The news & observer. [volume] (Raleigh, N.C.) 1894-current, 1897-05-05
STOCKS TREND UPWARD
RAILWAY BONDS ALSO NOV III
Up ON LARGE DEALINGS.
GRAIN AND PROVISIONS WEAK
Fine Weather Again the Principle rae
tor. and the Bears Added Another
Victory to Their Recent sue
cesses. Wheat, Corn, Oats
ard Provisions I'll
Declined.

~ (DtsNA'
ruled generally weak, cables from Liv
erpool and the continent being disappoint-
ing, the weather and crop news of a
bearish average and the Southern spot
markets showing an easier tendency.
Opening with prices unchanged to three
points lower, the first call was followed
by further decline of 4Go points. Eff
forts were made by the bear contingent to
force out long cotton, but selling was
checked by conflicting accounts regard
ing the condition of the banks of the
Mississippi river, some wires claiming
that the water was only held in check by
superhuman efforts. But little import
ance was attached to these dispatches;
yet they served to stop the bear raids in
connection with the strong statistical
position. The close was quiet at net
decline of All points.
T.. B. CUTHBERT & CO.'S LETTER.
New York. May Especial. Cotton
developed increased weakness under con-
tinued liquidation and absence of out
side support, and prices declined to
points additional and closed quiet and
easy at about the lowest. The market
could not very we'll have shown any 9TH
or tendency as spot cotton ruled dull and
easy at Liverpool. with only fair de-
mand at decline and total sales of but
5000, wlrile the market there for futures
closed quiet and easy and PA 10 3-64d.
lower; the weather conditions in the
South were very fine all over the cotton
belt. and the port receipts were unex-
pectedly large. the Southern spot mar
kets were dull and easier, with more cot
ton offering, and buyers Indifferent. even
at concessions of 1-16, while prices here
declined " to 75s for middling New
Orleans, Liverpool and the East sold
quite freely, and the old bulls continued
to liquidate The short interest had
been eliminated. and there was not buy
ing power enough left in the market to
absorb the offerings The government
crop report will be issued at noon on next
Monday, the 10th, inst. Manchester
cables report very little business doins
there. and our Liverpool friends cable
that the demand for spot cotton has
fallen off and there is 10 speculative feel
ing in futures.
Wheat had Il weak day to-day. espe-
cially in the late trading. when the mar
ket broke badly under general heavy Ii
quotation and bear raids, influenced
largely by the absence of outside support
and the falling off in the cash and export
demand. The market had opened easy
and 10 cent lower owing TO LlverpooTs
failure to respond to our advance of late
yesterday, and liquidation by traders
caused further decline of Il to II cent.
Northwest receipts of but 800 cars, and
Bradstreet's statement showing the de-
crease in the worlds visible supply for
the week equivalent to 6,216,000 bushels,
caused sharp recovery Outside buyers
were net attracted, however, and the
pressure to liquidate increased. st. Louis
sold very heavily and the market began
to weaken. early buyers became demon
allied and ii general selling movement
was inaugurated, which continued up to
the close The export trade here was
light, and $50 was the cash demand III the
West. The weather conditions in the
winter and spring wheat belts were very
favorable being clear and warmer, while
more needed rains fell in California. The
Humiliation was the best thing that could
happened to the market as it removes
lust so much of the weak long interest
which has been lowering over it and mill
tating against any permanent improve
ment in values Prices are getting down
to the export basis. and there will be
more doing for this account on any
further decline.
There was more activity i'll the stock
market dealings, and the general tendency
of the market was toward improvement
from the start Strong attempts We're
made TO turn the market downward by
raiding Western Union, Manhattan, Ms
souri, Pacific. and Tobacco, but they
ayailed nothing. The market hesitated,
while the selling pressure was in evidence
but as soon as it subsidized the buying
power increased and the general market
developed increased strength and steadily
advanced. !, he subcommittee having i'll
charge the alterations in the tariff bill
passed by the House. finished its labors
and reported the bill TO the Finance com
mittae. which in turn approved the al
terations in the schedules and reported
the bill favorably to the Senate with the
recommendation that discussion on it bc
commenced on the 10th instant. The re-
troactive clause in the bill was stricken
out, and the House reciprocity clause was
omitted and provision substituted for ad-
ditionai duties imposed on all articles I'M
ported from countries which pay export
bounties equal to the amount of those
bounties. The rates were generally alter
ed so that the bill will meet with less
opposition III its passage. The Sugar
schedule was amended so that it will re
celve better protection than i'll the Ding
ley bill, and IL little more than in the
Wilson duties. AS soon as the general
provisions of the bill became known in
the Street" general buying movement
in Sugar was inaugurated, and the price
advanced rapidly from 114h to 11S. at
which it closed.
NEW YORk.
NEW YORK, May fixtures ootned
steady: sales $500 tales.
Futures closed quiet; sales 13,4O0 bales.
= Opening. Closin