The news & observer., 1897-01-21
THE MARKET STEADY
Trading in Cotton Was Small
in Volume.
STOCKS WERE IRREGULAR
Market Closed Steady WNh
Fractional Net Decline.
WHEAT IMPROVES So TO SAG

eFN Rfsh NCt was as%ff'~N - ~
Cash ausiness--C Corn ard Oats
were STEADY TroVls'
ions Strong,
New York, Jan. 20.-l1he cotton mar
ket has developed firm undertone to-day
based chiefly on a continued light move
ment and predictions of gradual sub
sidence of receipts decided falling off
in the interior movement, forecasted from
Texas. There have also been better class
of cable news than looked for, public and
private: the latter claiming that English
spnners are in need of American cotton.
notwithstanding talk Of curtailed produc-
ton through the India famine. Reports
from Southern spot markets indicate the
presence of exporters and New England
spinners, increasing numbers. Reports
from Fan River are also more favorable
with print cloths called active at one
sixteenth advance aud advices from the
dry goods district are decidedly more
encouraging. Still the market lacks out
side speculation and the volume Of busi-
ness with prices unchanged to three
points higher, further advanced 405
points and closed steady at net advance
of 214 points.
f. b. CUTHBERT & CO.'S. LETTER.
New York, Jan. 20.-(Special)- Wheat
was frmer to-day and closed firm, with
a net improvement of 9s TO u cent from
yesterdays prices. The early Liverpool
adyices were disappointing, but there
was better cash demand for wheat, and
with st. Louis reporting over 100000
L Al, L =
and 100000 more to-day, with 145,000
worked at Chicago and the market after
showing slight hesstancy and Il decline
after the opening, turned firm and slow
ly advanced as business progressed.
Shorts covered and st. Louis followed
suit and doubled up on the long side. On
these cash transactions and a better feel
ing prevailed. The Northwest receipts
We're 212 cars against pa last week and
265 last year, while the total cleaFances
of wheat and flour were equivalent to
325, 900 bushels and 59S,31S bushels of
corn. Primary receipts of wheat We're 2332,
900 bushels against 352, 600 last year;
shipments $4,000 against f31 900; corn
receipts $4,000 against 100000 The
government report was not announced to-
day. It may be given out tomorrow or
next day.
STOCKS.
The stock market to-day was irregular
and showed general feeling OF hesita-
ton and some nervousness in consequence
of the reactionary tendency of the Lon
don markets and reports OF rate cutting
in the West, together with the apparent
subsistence in the demand from shorts in
consequence of the elimination OF the bulk
of that interest and fall.mgof I'M the out
side speculative demand. As q. conse-
quenee the price movement was marked
by irregularity, with slightly lower ten
dency. The trading ON the whole was
mixed, with some pressure to secure pro-
fits, on the one side and some rebut am
other class OF operators who had sold out
ON the advance yesterday morning. The
coal stocks We're the conspicuously weak
features ON some selling, said to have
been influenced by the unfavorable con-
dition of the coal trade in consequence
of the open winter. On small transac-
ti0ns, Jersey Central declined 2A per
cent, to 100 and half and closed at 101.
Reading declined / per cent and closed
at 271s, while Delaware and Hudson lost
a point. The weakness of these stocks
together with sharp break in South
western preferred which was on false
report of a decision of a suit against the
company affected the rest of the list ad-
versely, and at one time prices general
ly averaged j per cent below yesterdays
closing. In the late trading the market
became steadier ON subsistence of the sell
ing pressure and renewed buying, and
closed steady, with only fractional net
decline of "A to u per cent
COTTON.
Cotton continued quiet and steady to-
day, with the trading still small in vol
ume and entirely of a local professional
character, mixed with q little arbitrage
business between the New Orleans and
Liverpool markets. The port receipts
were lighter to-day. aggregating only 49,,
175 bales against 20,574 last week and
1882 last year, and this together with
an advance Of 1872 in spots at Liverpool
and IL points in futures, restricted sell
ing operations for the decline and en-
couraged local traders to support the
market and work for a further rally. Pri-
vate advices from Liverpool and Man
chester continue apprehensive of the eff
fects of the plague i'm India upon trade.
Our correspondents there say that spin
ners are inclined to go slow in regard to
further purchases of raw material pend
ing further developments from India.
NEW YORh.