The news & observer. [volume] (Raleigh, N.C.) 1894-current, 1904-03-22
At FIRST COTTON
RULES FIRM, HIGH
Liquidation Brings About
a Strong Reaction.
LATER IT'S IRREGULAR
The Close Steady at Net Unchanged
Prices to an Advance of Thirty
six Points. With Sales of
Half a Million
Eoinc
Bales.
(By the Associated Press.)

New York, March 21.--In the dry goods
market the maintenance of prices in the
raw material market has inspired fresh
confidence In sellers of merchandise and
no evidence of weakness in any quarter
is apparent. Buyers have not been active
and little interest has been shown in the
course of the market. Jobbers have trans
acted only moderate business, with
nearby trade.
NEW YORK COTTON.
New York, March 21-The cotton mar
ket opened firm at an advance of 81 to
4S points on the old and of 20 points
on he new crop months in response to
much better cables than expected. small
estimates for the days receipts and a
more confident feeling regarding the eff
fects of the Sully failure. which was re-
ported not to be so severe as at first fear
ed while the announcement by Mr.. Sully
that he hoped to pay dollar for dollar
and resume in the near future tended to
lessen apprehension that other houses
would be unable to pull through. There
was, however. a lot of cotton still TO be
evened up evidently. Many houses hav
ing long lines beyond the power of their
clients to protect with additional margin
were unable or unwilling to take the
heavy losses that would have devolved
upon them had hey sold on the low
prices of Friday, and at the advances this
morning much of this cotton came out.
May On the call sold up to 14.4O while
Judy soon after sold as high as 1850 on
covering and some demand said to be for
the account of spot interests and spinners
both foreign and domestic. But the lid,
udation soon brought about a reaction
from the high points mentioned. and
May broke through IA cents to 1896,
while July touched 1417. Following this
was a rally, but in a general way the
market ruled very irregular during the
balance of the session. and showed lit
tie actual tendency either way. The close
was steady at net unchanged prices to an
advance of sc points with sales estimated
at 100000 bales. The trading seemed to
be mainly of an evening up character.
Commission houses generally are advising
caution until the speculative atmos-
phere becomes clearer and their opera
tons today appeared to be merely the
closing out of existing commitments.
There was some disposition among the
room operators at first to buy in ex-
pectation of further reaction. but Ia
ter it appeared as if these operators were
taking in their long lines owing to the
possibility of rather full estimates for
tomorrow's receipts at leading ports and
q fear that any further advance would
cause a renewal of active liquidation.
Receipts for the day were moderate at
both the ports and interior points. and
the port receipts were exceeded slightly
by the exports. Reports from the South
told of better spotd emand and the in
difference of sellers to present process.
The local spot market was unchanged at
1880 with sales of 2,777 bales to spinners.
Estimated receipts at the ports today
1870 bales. against S.695 last week, and
1894 last year. For the week $4,000
bales, against 64,645 last week, and $3.50
last year Today's receipts at New Or
leans were 1855 bales. against 4.546 last
year, and at Houston 2,761 bales. against
1880 last year.
New York, Mrrch 2l--Cotton spot closed
steady points .. middling uplands, li.tO,
gu f AIS, sales 1877 bales.