The news & observer. [volume] (Raleigh, N.C.) 1894-current, 1897-01-15
COTTON VERY TAME
A Rumor of a Bearish Crop
Report.
STOCKS MOVE UPWARD
American Securities Selling
Higher in London.
WHEAT AGAIN ABOVE 80 CENTS
Enormous Seaboard Clearances and
Active Buying by Foreigners
the Principal Factors
of Strength.

/
ations almost entirely confined TO local
accounts, except for some selling this
morning on New Orleans and Liverpool
orders. The market sold off 4 to 6 points,
and then rallied to within point or
two of yesterday closing figures. A ru-
NOR was current that McNeill is ready
with a bearish crop report. This had con
siderable to do with the early weakness
in connection with the unsatisfactory
Liverpool cables which were supposed to
be awakened through leak as to the
character of the Neill crop report. Sell
ing pressure was arrested, however, by
reports of more encouraging conditions
at Fall River, and of the presence of
exporters and American spinners in
Southern spot markets. The close was
very steady at net decline of points
to . net advance of = points.
f. b. CUTHBERT < cos LETTER.
New York, Jam. 14.-(SpeciaD-Th
stock market developed better tone to-
day from the start, influenced by the
press dispatches outlining the probability
of settlement of the Cuban question
through diplomatic channels, easier mon
ey rates abroad, and small London buy
Jig and continued absence of selling pres
sure. Shorts became nervous as the day
wore on, and in the afternoon they tried
to cover. Bullish traders took advan-
tage OF the situation and followed the
covering movement of buying and bid
ding UP prices. Sugar and Chicago Gas
were the leaders and most active stocks,
as well as the strongest on the list The
latter was influenced favorably by reports
of the declaration of another dividend to
the stockholders in few days. The price
steadily advanced and closed at net
gain of rs, at TIA. Sugar advanced 2
per cent, to 49, This stock has been
largely oversold on the war with the Ar
buckles and the outside pool has been
prominent during the week in buying
and bidding up. Tennessee Coal selling
up ", st. Paul and Rock Island *, Bur-
lington and Louisville and Nashville II.
Manhattan advanced 11a per cent, TO
1914 on covering of shorts, and Jersey
Central advanced II. The tone at the
close was firm. with the prices generally
at the best The only noteworthy weak
ness was in the Wheeling and Lake Erie
shares. which were again adversely af-
fected. The common stock sold down /
per cent, from 3a TO 2sf, and the pre-
ferred from IA to IL.
WHEAT.
Wheat turned firm to-day, OH subsi-
dence Of the selling pressure and efforts
OF the shorts to cover. Prices fuctuated
from 1917 to 1875 for May in Chicago,
until shortly before noon. when they
hardened on Is to 20 loads OF wheat be-
| ing taken here for export and the publica-
ton of clearances Of $4,000 barrels from
Newport News. and $4,000 BUSHELS of
corn, making the total clearances ofswheat
and -four for the day equivalent 10 746,-
| 900 bushels, and corn 933, 900 bushels.
The crowd has been hammering the mar
ket all day long in an effort to disiodge
| more long wheat and on their efforts to
cover, prices quickly advanced ] cent,
| to SOS, and closed firm on that basis.
The strength in provisions was ON lighter
receipts and absence Of selling by pack
ers and rather more disposition to buy
by local traders for the rally.
The speculation in cotton was repetl-
| ten which obtained yesterday in almost
every detail. The market opened weak
and sold off ) to q points, TO 1903 fer
March, and TIC for May, in sympathey
with. weaker foreign adyices. but rallied
later on lighter receipts and large exports.
Prices advanced TO 10 for March and
723 for May, and closed steady at that
range The trading was dull and almost
wholly professional in character, the 70
| tai sales aggregating only $4,000 bales.
The receipts were early estimated at e,
600 bales, including 6,000 at Pensacola,
but the latter was not shipped. hence che
net receipts aggregated only 1926,
against q ,672 last week, &c, S96 last year,
and 21,934 in 1895. The exports were
50524 bales The interior receipts for
the week point to $4,000 bales, against
81 900 last week. and 1900 last year.
t. b. CUTHBERT & CO