The news & observer. [volume] (Raleigh, N.C.) 1894-current, 1904-03-01

THE BULL LEADER
BOOSTING COTTON
The Close Steady at the
Days Best Prices.
SOUTHERN SPOT FIRM
The Net Advance Nineteen to Sixty
four Points. Prominent PhiIadeI-
phia Interest Buys Heavily
of Spot. Wheat Beaten
Back.
Back.
(By The Associated Press.)

New YORK, Feb. 23.-1he dry goods mar
kct has been possessed OF firmcr tone
owing to the ever-increasing price Of The
raw material. While it hiss had no palpa-
bic effect upon the quotations of piece
goods, it has rendered tn, insistence of
buyers upon lower prices less a matter
OF consideration by the seller of the manu-
tacturer who now find sufficient warrant
fol a maintenance of values and look
forward to higher levels.
NEW YORK COTTON.
New York, Feb. 29.-The cotton market
opened strong at an advance of - II So
points with trading active and attended
by considerable excitement The initial
gan was rather more than due on the
cables and seemed to Re of a more general
character than that recently noted. In
fact the buying could be traced To no
special source Warehouses and commits
sion houses generally seemed to have a
good supply of buying orders leading to
Il belief that the demand was in response
10 the strong statistical situation a. re.
fi@cted by the weekend visible SIMPLY
stat emert which undoubtedly received g
wide circulation over Sunday and while
tcGre was heavy realizing from the start
and simply rendered the market rather
irregular AS the general undcrtone was
very firm. Receipts for the day were
rather heavier but the estimate or to-
morrow showed a continued light move
,nent, and the prospect of cotton fam.
lie later in the season seemed to re-
strict selling even for profits At any
rate the advance carried March to 1901
ard May and July 15.41. These PRICES
represented an advance of 80 GO points
on the position named ard were follower
Uy rather lighter demand and q r. ac-
ton under realizing of from 20 TO sc
points. After this there was period oi
irregularity. There seemed little pres
sure against the market. On the other
hand demand seemed about exhausted
and fluctuations consequently ruled irreg-
ular until just before the close when the
local bull leader just returned from Chi
Cago entered The ring and bidding ag-
excessively soon forced March up TO 1916
May TO 15.45 and July to 1874. The close
WAS steady at practically the best prices
Or ret Is to 64 points higher. Sales were
estimated at 100000 bales. The late ad-
vance was aided by the frmness of the
Southern SPOT markets which reported full
response TO the advances in futures and
s prominent PhiladelDnian spot interest
"dS fepotleu 10 pS HedNy ucyeF ds Veil
as the bull leader. Exports are running
very light and while spot markets re-
Gecting the bullishness Of sentiment
among holders are very firm, the demand
for actual cotton does not appear to be
particular satisfactory and interior hold
ers are said, in some Instances to be
hedging their supplies in the futures mar
ket.
Receipts at the ports today 1925 bales
against a,9s2 last week and 2S,773 las;
year. For the week 55,gn0 bales. against
Ci,S7i last week and 1865 Iast year. To-
days receipts at New Orleans were 6.7S5
bales, against 2,273 last year and at Hous-
ton 1863 bales. against j,t77 last year.
NEW YORK. Feb. % Cotton spot closed
quiet, % points higher. mIddling upiancs
Is Sc gulf lj.,0 sales 49,. bales.
- o,.o,>o,J 49,. clos, n syoodv