The news & observer. [volume] (Raleigh, N.C.) 1894-current, 1897-05-11
COTTON FLoPS AGAIN
Government Crop Report the
Cause Of il All.
DROPPED 8 TO II POINTS
ACREAGE ABOVE AVERAGE F'Oh
PAST SEVEN YEARS.
1T COULDN'T DOWN W0eN

In Spite OF the Tendency OF the eoSe''-
ment Crop Report to Lower rr'ces
Wheat and Oats Mace
Sight Gains.
Row York. May 1O,The feature OF TO-
a,,,,s oot4on market was the government
crop report as to percentage VI 'oh nv,
ratad acreage thus far planted. Inns
"a, .a,,nounced at l. O'Clock to be SID
ogainst SO5. the acreage for the past
80 rears The percentage last year
nos $40 Following the announcement
tbe market declined sharply, 69' points,
At the weakest interval prices decllneo
eS013 points and closed within point Oh
the lowest figures, The weakness III iu-
tures was somewhat held IN check pS
the relative stability of spot cotton III
this and southern markets. exporters
and spinners were energetic buyers Wher-
xaver desirable ,cettons were available
f. B. CUTHBERT & CO.'S LETTER.
New York, May 10.-(Special Cotton
broke badly to-day on general realizing
and declined 10 to 13 points, thus losing
all the improvement established during
Thursday. Friday and Saturday of last
week. The Liverpool cables were very
unsatisfactory. Spot cotton there was
marked up another 1-32 to AID. for mid
ding, but the total sales were only 5000
bales. while the market for futures, which
opened ~ to .2-64d. higher, closed easy
at a net advance of but y point These
advices were supplemented by bad trade
reports from Manchester and confrma-
ton of Saturdays advices from Fan
River, showing that spinners there are
still running their mills at loss with
little demand for print cloths, even at
the lowest prices on record, and stocks
again accommodating. The weather condi-
tons continued all that could be desired
for the rapid development Of the crop,
and the receipts were liberal. The gov
eminent report proved much more ia
vOrabie than had been expected. 1t es-
timated the amount planted to May first
at S1.9. only 6 per cent. less than last
year. The market closed barely steady,
with to points of the lowest and 10 to
10 points below Saturdays final prices,
after sales OF JOG. 100 bales. Spot cotton
here declined lie to Z 11-16 for mid
ding.
There was much better support render
ed to the stock market to-day. and in the
absence of offerings to any considerable
extent or the development of bad news,
the market showed tendency toward i'm
provement from the start. The Granger
stocks were made the leaders in the up
ward movement. They were bought by
the leading local professional operators
on the improved outlook for the spring
wheat crop. The smaller operators trail
ed ON to the movement and worked for
the rally in the market. London houses
sold few thousand of st. Paul at the
start, but afterwards turned buyers. and
the assistance from this source. together
with some forced covering of shorts, led
to a gradual advance of u to 1 per
cent. Sugar, Chicago Gas. the Wander
bits and the Coalers did not share in the
improvement. but closed steady at about
Saturdays prices. Tennessee Coal ana
Iron was the only conspicuously weak
feature of the list. 1t declined 1 per
cent on renewed liquidation on dlsqulet-
ing reports from the iron trade. AS
rule. the market closed strong. with the
final prices within a fraction of the
highest.
Wheat developed further strength to-
day and advanced IA to ~ cents ana
closed firm at net gain of Us 10 ~ Oh
TOP of Saturdays prices. All the news
was bullish. The foreign markets maze
a fair response to our advance OF oatur-
day and maintained the improvement
The visible supply in this country snow
cd a decrease Of 2.ooO,OOO Dusheis
for the week: corn 1.936.OOO and oats
S27.OO The Argentine, Russia. lndla
and the Danube. were but 434o.oA-
bushels against Stats last year. Inc
California crop was estimated 10 nave
been injured by the recent drought TO
such an extent that the yield III that
State will be but 30,OOO,0OO bushels
against 45.O0000O last year. There was
a fair cash demand. and exporters mere
took twenty loads for export. Forelgn'
ers were moderate buyers OF the late
months. and there was more OUTSIDE pusl-
ness on the belief that the government
cron report would be bullish. Ihere was
considerable realizing on the ADVANCE
especially In the late trading. Inc gov"
ernment report absorbed all the oHerlngs
and closed with a firm undertone. Inc
government report was announced at r
.o'clock and made the condition or winter
wheat SO2 against S1.4 last month. we
had expected the report would make the
condition about rs per cent. On Tho
anan's exaggerated crop damage and es-
innate of sc per cent, the trade had
looked for the report to be about 70 to
rs per cent The report is THEREFORE rath-
er better than anticipated and may posi-
bly, lead to Calling.
e. CUTHBERT & co.
NEW YORk.
NEW YORK. May D.-Futures opened
steady: sales 1900 bales.