The news & observer., 1897-03-07
Cotton Seriously Disturbed by
War Rumors.
MARKET OPENED STEADY
BUT WEAKENED AND CLOSED AT
) TO s POINTS DECLINE.
CHICAGO PREPARING FOR WAR
Evening Trades the Order of the Day
on the Board of Trade Wheat De-
cIined-. Corn Held Steady. Oats
Lost, and Provisions
Were Firm.

Were Firm.
New York, March 6.-The cotton mar
ket has ben seriously disturbed by war
like rumors from abroad, with private
cables forecasting panicky conditions in
Europe in event of further complications.
The market opened steady at he de-
cline of 1(J4 points, steadily weakened
and closed steady at the lowest level
with prices showing a net loss Of 5dS
points. The remote deliveries have held
firm relation to the genral market, fol-
lowing a statement by the chronicle that
the rain fall in Texas had been deficient
during February. Selling was somewhat
checked by favorable Fall River account
and compartiye firmness on the part of
the spot holders.
liz. b. CUTHBERT & CO s LETTER.
New York, March 9th -(Special.)-
Cotton developed renewed weakness to-
day and lost all of yesterdays recovery
in prices and closed barely steady at
the lowest prices 5tdS points below yes
terday's closing quotations. The trading
was only moderately active with the total
sales $4,000 bales While the Liverpool
markets were steadier with spot cot
ton there 1-32d. higher and futures / to
| ~ points above yesterdays closing, the
/ improvement was regarded as only a
slight response to our firm closing of yes
terday, and this caused our market to
| open easy with sellers at 2 to points
decline from which there WAS steady
| decline Of points additional continued
| liquidation by tired holders. The news
! from Greece was very disduieting and
| more waF-like, and together with the
bearish report of the Chronicle on the
new crop outlook and continued liberal
| receipts. accelerated the selling and at
the same time restricted purchases. To
days port receipts approximated $1,000
bales against 500 last year. Houston
receipts, 3,293 bales against 1,02S last
year New Orleans receipts en- Monday
estimated $4,000 to $500 bales against
3 ,97S last year.
STOCKS.
The stock market to-day was again
dominated by the foreign adyiees which
were more favorable than any yet re-
reiyed since the Cretan crisis developed.
The probability of war between Greece
and Turkey, according to the late press
8dDItS cEEi1Ao 0iOlN ElhlbNitts ATDAAAOh
houses were again large sellers here of
the international list, especially st. Paul
and Louisville, and they bought wheat
freely. Thus, all the favorable home con-
drtions surrounding the market, were
lost sight of and attention was confined
to the European political situation. Its
extreme uncertainty naturally restricted
purchases and tended to increase the
4 rYx ltSr4
ed bulls further hquidated their interests,
while the bears took advantage of the
situation to continue their attack. Stop
loss orders were reached in Il. & n. ). g.
Central and Northern Pacific, which ac-
celebrated the decline in these stocks
There were general rallies in the final
dealings on covering of shorts Influenced
by the bank statement, which was re-
garded as very favorable, especially the
increase of 81, ,452, 900 in loans during the
week, which was regarded as an indica-
ton of the expansion in business.
WHEAT
Wheat showed further advancing
bendency to-day under the influence Of
fhe war scare. Foreign houses again
turned up as buyers and prices, which
had opened 1s to ~ lower, rallied and adj
yanced 1s to VI oyerlastnight' 'sclosing
yanced * to u over last nights closing
quotations. The market held firm at the
advance until the last hour, when prices
weakened under the influence of general
realizing sales prompted by lack of out
side support and continued light cash
and export demand. The close of the
market was steady in tone and half
cent net decline The worlds shipments
were light, and it was shown that the
shipments of wheat from Argentine for
the last six weeks have aggregated only
G64,000 bushels, compared with 5,144,-
900 for the same period last year. Corn
ruled steady at last nights prices and
fluetuated independently of wheat. Total
clearances for the week, 5,256,000 bush
els, making over 100000 bushels in