The news & observer. [volume] (Raleigh, N.C.) 1894-current, 1897-04-22
Wheat Fiuctuated Violently
With 3 Cents Range.
SHORTS WE'RE NERVOUS
BUT REACTION WITNESSED A
SLUMP BELOW YESTERDAY.
THE MARKET CLOSED RAGGED
Cotton Eirmer and Active WIN zen
Points Advance and Steady Close
Also Stocks were stronger on
4 ondnn Improvement.
London improvement.

New York, April 21.-The opening
Liverpool cables showed higher prices
than had been looked for by the cottoh
trade at this point and an advance OF
ak to ten points was made in the first
call at the Cotton Exchange tn 8 morn
ing. For the rest Of the day the market
was alternately weak and strong.
throughout the day May contracts show
Cd leading strength. Liverpool cut con-
siderable figure as a buyer in the morn
Ing. evidently preferring the new crop
nositions. At the same time New Or
leans houses figured as sellers. Ahe
market in the afternoon was for the most
mart n tame affair, with the tone finally
steady at a net advance OF S@1O points.
r. r. CUTHBERT & co.'s LETTER.
New York. April 21.-(SpeciaL)-
Wheat continued feverish ana irregular
with sharp and violent fluctuations Gov
ering a range Of 3 cents per busnei' Inc
foreign advices were more 1a'o.apie
than was expected. The rise was said TO
be due to bad crop reports from hussia,
tight foreign offerings from that pom.
and manipulation. In consequence Oh
these advices. our market started Oh az
tive. Foreigners both bought ana soi"
freely. Liverpool maintained IT'S cary
advance, and its action in doing so naoe
the shorts who had not ALREADY coVerea
very nervous, and their buying. leu py
subseuuent advance OF / cent. In the al
ternooon. the buying subsidized, and ef-
forts to realize found the market weak
ened by the elimination of the snort III
terest, and prices reacted. Inc seiiins
pressure increased as business progressed
and in the last half hour it became actiVe
and general and caused q rapid stump
which w-iped out all the early advance
and caused prices to decline - to l cent
hollow last nights close. The market
closed very ragged and uncertain. Ex-
porters took 20 loads of wheat ana D
loads of corn.
Cotton was firmer and more active to-
day and prices advanced 10 points ana
closed steady at points advance, after
sales of 131 900 isles. The chief stimuli
ms To the market Mas the unexpected
6rm undertone to the Liverpool market
anon the resumption of business there to-
Adv. after a close holiday lasting hve
aavs Spot cotton there declined only
1-3o. with spinners taking only 12,OOO
bales. and futures after opening Ltd.
lower than Thursdays prices, recovered
this and closed 1-64 higher. These ad-
vices restricted further selling operations
here for the decline, and led to general
hnying among local traders for both long
and short account, which absorbed the
nfferings Of holders inclined to liquidate
and held the market steady at the adj
vance throughout the day. Spot cotton
here advanced II. The Southern markets
we're unchanged from yesterdays prices,
but steadier in tone. :
The Stock Market developed increased
strength to-day in sympathy with the
continued improvement in the London
and continental security markets, winch
was Undoubtedly based on the general be-
ref "A noted in our market letter yester-
Nav that the war will be confined to
freeze and Turkey and will be OF short
auration. The trading was only moder-
1telv active. Securities in the London
market. for home rails, advanced and
6nr securities advanced generally one per
cent, Foreign houses here bought hber.
ally. but would have taken more had
hrices not got above their limits. The
coalers and Vanderb6lts and Changers
md Sugar continue the strong feature OF
NE market. The tone at the close was
hrm, with indications Of q still further
Improvement
r. b. CUTHBERT 4 co.