The news & observer. [volume] (Raleigh, N.C.) 1894-current, 1897-02-14
Cotton Closed Barely Steady at
Loss of IS Points.
STOCKS ALSO DECLINE
THE SITUATION IN CRETE HAD
BAD EFFECT.
WHEAT SUFFERS A LOSS OF SD
Corn and Oats Also Affected, Closing
8 Lower--Provisiuns Alone
Showed Strength and
Advanced.

Advanced.
New York, Feb. IA grand scramble
10 unload long cotton on the call resulted
in decline of 8 to 10 points before the
session was out. The market closed bare
~ steady at the lowest point with the
total sales of 125, 300 bales. Liquidation
chiefly of May and March contracts by
houses with New Orleans and Liverpool
connections, was a feature. Only few
Intellectual efforts to rally the market
followed the call The lower prices were
due largely to a decline in Liverpool
over the holiday of 4 to Az points, as
cribed by private cables to the heavy
movement of cotton in this country and
political complications in Europe. Trad
trs and commission houses showed some
tendency late in the session to buy on
the reaction theory and that lighter port
receipts would result in handsome profits.
4. B. CUnHBERT & CO.'S. LETTER.
New York, Feb. 13-(SpeciaD-
stock market continued weak and irreg-
ular to-day under pressure Of sales for
both long and short account and restrict
ed buying influenced by the serious as
pect of the European political situation
over the Cretan troubles, the porte" to-
day hav wing notified the powers that Tur-
key will attack Greece in the event of the
powers failing ITO restrain outside ac-
ton on the part of Greece IN Crete. The
industrials were still adversely affected
by the investigation proceedings, while
the disruption of the steel rail pool and
che severe drop In prices served to weaken
the iron and steel stocks. The bank
statement was regarded as being in the
main favorable. especially the increase in
loans, but there were only feeble rallies
in consequence of the general uneasi-
ness prevailing over the foreign situa-
ton, and the tone at the close was weak
and unsettled, with prices only fraction
ally better than the lowest. London
houses were liberal sellers OF their spe-
cialtieS but the principal selling pressure
came from local commission brokers and
bear traders who took advantage Of the
fiuctuation and hammered the market
vigorously.
WHEAT.
Wheat, like stocks, and cotton was
weak and irregular and unsettled
throughout the session, with a steady de-
ClLukIlS ltuItHLg III plASSS <AANNA Liz AAcN
half hour, when an advance was estab-
lished of one half cent to 1914 for May,
on buying by local traders on the war
rumors. The general trade conditions
and statistical information was against
the market, however, and early buyers
finding little support, consequently turn
ed sellers. The continued weakness of
the cotton market and the break in stocks
had an adverse influence on the last
hour and led to general heavy liquida-
ton, which carried the price down rapid
ly DO 1874 for May, at which range the
market closed weak in tone. Some OF the
selling in the late trading was TO protect
stock and cotton accounts by parties who
were long. St. Louis sent some bad crop
reports. but they excited little influencej
after the opening. The receipts werey
considered large and Bradstreets statef
ment showing exports of wheat and fiou.
from both coasts, from February 5ih
to 10th, inclusive, of 2,051. 345 bushels,
agfnst 3, 16S, 900 last week and 2,71S, geo
last year, was disappointment. Cofn
and oats ruled independent of wheat and
closed steady at but X decline.
Cotton developed extreme weakness to
day in sympathy with the Liverpool uEar
kets developing weakness over the isoli-
day and closing barely steady at 1St6d.
decline in spots, and 6-64d. in futures
from Thursdays final prices, and on the
weekly movement of the crop showing up
10000 to 10000 bales larger in the Sotal
amount brought into sight for the yveek
and in the port receipts than had Sheen
expected. Some of the old bulls. who
have been banking entirely on the alleged
strength of the statistical p0siti@si for
the past two months to advance aFices,
were forced to let go, and the weight Of
their offerings, together with the EiLuida-
ton of smalled operators and heavy sell
ing by foreigners and Southern 1saders,
added to the weakness. The market
opened active and weak, with .(ieclines
ranging from 10 to Is points, and showed
very little rallying power. The Sone at
the close was barely steady, with Che final
prices the lowest, Is to 10 points below
Thursdays closing. The total sport re-
eeipts for the week aggregateds 10000
bales, against 100, 1873 last week and 49,
ZIG last year, whereas the estimates early
IN the week were but for $1,000 bales.
The total amount brought int@isigh for
ak days mp to Thursday night; according
TO the Chronicle, was 133. 39Y, against
lie, 1874, and 116,490. With thk injection
OF the Cretan troubles as fas5tor IN the
European markets, we look flor con-
tinued feverish and irreguISr speenla-
Son.
NEW YORh =
NFw YORK. February H. fixtures opened
steady; sales 3,5G0 bales. .
Futures closed barely steady; sales l26.300
bales.
OpeTinR. Ciosnl .
FEBRUARY. -....-....-s+........ II 6U
March.,....-... ....,...,..,... g 6s 661
April .....,,,... -. =. $3.50. AT f67
Nav .......................... Il r. 67a