The news & observer. [volume] (Raleigh, N.C.) 1894-current, 1905-03-15
COTTON FELT THE
GROWING DEMAND
More Active aid Excited
Than For Weeks.
THE GAINS ARE LARGE
Stocks Are Checked Whenever They
Reach High Level BY Big Realiz-
ing. The High Prices Regarded
BY Conservative Men With
Apprehension.
THE GAINS ARE LARGE
Apprehension.
(By the Associated Press.


New York. March 1.-THE cotton
market was more active and excited
than for weeks past with prices rul-
ing generally firm and considerably
higher on covering of shorts and Eu-
mors of important bull support based
on the enormous demand for con-
sumption and the continued stability
OF Southern spot markets. The close
was within two or three points of the
best.
The market opened firm at an adj
vance Of two to six points, respond
ing to firm cables rather than to ia
vorable weather and big receipts. At
first there was some irregularity. Re-
cent buyers still considering it a
scalping market took profits on the
initial advance, but there was a per-
sistent demand for May and July, to-
gether with further rumors that last
winters bull leader. whose bullish
opinions were published in most of
the morning papers was planning to
repeat his May corner of two years
ago. This increased the nervousness
of nearby shorts. and shortly after
the opening a buying movement set
in which was later Joined by Wall
Street bear interests and Philadelphia
and with only one or two reactions
of five or six points each. the market
worked upward until near the close
when it showed a net gain of "a to
26 points on the active months, with
May selling at 1856 and July at 1884.
The final tone was firm at a net gain
of 10 to % points Sales of futures
were estimated at 100000 bales.
All sorts of rumors were going
the rounds of the trade as to the
cause of the big advance. One re-
port was that the former Wall street
bear leader, whose brokers were cred
tied with buying some so, 900 bales
of May July and October during the
days session. had recently covered
his shorts, and was on the long side
for a long turn, while others con-
tended that most of the buying of
May was for the account of the bull
leader of last season, who has been
discharged from bankruptcy, and who
is credited with having secured a
large financial backing to start new
campaign, and who, moreover, is
supposed to have a big following in
the South. Spot houses were good
buyers at times throughout the ses
sion and reports were revived that
exporters were heavily short to mills
and found no cotton offered at any
thing like their selling prices, and
were consequently counting on their
hedges IN the future market 10 Help
the market The weather South was
sprIng-like and receipts were heavy,
but such matters received little atten-
ton, owing to the expectation of spec
ful five developments in the near
months
Receipts at the ports today were
33.707 bales, against 50,267 bales last
week, and 1877 bales last year.
For the week 7S,349 bales. against
1854 balesS last week, and 64,645
bales last year.
Today's receits at New Orleans We're
1920 bales. against 1850 bales last
year, and at Houston 1887 bales,
against 2.S06 bales last year.
New YORK. Mar li-Cotion spot steady
20 points higher, middling uplands q
nliddling gulf 81 sales ...... Futures opened