The news & observer. [volume] (Raleigh, N.C.) 1894-current, 1897-04-02
THE SAME OLD STORY
Cotton Closed Quiet at a Loss
of 4 to 8 Points.
THE UNDERGONE WAS WEAK
SALES OF FUTURES REACHED
ONLY $4,000 BALES.
MAY WHEAT LOST 38 CENT
And July Gained Ia Cent--Corn and
Oats We're Firm and Advanced
Slightly, Provisions Show
Very Little Change.
THEUNDERTONE WAS WEAK


New York, April 1.-The cotton mar
ket closed quiet ut Il net loss of 4dG
points, after opening steady at from UNI
changed prices to an advance of 1 point.
The early market was quiet. and steady
on bullisE advices from the flooded dis
trists, supplemented by favorable reports
from the Liverpool cotton market. Later
there was Il disposition to liquidate
quite freely, following private wires on
a somewhat reassurins character re-
garling the flooded districts. But the
undertone of the market was weak,
chiefly owing to apathy in speculation.
Future sales reached but $4,000 bales
for the day The feature Of the market
is the continued firm relation of spot
cotton to future deliveries; the latter
were notably weak as to new crop posi-
tons.
E. b. CUTHBERT & CO.'S LETTER.
New York, April 1.-(Special)- Cotton
ruled steady throughout the morning ses-
sion at last nights prices under the
stiulating influence of the better Liver
pool cables. The speculation was not
strong enough, however, to hold the mar
ket. and when some of the Wall street
interests endeavored to liquidate in the
afternoon, weakness developed and prices
made running of 6 to points. The
port receipts. which early indicated ar
rivals of only 5000 bales, Appropriated
10000 bales against 1,473 last week, and
6,646 last year, and the traders who had
been supporting the market for several
days. Joined in the selling movement. The
market continued easy at the decline
throughout the late trading, and closed
at the lowest. The total sales for the
day were but 10000 bales. Spot cotton
here and at the South continued quiet
and steady, with prices unchanged with
small transactions. Our crop reports
from Texas are more favorable, indicat-
ing that the recent rains were very bene-
fetal all over the State, and that farm
ers are pushing their planting operations.
Wheat continued irregular and unset
tied to-day, with light trade, but sharp
and frequent fluctuations in prices. Con-
tinued unfavorable Liverpool cables.
with private advices of large offerings of
Russian wheat, together with continued
large Northern receipts and liquidation
by holders of May contracts, were the de-
pressing features which developed dur
ing the day. The market opened easy at
X to Il decline and sold down 4, to q adj
to the lowest prices yet reached.
In the afternoon the market rallied on
covering of shorts, influenced by the Mis-
souri, crop. which indicated an avera &c
condition of winter wheat in that state
of GA per cent The selling pressure
ceased as the market rallied. and prices
recovered all the early decline. Later
they eased off again on liquidation infu-
enced by the continued light export de-
mand. only one load being worked in this
market The tone at the close was ire
gular, with May q lower and July "a
higher. compared with last nights clos
ing quotations. There was very little do
ing in corn. but the market ruled steadier
throughout on continued large clearances.
To-day's stock market was very
feverish and irregular The trading was
very much mixed, causing n variable
tone and sharp and frequent fluctuations
in prices After a strong opening on bull
support during which prices were bid up
sharply. 4, to ~ per cent, the market
reacted under renewed liquidation and
bear raids. The pressure was directed
principally against the coalers and ex-
tended later to the Gould stocks. Of the
latter Western Union was most affected.
and sold down two per cent on rumors
in regard to the future dividends. Man
haitian declined in sympathy and Missouri
Pacific also broke with it. The trading
in the balance of the list was restricted,
but on the whole they showed d better
undertone under the influence of more
favorable advices in regard to the Euro
pean political situation. In the after
noon covering of shorts in Delaware and
Hudson and J. G. led to sharp recov-
cry in these stocks, and the entire lis,
moved up in sympathy, Manhattan and
Western Union sharing in the rally, the
tone at the close being quite firm, final
prices in the general railway list being
the best of the day. IL was on the whole
a professional traders market, with the
business largely Of an evening-up nature.
No new developments in regard to the
railroad situation Earnings of all the
roads will be affected unfavorably by
the floods and washouts in the West, and
continued blizzard weather in the North
west Directors of Jersey Central eX-
pected to meet on Monday and take acr
ton on the dividend.
+. r. CUTHBERT & co.
NEW YoRk.
NEW YORK April Futures opened
steady: sales 1890 bYies.
LT%. IL TO- 1e Ia in