The news & observer. [volume] (Raleigh, N.C.) 1894-current, 1897-05-14
Total Sales Amounted Only
to $4,000 Bales.
NO OUTSIDE SPECULATION
SCOPE OF FLUCTUATIONS CoN'
FINED TO 3 POINTS.
july WHEAT GAINED CENTS
The Other Markets Felt the Strersgtn
OF Wheat, Corn, Oats and ProvsS
ions Each Making Sub
stantiaA Gains

New York, Mas ia--The Gotten mar
ket was exceptionally dull, total sales
.reoching only ~ 600 bales. The scope of
the fluctuations was confined tea matter
/; of 3 points on what might be called the
more active positions, while some months
scarcely varied point after the opening
call. There was pereptibly no outside
.speculating interest. The market contip
gued to he held chiefly by the firm relation
.of the spot cotton department in which
there is considerable activity and firm
ness. The closing was quiet and steady.
from point lower to pOiEt higher.
e. B. CUTHBEsT & CO.'S. LETTER.
New York, Msy 13.-(SpeciaD- Cotton
ruled extremely dull to-day, with small
and unimporta1t fuctuaIions in prices.
The undertone, however, was very steady
and the market closed with prices I'M
changed to point higher, compared with
last nights final quotations. The mar
ket was stimulated by further advance
of 1-16 in spot here to Z 3-16 in mitdling
with sales of 1855 bales, and continued
steady Southern spot markets, with
fair demand for the continent. The Liv-
erpool adyices were very discOupaging,
indicating q further ,falling-of there in
the demand for spot, with sales Of 5000
bales at 1-3l decline, while futures re-
manned without change during the day.
Good heavy rains were reported by the
weather bureau all over the South. The
total sales Of all options were but 1900
bales. which is the smallest day'Sbusiness
recorded for sometime.
STOCKS.
" rl-at lam
almost entirely by Washington news,
which indicated that the Senators APP
pear to have sde-tracked the tariff bill
for the time being, and taken up the
Cuban question. The news received in
dicated secret conferences between the
President and the1members of the Foreign
Relations committee and continuing inter
views with the various Senators ON the
condition of affairs in Cuba Senator
Morgan's statement that, IF half Of
Consul General Lees report was pub
lished in Havana it would no doubt lead
TO rioting and massacre of the American
citizens there and eventually cause war
between this country and SPAIN was
perhaps the most sensational item that
came over the wires. The effect of this
disuuieting news was to check all specu-
lation for the rise and place the market
in the control of the bear traders who
hammered it vigorously from the start.
London advices We're very favorable;
these advices, however, only had tenn
porary effect at the opening and before
the end of first half hours business they
had lost their influence, and notwith-
standing a continued advance an wheat
and engagements Of but 100000 gold
for export Saturday, the market develop
ed increased irregularity and weakness
and closed feverish and irregular and
unsettled at about the lowest prices show
ing net declines of to IA per cent. The
immediate course of the market depends
TO a great extent upon the developments
at Washington.
WHEAT.
Wheat developed increased strength
and activity to-day and advanced IA to
III cents and closed firm at about the
best prices, with July in Chicago 7412.
Foreign news was unfavorable, but the
home conditions prevailed and under their
influence the market showed gradually
hardening tendency from the start. The
principal factor was the continued good
cash and export demand After the close
yesterday, the export sales were in
creased to equivalent to 100000 bushels
and to-day 80 loads additional were tax
EN- for nearby shipment. The large
Chicago operators went on the bull side
and the advance in prices forced the for
eigners as well as the shorts to cover.
Drought continued unrelieved in Cali
fornia and less favorable crop reports
were received from France. We believe
the tendency is toward a still higher
range of prices, reactions may occur from
time to time owing to the shifting of
long interests, but the statistical position
of the article is so strong, and general
crop outlook all over the world so I'M
favorable from the variable weather con-
ditionS, that there is room for q much
further Improvement to values. Ex-
pOrters here took up to the close $50, 900
bushels OF wheat for shipment. Corn was
firm and more active in sympathy with
wheat and closed firm at * net advance.
, IL. 3. CUTHBERT & go.
NEW YORk.
NEW YORK. May 13-Furures opened F,
ss1eauy; sales 1.8O uaies