The news & observer., 1897-02-26
Market Closes N to IL Points
Above Wednesdays Figures
AN INCREASED DEMAND
AT MANCHESTER AND BUYING
FOR LIVERPOOL HOUSES.
w EAT WAS VERY IRREGULAR
But Advanced Sharply, and Closed
Firm-- Corn and Oats Each Made
Gain of About l-8 Cent--Pro-
visions Closed Lower.

New York, Feb. 25-The phenomenal
strength of the statistical position on cot
ton has been attracting considerable out
side speculative interest to-day, and SEN
timent is generally quite cheerful. The
local contingent are acting on the theory
that the bull side of the market IS the
safe side. Holders of spot cotton are
very firm Mt this point; quotations were
advanced II of a cent to-day. An IN
creased demand for cotton is seen at
Manchester and houses with Liverpool
connections were conspicuous buyers.
After opening ut an advance of 6dlO
points. prices further advanced to y
points on quite vigorous trading. Sub
sequently eased off partially under hqui-
lation but made a good average for the
day with figures finally 10m12 points net
above the previous days closing quota
tons.
E. b. CUTHBERT & cos LETTER.
New York. Feb. 25.-(Special) Wheat
developed further weakness in the early
trading to-day and declined 81 in sympa-
thy with early Liverpool cables reporting
futures there Id lower. But later the
market turned firm on the development of
n better export demand and closing
Liverpool cables showing that all the
early declines I'm that market had been
recovered The crowd had sold out and
got short on the early break and when
they tried to cover they had to bid up the
market to find new crop of sellers.
About 10000 bushels were reported
here engaged for export, and 100000
bushels cash wheat were taken in the
West by millers The total clearances of
wheat from all ports for the day were
BOG 900 bushels. and 543, ,112 bushels of
corn; all of which combined to accele-
rate the recovery. The tone at the close
was firm, with prices at the highest, 3s
net advance for May and b for July
compared with yesterdays closing.
COTTON.
Cotton was bought and bid UP by local
traders to-day and closed firm at the
advance. THE factors which stimulated
the Improvement were an advance of
2-S4d. i'm futures Of Liverpool with spot
sales increased there to $4,000 bales,
firmer Southern spot markets, moderate
receipts and absence Of selling pressure.
All of which encouraged the bulls TO
support the market. No new features de-
yeloped in the domestic trade situation,
or IN the crop movement. Business was
almost entirely of a local character. The
market was advanced in the late trading,
and closed as high as possible iii order
to fayorably influence the Liverpool mar
kets tomorrow. To-day's port receipts
approximated, 1000 bales, against 12,-
675 last week and 1857 last year, MAX
ing the total so far for the week about
rs 900 bales, against $4,000 same time
last week.
STOCKS.
The stock market to-day was dominated
by the news from Washington i'm regard
to the action taken by the Senate ON the
Cuban question. Before Congress met
and the subject was taken up, the mar
ket had shown an advancing tendency
under continued covering of shorts and
some new commission buying and prices
had worked up to basis of * to ~ over
last nights closing quotations. The APP
prehension which developed from the
news of the attitude of the Senate ON
the Cuban question, checked the buy
ng movement and led many traders to
reverse their position ON the market AS
a consequence, all the early improvement
in prices was lost and the market closed
feverish and irregular and unsettled, with
the majority Of the active stocks show
ing net declines of II to " per cent, be-
low last nights closing quotations. The
action of the Senate in postponing dis
cussion of the Appropriation bill, in order
to renew the debate on the resolution
demanding that Spain release the Am
erican citizen Sanguilly, now confined in
Havana, was not known until near the
close of the market. While it is not
likely that President Cleveland may be
moved by the Senate to deviate from the
policy of non-intervention which he has
pursued all along with regard to Cuba,
it is the general opinion that the new
administration will be compelled to act
in the matter
e. B. CUTHBERT & co.
NEW YORk.
La.La