The news & observer. [volume] (Raleigh, N.C.) 1894-current, 1904-04-08
Steel Trust Stocks Pre-
vented a Big Tumble.
THESE THE BACKBONE
The Close Was Quite Active But Still
IrreguIar-..Cotton Opened Firm
and Up and Closed Quiet
But Steady, Little
Changed.
Changed.
tBy the Associated Press,

New York, April 1.-THE dry goods mar
ket is not active and yet there is a
stronger undertone than there has been.
Tho effect of the curtailment proposition
is very material ana the inquiry cor ex-
rort, If it leads to further business vii
also act as a helpful influence. Warmer
weather is regarded as encouraging for
thu retail trade and as likely to have its
effect upon the entire market.
NEW YORK COTTON.
New York, April 1.-The cotton market
opened firm az an advance of 10 to 20
points on covering and New Orleans buy
ing orders following a very firm set Of
English cables and indications that Man
chester was becoming a more active buy
er of SPOT cotton. These cables were ac-
complished by private advces claiming
that Manchester had been selling goods
ahead without hedging their requirements
in the cotton market, in anticipation of a
decline. This and the continued light re
ceipts seemed to give a very bullish tone
10 local sentiment early, and the room
trade showed disposition TO buy on the
call. For the first half hour or so the
14.9s and July to 1921, net gains of nearly
30 points. while the new crop months in
spite of the favorable weather report, were
sustained by buying credited to foreign
spinners who were believed to be in
surfing their early season supplies as a
result of the strong statistical position
indicates by the current light receipts.
The demand appeared to be limited, how
ever, and many of the conservative local
element were inclined to believe the adj
vance too rapid. This led to considerable
realizing, which impaired a downward
tendency to the market. The light esti-
mates for tomorrow's receipts at leading
points, particularly at Houston, and the
small interior receipts brought about fire.
quent intervals of steadiness, and partial
recoveries. but in the afternoon offerings
became more aggressive, particularly for
the account of certain local spot house,
with New England connections. This
firm offered a block of 5000 July at 14.91
and finding no takers attacked the market
vigorously, selling it all the way down to
1880. This pressure removed, the market
rallied few points and from net de-
cline of to II points closed quiet, but
steady at an advance of one point on the
spot month to a decline of seven points.
Sales were estimated at 400, 900 bales,
most of which represented professional
bidding, although it appeared that the
early firmness attracted some buying
through commission house. In general
way the news of the day was considered
bullish. Large clearances were reported
out Of the local stock. shipments so far
amounting to about 600,000 bales, while
freight room is said to be engaged for
ten thousand more, and exports for the
day were just about four times the size
OF port receipts. SulA bull speculation
appears to be restricted by the fear of
further curtailments in spinning circles.
and the continued apathy of the cotton
goods market, although in this connec
tion some export business is reported as
having been consummated yesterday.
Estimated receipts at the ports today
$500 bales, against 1892 last week, and
1882 last year. For the week 10000
bales. against 55,342 last week and 72,44s
last year. Today's receipts at New Or
leans were 963 bales, against 5,736 last
year. and at Houston 500 bales. against
1854 last year.
New York, April 7-Cotton spot closed
dull, -. points lower middling uplands, lI.90
gulf %. sales 100 bales.