The news & observer., 1897-02-27
Puts New Life in ths Bulls
and Bears.
PRICES ADVANCE SHARPLY
NO FURTHER FEAR OF A WAH
WITH SPAIN.
COTTON ALSO LOOKS UPWARD
Closing Steady at TO 7 Points Ad-
vance--Wheat Closed at a Decline,
and Corn and Oats Followed
--Provisions Improved.

New York, Feb. 26.--The cotton mar
ket has shown considerable speculative
agility to-day and strong upward ten
dency with prices at one time showing
net advance of to points, after open
ing at am advance of 3 to points. The
basis of the advance has been the
phenomenal strength of the position,
which is leading to increasing activity
on the part Of the exporters and New
England spinners. To-day's cables were
fully as strong as expected. Advices
from the Southern spot markets were
also strong Locally, speculation showed
broadening tendency and shorts mani
tested considerable anxiety, the market
having refused to respond to several
bear raids The close was steady at
net advance of / To points, chiefly on
the near positions or within l to 3 points
Of the top fgures.
L. b. CUTHBERT & CO.'S. LETTER.
New York, Feb. 26-(Special) Cotton
scored q further advance of s points for
this crop option to-day, and closed steady
at net advance OF 5 to 6 points over last
nights closing quotations after total
transactions of 164,500 bales. AS was
the case yesterday, the market derived
cts chief stimulus from the Liverpool
markets, which were firner and higher
for both spots and futures, the latter clos
H4g steady at to 311a points net advance
and spot cotton steady at 1-16 advance
to 4d for middling, with total sales Of
10000 bales, including 1880 American
cotton The better markets abroad were
due to spinners buying more freely on
the improved European political outlook.
Our market should have made better
response than it did to these advices, but
it was handicapped by continued absence
of outside speculative demand, the abb
sence of any short interest and a very
liberal crop movement for the week. The
90 points advance from last weeks low
level induced many bullish traders to
sell ont and secure their profits. 1t was
a small market with most of the business
Of a professional character. The total
port receipts for the week approximate
1000 bales against $4,000 last week
sh1d 94 600 last year. The receipts at the
principal interior towns 10000, against
40.317 last week and 33, 715 last year
while the total amount brought into sight
for the week points to 100000 bales, a
gainst 107, ,495 last week and 1885,
last year, making the total so far for the
season z ,432, 600 bales, against 6,004, 261
last year
STOCKS.
| For the first time i'm several weeks
the stock market displayed a strong un-
dertone, with a steady advance tendency
from the start. The action Of the Spanish
government ia pardoning Julio Sangul-
I m. II .Y..4&a
Of the Senate in behalf of an oppor-
/ tunity to continue the agitation of the
Cuban question with a prospect OF ac-
i complishing anything during the short
remaining time OF the present session.
This fact, together with the improve
ment in the European political situation
/ being reflected in strong markets at Lon
don and Paris, stimulated bullish sen
| timent and led to general buying as
/ soon as the market opened. Most of the
professional operators went home short
/ OF stocks last might, on belief that a
+ full-siZed war scare would develop to-
day, and as the market advanced they
were forced ito cover. Some of the large
{ moneyed interests came Unto the mar
ket and bought freely of the better class
of bonds and dividend paying stocks
I which impaired additional strength to
the situation. As business progressed,
the buying power increased, and the
whole list shared in the general advance.
! The close OF the market was strong and
at the best prices of the day, with total
sales of 154,271 shares. With the Cretan
trouble settled and the Cuban question
shelved and deprived of its terrors to
| investors, the chief obstacles standing
in the way of bull market would be re-
moved.
WHEAT.
Wheat was quiet and irregular to-day,
with slightly easier tendency. The open
ing was steady at "a decline, with May
in Chicago 741a, and under moderate sup
port from local leaders and light foreign
selling, prices held steady on this basis
during the forenoon. The early cables
were conflicting some reporting the mar
kets abroad frner. The late cable ad-
| vices, however, showed that the market
for futures had closed Ad net decline,