The news & observer. [volume] (Raleigh, N.C.) 1894-current, 1897-03-26
Cotton Closed Firm at an Ad-
vance of 3 to 5 Points.
FIRST CALL SHOWED LOSS
LATER, HOWEVER, THE MARKET
TOOK A SHARP UPTURN.
LIVERPOOL WAS GOOD BUYER
Firm Advices From the South, Favor
able Fall River Accounts and Small
Receipts at Ports Stimulated
the Upward Movement.

New York, March 2o.-Ine COTTON mar
ket opened steady. On the first call near
positions showed Il loss of / ito . points
and later months an advance of point.
Liquidation sat in, outside interest 1all-
ing to materialize and the bears pounded
the market on the government report
indicating Il much better outlook IN the
| flood districts which caused a decline of
| 3 to 4 points. Later the market took
a sharp upturn for 8 or 10 points, led by
special strength in May contracts, and
large sales of spot cotton, a Greek
house here selling $500 bales to spinners.
Firm advices from Southern spot markets
and favorable Fall River accounts and
small receipts at the ports stimulated
the upward movement. Liverpool was
| the best buyer throughout the session,
being especially active on all weak inter
walls. Closed firm at Il net advance of ;
to . points
T.. B. CUTHBERT & cos LETTER.
Mex York, March 25.-(Special-
Wheat ruled dull and devoid of feature.
Foreign markets were weak and showed
more response to our decline yesterday
than was expected, but bearish
! influence was offset by more
| favorable news from Illinois, In
diana, Missouri and Kansas, and
| the bullsh tenor of crop summary cash
| business in the West, especially in Chica-
go, where 100000 bushels were bought.
Prices Huctuated within a narrow range
| of 81 to u cent, closed quiet and steady
| at Il decline. Corn quiet, prices closing
u lower Trade was light and principally
local. The shipments from the staboard
continued heavy. To-day's clearances
$50, 500 bushels. Provisions were stead
| Ter during forenoon, on lighter run OF
hogs and continued English buying, bur
| lost the improvement on selling by pack
| erS.
| Cotton declined 5 to 6 points in early
trading on liquidation by tired longs and
| rallied this loss and closed firm at to 5
points net advance on covering Of shorts
| and renewed buying by local traders. 1t
! was a local scalping market, trading
! very much mixed and sentiment diyid-
| ed on the immediate course of prices.
| The stua ton remains unchanged from
! previous advices, with no prospect of any
! immediate advance. Southern spot mar
| kets dull and easier. Prices at st. Louis,
| Mobile and Baltimore reduced 1-16
| Spot cotton steadier although without
quotable change in prices from SIG
| for middling. Total sales of 4,6S9 bales
reported, made to spinners. The move
ment of crop continues in accordance
| with our previous calculations, but failed
! to have any influence. Outside business
| duh. In Liverpool to-day spot cotton
| closed easy at 1-32d. decline with sales
of 10000; futures quiet 2l@ points below
yesterday.
| STOCKS.
| To-day's stock market was feyerish
| and irregular and uncertain from start
| to finish. The trading was very much
| mixed and sentiment was divided in re-
| gard to the future course OF prices. The
| railroad situation showed no improve
ment; in fact the Chicago, Burlington
and Quincy, Atchison, Minneapolis and
| ST. Paul, and ST. Louis and Missouri
Pacific roads formally announced their
withdrawal from the Western Freight
| Association and all other passenger and
traffic organizatio coming under the
| head of the United States Supreme
| Courts decision in the Trans-Missouri
! ease. No Withdrawals were announced
| from joint traffic associations, which the
| bulls tenaciously chung to as their one
hope of improving the situation. Strong
| efforts were made to rally the market,
| and although there was heavy covering
| Of shorts, prices lost all the early recOy-
cries and closed irregular at important
! declines from last nights closing. Read
| ing and Jersey Central sold off under re-
newed liquidation. Speculative senti-
ment was further injured by the passage
| through the Assembly at Albany, of
I antitrust bills especially aimed at cor
| porations like the Sugar and Tobacco
| Trusts doing business in this State, hav-
| ing obtained charters in New Jersey
| The antitrust bill was passed by a vote
| Of 116 to II, without amendment, and
| it is thought will pass the Senate. 1t
will give Attorney General Moore power
| against trusts. The returns from various
railroads showed poor earnings, with
out immediate prospects Of any improve
ment, owing to continued unfavorable
weather conditions in the West. The
| blockade Of the bull market has been
| broken, and the heavy body blows the
| market has received has very materially
| shaken confidence, and it will be some
time before any permanent improvement
! can be expected. The largest holders
seem to be liquidating on all rallies, ap-
parently thoroughly convinced of the
futility of building the market under
the present state OF affairs.
e. b. CUTHBERT 4 co
! NEW YORk.
NEW YoRK, March 25.-Furures opened
| steady at the decline: sales 1890 bales.