only
4l,OOO Bales.
CLOSED DULL BUT STEADY
WAS EXCEPTIONALLY
DULL AND LBSS.
WHEAT CLOSED WEAK AT LOSS
News, as a RuIe, Favored an ADVANCE
But no Attention Was Paid to IL
..Other Markets Weak IN
Svrpathy With wheat

New York. March 22,-There was
daortb Of speculative interest in cotton
again to-day, and sales of futures reach
cd only Al 400 bales. The market closed
dull. but steady at unchanged to points
not advance. after opening quiet but hrm
at an advance of 1903 points. Trading
was exceptionally dull and destitute or
feature. Selling was checked by con-
fieting reports from the Hooded districts
r r CUTHBERT & CO.'S LETTER,
New York. March -@2.-(Special} b.
Wheat developed extreme weakness 20
day and showed a steadily decling ten
dency from the start, selling OFT iA
cents for May. and IA for July and clos
ing weak at the lowest prices. with May
72a and July II cents. There were
various causes for the decline, but the
principal reason was the continued
apathy of the foreign markets and light
cash and export demand here and i'll
the West. The crowd had all got load
ed up on the crop killers reports 81 last
week, and with no short interest of conse-
auence to bank on, holders were obliged
to liquidate at the best advantage to
themselves. The statistical news was all
bullish. The crowd emily saw continued
pressure of long stuff and absence OF
support. and the liquidation unchecked
I'D to the close. Twenty to twenty-five
loads of wheat were reported taken for
EXPORT here but were mostly for May
and June shipments. Foreign houses
were liberal sellers up to the close of their
market and private advices reported free
offerings of Russian wheat at Liverpool
at concessions. Corn ruled very steady
on the decrease of 71S.000 bushels in the
visible supply and clearances of 1.112, 600
bushels for Europe.
Cotton continued a dead market to-
day. Total sales were Al 400 bales. with
extreme fluctuations confined within
narrow range of 2d3 points. There was
no disposition upon the part of the bears
to force issue, though the bulls had the
advantage of the exaggerated flood re-
ports and lighter receipts TO aid them,
they found it necessary to support the
market in order to maintain values. The
light receipts are due partly to bad wealth
er conditions, which have prevailed in
the South during the past week, which
still continue and as a consequence we
look for continued light movements all
around this week compared with last
year This weeks port receipts will
show up tight. appspximating about 60.
900 bales. As far as the Mississippi
floods are concerned. we would call at
tention to the fact that at present not
more than 10000 acres of farm lands
have been inundated. and even though
the Mississippi should overflow its banks.
the flooded lands would cover only u
very small part and not one-thirtieth. at
most, of the land that is usually devoted
to cotton in the whole breadth.
Spot cotton here and at the South
ruled dull and unchanged from Satur-
days prices, with only fair demand and
small sales.
Today's stock market was very spotty'
in that it was stronger in some spots
and weak in others Trading was light.
and the general tone of the market ire
gular, inclined to heayiness. aside from
n. Y. c., Chicago Gas, Sugar, and some
of the specialties protected by pools.
n. Y. c. sold up IA per cent to 102, the
highest price yet reached since 1895, and
closed at 1917 1t derived It's strength
from continued investment buying on
progress made in refunding sckl1ne
Chicago Gas advanced on continued buy
ing by insiders on knowledge that its
stringent competitor, the Ogden Gas
Company, acknowledges that its outlook
lis not very favorable. and rumors that
the officials are seeking a market for
ma iority of the stock. The advance in
sugar was on decision Of e. S. Circuit
court at Toledo in Woolson spice case
in favor of the Sugar Trust and against
the Arbuckles. 1t is understood that
the Arbuckles will carry the case to
higher court. The balance of the market
showed a very firm undertone throughout
the forenoon, and showed a disposition
toward Improvement, but upon news re-
ceived from Washington that the United
States Supreme Court in the case of the
United States against the Transmits
souri, Freight Association had reversed
the decision of the Circuit Court, and de-
cided in favor of the government in all
points, general selling movement in all
both long and short accounts set in.
which led to a gradual sagging tendency
to the general railway list. The selling
was most pronounced in the grangers.
Although the Trans Missouri Freight
Association is out Of existence and has
been superseded by the Southwestern
Traffic Association, composing all the
roads in the Southwest, the decision is
a very important one as the suit was
brought under the Sherman antitrust
law. The decision Of the court practical
ly confirms the constitutionality of the
Sherman law and uphoids the Inter
State Commerce law. The suit was filed
by the government for the purpose of So
curing the setting aside of the agreement
operating in the Northwest to fix rates
Of transportation and pool earnings.
Il. B. CUTHBERT T. co.
NEW YORk.
NEW YORK, March 22.-Futures opened
quiet and firm sales $500 bales
Futures closed quiet and steady; sales A.