The news & observer. [volume] (Raleigh, N.C.) 1894-current, 1897-04-14
F. B. CUTHBERT & co.'s LETTER.

New York. April 13.-(SpeciaD-Cotton
ruled extremely dull all day. Prices
opened | 80 3 points higher and after !
fiuctuating within the narrow range OIL !
1d2 points during the day. finally closed
quiet and steady at Il net advance OF 10
. points ever last nights prices. The
business w;ss very light and entirely of a
local professional character. the total l
sales aggregating only 5a,4OO bales. ln3
Liverpool FUTURES opened 2-64d. higher.
but reacted and closed at net advance OF /
but / poirf Spot cotton there was
firmer and advanced 1-3Sd. to 4S52d.
middling with sales of 10000 Bales.
The increased business was due to spin
ners anticipating the Easter holidays. the
market being closed there from Thurs
day until the following Wednesday
There was nothing specially new IN the
Southern -advices Spot cotton al the
principal points ruled dtal and unchang-
cd with small sales and likewise Th this
market. -
Wheat Showed slightly easier tenden-'
cies to-day on realizing sales influenced
by Lverpo6fs markets railing to respond
as much as had been reported to our i'm
provement of yesterday Prices Opened
"a 10 lowEr and slumPped off Y TO rs
additional There was heavy foreign
selling. and the local pressure TO realize
was increased by Northwest receipts to
5O4 ears. and Bradstwets statement
showing decrease in the worlds visible
supply Of only 2.229.0Ut, a decrease of
3.200,000 Bushels last year. Covering of
shorts on fac break and buying by hold
ens of '.prrs checked the decline and
later reports of 26 loads ged here for
export and sixteen additional at the out
ports. caused stiff rally and firm clos
ing with pgaces within IS to u of last
nights final closing. Corn. oats and pro-
visions were adversely affected Ivy dull
trade and setting by shippers and packers
The development of a combination of
bullish factor this afternoon raised the
stock market sout of the nut in which it
had fallen ami led to active buying for
both long and short accounts and revival
of bullisli sentiment, turning the market
from position of duHaess. general
apathy and heaviness 10 strength and
activity. and advancing prices. There
was meeting of the Board of Control of
the Joint Traffic Association at which
strong efforts were made to solve fhe
problem of the railroad situation. and the
advice of counsel TO continse the assocta-
ton, pending tine hearing of It's legal
status by the United States Supreme
Court, will be carried out. The formal
announcement on the consummation %
the deal whereby Drexel & Company, Of
Philadelphia, and-J. p. Meggan & Com
pany, Of this city, purchases $5,000006
new mortgage and collateral trust bonds
of the 1sehigh Valley Railroad Company.
to take up the eompany's boating debt
and provide new working capital, was
also announced. Bear raids. (which have
been progressing against the T. c. L..
$. & W., and few other weakly held
aspecialtieAa ceased toward noo1, and sub
sequently general covering movement
set in. Then CAME good buying orders
in the coalers, Vanderbilts and Granger
shares from the Morgan and Vanderbilt
following, which led TO "a broadening, ac-
tive and continually stronger and higher
market Chicago Gas and the 1ndustri-
ais rallied with the rest of the market
but the most important advances were
established in the cOaiers led by Jersey
Central. The tone at the close was
strong and the FINAL prices shout the best
for the day.
f. Is. CUTHBERT & co.
NEW YORk.