The news & observer. [volume] (Raleigh, N.C.) 1894-current, 1903-11-06
ONE MILLION AND
A HALF BALES SOLD
An Enormous Days Business
in Cotton.
A BOVINE AIR REIGNING
Prices Were Forced Upward Fast, but in The
Afternoon They Worked Down Leav-
ing Net Gains at Six 10 Eleven
Points.
(By the Associated Press.)

New York, Nov 5.-The continued ad
vance in the raw cotton market has been
the principal feature of the day in dry
goods and influenced trading to material
extent. Manufacturers are not willing to
accept prices they would have taken a
few weeks ago, and while they are more
willing to anticipate, their needs are still
buying with conservatism on general lines
NEW YORK COTTON.
New York, Nov. 5.-The cotton market
opened steady at decline of five points
to an advance of seven points under the
conflicting influences of lower cables and
realizing as opposed to rather less favor
able climatic conditions and bull sup
port. On the call there was no particular
activity, but for the first half hour or SO
afterward the market was more wildly
excited and active than at any time since
the dayssof the old bull campaign. To
the gains of yesterday substantial addi-
tons were made as prices were forced up
at a record-breaking rate, with the bull
leader bidding aggressively all along the
line, shorts covering in panicstricken
condition, and buying orders pouring in
from all sources. Before the first rush of
buying had subsidized December was selling
at 1898, January 1890, this representing a
net gain since the close of the market on
the previous night of 25 to 80 points, while
the advance since the low point of last
Monday was a matter of about $50, trad
ing contract. Such profit as this could
not fail, but prove attractive and there
was heavy realizing on the higher level.
Still the market for time displayed great
flrmness, yielding only few points. Then
1T was reported that prominent New Orr
leans interest had said that the advance
was too rapid for so early in the season
when new cotton was coming to market
in such volume, it was rumored that a
strong Wall Street bear clique had been
formed and selling became more general
with the result that while very active the
market in the afternoon worked down
ward until at the close the net gain was
a matter of only to II points.
The market was finally steady with the
total sales estimated at 100000 bales,
this being a days business but once
equalled in the history of the exchange
There was little of a special or news
nature to account for the great activity
and squirt There were more bullish crop
estimates circulating, notable one pacing
the probable crop at about 10, 375,000 bales,
which was issued by a local exporting
firm bearing an excellent reputation for
conservatism, and this naturally contract
ed very bullishly with Mr.. Ellisons crop
estimate of the worlds requirements. The
weather was hardly as favorable as was
predicted, there being scattered rains with
the forecast Ceiling for cod weather in
the western belt. On the other hand the
receipts were full and exports light. The
Southern spot markets were firm and from
1-S@Ac. higher.
NEW YORK, Nov. 5-Cotton spot closed
steady 10 points higher, middling upland, l07
gnlf Ii 10: sales 1000 bales.
FIXTURES opened steady and closed
Steady.