The news & observer. [volume] (Raleigh, N.C.) 1894-current, 1897-05-02
Experts of rha Street Much
Puzzled By 1t.
STOCKS IN A DREARY SAG
81 100000 MORE GOLD ANNOUNC-
ED FOR NEXT TUESDAY.
NEARLY AL STOCKS WENT OFF
Cotton Steadied by Shorts Evening Up
Over Sunday, But Eased Off After
Fairly Active Cay Wheat
Declines ! i-S.
Declines | l-8.

New York, May 1.-The cotton market
opened easy with near months unchanged
t olive points higher and far months to
3 points lower. Trading was moderate
ly active and fairly well scattered through
the summer and fall months. Favora-
BILE news from Liverpool caused the better
feeling in the near positions on the call.
The late months were weak under South
| ern and Liverpool selling. Wall street
was also a seller early in the session.
Following the call steadier feeling pre-
vailed on shorts covering to even up ac-
counts over Sunday but the market again
eased off later under local selling and at
II a. m., was barely steady at net de-
cline of to 5 points; sales $4,000 bales.
f. 4. CUTHBERT & co.'s. LETTER.
New York. May 1.-(SpeciaD-Cotton
continued irregular to-day, under mixed
trading. Prices at one time averaged =
to ) points above last nights quotations
for this crop, but the pressure of realizing
sales was too heavy and the offerings of
the bears too large for the bull interests
to absorb them and hold the improvement
and in the late dealings the market de-
clined 6 to points and closed
feverish and irregular at at a net de-
cline of to points from last nights
closing quota tons. Liverpool reported
spot cotton there firm at 4H for mid
ding. with sales of 5000 bales, and
futures 2-64d. higher. but these advices
were no better than had been expected
in view of our advance late yesterday.
The worlds visible supply for the week
decreased but 1858 bales, instead of
decrease of over 100000 as had been ex-
pected.
WHEAT.
Wheat opened slightly easier :, this
morning with prices Is to " lower on
the failure of the Liverpool markets to
respond as much as had been expected to
our advance late yesterday. Soon after
the opening the market rallied sharply
on very small deliveries on contracts, this
being the first day of the same. The
offerings were light and the market held
steady at the advance for a while and
shortly after the first hour, broke on
good rains in Southern California and in
the Northern portion of the State. The
selling pressure increased as business pro-
crossed. while the buying power steadily
diminished and the market left off weak
at IN for May and 703s for July, within
II of the lowest and q to u below last
nights closing. The cash and export
demand fell off and the total clearanees
from the principal ports aggregated but
3O3.3 1854 bushels of wheat and 800, 66S
of corn.
STOCKS.
The stock market continued dull and
heavy to-day. What little business there
was doing was confined chiefly among the
local professional operators and board
room traders The general tone of the
market was heavy from start to finish
on the apathy of the foreigners, absence
of outside business and the large gold
exports. Our brokers in the Board said
there was no apparent disposition on the
part of the rich men to support the mar
ket, and the best opinion in the room is
that the market will continue a dull and
dragging affair and that our weekly mar
ket letter of last Thursday accurately
describes the situation and the general
outlook as it exists to-day. The general
tone of the market at the close was
heavy, with prices averaging p to q be-
low last nights closing quotations. The
bank statement did not reflect the gold
shipments, but possibly next weeks state
ment will do so.
T.. Il. CUTHBERT & co.