The news & observer., 1897-02-11
And Another New Low Record
Established.
WHEAT IRREGULAR, UNEASY
MILL, AS WE'LL AS EXPORT DE
MAND, FALLS OFF.
BEARS YET RAlDlNG STOCKS
There Was Light Buying by Shorts
Covering Against Friday Holiday
Trust Stocks Demoralizing, but
Bears Said Them Slightly.

tive support remains tHe ledulhS chaIdC-
ter of the cotton market at this point.
Discouraged holders were very active
sellers For time the market made
stubborn stand. but gave way under local
pressure. following unsatisfactory ca
bIes, larger receipts at the ports and prl-
yate wires predicting a movement over
running original calculations for the rest
of the week Local bears became ag-
gressiye, and a decline of 7012 points
was seen at the weakest interval with
the market finally steady at a net loss OF
( to 10 points, and sales of 175, TOO bales.
Reports of further large sales Of print
cloths at Fall River helped the market
for time.
Il. b. CUTBERT & cos LETTER.
New York, Feb. 10.-(SpeeiaD-Cotton
developed extreme weakness to-day and
another new low record of prices was
established for all the options, the general
list opening easy at points decline and
selling down points additional, to the
basis of 6.76 for March, 6.S3 for April,
$50 for May, 6.96 for June, 100 cents
for July and 7.01 for August, and closing
barely steady at / to 2 points above that
range. There were no new developments
in the situation, that is from our point
of view, as we have all along seen and
appreciated the weak position the market
has occupied, with the crowd heavily long
on the alleged strength of the statistical
position and but very little short interest
existing. To-day's decline was influenced
entirely by liquidation, prompted by a
realization of the above condition weaker
foreign advices, heavier receipts, easier
Southern spot markets and fallIng-otf
in the demand of spot cotton at the South.
The trading was spasmodic, but footed
up largely The total sales reached 115,-
600 bales. In the last hour, $4,000 bales
Of cotton were thrown on the market, and
the selling pressure was heaviest at the
close There was an absence of bull sup
port throughout the day, the principal
buying being by last weeks sellers and
local shorts To-day's port receipts esti-
mated 1900 bales, making the total so
far for the week $1,000. The total re-
ceipts for the week, now look like exceed
ing 115,000 bales. Spot cotton here was
easy at 1-16 decline to Z 3-16 for mid
ding, prices at he principal Southern
spot markets declined 1-16.
Wheat was irregular to-day, with a
generally unsettled feeling prevailing. In
response to "A decline at Liverpool, the
market opened easy and 15c. lower. There
was not much pressure to sell, however,
sand reports of n good demand for -four
at Minneapolis and other points, together
with little manipulation, this loss was
soon recovered at an adaynce of as over
last nights prices was established, May
in Chicago selling up to 775s Efforts
Of some Of the large interests to Iiquidate
develop the fact that the bulk Of the
short interest had been covered and there
was not sufficient buying power left to
absorb the offerings. The absence of
any material export demand and the
falling off in the demand Of cash wheat
for milling purposes then became notice
able and general selling movement was
inaugurated, which continued up to the
close, causing a steady decline and weak
closing, with the last prices the lowest
on the basis of 1914 for May, cent under
yesterdays closing quotations. The sell
ing movement was accelerated by the
fact that Friday is a state holiday in
Illinois and the Board there will be closed
on that day, and likewise the market in
this city, and the longs did not care to
earrytheir wheat over.
STOCKS.
No new features of special Importance
were developed in the stock market to-
day. The trading was on about the same
scale as yesterday, with the trust stocks
monopolizing the attention of the trad
ers. The bear pressure was still in cyl
dence against these stocks, but
the leaders were inclined to be less
aggressive and more disposed to
secure their profits than to increase their
short interest AS a consequence, the
general market developed a steadier un-
dertone all along the line. In the early
trading Leather preferred was sold dowh
from 50 to IS, and Tobacco from 70A to
6Sat and Sugar from 111ss to 1.107ss
The later, however, had been heavily
sold and the efforts of the shorts to rel
cover some of the stock, caused a subse-
quent sharp advance to 1.12as, closingi
at 1.12h, " above yesterday. Leather
and Tobacco rallied in sympathy, but
only fractionally The general railway
list showed firm undertone from the
start and broke away from the demorali-
zing influence of the trust stocks. Lon
don was light seller during the the first
hour, but the offerings from this source
We're rather Insignificant In view OF the
fact that the stock exchange will be
closed ON Friday, the short interest in
the grangers and international list were
inclined to cover The buying from this
source was light, but in the absence Of
any outside selling pressure, served to ad-
vance prices II to 15 per cent and stimu-
late generally bettre feeling.
Il. b. CUTHBEHT & co.
NEW YORk.
NEW YoRK. February 10.-Futures opened
steady; sales 1900 bales.
Futures closed steady at the decline; sales
175,T bales.
Opening. Closinl
EeDruary. ry.s.................... - 20
March. % % % 10