The news & observer., 1897-03-05
The Cotton Market a Decided
Disappointment
HIGHER PRICE LOOKED FOR
CABLES UNSATISFACTORY AND
SOUTHERN MARKETS WEAK.
WHEAT REcovEHs IT'S LOSSES
War Rumors and the inauguration
Cause a Firmness of Tore Corn
and Oats Advanced 8 Each
Provisions Made Gains.

Provisions Made Gains.
The course of the cotton market to-day
| has been a decided disappointment to
many careful traders who loked for
better conditions to follow the strong
| statistical position, and the continued
demand for spot cotton But cables We're
very unsatisfactory, the Southern spot
| markets weakened and there were a good
many private wires promising large acre
age There was almost an entire absence
Of speculative support. Liquidation set
in and contiaued throughout the session,
driving prices down 10 to II joints until
the market finally csloScd barely steady
at the lowest prices of the session. Selling
was by weaker longs who We're unable to
stand the strain on their margin accounts
while the more stalwart holders added to
their lines on the break.
e. b. CUTHBERT & CO.'S. LETTER.
New York, March 4.-(SpeciaD
continued weak to-day under continued
liquidation and absence of support, dntiu-
enced by the weaker English markets
where prices declined 1-32d for spots and
3-64d for futures and heavier receipts
than expected. AS the case yesterday and
the day before, all the news was bear
I ish The crowd was long and inclined
| to unload. Prices steadily declined from
the start and the market closed weak
in tone, 10 to 13 points under yesterdays
closing quotations. The total sales were
151, 900 bales. Prices here declined 1s
to Z 3-16 for middling and the Southern
markets were quiet and easy and gener-
ally 1-16 lower To-days port receipts
approximated 10000 bales against 9,240
last week and 1882 last year, making the
total for the week so far about $4,000
bales against 73,6S5 same time last
week. New Orleans receipts tomorrow
500 to 5000 bales against 3,400 last
week and LOO last year and Houston
1000 to 1900, against 1,704 and 1,0Sl.
WHEAT.
Wheat ruled quiet and steady at about
last nights prices until the last hour
when the market was stimulated by the
war news from Crete and reported decline
in consols after the close of the London
market Chicago and st. Louis shorts
covered and large export clearances
heaped the market Prices advanced X
to a and closed steady at a net advance
Of ", at 75i2 for May and 1919 for July
in Chicago. The export business was
light, but 10000 bushels of wheat here
and $4,000 bushels Of corn. The latter
market ruled dull, but held firm at last
nights prices, with oats. The market
for provisions was stimulated by pur-
chases by Armour. Cash trade was fair
but not as large as earlier in the week.
STOCKS.
The action of to-day's stock market
was distinct disappointment to the
bulls and holders of securities generally.
1t opened up strong on the continuation
Of yesterdays buying movement, and
fractional advances were established for
the more active stocks over last nights
closing, but persistent selling by foreign
houses soon afterwards took the edge off
the bullish sentiment. The foreigners
sold upwards of 10000 shares of stock,
/ most of which was st. Paul, Louisville
and the low priced specalties. The sell
ing was undoubtedly based on the Gre
tan troubles. While the offerings were
not large, still they nevertheless had ef-
feet upon the sentiment of traders, and
the bears ceased covering and put out
fresh lines OF shorts The inaugural
| address Of President Mckinley was re-
garded as very clear, concise, business
like and dignifed statement OF the poll
cies of the new administration and was
very faYOraDly received In all hnancial
centres. 1t proved to have been, how
ever, pretty well discounted in advance
by the local traders as far as its effect
upon the stock market was concerned
and as the outside demand was not suf-
fcient to absorb the proft-taking sales
of the professional Operators, the mar
ket continued to droop. Later the bears
seized the Presidents opposition to test
the trusts as a pretext for hammering
the market, and their raids against the
industrials together with late unfavora-
BILE news from London in regard to the
Oretan troubles, accelerated the selling.
In the last half hour a report was cir
culated that one of the first acts of the
| new administration will be to send war
ships to Havana. It was said that this
will be done, not in a spirit of hostility
toward Spain, but simply as protection
and refuge for American citizens living
! I'm Cuba, should the situation there be-
| come critical. This also operated a
gainst the market and the selling was
continued up to the close
NEW YORk
: NEW YORK, March 4.-Futures opened
steady; sales 5000 bales.
I Futures closed barely steady; sales 15l0O0
bales.