The news & observer., 1897-02-20
STILL GOING DOWN
Cotton Closed Easy at a Net
Decline of | 10 z Points.
WAR AND RuMoRs Or WAR
Cause Wheat. Oats and Corn to Close
Strong at an Advance--Provisio
Started Strong But Weakened
and Closed Unchanged

and Closed Unchanged.
New York, Feb. 19-The cotton mar
ket opened with good cheer following in
dications of broadening speculative in
terest on satisfactory early cables, mod
crate receipts, encouraging advices from
Southern spot markets and New Eng
land and particularly from Fall River.
Speculation showed considerable energy
for a time on theory that American and
European spinners will need all the cot
ton this country can supply at better than
present prices Uncertainties as to leg
islation at Washington, however, led to
caution and in the afternoon the market
broke sharply under liquidation started
by active New Orleans selling, foreign
rumors of war-l5ke conditions in Europe.
All the early advance was lost and under
considerable excitement the market clos
ed easy at a net decline of 107 points.
E. B. CUTHPEBT & cos. LETTER.
New York. Feb. 9-(SpeciaD Got
ton advanced sharply during the MORN
ing on covering Of shorts aud buying by
bullish traders, and prices sold up to
II points for this crop options. The ear
Iy public Liverpool cables were better
than had been expected, and the move
ment of the crop for the week showed
up companti lively light the port receipts
approximating $1,000 bales. 1t was this
favorable feature, together with unloos-
ening of hedges in March against hold
ings of actual cotton that encouraged
the buying. The trading was entirely
local and the crowd soon overbrought
themselves. In the afternoon some of
the bulls endeavored to unload, and the
absence OF new buyers, except at
continually lower range OF prices, led
TO a general selling movement and n
sharp break in the last hour Of all the
early Improvement and decline OF to
points from last nights closing. The
tone at the close was irregular and un-
settled. with prices within / to 2 points
of the lowest, on the basis of 6.S2 for
March and 693 for May. The total sales
were 202, 800 bales.
WHEAT.
Wheat developed further strength to-
day on the better cables and large clear
ances and better cash demand In the
West Good buying by large Chicago
interests and the large clearances for
the week of both wheat and corn, and
the late cable news Of fighting in Crete.
also helped the market. The crowd was
caught short and forced to cover. The
close was firm at the best prices of the
day at / to IL cents net advance. Corn
sympathized with wheat and closed firm
at II to u cent higher. Minneapolis
expects decrease in her stocks of 500,-
900 bushels for the week in consequence
OF absorption by milers, and the indica-
tons are that the visible on Monday will
show decrease of 100000 bushels.
STOCKS.
The feature of the stock market to-
day was the strength it displayed in the
face of the continued unfavorable for
eign news in regard to the unsettled con-
dition of European and Turkish politics
over the Cretan troubles and continued
depression in the weakly held coal
stocks. London houses sold a few thou
sand shares of their specialties at the
opening, and under its influence and
vigorous bear raid against Jersey Gem
trail and Hooking Valley, the general list
eased off slightly, but later the whole
market rallied sharply on the declaration
of the usual l per cent dividend by the
Chicago, Burlington and Quincy road.
Shorts were forced to cover and Burling
ton advanced from 1885 to 75, the rest
of the list moving up in sympathy.
Lacllawanna and D. and f., were not
effected by the weakness of Jersey Cen
tral and Hooking Valley and ruled strong
on support with small inside buying.
Lake Shore sold at 15S, which is the
highest price ever reached. In the last
hour there was general realizing by the
scalping element and some selling by
traders on the late press cables indicat-
ing increased apprehension at London
and Paris over a conflict between Greece
and Turkey from news Of fighting in
Crete The general undertone at til
close was barely steady.
il. r. CUTHBERT & co.
NEW YORh