The news & observer., 1897-03-06
After Various Ups and Downs
Cotton Gains Slightly.
STATISTICAL SITUATION
REGARDED ON EXCHANGE AS
PHENOMENALLY STRONG.
WHEAT ADVANCED ONE CENT
Which Was Due to the Increasing Pos
sibilities of War in Eurepe--Corn
Advanced I.2 Cent, Oats i-2
Cent and Provisions 5 to
1912 Gents.

New York, March 5.-The cotton mar
ket showed some rallying power on sew
eral occasions during the session and
once or twice resisted local bear raids
successfully. The apathy of speculation
remains the leading drawback, as the
statistical situation is regarded as phe-
nominally strong The opening was at an
irregular decline Of 107 points and FOR
Il time showed considerable activity un-
der selling orders that had accumulated
oyer night. Subsequently the market
was alternately firmer or weaker follow
ing contradictory influence from without
and including reports of war like cond1-
tions in Europe. Selling was checked,
however, by firm relation of the spot
markets to the future deliveries. Just
before the close there was a sharp rally
on covering by local shorts and buying
for New Orleans accounts. The market
closed firm at a net rise of 305 points.
e. B. CUTHBERT & CO.'S. LETTER.
New York, March 5.-(Special)
ton showed no new features of impor-
tance to-day. Tt was a small narrow and
sensitive market and easily influenced by
the operations of the traders, whose bust
ness constituted about four-ffths Of
the total transactions. The market open
ed weak in sympathy with the weak Liv-
erpool markets, spot cotton there closing
easy at 1-16 decline and futures 212 to
3-64d lower Prices here declined 8 to
S points, but slowly recovered this loss
on covering of shorts and support from
bullish traders. The market ruled dull
and barely steady at last nights prices
until the last half hour, when the mar
ket was bid up and closed firm at net
advance of / to points over last nights
closing quotations. The total sales were
10000 bales. The port receipts for the
week approximated $4,000 bales, against
S4, ,451 last week and S0,S55 last year.
WHEAT.
Wheat ruled firm to-day and closed
firm at net advance of / to rs cent
on top of last nights advanced prices.
The market was dominated by the Liver
pool advices and the war news from
Athens. Early Liverpool cables report
ed wheat there firm at q to Id advance,
and a sharp decline of - point in Eng
lish consols. The strength of the foreign
markets was regarded as indicating the
gravity Of the Cretan situation, and
our market opened up firm and A higher
Selling against calls and realizing by
local traders set in soon after the open
ing, causing a reaction to last nights
prices, but this easineSs did not last
long, as foreign houses were apprehen-
siye of the Cretan situation developing
trouble, and the market slowly rallied.
Late press dispatches created a war
scare and together with predictions of
cold wave in the winter wheat States
led to renewed buying and caused the
market to close strong at the best prices
fer the Day.
STOCKS.
The sock market to-day was again
dominated by the foreign advices which
offset the bullish influence of the home
conditions surrounding the market and
the more favorable construction placed
ON McKinley's inaugural address. The
early London advices were very dis
quieting, hut our market broke away
from the disturbing influence after a
slight hesitation at the opening and de-
yeloped strength and activity on renew
ed buying by the Vanderbilts. The bears
who ruled the market yesterday were
compelled to cover. In the late trading
the buyers became nervous on the per-
sistent war talk and a general selling
movement was inaugurated in the last
hour. under the influence of which near
ly ali of the early advance were lost
Foreign honses hayealready sold upwards
Of $4,000 shares Of various stocks in this
market the past week, and at present
rate their holdings will soon be exhaust
ed.
r 3. CUTHBERT & co.
NEW YORk.
NEW YORK, March 5.-Futures opened
c+nndr OF rha decline. sales q 600 bales