The news & observer. [volume] (Raleigh, N.C.) 1894-current, 1897-01-17
Wheat, Corn and Oats Show
Slight Advances.
STOCK MARKET SPIRITED
Defeat of UnionSPacific Funding
Act Caused Decline.
IDLE MONEY AT THE CENTRE
Wealth Is Rapidly Accommodating in
New York and This Makes
Easier Money Markets
Aboard.

New York, Jan. 1O.-lne coetoH mar
ket opened steady with prices about un-
changed on the call, being supported by
leading firm, with general Southern
connections AS soon as this house was
filled up the inherent weakness of the
market was developed, cables, public and
private, being unsatisfactory and receipts
threatening to go much beyond the estl-
mate, originally made for next week.
Business was almost entirely confined to
the liquidation of March and May con-
tracts; otherwise the market was dull.
The close was quiet at a net decline or
4@5 points.
T.. b. CUTHBERT 4 cos LETTER.
New York, Jan. 16.-(Speciai.) THE
speculation in the stock market to-day
continued strong and active with large
purchases for both long and short ac-
count. The unprecedented International
trades statement, as published in our
market letter OF yesterday, had the eff
feet of awakening outside spectators, as
will as the local professional operators
to the strong analogy of the situation of
1879, when the boom OF that year began
under just such influences as to-day.
In addition to this, the statement given
who is to be the next Secretary Of State,
to the effect that he is against inter
fering in the Cuban question, also had
a very stimulating effect As he has just
come from Canton, where he interviewed
President ELECT Mckinley, it is thought
that he expressed the new administra-
tons altitude on this question The market
opened strong and developed continued
strength with increasing activity as bust
ness progressed. and closed strong, with
the final prices the best of the day, and
showing an advance OF generally l to 2
per cent on top of yesterdays advanced
quotations. Our brokers in the board
reported more legitimate commission
business than has been in evidence at any
time since election, with the general feel
ing of the rank and file of operators bull
fish on the general situat ton. The con-
siderable advance which many stocks
showed from last weeks low quotations
influenced many to take profits, and al
though London houses also pursued this
policy all the offerings were readily alb
sorbed and the market again showed its
strength by taking them and advancing
still further and closing firm. The large
interests which we reported in our weekly
market letter OF Thursday ~morning as
accommodating stocks continue free buy
ers, altough in quiet and transformations
manner. We note that their purchases
include the grangers, Louisville, Missouri,
Kansas and Texas and Southern prefer
red Missouri Pacific, Wabash preferred,
Atchison, Chesapeake and Ohio, and the
better class of investment bonds and
dividend-paying stocks. Barring further
accidents at Washington. We look for a
further improvement in the general mar
ket next week.
Wheat was firmer to-day in sympathy
with the better class of Liverpool cables
and the buoyant stock market and prices
advanced one cent per bushel all around.
The hullish enthusiasm now prevalent in
Wall street spread to Chicago and made
the shorts there in wheat nervous, and
their buying, together with some new
buying by commission houses and for for
eign account, led to a gradual advancing
market from the start. The improve
ment was aided by the total Northwest
receipts Of but 294 cars, against 400 cars
last year, prospective large shipments from
California during the week and expecta-
tions of decrease of 100000 bushels in
the visible supply on Monday. Corn and
oats were dull, with prices steady at
yesterdays range.
Cotton ruled dull again to-day, with a
weak undertone, influenced by a decline
Of 1-1f in spots at Liverpool, with sales
Of 5000 bales, and futures there closing
dull and 2-6fd lower The port receipts
were heavy and were early estimated at
$4,000 bales, against 20.134 last week
1882 last year and 10000 in 1894, and
this, with continued absence of outside
support, kept the market dull and easy
throughout the session. Private advices
from Liverpool attributed the weakness
of the markets there TO apprehension that
the plague in India will spread and re-
strict consumption for manufactured
goods. The market opened steady at
about last nights prices and closed queit
and barely steady at a NET decline Of
4 to s points from last nights prices,
with total sales approximating 5000
bales.
Il. b. CUTHBERT & co.
NEW YnPk.