The news & observer. [volume] (Raleigh, N.C.) 1894-current, 1904-03-03

FEATURE OF THE DAY
This Was the Purchase of Sixteen
Thousand March Against Sale
of a Like Amount of May by
the New York Bull
Leader.
(By tha Associated Press)

New York. March 2.--The movement in
dry goods from first hands shows no
signs of increase but sellers are increas-
ing in frrnness and everything is De-
ing sold at full market rates. The out
look Is not for any marked Improvement,
unless cotton should show further ma
terial advance. when It Is believed buy
ers would be Influenced TO operate more
freely.
NEW YORK COTTON.
New York, March 2.-Tka cotton mar
ket opened steady at an advance of to
POINTS on scattering demand Tor both
accounts promoted by the rally IN the
Liverpool futures market and the good
sales of spot cotton reported at US
changed prices Futures there at first
had been disappointingly low but by the
hour OF the local opening had advanced
to a little better than the expected level
and private cables ascribing the large
spot sales to demand from Manchester
spinners resulting from better inquiry
toc goods from India md China. also had
a bullish effect on local sentiment. Still
this was at first q general idea that the
market should have reaction and de-
nla1ld was not at all aggressive. For
irregular, fluctuations were genera! ana
the local bull leader entered the ring and
began bidding aggressively all along the
line. There was little cotton for sale APP
parently and the market responded read
ily. During the balance of the session
there were occasional but marrow reac-
tions under spprts oil realizing but gen
orally speaking the tendency was upward
ard the markaf~closed firm at practically
The top for the session. The net al
vance was ID to As points with the great
est gain on the March position. Sales
wer. estimated at 100000 bales. Re-
ceipls for the day were rather over early
estimates but exports were larger and a
report that 1000 bales had been sold for
export out Of the local stock late yestcr-
day, lent color to reports that export de
nland was slightly improved although the
spot people are still complaining OIL in
different buyers. There seems 10 be an
idea, however, that the advancing ten
dency of spot cotton will stimulate buy
crs OF goods generally and that this de-
mand will force the mills into the mar
ket for supplies OF raw cotton. The mar
ket was also flooded with private Liver
pool cables telling of Il better business
in cloths in Manchester, helping TO estab-
lsh the advance. The feature OF the
days business which was for the most
part of a professional character was the
pure base of block OF 10000 March
against sale of a like amount OF May
by the local bull leader. This transac-
ton had tendency to remove anprehen-
sions of depression from unstcpped no.
tees later in the month and also helped
III Il nominal advance in spot prices. The
Southern spot markets was generally
firm to Lac higher but were quite as
generally quiet, with the exception OF
New Orleans where fair sales were re-
ported.
Receipts at the ports today 1873 bales,
against 376 last week and 2J,01S last
year. For the week $1,000 bales, against
CT 81 last week and 1888 last year,
Today's receipts at New Orleans were o.
$50 balas, against 10,70S last year. and at
Houston 2,313 bales, against 5,e14 last
year.
NEW YORK. Mar. 2-Cotton spot closed
quiet, Is points higher. mlddling upands
lis gulf Is; sues 1910 bales.
Fu.ures opened steady and closed firm.
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