The news & observer. [volume] (Raleigh, N.C.) 1894-current, 1904-02-18
BLOWN HIGH BY
WINDS OF WAR
May Wheat WhirIed UP
Two Cents on BusheI.
COTTON OPENS HIGH
After a Dip on UnsettIing War News
the Market Rallied and Closed
at Practically the Best, Firm
at a Net Advance of 10
to So Points.
BY the Associated Press.)

New York, Feb. 1.-THE dry goods
market at first hands has continued in a
quiet condition, buyers placing few or
ders except for prompt delivery of spots.
But there has been no inclination to weak
en- on the part of manufacturers, the ma
jority of whom will use every effort to
prevent the market from sagging, while
others are of the opinion that the raw
material situation will warrant higher
prices for piece goods in the near future.
NEW YORK COTTON.
New York, Feb. 1.-THE cotton market
opened strong at a net advance of 31046
points, and for n time showed further
frmness with the active months selling
up to net gain of from 46@49 points
on bull support following stronger cables
than expected, light estimates for the
days receipts and continued bullish adj
vices as to the attitude of spot holders.
The local bull leader was a prominent
buyer of July on the advance, and there
was active covering, but around midday
rumors were circulated of an unsettlng
nature in reference to the European war
situation, and with New Orleans heavy
sellers, room shorts became encouraged
and prices were worked downward to a
level about 3OGl3S points under the best
figures of the morning. Then there was a
rally of several points on receipt of the
small estimates for tomorrow's receipts at
New Orleans and Galveston, which led to
a REIMBURSEMENT of estimates for the
weeks into-sight, which is now being
placed at 100 600 bales against about 191,
600 bales last year. In spite OF this,
however, and in spite of continued bull
support the public did not seem to take
hold, and shortly after midday there was
renewal of bear pressure that broke the
market through the low point previous
~ reached and within a point or so of
yesterdays closing figures. This was fol
lowed by irregular and less WIDE f1uctua-
tions with sentiment evidently nervous
and trading for the most part represent
ing nothing more than the efforts of the
professional scalping contingent to Sc
cure fractional profits, until just before
the close, when the market became very
active and excited. The local bull leader
began bidding very aggressively, taking
large blocks, particularly of May, and the
entire list rallied sharply with shorts
evidently badly demoralized. In the last
few minutes the market was rallied to the
highest point of the day and closed at
practically the best, firm at a net advance
of 10@52 points. Exports were moder-
ately full and there were reports of a
large spot business in the South that
helped in the late advance.
Receipts at all ports today 1114S bales,
against 22,523 last week and 23561 last
years. For the week 10000 bales, against
127.772 bales last week and 1881 bales
last year. Today's receipts at New Or
clans were $3.50 bales, against 1851 last
year. and at Houston 5,44S bales, against
7150 last year.
NEW YORK Feb II Cotton spot closed
quiet, m points lower mddling uplan6s
$780, gulf IL IS Gales ,5l6 bales.