The news & observer., 1897-02-24
Market Closes Steady at Net
Advance of 3 to B Points.
WHEAT LosT / IL CENTS
ON. ACCOUNT OF THE EUROPEAN
WAR SCARE AND
IA tl!lLAcK OF SPECULATION
Corn Showed Firnoness and Advanced
l,8--Oats and Provisions Closed at &-
Substantially Unchanged
Figures.

ket made gain of 500 points, aIteF uaFe
ing at one time shown an adVunce'of dlve
to seven points ON the active positions.
EARLY in the session trading was active
with the market strongly upward for q
time on buying for investment account
sfostered by encouraging advices from
Europe as to the Cretan matter and by
favorable prediction regarding the
English demand for cotton at the same
reports from Southern spot markets were
OF favorable purport, as were also the
advices from Fall River. A recession of
2Cd3 points from the highest figures of
the day followed by liquidation, with the
market finally closing steady at a~Nnet
advance of 3@5 points. Total sales of
futures, 10000 bales.
|E. b. CUTHBERT & CO.'S. LETTER.
New. York. Feb. 23.--(Special)-7C
ton ruled quiet and steady throughout the
day. The Liverpool markets showed a
sseadiar underline over the holidays than
had been expected, advancing 1-32d. for
spot this morning, and 1-64d. to 2-64d. in
futures over Saturdays prices. On this
our market opened firm and advanced
5 to 6 points. There was a pretty good
demand during the first half hours busi-
ness, but it subsidized soon after that,
and prices declined to Saturdays quo
tations before II o'clock on realizing by
scalpers and heavy New Orleans selling
There was no outside business TO speak
of, the speculation being of purely local
sealping character, aside from the usual
trading on differences between prices
here and at liverpool and at New Or
leans. The receipts We're quite liberal
for a crop movement that has been claim
ed to be showing exhaustion. s>Yestef:
days port receipts aggregated 2O,4pO
bales against 15,940 last week and ,1S,.
I2S7 last wear, and to-day 1900 bales
against Ii, sos last week and TITS last
lSear. The southernl markets were dull
and unchanged. The semi-weekly re
ceipts at the principal interior towns for
she week point to 21 200 bales against
2A000 last week and 10000 last year
pb-morrow's receipts at New Orleans
estimated at 1000 to $500 bales against
5,1S0 last week and 3,ST9 last year, and
Houston 5000 to $50 against 1908 and
1,991.. The sale pf77 900 bales spot cots
ton reported to-day for di4
rect. shipment, to Europe is said to be
really only the transfer of the cotton
from this port to Europe by firm which
has been accomplishing it at this port for
some time, and it is therefore devoid OF
special significance. Tomorrow will be
notice day on March contract. large
number of notices will be issued, but they
will finally all be taken care of by ex-
porters and local interests. The total
sales of all options for the day were 150,-
| 600 bales.
Wheat developed considerable irregu-
| larity to-day, although trading as a rule
| was light. The market showed reac-
| tionary tendency from the start. The
absence of outside support and light ex-
port demand had a depressing influences
upon the trade, and led to general hqui-
| dation shortly after noon and decline
of ~ cents. From this there was a re-
| covery of ~, which closed quiet and
steady at / to IA cents decline from
| Saturdays prices. The only export
business here was 5000 bushels of wheat
and 10000 bushels OF corn. Ocean
| freights are dull with no new bushes re-
ported The visible supply in this
country decreased 1,443,0O0 bushels,
making the visible in this country 40,
215,000 bushels, or about 20,000,O00
| bushels less than last year. The subsi-
dence of the war feeling abroad had a
| good deal to do with the depression in
| the market What it needs now is a
revival Of outside speculative or export
demand or Il crop to hold it.
The reported armistice i'm Crete led
to a further sharp recovery on the Eu-
ropean Bourses, especiallysat London and
Paris to-day, and the Improvement was
reflected here and offset the depressing
| influence of the rumors in regard to the
situation in Cuba. The reported resigna-
| ton of our Consul General at Havana
was used by the bears as a pretext for
raiding the market at the opening, but
no long stock of consequence came out
and the bears were forced to recover the
STOCKS they sold later in the day, thus
leading to a firner and higher market
all around with one or two exceptions,
| notably, leather, which was sold on the
| disappointment Sfelt by local interests
over the fact that the directors met and
declared dividend OF 1 per cent on the
preferred stock, Awhereas some had ex-
peeted 2 per Dent. TIE Improvement
| in. the general Trade coalitions Of the
country helped the general railway list,
and the majority of the srallroad stocks
advanced ~ to / per gent. Hooking
Valley was strong feature ,and recov-
cred 15s per cent on ihdications that
| there will be no necessity of a receiver
| being appointed for the property, al
though the. company may default on9ths
interest due ON its bonds on March list.
The american Tobacco Company was
taken in hand by the Lexow investigat-
| ing committee to-day, but, contrary to
expectations, nothing. Of pn unfavorable
lnature developed in the examination.
The stock was the strongest on the list
and advanced two per cent. Burlington
stock sold ex div. of per cent.
E. B. CUTHBERT & co.
| NEW YORh.
NEW YORK, February 23.--Futires opened
| quiet and firm: sales 1900 bales.
| Futures closed steady; sales 10000 bales