The news & observer. [volume] (Raleigh, N.C.) 1894-current, 1898-04-03

desired
In spite of the uncertain conduct of
the market the public has not shown
any lack of interest in it. In fact, the
extent of the fluctuations which have
been seen and which promise to CON
tlnue Whatever may be the outcome in
connection with either diplomacy or war,
would appear to be attracting the Amer
lcan people toward Wall street. Condi-
tons are such that it has been and prob
AMY continues to be market in which
the old time-honOred rule of purchas-
ing stocks when the weakness seems
most intense and selling when confidence
ana advancing tendencies make them
serves conspicuous is about as safe ad-
wee as II is possible to offer.
Grain and rovisions.-Regarding the
new crop, developments have been bear
lsh and more or less speculative activity
IS appearing in July and later options.
me outlook for the crop is excellent and
estimates of acreage run up as high as
~ per cent. increase. This creates a
bearlSh tome throughout the entire mar
ket, although the short interest is so
large that any check to the crop might
be attended by a severe rally, particu-
larry if a favorable turn in the war
situation brings the public back into the
wheat market.
Corn continues to be the object of
considerable foreign purchases and Of
rather light speculative operations. The
opinion is growing that the liquidation is
| completed and that conditions again fa
vor buyers
Oats are practically unchanged, bust
ness in them at Chicago having been
rather small, while the export demand
has been largely turned to other interior
markets, which are shipping them out ut
prices that apparently interfere with any
immediate activity in Chicago, and de-
prive that market of a good deal of in
tereSt.
In provisions the position seems to
resolve itself down to some Overselling
on the part of the speculative contin-
gent, with an exhaustion of opportuni-
ties for liquidation. Rumors of large
army and navy contracts are doubtless
exaggerated. but have nevertheless af-
fected sentiments in the last few days.
The buying has certainly improved, and
is attributed to very large interests,
although the facts in the case leave some
opportunity for doubt on this score
The cash demand. both domestic and
for export, continues to be excellent.
COtton~SIhe question of peace or war
has overshadowed all else on the cot
ton exchange during the past week
Prices have fluctuated more on news
from Washington and Madrid than on
that from Liverpool and New Orleans.
The week ends with quotations consid-
erably higher than those of a week
ago, brought about principally by the be-
lief that the Cuban question would he
peacefully adjusted and by the bracing
effect on cotton of the upward tenden-
CIV of the stock market. In the mean
time the legitimate situation has been
gathering bullish force. the chief Of
which continues to be the heavy export
movement. SO far the continent has
shown the greatest readiness to pur-
chase the raw material, but indications
are not lacking that both New England
and Great Britain will soon hasten 10
secure their usual quota Of the crop,
and English manufacturers are under
stood to be sold ahead for considerable
time to come. Attention mas been call
Cd to the unusual large amounts of cot
TON that have gone forward out of this
crop 10 Japan and Russia, the demands
of both these countries showing a large
increase. while France has also made
liberal purchases. A great deal of cot
ton at the South now consists of lower
grades. and the better grades are COM
paratively scarce, with tie holders ask
ing firm prices.
Late dispatches from Manchester say
that cloths and yarns there are firm,
with fair demand In our home mar
| Loo. dol
about up to The usual average, but the
political uncertainty continues to check
bushes in textiles for future needs. AT
The same time the sales at first hands
for the month of March show an in
crease over the same month last year,
and the record for March is also larger
than last year in prints and ginghams.
There has been some fear expressed that
exports of cotton would he restricted by
declaration of war, but, on the other
hand, war is regarded by many as a
bull point on cotton, so far as its ulti-
mate effects are concerned. They ar
que. and with some reason, that war
would interfere with planting to GER
tain extent, and create a fear on the
part of the worlds spinners that the
next crop would be at best only up to
look very cheap. There is not much
aggressive buying for long account, for
the political outlook initiates against
speculation, and the interest on both
sides of the market is being gradually
reduced leaving it smaller than it has
been for considerable period. There
can hardly be any doubt that a peace
full settlement with Spain would bring
the public back into the cotton market
with rapidity that would send prices
up with rush, and the covering of such
short contracts as are still outstanding
would add force to the upward move
ment. Any complication that brings
about sharp break on the stock market
| would likely result in temporarily lower
quotations for cotton, but such de-
cline would in all probability be quickly
recovered.