The news & observer. [volume] (Raleigh, N.C.) 1894-current, 1897-05-12
Cotton Closed Steady at 3 to b
Points Advance.
ENGLISH NEWS NOT GOOD
CROP NEWS ABUNDANT BUI
CONFLICTING.
WHEAT MARKET TURbOLeN'
Corn and Oats Were Remarkably
Strong and Made Fair Ga'ns..rro-
visions Were Easy, But Show no
Material Change in Price.

visions were easy, Oos
Material Change in Price.
N.w York. May 1.-THE relative
strength of actual cotton as compared
with the future list, continues to be the
prominent feature of the cotton market
without exciting he speculative interest
that the situation nigh easily attract IN
normal conditions of business. Very ht-
tie desirable spot cotton is available ex-
cent in the way of high grades on which
the demand is not running at present.
The scope of fluctuations to-day was only
a matter of to 8 points, taking the
swing of the more active positions. The
English cotton market news was not sat
isfactory and crop news. while quite
abundant, was more or less conflicting
with beariSh average as to private
accounts. After Opening at one point
advance to two points decline the market
was inactive but finally steady in tone
at a net advance of 3 to points.
E. b. CUTHBERT & cos LETTER.
New York, May 11.-Wheat was irreg-
ular and unsettled i'm the early trading,
with prices averaging "a to cent below
last nights closing on realizing by trad
ers on last nights government report,
which made the condition of winter
wheat little better than the trade had
expected. 1t was noticeable, however,
that the foreign markets showed a very
steady undertone, and that the foreigners
and the larger Western operators were
good buyers on the decline. Business
progressed, the pressure to sell gradually
subsidized, while the demand increased.
hrr OF la nd
eign markets rallying sharply, with Liv-
erpool closing at a net advance of Id.
for futures and firm and y higher for
spots, and also by advices from San
Francisco to the effect that the drought
there continues very severe and attended
by hot winds These advices were sup
plemented late in the day by large buying
orders from the coast, Bradstreet's state
ment showing a decrease in the worlds
visible supply of wheat taken here for eX-
port, with fifteen engaged at Baltimore
and ten at Boston, and some firm for
both spring and winter wheat from Bor-
deauX, France, the first in eighteen
months The market gathered strength
in the last half hour and closed strong at
the top prices. showing a net advance of
IA to q over last nights closing quota
tiOnS.
COTTON.
Cotton rallied to-day ON covering of
shorts and some new buying for long ac-
count, influenced primarily by the psot-
ing of the weekly crop and weather bull
letin shortly after the noon hour, show
ing that continued cool nights have gen.
orally retarded the growth of the plants
in all the States except Florida, Texas
and Oklahoma, and that as conse-
Guence the stands in some sections are
sickly and necessitate replanting. All
the other news was against the market.
Liverpool reported a decline of 1-32 in
spots there, and 211a to 3-64d. in futures.
The traders were inclined to support
the market and in the absence Of much
cotton offerings. cotton closed steady at a
net advance of 3 to points. The total
sales were 97,1O0. Spot cotton here was
firmer and advanced 1-16, to "a cents on
sales of 27O bales.
STOCKS.
To-day's stock market showed consid-
cradle irregularity and feverishness. In
response to very encouraging London ca
bles, accompanied by good buying orders.
the market opened strong and advanced
"a to / per cent. throughout the list, under
the lead of the Changers, Industrials and
Gould stocks, together with sugar and
Gas. The foreign houses took upwards
of 10000 shares, principally st. Paul.
Louisville, Northern Pacific, preferred.
Encouraged by this buying, some new
outside business was attracted, and there
was good clique support in some of the
specialties. notably in Gas, Manhattan,
Western Union and Rock Island. The
market continued strong and held all the
improvements until the noon hour. The
foreign buying then ceased with the clos
ing of the London market, and with it
the local demand also subsidized. The
traders then started in to secure their
profits. The selling was accelerated by
reports of impending large shipments of
gold by Thursdays and Saturday $
steamers and the elimination of the short
interest. The bears attacked the market
and helped them to sell by raldmg the
coal stocks and the weakly held special
ties, notably. Tennessee coal and Oma-
ha. The result was that the market
closed heavy. with nearly all the early
Improvement in prices lost. The discus
sion of the Cuban question in the Senate
and reports that the tariff bill will not
be brought UP in the Senate until May
25th. a week later than had been pre-
yiOusly arranged. stimulated the selling
at the close.
e. B. CUTHBERT & co.
NEW YORk.
NEW YORK, May 11.-Futures opt ned
dull; sales 200 bales. ~ ,oo ..,o,