The news & observer. [volume] (Raleigh, N.C.) 1894-current, 1897-04-04
Shorts Got Scared at the Flood
Stories.
STOCKS WERE UNSETTLED
SAGE AGAINST DECLARING UN-
EARNED DIVIDENDS.
CIR: IAN SITUATION is FELT
Wheat Opened Firm and Advanced 2
to ga on Covering of Shorts,
But on Pressure Market
Closed Weak.

New York April 3.-Sensational ac-
counts from the Mississippi Valley as to
damage by lands already oyertowed and
less prospect of subsiding rivers, caused
an advance, of 203 points on the first
call this morning, with further advance
of 206 points on active covering by local
shorts, stimulated by unexpectedly favor
able cables and activity on the part of
American spinners. A Greek house sold
] 800 bales in one block on private terms,
,, said to be at a considerable advance on
Yesterdays quotations. There were I'M
traced rumors of other large salcs In
vestment buying was feature. The
close was steady at net advance of
$40 points.
T.. 4. CUTHBERT II cos LETTER.
New York, April disqualification
closed steadier to-day ut & to : points add
vance. The Improvement was the result
of Il scare ainong the shorts influenced
by the flood reports from the Mississippi
river and the Liverpool markets respond
ing n little more than had been expected
to our improvement of yesterday. The
bull interest took advantage of the sit
uation and helped along the Improvement
by buying freely and bidding up prices.
The trading was more active than for
some time, the total transactions aggre-
eating $4,000 bales. The foreign advices
in regard to the Cretan situation were
Of Il very disquieting ma ture, and in the
late trading led to heavy realizing sales.
by some of the longs who had been wait
ing for an advance to unload. If war
should break out between Turkey and
Greece, which seems now likely to occur
at any moment, it would restrict con-
sumption and speculation for the rise and
later have Il depressing effect upon the
market. \ possibility that the weather
conditions may turn more favorable dur
ing the week and more favorable crop
reports from Texas, influenced quite Il
good deal of selling in the last half hour.
Port receipts for the day 5000.
The stock market to-day continued
irregular and unsettled with light, and.
on the whole. mixed trading. The bust
ness was mostly local. and confined chief
ly TO evening up contracts over Sunday,
which made what the talent call Il spot
ty market that is. some stocks were
tirmcr and higher under covering, and
others heavy and lower ON liquidation.
Among the latter the Gould stocks,
notably Western Union and Manhattan
were especially conspicuous Russell
Sag, statement that he is opposed to
declaring dividends that are not earned
i'll full, and that he will vote for a re-
duction in the Western Union dividend
at the next meeting of the company'S
directors unless its earnings. improve.
may be taken as conclusive evidence that
he has either gotten short of the Gould
stocks, or has else greatly reduced his
interest and would like to see them
decline SO that he can recover them on a
cheaper basis. 1t was largely through
his efforts and influence that the Manhat-
tan dividend was reduced TO per cent.
basi. Coal stocks also continued irregu-
lar and unsettled, on the uncertainty in
regard to the action the directors of the
Jersey Central Company will take on
Monday on its dividend. As we have
stated all along for the past month. we
believe the dividend Will be reduced to
per cent. basis, and perhaps, to g.
The tone of the close was quiet and
irregular. There were no important
news developmentsc during the day.
The foreign markets continued dull and
unsettled in consequence of the uncer-
tainty in regard to the Cretan situation.
Wheat opened firm and advanced ID
to IL on covering of shorts and buying
traders on unexpectedly better foreign
advices. Cables reported wheat futures
had closed firm in the Liverpool mar
ket at u to Id. higher. This improve
ment was said to be due to less favorable
Russian crop reports and to nervous
feeling over the Cretan situation The
''calp' price for privileges ait Chicago was
IT'S and 71h, and the profits shown in
them looked too tempting for holders to
resist The heavy selling from this
source, together with liquidation by
the scalpins contingent, all of whom
bought on the break yesterday was more
than the market could stand, and on it
broke under the pressure. The weakness
Of coarse grain and provisions led the
continued selling, and the market closed
weak at 9s net decline for May and ~
for July from last nights prices Corn
declined under heavy sales by shippers
and realizing by traders. The weakness
in provisions was caused by the larger
run of hogs and large selling by packers.
d. B. CUTHBERT & co.