The news & observer. [volume] (Raleigh, N.C.) 1894-current, 1897-04-01
WAS FRIGHTENED Up
Flood Stories Drove Cotton
Bears to Cover.
WITH s POINTS NET GAIN
WHEAT CHURNED BY TRADERS
WITH u CENT LOSS.
STOCKS WE'RE FIRM AND HIGHER
But Soon Oeve Ioped Weaknesses South
western Securities Touch Lowest
Point in Their History--Pooling
Bill Nit, War News Grave.
STOCKS WE'RE FIRM AND HIGHER

Now York March 31.-The volume OF
speculative trade fails to broaden ana
feeling Of disappointment pervades the
cotton trade on this account. a generally
firm feeling developed. however, follow
ing a better class of cable news than had
been looked for. The strength was also
due to the continued alarming character
Of advices from the Hooded ulStrlcts.
Reports from the Southern spot markets
indicate a continued strong spot cotton
position and from Fall River and the
dry goods districts the advices were also
favorable. The principal drawback to-
day was the absence of speculative COM
petition. During the afternoon trading
was light and local Opening quiet but
firm at an advance Of = points the mar
ket further advanced | to 3 points and
ruled generally quiet with the tone final
ly steady at net advance of l to 3
points
Il. B. CUTHBERT & CO.'S LETTER.
New York, March 31.-(Special.)- Cot
ton was steadier to-day, closed net ad-
vance ) points over yesterdays prices
after total sales OF $4,000 bales. Liver
pool was steadier, spots advancing 1-32
there. and futures 1-64, and this with
the flood reports frightened several prom
inent operators into covering their shorts.
Soon the bull traders caught on to them
and bought and bid up prices and held
the market steady at the advance. Spot
cotton at the South ruled steady at yes
terday's prices, and no change was re-
IL. bot A 1xvix
from the South report unprecedented
sales of fertilizers in the Atlantic and
Gulf States. and farmers are pushing
their work vigorously. There was an
indication of liquidation in May con-
tracts to-day by transfer of 10000 bales
to August at 10 points. There will be
more during the next two weeks. The
general situation and outlook remains
unchanged, and consequently we see no
reason to change our views regarding
course of the market.
Wheat developed further weakness on
continued weak foreign markets, renewed
liquidation. heavy receipts, continued
limited cash. and export demand and
absence of support. The market opened
weak at 81 decline, and sold off y and l
cent additional on the break. holders of
puts and shorts took their profits. This
demand steadiesl the market in the late
trading and with war news, led to a rally
of "a to q, the market leaving off steady
for the day at a net decline of ~ to Is.
The feature of the trading was the in
auguration of the liquidation of holders
of May contracts. The weather was all
that could be desired, and crop reports
were less pessimistic. The export bust
ness included here only 10000 bushels
wheat, 10000 corn and 107 900 oats.
STOCKS.
The stock market opened firm and
higher and made a good basis for selling
operations. There was some good buying,
but it came from the same weak source
as yesterday. and the demand was soon
supplied. The market then developed
weakness and fuctuated sharply and de-
veloped reactionary tendency all along
the line. just as we foreshadowed. Re
newed liquidation broke out in Jersey
Central, on bad traders reports and CON
firmation of our previous statements of
an impending reduction in the dividend
rate to 4 per cent. The stock sold off
sharply under the pressure. and as the
Gould stocks also developed weakness
with the st. Louis and, Southwestern
securities, continuing their decline and
touching the lowest price in their his
tory. AS the market weakened, renewed
general heavy liquidation set in again
The selling pressure increased as bust
ness progressed. and in the absence Of
support, the market became demoralized
The selling pressure was especially severe
against Jersey Central. The rest of the
list declined from to ~ per cent Late
London cables showed very grave condi-
ton of affairs and intimated that war
was inevitable between Greece and Tur-
key. Our Washington advices showed
that there was little hope of the pooling
bill being passed, and the Anglo arbitra-
ton treaty was practically killed by the
adoption of an amendment exempting
territorial and domestic questions from
arbitra ton All of which tended to ac-
celerate the selling and restrict pur-
chaSes.
f. r. CUTHBERT & co.
sew YORh.