The news & observer., 1897-01-27
The Market Closed Steady With
Prices 2 TO s Points Higher.
WHEAT MARKET SUFt Erred
CORN DECLINED ONE-ETGHTII
CENT-OATS RULED Low.
THE STOCK MARKET IRREGULAR
a Light Volume of Business The An
thracite Coal SLares Were
Again the Features of
the Day.

New York. Jan. 26-News at hand be-
fore the opening this morning was chiefly
bullish English cables were firm. The
market opened steady, with near months
2n3 points higher and distant months
unchanged to points lower. Trading
early in the day was fairly active with
the feature buying by houses with Liver
pool and New Orleans connections. Specu-
lative interest in the market was almost
entirely professional. At II a. m. prices
improved 2G3 points further ON still later
favorable cables from Liverpool and a
report that a sale of 5000 bales of spot
cotton had been made in New Orleans.
The afternoon session was quiet but
steady. Trading was principally in the
hands of the local contingent. The close
was steady with prices 2d5 points above
last nights figures.
e. B. CUTHBERT & CO.'S. LETTER.
New York, Jan. 26.-(SpeciaD Wheat
was adversely affected to-day by the gov
ernment crop report published last night
The yield of wheat, while falling little
below the bearish estimates current yes
terday, was much larger than the trade
had expected and this, with weaker for
eign advices, and Liverpool closing -
start. The selling was mainly by d.sap-
pointed bulls and tired holders. Just
before the close, the bears hammered the
market vigorously and unearthed a large
number OF stop loss orders. The close
was irregular at TIES for May and IA for
July. Corn and oats ruled duh and
heavy throughout the day at Il to % net
decline.
r,cgrr0HY
Cotton made a further slight advance
of to 4 points to-day, and closed steady
at the advance, after sales of $4,000
bales Spot sales at Liverpool were but
5000 bales and Manchester advices re-
ported cloths and yarns quiet, with little
business doing and limited demand, but
these adyices were Offset by futures at
Liverpool closing steady 1-64 to 2-64
higher. The business OF the day was
entirely of a local character, with no
depth whatever to the speculation, and
traders basing their operations ON the
daily receipts, the Liverpool adyices and
the character of the speculation.
STOCK.
This was day devoted by the shorts
in the stock market to securing their pro-
fits and as was to have been expected
the demand from this source and exhaus-
tion of the selling pressure, impaired a
firmer undertone in the market and led
to a general recovery in prices throughout
the list. Aside from further decline in
the rate Of discount at Paris, Berlin and
London, with the rate at the latter point
now quoted at 21S per cent, there were no
important news or developments. While
the covering movement was in progress,
in order 10 facilitate it, New York Cen
trail shares were attacked and sold down
per cent, of the loss. The grangers
and the coal stocks were the conspicuous
ly strong features and also led the list
in point OF activity. The bear pressure
has been directed mainly against them,
and when it subsided, they naturally res
ponded more readily than the others to
the buying. The tone at the close was
firm, with the final prices the best quo
tat:ons reached during the day. The
market was stimulated during the late
trading by more favorable reports from
Washington, indicating a more favorable
outlook for the passage of the Nicaragua
Canal bill and the approval of the arbi-
tration treaty with Great Britain.
Il. B. CUTHBERT 81 co.
NEW YORh.