The news & observer. [volume] (Raleigh, N.C.) 1894-current, 1897-01-13
Cotton Market Closes Steady
at a Slight Advance.
STOCKS TREND UPWARD
Speculations Narrow Dealings
Very Limited
WHEAT TOOK A TUMBLE
Sold Below go Gents, But RaIliee, and
Closed Strong at 3 a. Above
the Closing Figures of
Monday.
Monday.

New York, Jan. 1.-THE cotton market
closed steady at net advance of oUI
points to-day, after having shown at best
an advance of 9d11 points. Shorts COW
cred on better average of cables than
looked for, in view of our decline Of yes
terday and following more encouraging
advices from Fall River which indicated
large excess of sales over production of
print cloths and frmer market ON the
basis Of 213 cents for extras. A feature
Of the trading was buying for New Or
leans and English accounts.
p. b. CUTHBERT & CO.'S LETTER.
New York, Jan. 12.-(Special.) "A dis
tincrly better undertone was noticeable
to the stock market to-day with the ex-
ccption OF a few specialties, and the close
was firm with the general lists showing
advances ranging from " to 2 per cent
over last nights closing quotations. A
scoop was engineered by the insiders
in Wheeling and Lake Erie, freezing out
weak holders and forcing liquidation by
the circulation of reports Of an impend-
ing receivership for the property, stimuli
taneous with large speculative sales OF
the shares for the decline. The common
stock dropped from 81 to 35s and the
preferred from - to 1915, with the re-
coyery of rs in the common and rs in
the preferred. Baltimore and Ohio
broke in sympathy selling off points
from II to II. The best information
was that while the rate war in the soft
coal regions has been injurious to all the
Ohio roads, the Wheeling Company can
pay the interest which is due on its ST.
$4,000 worth OF bonds on February LIST.
The story in the Street was that the
movement was engineered by prominent
operator, having knowledge OF the spec
ulative conditions in regard to the posi-
ton OF the stock and that no receiver is
likely to be appointed. The rest Of the
market was not effected by this move
ment. There Sas buying Sugar, Leath-
err and Tennessee Coal and Iron, and
these stocks led to the general improve
ment in the market, i. c. l., advancing
2 per cent Leather ! per cent and Sugar
| per cent. The grangers and railroad
list moved up with the industrials. There
appeared to be better class of buying,
while the selling was light and on re-
stricted scale. The arbitration treaty
between this country and England was
accounted as a very bullish factor and
was the primary cause Of the buying
movement, which was for both long and
short account. The tone at the close was
firm and prices generally at the best
Wheat was irregular. The opening
was weak, owing to the disappointing
Liverpool adyices, but traders got short
in their efforts to dislodge long wheat
and were later forced to cover, prices adj
vancing 13s cents from the lowest, from
1888 to S11A for May in Chicago. The
close was steady at S07B. Niffe loads
were taken for export here. Bradstreet'S
worlds visible statement was not an
nounced. Although foreign markets
were easier, Europe did not do much
trading to-day either way. Gables from
Paris and Argentine are bullish, but do
not contain buying orders. Exporters
say Europe is believed to be long OF the
market on futukes here and to have con-
fidenee in ultimately higher prices.
Cotton advanced ten to eleven points
to-day and closed steady within one to
two points of the highest, after sales Of
129,400 bales, with March quoted at
I'll and May at 7.24. The improvement
was a natural recovery from yesterdays
depression and was aided by comparative
ly moderate receipts and indicated light
receipts tomorrow, also by better Liver
pool adyices than expected, with features
there rallying after opening weak at to
A points decline and closing firm at net
loss of but one point. The total port
receipts were 30,216, against 30,981 last
week, 26,364 last year. The exports were
10,487 bales.
f. 3. CUTHBERT & co.
NEW YORk.
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