The semi-weekly messenger. [volume] (Wilmington, N.C.) 1897-1908, 1898-02-08
Cotton Future
Especial to The Messenge

Especial to The Messenger.)
New York, February 5.-The failure
of the immense crop movement to de-
press the cotton market this week has
been a source of surprise to almost
everyone. The stagnation in the rad
ing was broken today by a smart ad-
vance and the week ends with a more
cheerful feeling prevailing. Liverpool
shorts were covering today and the
continent was buying in that market.
Prices there advanced 112-64d. This rise
o our local operators by surprise,
and those who were short scamper%d
to covering. The market opened 4 to
5 points higher mo after the opening
improved still further. The volume
of outside business was not great, but
lev Orleans bought freely and several
large local short lines were taken in.
May opened at SIS, advanced to 5.91
and closed at $50 to $50, with the tone
of the market steady. The outhern
markets continue firm and there seems
to he an endless demand for cotton at
these prices. 1t is doubtful, however,
if this demand would follow any sub
Stantial rise in values; there is certain
ly enough cotton to supply all wants
this year and it seems to Us that about
the only sound basis for n big rise
would be a growing season for the
new crop so ~unfavorarble as to insure
a really moderate yield. In that event
a wthirl-wind of speculation and a good
spinning business would probably give
us something like a repetition of the
great advance in the summer of '95.
OF purse everyone knows hat cotton
is low and that a buyer at these prizes
with patience to wait a twelve month,
if necessary, would have the chances
largely in his favor and would, in all
probability, make money. But we
hardly think it prudent for people
without ample means to buy ait present
on the chance of some disaster to a
crop the planting of which has not yet
begun. RIORDAN & co.
(By Associated Press.)
New York, February 5.-The cotton
market opened firm With prices 4 to 6
points higher on active covering of
local shorts and buying by foreign and
southern representatives, following re
ports of a decidedly better feeling in
the English market. Liverpool futures
advanced ~ point on active buying of
SpOl tOlIou ny COlIlFlltleIdl SplllltTS,
sales of 5000 bales at 1-3Gd advance
were shown in public cables. AT IL
O'Clock the local market was fairly ac-
tive M firm at a net gain of 5 to G
point. Sales of $500 bales to that
hour represented one of the most ac-
tive markets in recen times. Advices
[ from southern spot markets n New
England print cloths centres were ia
| voralble and added to the general
strength of the future list. Later in
the morning there was another sharp
rally on overing by shorts, followed by
a partial reaction q selling by To-
cal longs. who were a~pprehenSive of a
decline Monday, with the market final
ly steady at a net advance of Z points,
| Total sales of futures were ~, zoe
bales, representing one of the larges;
/ markets in man. weeks. Port receipts
were estimated for the day at %, 00C
bales, against Is, 191 last week and a.,
243 last year. Port receipts were esti
mated for the week at 200, 900, agains,
215, 120 last week and III, rs last year
at Memphis 1897. against 2g7 last year
and at Houston 1854, against $3.50 las,
| wear.