The news & observer. [volume] (Raleigh, N.C.) 1894-current, 1904-03-04
A BREAK IN MAY,
FOUR ON BUSHE[
July Lost Three and a
Half and Over.
COTTON OPENS HIGH
This Attracts Much Realizing, The
Market Finally Steady With the
Advance Cut Down to Nine
to Seventeen on the Old
Months.
Months.
(By the Associated Press.)

New York. March 3.-Buying of dry
goods in certain directions shows
slight Improvement for the day end the
outlook is for steady Improvement, al
though no one is willing to aJlnit the
possibility of free buying unless cotton
should reach very high level.
NEW YORK COTTON.
New York, March 3.-The cotton mar
ket opened strong at an advance OF II
to 80 points and showed further advances
at first on frmer cables, light estimates
for the days receipts, reports OF bet
ter export demand, continued bull sup
port, and covering. The advances, how
ever, attracted considerable proft-taking
and while there seemed to be quite
general demand through commission
houses, the market soon after the OPEN
ing broke to about last nights close OF
the more active positions. AT this level
the local bull leader became more ag-
gressive, predictions were circulating that
the market would be forced through the
1G-cent mark and with buying also en-
couraged by the small estimate for to-
n,orrow's receipts at Houston, the mar
ket was rallied sharply until May in the
middle of the afternoon reached 1908
with July selling at 1900, March at 1918
and the active months generally net rs
TO 81 points higher. The upward move
lncnt had been attended by more or less
realizing and narrow reactions and At
the best point the market looked as
though the smaller longs bad been pret-
ty Well filed up so that when a fresh
wave of liquidation set in outside sup
port was less aggressive and prices sag
Fed off several points with a broker be-
leved to represent New Orleans offering
May and July freely. The market was
finally steady but the advance had been
cut down to matter OF to II points.
on the old crop, while the new crop
months were points lower to Is points
higher. Sales We're estimated at 500,
600 bales. Tho continued good demand
for spot cotton in Liverpool believed
to result fro4 a more active inquiry
for cloths at Manchester and reports from
the South that spot dealers short to
mills wcrs mora active buyers were i'm
portant factors in the days advance,
while The rumor that the local bull lead
or has recently disposed privately of
something like 10000 bales of spot cot
ton 10 prominent exporter also May
have had an influence in attracting out
side buying. The opening was rather
more active than recently though at the
advance trading seemed to be more pro
fcssional in tone. The movement is ratf-
CT heavier than generally expected. The
estimates for tomorrow receipts at Cal
weston and New Orleans are full and the
into sight movement for the week is now
beng estimated at about $4,000 to $780,
OCO bales against earlier estimates of
10000 bales and ap actual last year OF
about $4,000 bales. The days exports
were heavier however, particularly from
Galveston which has shipped out about
$4,000 bales in the last three or four
days.
NEW YORK. Mar. Section spot closed
quiet, 81 points higher. middling uplands
rs 2S gulf 1870; sales ,5l3 bales.
Futures opened strong and closed steady.