The news & observer., 1897-03-11
But the 4 to S Points Advance
Was Feebly Backed.
TONE DULL BUT STEADY
STOCKS WE'RE EXTREMELY
DULL THROUGHOUT.
CONFINED TO RooM-TRAoERs
Wheat Suffered Relapse from SuiIish
Sentiment Created by War Scare
The Foreign Markets Were
Therefore Weak.

New York. March 10.-The cotton
market opened quiet and steady with
prices one point higher to two points low
err This was followed by an advance
of 3 to 5 points on better cabdes but
speculative support failed to materiallze
and light local selling caused a partial
reaction Throughout the session the
market held firm undertone and con-
siderable local confidence was shown.
The market closed steady at net adj
vance of = TO points.
| E. B. CUTHBERT & CO.'S. LETTER.
New York, March 10.-(Special)-Cot-
ton advanced 4 to points to-day in SYM
pathy with an advance of / to 11a points
in futures OF Liverpool, and maintained
it on support from local traders and closed
steady. The transactions were the small
est on record for some time The sales
I'D too noon were 1900 bales and but
10000 bales changed hands, after that
up to Q O'clock, with the total for the
day aggregating only $500 bales, aside
from the slightly better tone of the Llv-
erpool cables, no new features developed
in the situation. There was no outside
business 10 speak of, and very little
speculative feeling was manifested by
the local traders. The improvement IN
LIVERPOOL was doubtless due to the sub
sidence of the war talk The govern
ment report, as foreshadowed in our ad-
vices of yesterday was not announced.
! We understand that it has been delayed
on account of some of the railroad re-
turns from Southern correspondents not
vet having been received by the depart
ment, and that the report will not be
out until March 18th, or 10th. Spot cot
ton here and at all the Southern mar
kets ruled quiet, with prices unchanged
from yesterdays quotations, with small
sales reported, and neither spinners or
exporters showing any apprehension over
the supply problem.
STOCKS.
The stock market ruled extremely duh
throughout the session to-day and closed
so, with prices showing, with a few ex-
ceptions, small and unimportant changes
from last nights closing. The foreign
markets We're all better and consols
closed firm and X higher, but the gem
eral uncertainty as to what may develop
in the Situation over night, had tenden-
cy to restrict speculation, and the mar
ket was left in control of the room trad
ers. The commission houses did very
light business and the operations of the
professional operators made the huctua-
tions. Manhattan was steadier to-day
on covering shorts and change of senti-
ment in the board in its favor on account
of the conservative action OF the directors
in discontinuing to pay unearned divi-
dends The tone of the market at the
close was dull, but steady. The worst
that can be said against the market
is that speculation continues dull, as evil
denced in to-day's sales Of only 1,345
shares With any revival of activity, we
think the market would improve.
WHEAT.
Wheat suffered to-day from a relapse
of the bullish sentiment stirred up on the
war scare The weak foreign markets
was plainly indicative of the subsistence
of apprehension abroad, and as there was
but very little demand from foreigners
here for either cash wheat or futures
holders began to hquidate. During the
first hour the market held its own, but
subsequently, weakened under the pres
sure The failure Of Bradstreets to give
the worlds stock deprived the statement
OF its value, although it announced de-
crease in the American visible supply
for the week of 1905, 900 bushels Of
wheat, 327, 900 corn and 533, 900 oats
There were rumors of large export busi-
ness, but they could not be confirmed, but
$4,000 bushels of wheat being taken here
and $4,000 bushels of corn. Our private
LIVERPOOL cables were bearish in tone
and brought some selling orders. Ap-
Drehension that the government report
would be bearish and estimated the far
mers' reserves OF wheat at over 100,-
900. 900 led to heavy closing, with prices
"a to / cent under last nights final
prices. The government report published
at A O'Clock this evening estimates the
amount of wheat held in farmers hands
ON March first at SS,000,000 bushels vs.
1913 100000 bushels last year. This Is
very low estimate, and as III falls rub
ly 100000 bushels below the expecta-
tions of the talent, who had been figuring
ON the report showing 10O,0OO,0OO bush
els, it whl doubtless have a stimulating
effect upon the market. Thoman in his
report ON Monday, estimated the far
mers' reserves at 142,000,00O bushels
and the Orange Judd Farmer estimated
the amount at 124, 100000 bushels. Gov
ernment report on corn, estimated 1,164,-
100000 or 81 per cent of the crop against
1,072,000,000 last year.
f. B. GUTHBERT & co.
NEW YoRk
NEW YORK, March 10-Futures opened
quiet and steady: sales 2,200 bales.
Futures closed quiet and steady; sales ST.
Opening Closns
March h-.........-.............t = d8
April ...,..,.... 4. ....ss' 70 . W
Nov 4