The news & observer. [volume] (Raleigh, N.C.) 1894-current, 1897-05-16
COTTON WAS FEATURELESS
STOCKS UNDER DOMINATING IN.
ELuekCE OF CUBA SCARE.
Many Traders Largely Short on sire"
9Th Of Mckiniey's Expected mes
SAGE. Wheat irregular.

SAGE. Wheat irregular.
New York. May a5.-Cotton contracts
opened steady at decline OF 1913 po'h's
mder disappointing cables, after "nich
there was steadier feeling, but 'r"uinS
was slack. There was some seiilne ior
New Orleans account. There was ii'''e
interest shown by foreign traders. IL was
. small ,oca, market throughout the ses-
sion.
At the close the tone was eteau! a.
net 1 point lower to l point hlgner WIN
,ota, sales Of &c, 900 bales. Estimated re-
,eipts at the ports to-day 1900 bales spin
ming against 4.74O last week and 4'o9o
last wear. This week, 10000 bales a
yainst 1,447 last week and $3.50 last
year. Memphis 169 last year 1876. Hous-
ton 500. last year $40.
New York, May 15.-Cotton market
was narrow and uninteresting to-day. Ihe
opening call showed loss of 1Go points,
cables being disappointing and private
weather and crop news showing bearing
average. After fiuctuating within range
of four points or less, the market closed
steady with prices finally showing a net
gain Of one point to net loss or one
point, the old crop positions being reia-
lively frmer, following the continued
strength shown by the spot department.
A further advance Of JIG cent was made
on spot quotat lions.
Z. B. CUTHBERT & co. S LETTER.
New York. May 15th.-(Special)-
Cotton ruled dull and featureless today
and closed quiet at last nights prices,
after total sales of but 36OOO bales.
Prices declined to 3 points in the early
trading, owing to the disappointing
Liverpool cables, which showed spot sales
there Of only 5000 bales, with prices
unchanged from yesterday and futures
as having closed dull and unchanged
to 1-64d. lower. The Chronicles report
was favorable which, together with
larger movement Of the crop for the week
and continued absence of outside busl-
ness also operated against the market.
There was not pressure to sell, however,
and on moderate buying by traders, the
early loss was recovered. The feature
of the weekly statistical statement is
that the worlds visible supply decreased
only 62,OOO bales, against decrease OF
$4,000 last week and $1,000 this week
last year, thus making the total supply
now 2,732, 729 bales, against 2,795,511
last week and 2,S41 ,161 last year. OF this
amount 1885, 42O are American cotton.
STOCKS.
The stock market continued under the
dominating influence of the anxiety in
regard to the attitude of the admins
tration on the Cuban question. The pro-
fessional traders took advantage of the
uncertainty Of the situation ard con-
tinued their hammering upon values
throughout the session. They were aided
by continued liquidation in Chicago Gas
and the Changers and continued absence
of support in these stocks and apathy Of
the foreigners. There was an absence of
news in regard to the progress of the bill
in the Chicago legislature to consolidate
the various companies which was re-
garded by holders with apprehension in
view of the sanguine statements made by
its friends that it would be passed before
the close of the week. Considerable long
stock came out on the decline and the
low price was made on the execution OF
a number of stop loss orders. AT the
close some covering of shorts led to
steadier undertone and fractional rally
throughout the list from the lowest, un-
der the lead Of Sugar, which recovered
all it's early loss and closed u higher.
The bank statement made more favor
able exhibition than had been antici-
pated, showing an increase in loans for
the week of 81, O31 900, and an increase
in surplus reserve of $394,525. The
market during the coming week will be
dominated entirely by the action taken
on the Cuban question. The majority Of
the traders have sold stocks freely and
have gone short Of the market, banking
on President Mckinley sending vigor-
Gus message to Congress on the subject.
We do not think President Mckinley is
likely to take any hasty action in the
matter and our adyices from Washing
ton are to the effect that his message
will not favor Intervention in Cuba, but
merely state the conditions as they exist
on the island.
WHEAT.
Continued irregular under the pressure
of continued realizing sales. There was
a falling off in the cash and export de-
mand, and THIS, with increased worlds
shipments and more favorable weather
conditions in the Northwest, operated
against the market from the start. The
elimination Of the short interests was felt
and parties who bought line Of 100000
bushels Of wheat in Chicago ON Thurs
day threw it over this morning, as the
market showed continued easiness. These
offerings, together with the realization
sales and pressure from traders, led to
decline of ~ cent from the opening to
72h for July and 9Th for September.
In the late trading covering of shorts
on clearances. for the week aggregating
2,6O1, 485 bushels and expectation Of
decrease in the visible supply on Mon
day, led to a steadier undertone and
subsequent rally and the market left off
steady at a net decline of but n cents
from last might sclOsing
K. B. CUTHBERT & co.
NEW YORk.
new YORK. May 15.-Futures opened
steady; sales $500 bales
Futures closed steady; sales 5000 bales.
OnQnfnu Closing.