The news & observer. [volume] (Raleigh, N.C.) 1894-current, 1897-03-20
4 SMALL ADVANCE
Cotton Closed Steady, 2 to 3
Points Better.
SMALL SALE OF STOCKS
BEARS SUCCEEDED IN EFFECT
ING A DECLINE.
GRAIN AND PRODUCE IMPROVE
May Wheat, Corn, Oats and Provisions
Closed Higher--War Ruinors and
Heavy export Business at the
Seaboard Caused 1t.
GRAIN AND PRODUCE IMPROVE

Heavy Export Business at the
Seaboard Caused 1t.
New York. March 19.-The cotton
market opened dull, but steady at a de-
cline of one point to an advance of one
point. following uninteresting early ca
bes, the market subsequently advanced
1M4. points on unfavorable reports from
Mississippi valley creating grave fears
of increased disaster by floods and point
ing to late planting preparations ON ac-
count of wet weather, more or less gem
orally throughout the cotton belt. Later
the market eased off under claims that
sufficient time remains for completing
full acreage. even with existing condi-
tions obtaining for fifteen days longer.
The selling was arrested and the market
held a firm undertone on reports of vast
quantities of snow along the tributaries
of the Mississippi forbidding an early
subsistence of the floods with history
showing that ON 1891 floods occurred in
the Mississippi valley about this time
and did not subside until the end of the
first week in April. Local sentiment is
nervous. The market closed at a net
advance of 2d3 points, steady in tone.
f. B. CUTHBERT & CO.'S. LETTER.
New York. March 19.-(SpeciaD-C
ton ruled quiet, but was steadier, to-day
and advanced 4 to 5 points on buying
by room traders on talk Of the Mississippi
river overfowing its banks and slightly
better tone of closing Liverpool cables, to-
gether with lighter receipts all around
for the week than previous calculations.
Outside support is still lacking, and in
it's absence the local speculation was
strong enough to hold all the improve
ment. The market reacted in the last
hour on realizing and closed quiet at a
net advance of but to 3 points over last
nights closing quotations. The total sales
were 76,4OO bales The total port re-
ceipts for the week approN;mated $1,000
bales against 74.90S last week and &C.,
951 last year; interior receipts at the
principal points were 10000 bales against
42.416 last week and 24,913 last year;
interior stocks now about $4,000 bales
against 314,714 last week and 316,5
last year.
WHEAT.
Wheat developed better undertOne to-
day and after a slight hesitation and
fractional decline after the opening, adj
vanced sharply IA cents for May and
closed firm at a net advance of "a on the
basis of 70 cents THE next crop options
did not share in the advance in May be-
cause there was less reliance placed in
the crop damage reports. The strength
in May was stimulated by frmer and
-, ;y{ hot S,
and export demand for the article, 49,,
600 bushels of cash wheat being report
ed at Chicago for direct shipment to the
Seaboard and 35 loads We're taken here
for May and June shipments. The crowd
was caught short and forced to cover.
The closing Liverpool cables were better
in tone and Ad higher The visible sup
ply on Monday is expected to decrease
over 100000 bushels and the worlds
shipments for the week are expected to
show up light The widening in the diff
ference in May and July gave rise to re-
ports of manipulation and an impending
squeeze or corner in May contracts. Such
a movement however. is improbable and
It is doubtful if more than a temporary
squeeze of the shorts could be effected
without the assistance of a better cash
and export demand and more outside sup
port than is now in evidence.
STOCKS.
This was a day of general proht-mak-
ing sales in the stock market, and as a
of the relaxation in the buy
ing power and increased selling pressure,
the market developed considerable irreg
ularity. The selling pressure was most
pronounced very naturally in the Van
derbilt shares, especially in Omaha,
Northwest, Canada Southern and G.. G. c.
and st. Louis. Some Of the large in
terests prominent in inaugurating the
advance in these stocks were deferred in
selling freely, and some of the Omaha
shares delivered bore the names of some
Of Mr.. VanderbiIt's brokers. This sell
ing led TO a general realizing movement
all along the line by the board room
traders at the same time encouraged the
bears to renew their attacks and work
for lower prices. The bear pressure was
directed principally against the coal
stocks on intimation of the probability
of a reduction of the Jersey Central
dividend to per cent, basis. The stock
collapsed under the Offering and sold
down rapidly from 941s to 9Oas with no
support from 1904 to 1919 in sympathy
Western Union sold off sharply on IL
quotation and was also raided by the
bears on the decision of thet stock ex-
change not to renew its contract with the
company for the distribution of the stock
quotations The stock declined from
sc to 1914, and Manhattan sold off q
in sympathy. The market closed heavy,
with the exception OF these stocks The
foreign situation was regarded as unfa
vorable and had great deal to do with
the realizations by the larger operators.
1t will continue to be a factor in shaping
the immediate future course of prices, and
hence should be very closely watched.
e. b. CUTHBERT & co.
NEW YORk.
NEW YORK, March 1a.-Futures opened
dull but steady: sales 800 bales.
Futures closed steady: sales 70, 400 bales.
Opening. Closinl.
March. ......... ..,... 7C3
Aprli ..'.,....,.. ...... 49, w VA