The news & observer., 1897-02-12
COTTON OPENED WEAK
But Rallied Later in the Day
and Closed Steady.
STOCKS CLOSE WEAK
CONFINED TO INSIGNI
FICANT PROPORTIONS.
WHEAT DECLINED 7-e TO-DAY
Corn and Oats Were Easy on Small
Amount of Business-~Provisions
Suffered Another Slight
Decline.

New York, Feb. 11.-Unsatisfactory ca
bles caused the cotton market to open
weak to-day and prices declined 1Q4
points on the first call Later cables were
better than looked for and buying by
houses with Liverpool connections was a
feature A reaction of 26i3 points fol-
lowed and was attended by considerable
activity the advance being accelerated
by reports from FAN River indicating
continued activity and firnlness in print
cloths, the quotation raised 1-16 to
, 11-16; sellers scarce. In the afternoon
the market showed irregularity, adyanc-
ing slightly on local covering, but later
selling off sharply under liquidation fol-
lowing Indications of full receipts at New
Orleans and Houston tomorrow. The
close was steady with net changes finally
/ point higher to 3 points lower.
e. B. CUTHBERT & CO.'S LETTER.
New York, Feb. 11.-(SpeciaD- Wheat
was easier to-day ON realizing sa,es ny
the professional operators, the majority
Of whom did not care to carry their in
terest over the holiday tomorrow, with
but a short session intervening between
Monday. Tie liquidation. was influenced
aaso to q great extent by the weakness
in the Liverpool markets, futures there
closing easy at ad net decline. There
was less said about impending corner in
May contracts, and with buying against
puts" about the only support forthcom-
ing, prices steadily declined 115 cents
from the opening, to 751s for May. The
close was quiet and steady at 75H The
less favorable crop reports were received
from Missouri, and this with Is loads OF
xsshc fol inI to a
better feeling at the close The grad
ing was largely professional through
out the session. Both the Chicago and
New York markets will be closed to-mor-
row.
Cotton was very feverish and irregular
to-day, with rather sharp fluctuations in
prices The decline of 1-16 in spot cotton
ut Liverpool and 3-64d in futures, ad-
vices of which were received before the
opening, was regarded as a full response
to our late weakness yesterday, and
general selling ensued Ms soon ais the
market opened, causing a decline Of to
8 points from yesterdays closing prices,
May selling down to Csc and August
to 6.96. Heavy general covering Of
shorts led to a subsequent advance of 2
points over last nights prices. but as soon
as this demand was supplied the market
again receded and thereafter ruled fever
ish and irregular, finally closing quiet
and barely steady at . to points net
decline The trading throughout was
mixed and fairly active But for the
desire of the shorts to cover up over
the holiday tomorrow, and Saturdays
short day, it is very likely that the mar
ket would have established n still lower
range Of prices. Spot cotton here was
dull and easy, although without quotable
change from yesterdays prices. At
Mobile, Baltimore, st. Louis and Cincin-
natl prices were reduced 1-16 The mar
ket at other points at the South was
reported quiet and unchanged.
STOCKS.
The stock market continued quiet and
irregular to-day under the influence OF the
unsettled condition Of the foreign market,
due t. the increasing seriousness of the
Cretan affair on the political situation
of Europe. The market started off weak,
with London houses moderate sellers Of
their specialties, but covering of shorts
by local traders led to a substantial sup
port, however, and as the late foreign
advces were construed as unfavorable,
the market developed renewed weakness
and closed heavy, with the final prices
about the lowest, showing declines OF II
to 81 in the railroad list from last nights
closing and " to 113 per cent in the in
dustrials. In the latter stocks Leather
and Rubber shares were the noteworthy
weak features, the former declining ~
per cent to 81. Covering continued in
Sugar and Leather, which helped to sus-
tain those stocks. The weakness in
Northern Pacifcs was on liquidation by
German interests who were large buyers
last week and denial by President Hill,
Of the Great Northern road Of the ru-
mors Of an impending deal in connection
with it and the Northern Pacific Com
pany The market closed dull an heavy,
with the general sentiment very much
mixed in regard to the immediate future
owing to the complicated European poll
tical outlook All the markets will be
closed here tomorrow, it being a State
holiday in observation of Lincoln's birth
day.
e. r. CUTHBERT & CO
NEW YORk.
NEW YORK, February 11.-Futures opened
easy: sales l2,600 bales.