The news & observer. [volume] (Raleigh, N.C.) 1894-current, 1897-03-28
COTTON MARKET DEAD
Narrow and FeaturelesS From
Start to Finish.
ONLY 1850 BALES SOLD
ENTIRELY DESTITUTE OF SPEC
ULATIVE INTEREST
lLY 1850 BALES SOLD
GRAIN WAS REMARKABLY DULL
Wheat Closed az a Sr,a,I Decline, Corr
Unchanged, Oats Shade Lower
and Provisions Lose 2 ~
to 7 i-2 Gents.

New York, March 27.-The unusual
apathy prevailing in the cotton market
is indicated by the exceptionally small
sales of futures, amounting to-day to
but 1880 bales. From start to finish the
market was narrow and featureless and
entirely destitute of outside speculative
interest. The entire range of tiuctua-
tons did not exceed points; most of
the positions scarcely varied one point.
The market closed quiet with quotations
finally unchanged to three points net
loss.
r. b. CUTHBERT & CO.'S. LETTER.
New York, March 27.-(SpeciaD-Cot-
ton ruled extremely dull to-day through
out the entire session, and finally closed
dull and barely steady at to 4 points
net decline The volume of business was
the smallest on record, even for Satur-
day half-holiday, the total transactions in
all the options being only 1880 bales.
All the news received was against the
market. The bears, however, were dis
inclined to force the issue, otherwise
the decline would have been greater.
The Liverpool markets were dull, cables
reporting spot sales there OF only six
thousand bales with prices unchanged
and futures opening up 1-64d to lid,
closing dull at a net advance of but II
to 1-64d. There was no outside specula-
tive demand and very little support from
local interests. Spot cotton here and at
the South ruled quiet with prices IN
changed from yesterday and no indication
of any improvement in the demand.
STOCKS.
The stock market developed further ir-
regularity and weakness to-day on re
newed liquidation by tired holders and
disappointed bulls. The short interest
had been pretty well eliminated and the
selling pressure increased as business
progressed, the market steadily declined
under the offerings and closed weak and
irregular in tone, with the final prices
showing losses ranging from ] to > per
cent in the majority of the more active
stocks. The industrials, notably leather,
Tobacco, Spirits, were the weak feat
ures with the low priced specialties, like
Tennessee Coal, NJ. X. T., B. and O., and
Atchison. There was not much support
or buying power in the market and with
no appearance of rich men disposed to
come forward and support the market,
bearish sentiment increased. Reports
were current that pooling bill or some
other measure calculated to relieve the
railroad situation will shortly be intro
duced in Congress. Our information
is that it would be impossible to pass
supch a measure at this time unless
something unexpected turns up to change
sentiment in favor of such legislation.
Under the most favorable circumstances
it will be several months before any de-
cision can be handed down by the Su-
preme court in the Joint Traffic Associa
ton case to further test the Sherman
antitrust law, and even If by that time
a favorable decision could be obtained
it will in our opinion come too late to
avert serious injury to the general rail-
roads from rate cutting which from our
knowledge, of the situation, seems in
evitable from the dissolution Of the West
ern Traffic Association. Our views in
regard to the immediate course of the
market remain unchanged from our pre-
vious advices.
Wheat markets continued quiet and
irregular to-day with light trade and
no decided tendency. The foreign adj
vices were better than had been expect
ed but were offset by conflicting crop re-
ports from Indiana, Illinois, Northwest
receipts were heavy, aggregating 446
cars. The Argentine shipments for the
week were very light approximating 224,-
900 bushels. The export clearances for
the week were about as expected. The
indications are that the visible supply
in this country on Monday will show
decrease of at least 100000 bushels.
Prices fuctuated within a narrow range
throughout the session and at the close
showed only fractional changes from
Yesterdays final quotations.
e. B. CUTHBERT & co.
NEW YORk.
NEW YORK, March 27.-Futures opened
steady: sales 3,6O0 bales.
E.,ty,.ac closed oniet- sales IL GsD bales