The news & observer. [volume] (Raleigh, N.C.) 1894-current, 1897-04-11
Cotton Takes a Tumble of From
Two to Seven Points.
OPENED Ito 2 POINTS UP
BIT WEAKENED IMMEDIATElI1
AFTER FIRST CALL.
AND CLOSED AT LOWEST PRICE
Wheat Executed Another Sommersau't,
May Options Closing 10 Higher'
Corn. Oats and Provisions
Each Followed Wheat.

New York. April 10.-The cotton mar
ket closed at Il net decline of 207 points
after opening at an advance or IC4I
points on near months and a decline OF
1G3 on late months. The market weak
ened Immediately after the first call and
closed quiet at the lowest point. The
weakness was partly accounted for by
fears of political trouble in the Levant.
This led to some liquidation in connec-
tion with the decline in British Consols
and a belief that the disaster reports
from the lower Mississippi Valley may
have been more largely exaggerated than
generally supposed. Trading was in good
mart for Liverpool and continental ac-
counts with the orders for selling out
quite numerous.
r. b. CUTHBERT x CO.'S LETTER.
New York, April 10.-(Special.)-Cot-
ton was dull and easy to-day and closed
ouiet and steady at net decline OF 2(a0
points from last nights closing quotations
after transactions of but 49,OOO bales.
The war news from Greece and Turkey
was depressing factor and also the
Government report, which estimated the
crop at S,534,S10 bales, against 7.l6l,oOo
last wear. If we add to the government
estimate the 10000 bales of cotton
was delivered in August and make no al
lowance for Understanding the yield,
the crop, according to the government
figures. is about 100000 bales Some
of the bulls have been talking lately OF
total yield of 100000 to S,4OOOOO
bales. There was more disposition to sell
than to buy, and there was very little
support and no outside business.
The war news from Greece and Tur-
key, supplemented by advices from Lon
don. reporting all security markets there
demoralized, with English consols 9s
lower, naturally had a very depressing
effect en- our stock market to-day. The
trading was mixed and irregular and
uncertain from the start, but light in vol
ume, outside of sugar and Chicago gas.
which were actively dealt in and strong
on clique support. Sugar recovered "a of
yesterdays prices decline, and closed at
| LA on sales of 1913 shares, while
| Chicago Gas advanced from SIS to 931s
on transactions Of 1871 shares The
rest Of the market was very spotty and
! closed irregular with more active stocks
showing declines Of 3sd3s per cent from
| yesterdays closing quotations. 1t was a
small, narrow, uncertain market, with
| the operations influenced almost wholly
| by the transactions of the professional
/. traders. The immediate course of the
market will be dominated by the char
acter Of the foreign news.
| Wheat advanced ~ cents to-day, prin
cipally on war news which influenced
| firmer foreign markets and caused gener
al rebuying and covering of shorts.
HEAVY realizing by scalpers and sales by
holders of calls, caused a slump of rs
| from opening high level, but later the
market rallied on continued covering of
shorts on the late press cables, which
were of Il very dbsquieting
nature and indicated possible
more serious developments on
the Turkish frontier over Sunday.
The government crop report due at 4 p.
IN. was an uncertain factor. 1t will give
the condition of wheat to April first
The bears believe it will make the aver
age condition about SO per cent, but we
believe it will be nearer SO, as against
a condition last December of 99.5 and Il
per cent in April last year. The area
| announced in the December government
report was 23,986,0O0 acres. There was
a better cash and export demand report
ed in the West to-day, and there was
more inquiry from exporters in this
market. The course of prices next week
will depend to great extent upon what
the government report indicates, the for
eign situation and the cash and export
demand.
r. Il. CUTHBERT & co.
NEW YORk.