The news & observer. [volume] (Raleigh, N.C.) 1894-current, 1897-05-08
At the Start Under Dlsaprolnt-
ing Cables
AND GOOD CROP REPORTS
BIT RALLIED QUITE SHARiL1
LATER ON.
A STRONG DEMAND FOR Spo'
From the Weakest interval to the 7'gn'
est Prices the Market Showed
an Advance of to 10 Points
..CIosed at Gain OF q
to 7 Points.
to 7 Points,.


to 7 Points.
\ew York. May THE cotton market
made a feeble start under Disappointing
cables and favorable crop accounts, but
rallied sharply after declining BOA points.
The reaction was largely due to indica-
tions of heavy losses in stock at interior
towns. supplemented by a strong demand
for spot cotton at higher prices. From
the weakest interval to the highest prices
the market showed an advance of 4010
points with the tone finally steady at Il
net gain of 407 points.
E.B. CUTHBERT & CO.'S. LETTER.
New York, May 7.-(SpeciaD-The i'm
provement in the cotton market to-day
was on buying by traders and covering
of sales put out some time ago against
holdings of spot cotton and better de-
mand here for the staple and advance OIL
1-16 in prices to 11-16 for middllng.
The SteadinesS OF the Southern spot
markets and the absence OF much pres
sure to sell contributed to the better feel
ing and encouraged the bulls to support
the market The trading was very light
throughout the entire day, the total sales
Of all being but e., 200 bales The wealth
er and cvrop news continued favorable,
and there was further material lm-
provement in the Mississippi river situa-
ton. while the news from Fail River
was anything hut encouraging, and L1y-
erpoOl cables reported spot sales OF only
1000 bales there for the day, with flu
lures closing " to 1-64d lower after
having opened UP partially 1-64d. There
was very little outside speculative de-
mand The movement for the week shows
total port receipts of 1900 bales. In
terror receipts $1,000. The total amount
brought into sight for the week esti-
mated at $4,000 to 5000 bales.
STOCKS
Except jn a few special cases, the
fluctuations in the stock market to-day
continued small and umimportant and, as
a rule, the general market closed dull,
with only slight fractional changes COM
pared with last nights closing quota
tions. The exceptions were Omaha,
which declined nearly per cent. further,
to 551a OH continued liquidation by dis
APPOINTED holders who had expected an
other dividend of per cent would be
shortly announced on the stock. 1t seems
that certain holders have just awakened
to a realization of this fact, hence the
weakness of the stock Other exceptions
to the dullness were the industrials, nota-
bly, Chicago Gas, Tobacco and Wmskey.
The last two advanced on covering of
shorts and some inside buying. Chicago
Gas declined ] per cent on realizing by
traders. The Gould stocks continued II
regular The trading in Western Union
was active and very much mixed. On
purchases of 5000 shares the stock recoy-
cred from a decline of u points at the
opening and advanced / per cent, but
later lost all the improvement on sales
of 10000 shares by two other commits
sion houses. Missouri Pacific and Man
haitian were steadier on covering Of
shorts 1t is impossible to get at the
facts as to the cause of the recent heavy
selling and decline in these stocks. Rus
sell Sage denies that he has had any
dispute or ..falling-out' with George
Gould and both say that there is moth
ing wrong with either of the properties,
and Washington j.. Conner, the Late Jay
Guold's partner, says the same thing, but
the tape indicates that there is some
thing rotten somewhere. Another nnl-
lion gold was taken for export by to-mor-
rows steamer. but as 1t was a special or
der, it had no influence. Inc foreign
= houses did very little, and legitimate
commission business was light.
WHEAT
Wheat was very irregular and UNI
settled to-day, with fluctuations quite
sharp and frequent and covering range
of 1 cent The Liverpool cables were
very disappointing. Prices there opened
up I'D, but later lost nearly all this inn
provement Our private advices explain
ed the reaction as due to Il general belief
that. the war between Greece and Tur-
key WAS pra ctieally over The foreign
houses turned up as moderate sellers at
the opening and this pressure, supple
mented by the late lower cables, led TO
weak opening and decline of u to "a at
the start. The bulls rendered good support
and the iprOmpt absorption of the offer
ings. together with comparatively light
receipts and more unfavOrable crop re-
ports from California. and the trade.
The visible supply on Monday is expect
ed to show aydecrease Of 2,OOO,OOO bush
els.
II. B. CUTHBERT & co.
NEW YORk.
NEW YORK, May FIXTURES opened
dull Int steady. sales 600 bales.