The news & observer., 1897-02-07
The Cotton Market Drops 4 to
8 Points.
INACTIVE AND NOMINAL
AND ENTIRELY DESTITUTE OF
SPECULATIVE INTEREST.
a Day OF ACTIVITY IN WHEAT
May Options Advanced IA Gents -All
the Other EaarkAts More or
Less Favorabls lnflunced.

New York. Feb. 6.-The cotton mar
ket from start to finish to-day was mac
tive and nominal, entirely destitute of
outside speculative interest with the local
contingent disposed to sell following dis
appointing cables, less encouraging ac-
counts from southern spot markets, in
different advices from Fall River and
gloomy reports from the dry goods dis
trict The mOderatmg movement at the
ports and interior towns failed to exert
any favorable inhuence. Opening at an
advance of one point to decline of two
points the market Immediately gave way
under local selling pressure and closed
barely steady with prices finally at the
lowest point of the session-a net decline
of 4M9 points.
T.. B. CUTHBERT & CO.'S. LETTER.
New York, Feb. 6.-(SpeciaD-To
day stock market was very quiet but it
showed better undertone from the
start and prices recovered fractionally
from yesterdays depression with the
closing tone firm and the final prices a
bout the best quotations reached during
the day. There was less pressure against
the industrials to-day in consequence of
the belief which is now general that no
important disclosures will develop from
the investigation proceedings in regard
to the trusts method Of doing business.
Then against, the increase of over $S,O0O,-
600 loans during the week Jas shown In the
! bank statement had very beneficial i'm
fluence as did also the denial of local
members of the joint traffic association
of am impending dissolution of that body.
/ or US
restricted further selling operations for
the decline and infuenced some covering
of shorts and buying for long account.
The general sentiment was rather more
friendly to the market i'm a belief that
the development of any favorable feat
ures during the coming week would stim-
ulate buying.
COTTON.
Cotton developed weakness to-day and
closed barely steady with March 6.99,
May 7.12 and August 7.22 at 20 8
points below yesterdays closing prices.
There was a continued absence of out
side speculative support and when some
of the bulls endeavored to unload in the
last hour, they found very little local
demand and not sufficient buying power
left the market to even absorb their light
offerings. In the meantime, all the news
received from Fall River, Liverpool and
the South .weas of an unfavorable nature
! and against the market sfhe Liverpool
advices were regarded as especially UNI
favorable, reporting spot sales there of
only 6,0O0 bales, and futures dull, at
another big crop, with an active demand
for fertilizers and belief that with bet
ter weather conditions and lower prices,
a good deal of cotton Will come out that
has been held back by the bullish advices
which have been disseminated through
out the South and this point and New Or
leans in regard to the statistical position
of the staple The trading was active
at the close with the final prices the
lowest The total sales were $4,000
bales. The New Orleans market was also
weak.
WHEAT.
Wheat was more active and Strogen
, to-day ON a partial confirmation of the
(bullish French crop adyices previously
noted in these reports, continued good
demand for -four at Minneapolis, MAN.
ipulatim from st. Louis and continued
good buying by the large Chicago inter
ests. At the opening, the bears made an
effort to depress prices, but as the case
yesterday, they were badly routed. They
opened the market "a lower, but this
price proved to be the lowest reached
during the day. Aside from their own
! offerings, there was very little pressure
to sell, and the market gradually harden
ed and advanced to the basis of 771S for
May and 1915 for July, the closing firm
at X and 727B. Bradstreets statement
showing exports for the week had been
| 3,16S,046 bushels against 2,515,000 last
| week and 100000 last year, greatly
helped the market. The exports of corn
for the week were 3,659,960 bushels a
gainst 3,O11 900 last week and 3,222, 600
i'm 1896.
t. B. CUTHBERT & co.
NEW YORk.