The news & observer. [volume] (Raleigh, N.C.) 1894-current, 1904-03-02
MAY WHEAT GETS
BLOW IN THEFACE
Big Declines in Foreign
Markets, Big Receipts.
THE SELLING HEAVY
In Cotton Prices Fluctuate Within
Narrow Limits, the Close Being
Steady at Decline Of 10
Points to an Advance
of Five.
(By the Associated Press.)

New York March In dry goods the
added strength of the raw cotton market
Is giving weight to the position of sellers
who are rot willing to recede from their
stand on firm prices, certain of whom are
confidently predicting a higher level of
values. Jobbers continue to report a fair
trade and advices from the West and
South are very satisfactory. .
NEW YORK COTTON.
New York, March 1.-The cotton mar
ket opened steady at decline OF & to
% points, due to liquidation and room
selling as result of disappointing cables
and an idea that the market was due
TO meet with a reaction following the re-
cent advances. There was, however, lit
tie confidence to the short side and the
market developed into very narrow and
irregular straits in which the chet opera
tions appeared to be for professional &C.
count and to reflect nothing more than
the efforts of this contingent to scalp
moderate turns. Prices fuctuated within
narrow limits. At the lowest March sold
at 1880. the opening figure. while May
and July reached 1925, this being net
decline OF from, 16 to % points. At the
best July sold at 1916, May 1851 and
March 1912, net gains. of to points.
The close was steady at decline of 13
points to an advance OF ! points, the
gains being on the new crop positions.
The feature of the day was perhaps the
attitude OF the local bull leader This
party bought and sold by turns. adding
materially to the irregularity of the mar
ket and leading to various predictions as
to his real intentions, some claiming that
he sold more than he bought and that
the intervals OF frmness were manipu-
late for the purpose of making better
selling basis.
At first the trade was evidently dis
posed to look for reaction, and in many
quarters it was believed that notwith-
standing the light receipts estimated for
tho day and at New Orleans and at Hous-
ten for tomorrow the big bull leaders
would not oppose 4 moderate reaction
One every sign of material weakness, how-
ever, support developed from one source
or another and rallies were prompt. The
Galveston estimate for tomorrow ran
heavier, but was explained by Il private
dispatch as the movement of cotton for
export, it being said that Galveston will
ship out $4,000 bales during the week.
About 5000 bales were exported from
there today and the total exports for the
day ran somewhat over recent figures,
while private adyices receivd from the
South indicated rather better spot de-
mand from foreign sources Generally
speaking, However, the spot markets are
reported quiet
Sales were estimated at 100000 bales.
Receipts at the ports today were 1G,aJ0
bales, against 9,150 last week and 1856
last year. For the week $4,000 bales,
against 64.s71 last week and 1865 last
year. Today's receipts at New Orleans
were 1,1s3 bales. against S.535 last year,
and at Houston 2,457 bales, against 5,99i
last year.
NEW YORK. Mar Cotton spot closed
quiet . points higher. middling uplands
15e0, gulf 10 s.: sales 9,iU9 bales.
Futures oppned easy and clOsedbarely steady.
HiOp lf,Iu