The news & observer. [volume] (Raleigh, N.C.) 1894-current, 1904-02-19

patny with the nlSnef lever VI raw coteoi
and manufacturers are less inclined to
make concessions than at any time. Buy
ers are undoubtedly in need of goods and
are paying asking prices for what is need
ed Immediately. Considerable delay Is
being experienced in the shipment of mer-
thandise owing to the blockaded condi-
tons of railroads.
NEW YORK COTTON.
New York, Feb. 1s.-The cotton market
opened steady at an advance of to 7
POINTS on the old crop months, while the
new crop options were unchanged to II
points higher In view of the small re-
ceipts estimated for the day and the firm
cables these advances were Disappointing
TO the smaller longs who, finding con-
siderable amount OF cotton Offering from
yesterdays buyers with very little lndlca-
ton of renewed bull support began lqui-
dating and shortly after the opening
prices had not only lost their initial gain,
but were five to eight points below yes
terday's finals on the more active posi-
tions. There was good buying at the de-
cline, however, and with very bulllsh
adyices coming in from almost every
source as to the spot situation, the mark
ct soon rallied and during the balance of
the session ruled generally steady to firm.
Shortly after midday there was a slight
setback on the larger receipts estimated
for tomorrows leading points, but the
dropping off in the interior movement
tended to offset this a market factor
and the highest prices of the day were
reached in the late trading. There was
heavy buying here believed to be for the
account of the leader in last summers
bull campaign and the local bull leader
also bought heavily of May and July,
wnlle a prominent Philadelphian spot IN
terest bought May against sales OF July
Added to this demand there was heavy
covering by room shorts with one opera
tor buying 1000 bales of May, believed to
be for short account and while there
was some further Liquidation and profit
taking by commission houses, the market
presented very firm appearance with
March selling up to 1851; May to 1888
and July to 1885, net advance on these
positions of Al to AZ points. Just before
the close realizing eased the market off
slightly. but the final tone was steady
with the old crop months net 81 to So
points higher and the new crop irregu-
lar at an advance of points to a de-
cline of IL points Sales were estimated
at 100000 bales. The leading factor IN
the days advance appeared to be the
smaller interior movement and the con-
tinued reports of good demand for spot
cotton in the South. The estimate on
the into-sight for the week has now been
reduced to about 100000 bales, against
191 900 bales last year, and an estimate OF
$4,000 bales earlier in the week and this
reduction naturally leads to expectations
of good decrease in the visible supply
figures. while there also seems to be some
apprehension as to the technical position
of March contracts
Receipts at the ports today 1881 bales,
against 11,199 last week and 10000 last
year For the week 10000 bales against
127,772 last week and 1881 last year.
Today's receipts at New Orleans were
1888 bales, against 5,49s last year, and
at Houston 2,447 bales, against 500 last
year.
NEW YORK, Feb Is Cotton spot clio sec
quiet, Is points higher. m1ddling uplanos
1875, gulf IA 90; sales 2,2l0 bales.