The news & observer. [volume] (Raleigh, N.C.) 1894-current, 1897-03-25
EXCITEMENT DURING THE FEW
ERISH DECLINE
COTTON'S APATHETiC FEELING
Sold Off 8 to 10 Points, Recovering
to 2 Points--Wheat Ruleu Quiet
and Easy on Light Liver
pool Demand.

short account, following less alarming
reports from the flooded districts and
extreme apathy on the part of the outside
speculative contingent. After opening
at about unchanged prices. the market
declined 8 and 10 points. Transactions
were in good part for the purpose OF
switching nearby positions to the later
months. The market closed quiet and
steady at a net decline of 8 to 8 points,
or within | to points of the lowest
figures of the session. Liquidation made
it more active.
E.B. CUTHBERT & CO.'S. LETTER.
New York, March 24-(SpeclaD-
Wheat ruled quiet and easy all day on Ii
auidation by traders influenced by the
disappointing character of the public ca
bles and private advices from Liverpool
reporting light demand there and ON the
continent and crop situa ton in Western
Europe more favorable. The market
opened quiet and barely steady at "A to
"a decline, and gradually sold off q to
81 additional, May selling down to ~,
and July 711k. The St Louis market
was weak and selling orders from that
point. together with some selling by
Cudahy, influenced the decline. The
traders oyersold themselves and later
New York reported Is loads taken for
export causing Il rally OF II cent. The
tone at the close was quiet and barely
steady with final prices ~ net decline.
Corn ruled very steady with fair
demand. The reports were light The
speculation light and closed steady I'M
changed from yesterday.
COTTON.
Cotton developed weakness to-day ON Ii
auidat;on by tired holders and disap-
appointed bulls, easier spot markets at
the South, slack demand at Liverpool,
and apathetic feeling in futures there,
together with more favorable outlook
regarding the food situation. Liverpool,
New Orleans and local traders sold quite
freely There was an absence OF sup
mort. except from some of the old bulls,
and the market steadily declined from the
opening in consequence. Prices sold off
8 to 10 points and recovered but l to :
! points, closing quiet and easy at the de-
cline, after total sales of 114,S0O bales.
The receipts continued light, but with
/ more favorable weather they will in
crease. In the meantime spinners con-
tinue Indifferent over the supply problem,
and outside speculation is conspicuous
by its absence.
STOCKS
The speculation in the stock market
was feverish and irregular. The trad
ing was on an unusually large scale and
was attended at times with considerable
excitement. During the forenoon, the
!
on general heavy liquidation and short
selling based ON the opinions Of leading
railroad officials and lawyers that the de-
cision Of the United States Supreme
court case was highly important and far
reaching in effect, and meant the prac-
ficaI extinction of all passenger and
! freight associations. Premature reports
Of wholesale Withdrawals of roads from
the Western Freight Association as a re-
suit of the decision and uncertainty as
to what the railroads would do to pre-
serve their interests, accelerated the sell
ing. Stop orders were reached in large
numbers on the way down, and their ex-
ecution and bear raids made the ex-
| IRENE low prices The pressure was
directed chiefly against the general rail-
way list, particularly the grangers. In
/! the industrials, sugar was the heaviest
stock and most actively dealt in, with
| Chicago Gas, both declining u. Bears
oversold themselves on the stock and
when the liquidation ceased in the after
noon and they tried to cover, the market
rallied sharply and closed well up from
the lowest. The rally was accelerated
by a sharp covering movement in jersey
Central, on the announcement OF It's state
! ment of earnings for February, showing
! an increase in net earnings of $o7,ZG.
/ The immediate course of the market VIII
depend to a great extent upon weather;
| the rich men who followed the buying
| movement of Vanderbilts will hold on TO
| their investments and what action will
, be taken by the railroad companies to
preserve their interests and prevent a
| rate-war in both freight and passenger
rates.
| +. B. CUTHBDRT & co.