The news & observer., 1897-01-20
Cotton Closes at an Advance of
A to 10 Points.
STOCKS MOVING UP WARD
Sales Not as Large, However,
as on Monday.
Other Markets in Sympathy Wth
Wheat Corn l-S, Oats IA and
Provisions | z to 10
4 nwpr

New York, Jan 19.-The cotton mar
ket opened easy at decline or 100
points. English advices not being up to
the mark and receipts early pointing TO
larger total for the week than could be
conveniently handled. The first call OF
prices. however, Were the lowest Of the
session. The market began to improve
ON better cables that followed the call
and continued to improve ON English and
Southern buying and local covering. This
was stimulated by reports of better con-
ditions at Fall River, where sales OF
print cloths already exceed the probable
production of the week. At the same
time accounts from Southern spot mar
kets indicated the presence of New Eng
land spinners and English exporters with
a resultant demand that was beyond the
offerings OF desirable grades. Without
being active the market took on bet
ter form than has been apparent here for
some time past. Liverpool and New Or
leans were conspicuous buyers during
the forenoon. The close was steady at
a net advance of 4010 points.
e. B. CUTHBERT & CO.'S. LETTER.
New York, Jan. 19.-(SpeciaD After
half an hour OF hesitancy and irregulari-
ty after the opening, the stock market
developed renewed strength and began
to broaden and advance upon the resump-
ton OF Investment and speculative buy
ing by the leading moneyed interests and
renewed purchases by room traders. As
stated by us yesterday, in our market
letter, the decline IN the first instance was
merely the result of some OF the leaders
deciding to bag their paper profits. and
to-day, having secured the velvet and
no bad news developing at Washington.
they resumed their operations on the
long side for the rise. The Washington
advices were to the effect that Mr.. Cam
eron had reconsidered his position. and in
view OF the fact that number Of Sena-
tors had assured him that they would
vote against taking up his Cuban inde-
pendence resolutions, he would not at
tempt to call them up. This, with the
Pacific speech of the Queen from the
throne, with special reference to the Ven
ezuela and arbitration treaty, and suhe
reduction in the Imperial bank rate of
Germany, foreshadowing a similar Fedue-
ton in the Bank of England rate on
Thursday and prospective easier money
rates, led 10 a return OF the bullish senti-
ment and a general buying movement
was inaugurated, with continued in evil
dence up to the close and caused an adj
vance Of / to per cent throughout the
list. There was the usual realizing by the
professional traders on the advance, but
the offerings were readily taken and the
market closed firm, with the final prices
within a small fraction of the best quota
Il I..- Ahn 1a~ h.
bic advances were 2 per cent sugar, 1%
each in Manhattan and American Spirits
preferred, st. Paul, A, G. B. and O., /
per cent, and Louisville and Nashville IL .
Cotton opened easy and declined 2 to 3
points in sympathy with early unfavora-
bic Liverpool advices, but rallied and re-
covered this loss when Liverpool turned
firm and closed 2l12 points higher. Traders
took their cue from the Liverpool market,
and with comparatively smaller receipts
to assist them and the absence Of outside
selling pressure, they had no dificuity in
establishing an Improvements Of g to
points in prices and maintaining it up TO
the close. The volume OF business was
on moderate scale, with the total sales
114200 bales. The adyices from Fall
River were little more encouraging, and
this, together with the advance in the
stock market, helped to stimulate little
new commission business, but the specu-
lation on the whole Mad no depth, and
there was not much snap to the market.
The total port receipts approximated a.
600 bales, against 30,216 last week, "a
692 last year and 1895 in 1895. New
Orleans receipts tomorrow were esti-
mated 1000, against COOS last week and
6,S96 last year, and Houston at $500
bales, against 2,303 last week and 1924
last year. Spot cotton here advanced
1-16, with sales Of 1,745 bales and 300
bales delivered on contract Adyices
from Manchester are less favorable, re-
porting the market there for cloths and
yarns dull and inactive.
f. B. CUTHBERT & co.
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