The news & observer. [volume] (Raleigh, N.C.) 1894-current, 1902-05-22
THE CLOSE SIX To
SIXTEEN HIGHER
I'll AdviCes in the Cotton
Line BuIIish.
BRITISH CABLES STRONG
Trading Very Active With the Whole
List Advancing.
DEEP INTEREST SHOWN IN NEW CROP
DEEP INTEREST SHOWN IN NEW CROP
The Stock Market is Dull and Professional But
Continues 10 Show Resistance 10 De-
preston. Canadian Pac fc
CtrnnG

new L Ork, May Zl.-Ine demand Tor
both staple and fancy cottons has been
quiet today for immediate needs and fair
demand for next fall for spring sea-
sons. Prices here are without change.
The print cloth market is slow with all
easy tone for wide goods. Mems wear
wco1cn and worsted fabrics quiet dress
gocd5 also quiet without change in price.
NEW YORK COTTON.
New York, May 21.-The cotton market
opened firm and to ) points higher on
brisk covering and some bull su<rort
Nevertheless the rise was a slim response
to strong Liverpool cables and exceed
ingly small receipts at all points After
Il moments hesitation, the whole market
developed decided strength and worked
rapidly higher until July reached sos.
Wall Street sold at the start but later
became a large buyer of the summer
months. Spot cotton houses and export
interests bid for large blocks of May
and June contracts but were unable to
set more than a few struggling lots.
The South and Europe, too, bought in the
local ring. rofit-taking later sent prices
off 4 to points but early in the after
noon the market again exhibited bulish
tendencies and advanced point by point
on nervous demand from thoroughly
alarmed shorts. Peace news from Lon
don, reports that Southern spot markets
were stronger on heavy demand from all
quarters, with better accounts fl ON dry
goods and spot cotton goods centers,
created a feeling of confidence in bull
circles but greatly disturbed the pears
who had counted upon the fine weather
to check any speculative buying. In the
last hour the whole list advanced rapid
ly, with July up to 9.03 and August to
SIS. Trading was very active with Wall
Street bears presumably large buyers. A
jump of 81 points in New Orleans to
9.56 for July, followed reports that eX-
rorters and spinners were buying con-
tracts as a hedge against needed sup
plies Of actual cotton. The local market
closed steady and net to Is points high
err. Total sales were estimated at 300, 900
bales, with the new crops attracting more
attention than at any previous day this
year.
NEW ORLEANS COTTON.
New Orleans, May 21-The market for
spot cotton has undergone sharp changes.
Quotations advance lie on all grades.
Contracts were moderately active. Pro-
fessional trading was in fair swing
throughout with the advantage on the
long side of the market. Liverpool led
off with a good demand for spots at an
advance of 1-32d over yesterdays prices
and worked contracts up to new gain
of 4-6406-64 on this crop and 2-64G4-64d
on next crop deliveries. In respnse to
The great Improvement on the other side
and New York and New Orleans both
opened at sharp advances. In this mar
ket the first call showed an advance of
to Z points on the summer months and
] to points on the winter and soon
worked up 3 to points additional. Prices
continue to improve and at the close show
net gains of &c points on May, June and
July 10 each, August Is, while the more
distant months show gains OF 3 points
each compared with yesterdays close.