The news & observer., 1897-01-30
DULL DAY IN COTTON
The Market Closes Weak at a
Loss of 4 to G Points.
STOCKS MORE ACTIVE
STATE BONDS IN BETTER De
MAND AT AN ADVANCE.
WHEAT DOWN TO 7s CENTS


STEADY 8 I-I6 Below Thursdays
Price--Corn Gains 3d. Oats
ga and Provisions 2 / 2
to i-2 Cents.
New York, Jan. 29.-Trading ON the
cotton contracts to-day was the hghtest
In weeks. The market opened steady,
with prices unchanged to points higher.
An advance Of 203 points followed on
light Liverpool buying and indications
of a smaller movement at the interior
than had been generally expected. Later
weakness developed under estimates of
liberal port movment and Disappointing
late English adyices, prices easing off
to points. The late trading was all
most entirely local with scalpers very
much in evidence. Selling was checked
by continued frmness of Southern spot
markets, where New England cloth
manufacturers and exporters were re-
ported TO be anxious buyers.
r. b. CUTHBERT & CO.'S. LETTER.
COTTON.
New York, JAN 29-tSpecial) Cotton
ruled dull and irregular to-day, with the
market showing a further tendency ON
weaker foreign advices, renewed dullness
in print cloths, larger port receipts for
the day and a more liberal weekly move
ment all around than had been expected.
Prices slumped off after the opening
to points and closed steady at / to 3
points below last nights prices, with
March 7.03 and May TIA The de-
cline was slight because the traders were
all long and forced to support the mar
of xrhila fl,n lshA0,4
Outside business continues very moder-
ate, the bulk of the transactions being
still confined to the local scalpers and
board room traders. The total sales to-
day We're but 76,600 bales The total
amount of cotton brought into sight for
the week as compared by Secretary Hes
ter, is 150,517 bales, against 13S,000 last
week and 126, 756 last year, and the total
sance September LIST. to date 6,990,5S0
bales, against 5,510,529 last year.
WHEAT.
Wheat was very feverish and irregular
to-day with sharp and frequent fuctua-
tions, covering range of 2 cents per
bushel. Prices opened u cent lower at
743s for May in Chicago, and rallied to
1895 ON Liverpool recovery Of / cent of
the early 2 cent decline and active COW
ering of shorts with some new buying
Upon the subsistence of this demand the
market made running break to 73 cents
which was followed by another sharp
rally on 100 loads being reported here and
at the outports for export, the price adj
vancing rapidly to 745s with the market
closing steady ON that basis Within VI of
last nights closing prices. Foreign houses
were heavy sellers ON the break, but later
turned buyers. There was a better cash
demand reported in the late trading. The
export engagements included 425,000
bushels taken here by shippers to Eng
land on condinued account mainly on the
opening of navigation and nearly all
spring wheat. At the outports 100000
bushels more were taken on the same con-
ditions. Prices here sold down to 79sA
for May and closed at 81 cents, within 3s
of last nights dosing. Corn and oats
were fraetionally better
STOCKS.
To-day's stock market, with one or two
exceptions, noteably i'm the shares of the
Manhattan Railway Company and a
few other specialties, showed a very firm
undertone. The chief feature was the
continued foreign buying in ST. Paul,
l<OdAS AtASt RtGAuG
and the Atdhison securities AS was the
case yesterday, Northern Pacific led the
list i'm point of activity and strength
There was good local and Western buy{
ing of the preferred stock, as we'll as By
the foreigners and it was accompanied
by reports of better traffic relations with
it's competitors and an improved OUTLOOK
generally for the road Hooking Valley
also showed further strength. The coal
stocks were irregular on the announces
ment of the statement of the Lachawael-
ma Company. A bear raid carried the
price of the stock down from 1884, to
151. Delaware and Hudson simultan-
eously declined, but both recovered later
ON covering shorts and closed firm The
break in Manhattan from 90A TO 1914
was partly ON liquidation and the result
of hammering by the bears accompanied
by vague rlmors of the issue of bonds.
The tone of the market at the close was
generally stronger, with the street"
pleased with the selection of Mr.. Lyman
j. Gage as Secretary of the Treasury in
the new administration, as he is generally
recognized as strong gold man and
capable finamcier The Chicago Gas de-
clared another quarterly dividend Of IL
per cent ON the stock just after the close
of the market
E. B. CUTHBERT & co.
NEW YORh.
NEW YORK, January 26.-Futures opened