The news & observer. [volume] (Raleigh, N.C.) 1894-current, 1897-04-03
That Was the Condition of Cot
ton esterday.
FROM START TO FINISH
EFFORTS TO STIMULATE SPECU
I.ATION FAILED.
THE WHEAT MARKET WAS FIRM
May Options Closed at an Advance
Corn Went the Other Way. and so
Did Oats, Provisions Are Prac-
ticaIIY Unchanged.

New York, April 1.-The course OF the
cotton market to-day was unsatisfactory
from start to finish. Opening at an adj
vance of > to / points, following a bet
fer class of cables than had been expect
ed. there was lack of support although
thera was flood of bad news from the
Mississippi Valley Efforts were made
to stimulate speculation with reports OF
better conditions III the dry goods CEN
tres, and also firm accounts from Soutn-
ern spot markets, but promptly following
the first call the market returned to yes
terlay'S closing prices. Just before the
close the market became active on local.
shorts covering and closed steady at
net advance of 1 to 8 points.
E. b CUTHBERT 81 CO.'S LETTER.
New York April 2..-(Special-W
was steadier today, owing to subsi-
dence of the bull pressure and disposition
of the shorts to cover and secure their
profits. Less favorable crop reports from
Russia and reports of an advance IN
wheat Of marks at Berlin at the close,
helped TO stimulate the market and after
a slight hesitation at the opening, prices
advanced and closed firm at y cent above
last night. Rumors were current of p
loads having been worked for export in
this market, but only one load could be
confirmed The total clearances of wheat
and -four were equivalent to 241 900
bushels. Liverpool closed unchanged
for spots and I'D. lower for futures. The
indications are that the visible supply
on Monday will show decrease of only
200 900 bushels The weather and crop
news from the West was generally OF
favorable nature. The foreigners sold
wheat on the advance and bought corn.
Cotton ruled quiet and steady to-day
under the stimulating influence of con-
tinued wet weather in the South and the
flood reports from Mississippi During
the afternoon prices barely held their
own. but later slowly advanced in cover
ing of shorts and buying by bull traders
and closed steady at points net advance.
The trading was moderately active, the
total sales aggregating 81 200 bales, but
the business was entirely of a local pro-
fessional scalping character. Liverpool
closed quiet and steady with sales of
10000 bales at yesterdays prices while
futures closed easy and l y points lower.
regated "a 1000 bales against 80, 40 last
week and 1888 last year.
The stock market to-day was very
.spotty. but on the whole closed with a
very steady undertone of fractional net
advances in the railroad list and firm and
generally one per cent higher for the
grangers and Vanderbilts 1t was day
Of profit taking by the bears and the de-
IL,
some buying by the Vanderbilt and Nor
an following, !. led to generally better
feeling. Mr.. 'Morgan's arrival at Lon
don was cabled to this side. and HIS pres
ence there. together with president Hill
of the Great Northern. Mr.. Siemans of
the Deutsche Bank of Berlin and a rep
resentative of Kuhn, Leob & Co, Gre
ated IN impression that some kind Of a
deal in connection with Northern Pacific
and the question Of refunding the bonds
of the New York Central and Michigan
Central roads was on the tapis and the
bull interest took advantage of it to bid
up prices. This movement was especial
ly pronounced in the Vanderbilts and eX-
tended later to the Changers. The shares
of the whiskey were the strongest fea.
ture Of the list. ho,, yer, the preferred
stock selling up from 1884 to 33 on COW
ering of shorts and buying insiders. The
buying was undoubtedly based on the
better trade relations, the recent ad-
vance in the price of spirits and anticipa-
tion of favorable developments at the an
nuaI meeting Of the directors, which is
to be held in this city next week. The
rest of the industrials, together with the
Gould stocks, did not share in the inn
proyement but on the contrary, ruled
dull and heavy throughout the session.
The coalers were irregular and unsettled,
with sharp and frequent fluctuations, but
finally left off at about last nights prices.
The trading in them was very much
mixed and likewise the general senti-
ment owing to the uncertainty in re-
gard TO the dividend question on Jersey
Central. This will be decided on Mon
day, as we have previously stated The
foreign situation remains in statu quo
with no speculative feeling.
f. b: CUTHBERT & co.
NEW YORk.
New YORK, April Futures opened
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