The news & observer. [volume] (Raleigh, N.C.) 1894-current, 1896-12-30
Short Covering aud Light Re-
ceipts Help Cotton Back.
WHEAT ADVANCED 2 CENTS
Firm and Higher Foreign Mar
kets With Decreased Supply
STOCK MARKET WAS STRONGER
Bears Were Temporarily Held in Check
by Artificial Tactics on the Part
Of the BulIa--Ths Market
Still Professional
Still Professional

New York. Dec. 29-The cotton mar
ket closed firm at a net advance Of 11015
points The opening was firm and with
slight reactions, the market improved
steadily from start to finish. Gables show
ed better tone abroad than expected and
New Orleans and German houses were
fairly good buyers Port receipts were
comparatively light for the estimates for
the week. Shorts were good buyers dur
ing the afternoon the advance being
stimulated by the quickness with which
the rather liberal January delivery no
tices were stopped and taken care Of.
The volume Of outside speculative inter
est was moderate.
Z. b. CUTHBERT & CO.'S. LETTER.
Cotton rallied to-day on subsistence of
the selling pressure and shorts covering
and closed firm at 10 to y points net
advance. The receipts were light, $4,000
against $4,000 last week and $500 last
year and this with exporters and large
dealers taking all the cotton rendered in
the January contracts helped the market
If receipts continue light during the bal
ance of the week, they viii doubtless
have a further stimulating effect. The
total sales of all options for the day
were $4,000 bales The closing was at
the best prices with January 6S2; March,
Cos and May 7.12. Spot cotton was
firmer here and at the South. Local sales
included 1881 bales to spinners.
STOCKS.
New York. Dee. 29.-(SpeciaD-T
stock market developed renewed strength
and activity to-day and after a slight
hesitation in the opening hour influenced
by bear raids, prices rallied and slowly
advanced and closed strong with a net
gain of one per cent in the general rail-
way list. The bears endeavored to hold
the market in check by raiding Delaware
and Hudson, and Manhattan and laying
great stress on the commercial situation
but they found the offerings light and
some of the large moneyed interests as
well as the foreigners, disposed to buy
and they were forced to withdraw. Later
they tried to cover and becoming alarm
ed at the scarcity Of offerings except at
continually higher prices they were forced
to bid the market up on themselves in
order to cover. The advices from Wash
ington confirmed our previous reports OF
progress between the administration and
the Spanish government with the view
of amicably settling the Cuban question
and our Washington friends tell us that
when the matter comes. up again in the
Senate that Secretary OIney will report
what he has accomplished to the commit
tee ON Foreign Affairs with a strong re-
commentator that the Senate defer ac-
ton on the Cameron resolutions pending
further developments. For the first time
in several weeks, we sent out special
bulletins to our various branch offices
advising the purchase of stocks for a
turn, simply to show that notwithstand-
ing recent developments, we had not
lost our grip on the market and are as
well posted on what is going on in the
exchange as anybody there. AT the time
these bulletins were sent out, the mar
ket was dull and weak with ST. Paul
IT'S; G. B. and O., by IA and Louisville
4IA. We said these stocks could be
bought with comparative safety for short
turn and we urged their purchase. That
our judgment was correct is shown by
the fact that the market burst into ac-
tivity and strengthened afterwards and
closed strong at the best prices with st.
Paul 734; G. B. and O., 701a and Louis
vile 4S12 and we congratulate those who
had the confidence to follow u.s. Any
further improvement win bring out reali-
cation sales but on any reaction, these
stocks viii do to buy again for another
up-tun.
WHEAT.
Wheat was strong to-day and scored
further advance Of 2 cents closing firm
at the highest prices with May in Chicago
selling at 81 cents. Firm and higher
foreign markets with a reduction I'm the
Russian winter wheat crop as officially
reported and an indicated smaller yield
Of spring wheat aggregating about eighty
million bushels decrease together with
Bradstreet's showing a decrease of 1855
600 bushels in the visible worlds supply
were the stimulating factors which caus-
ed the advance.
e. B. CUTHBERT & co
NEW YORk.
NEW YORK, December 29.--FutuFes opened
firm; sales $500 bales.
Futures closed firm; sales 173,200 bales.