The news & observer., 1897-03-10
Cotton Closed Firm at a Loss of
3 to 8 Points.
DISbPPOINT!
CABLES
LOCAL PRESSURE AND APATHY
OF OUTSIDE SPECULATORS.
WAS THE CAUSE or THE DECLINE
Fall River Reports a Good Demand for
Print Cloths -Advices From South
ern Markets Show Indifference
on the Part of Holders.
on the Part of hiolder

4
| ket opened easy at loss of five to six
| points, and further declined points un-
| der local pressure, following disappointing
cables and apathy of outside speculative
| interest Subsequently the market recOv-
| cred the loss but st1ll later became active
with German houses leading. As a whole
/ Liverpool cables have been unsatisfac-
| tory. but selling received check from Fall
| River, which reported a good demand for
| print cloths aud advices from Southern
| spot markets, which showed Indifference
| on the part of holders. In the afternoon
| the market braced a little ON covering
| and closed firm with the net loss reduced
! to 3 to & points.
| e. B. CUTHBERF & co.'s. LETTER.
| New York, March 9.-(SpeciaD Wheat
was nervous and irregular to-day with
trading quiet and mostly local. In res
ponse to a decline of Id. in prices of
/ futures in the Liverpool market, our
! opening was weak at rs to "a net decline
and the market continued dull and barely
steady at the decline until the last hour
when the market rallied on war news
and better demand for cash wheat
! in the West with 1900 bushels sold for
direct shipment. The market closed firm
! with prices q to u up from the opening
| and s TO "A above last nights closing.
4, The crowd was caught short and forced
! to cover 90 the rally, which accelerated
the advance Rumors were current that
the government report tomorrow after
noon will make the farmers reserves of
+ wheat about 96000,000 bushels against
1913, 100000 bushels last year. Owing to
the fact that there is such a wide discre-
pancy ON these estimates, we doubt very
much if the government report will have
any more than a temporary effect upon
prices regardless of what it shows.
! COTTON.
/ Cotton was adversely influenced to-day
by Liverpools failure to respond TO our
1 improvement Of yesterday, heavier re-
ceipts than expected and falling off in the
consumtive demand, at the South and
/ Liverpool The volume of business was
on a small scale, the total sales for the
/ day aggregating only 100000 bales.
( Prices opened points lower, rallied and
! recovered all but l or points OF this
! by IL o'clock, but reacted later ON, local
! realizing and absence of support con-
(; tinued duh and barely steady at the de-
| cline until the last half hour, when some
| covering Of shorts and buying by traders
| caused slight rally so that the market
/ left off steady and the final prices show
/ ing a net decline of 6 to points from
| last nights closing. Spot cotton here
| ruled dull and easy, at IA cents for
| middling, 6,394 bales OF the sales OF
| 6,736 bales reported to-day were In fact
cotton taken out OF stocks by an export
( ing firm for direct shipment last week
| and not before reported. The Southern
/ spot market were quiet and unchanged,
with light sales
| The Government report will not be rs
| sued tomorrow, as had been expected.
! 1t is not known when it viii be given
out.
| STOCKS.
| To-day's stock market was a dull, mar
row and very sensitive affair, with the
| trading largely of local professional
! scalping character. The conflicting ad-
vices regarding the Cretan situation upset
| the calculations of the traders and tend
ed to generally restrict business The
| alarming reports from the seat OF war as
published in the sensational press, ntim-
idafed outsiders and the result was that
| commission business was very light. The
I home influences were also Of a conflict
| ing nature and the publication of reports
of the various roads, together with the
reduction in the dividend rates ON Nam
haitian Elevated Railway stock from
to per cent. basis, combined to have an
adverse influence. The reduction in Man
hattan's dividend was followed by a
sharp decline OF points in the prices Of
the stock. Western Union sympathized
with it, although the regular dividend
was recommended by the company's Of
icials. Tennessee Coal and Iron pub
lished it's annual report and as it was
not as good as had been expected, the
stock developed weakness and declined
l per cent Jersey Central was again
hammered by the bears and declined
per cent, but later recovered most of it
or authorized statement that j. Pier
pont Morgan & Co, have arranged to
fund the Indebtedness OF the Packer es-
tate and take care OF its large holdings
Of the stock OF the Lehigh Valley Co.,
| which have been hanging over the mar
kct for so long
NEW YORk.
NEW York, March 9.-Futures opened
4 a actyao AIas ha1a