The sun., 1906-01-19
THE COTTON MARKET.
A sharp Advance on Covering and BullSl
latiOn-Price's Change OF Front.

The trading was on a larger scale and Tie
result was rather sharp advance IN prices.
This was attributed largely to change oi
front by the recent bear leader he an.
nounced that fearing a bullish gnners re.
port lie had deemed it advisable TO cover
a considerab bic portion OF his shorts
New Orleans and Wall Street houses vera
buying Room traders were caught hap
ping-not for the first tim" within the Las.
week or two by any means
Yet at first the market weakened under
what looked like deliberate hamrntrin.
on both sides of the water European houses
we're said to be selling in Liverpool II NcS
York houses did not sell there some peoIC
had their suspicious for nothing There
was some Wall Street selling here for time,
Room traders also sold. ina cining that they
had n chance TO reach stop orders
Later on came the public announcement
by MIR. Price given below. II changed things
in a twinklng. His brokers are understood
TO have sold early. bough. later and sold
still later on the rise.
Nav Orleans bulls are as firmly convinced
as ever of the soundness of their position,
One rumor aflont was to the effect that '.-
amount ginncd from January to January iE
was only $4,000 bales, and the inferenc.
was allowed to be drawn that this would
be substantially the amount reported IN
the census statement next week. II Is men,
toned here merely because il had some
effect on the market and not necessarily
because it is entitled to any credence-
Theodore II. Price said While still nm.
Disturbed in my expectation that the de.
creased demand resulting from high prices
will ultimately lead to substantial decline
in the cotton market, ! feel it due to nv
friends to say that | have to-day covered
n very considerable portion Of my shor.
intnrcst in the market.
to- tItte ion 9 ntTt y a
bad weather throughout large portion of tho
cotton holt. the ginning during me sixteen
dayI sn%ne Gh, gs snd Mhie my Tcrn m %a
exceedingly irregular ard make " dlNlrn'
TO forecast accurately the Government nc.
nres, /, is quite nossible that theynlN show less
thnn 900 OOO bales ginned during the last r"r-
iod which would give us 2 tot al ginned 'lniolha
letl Of January Of very little over $4,000"
tion. i is Undoubtedly below what yany,
posssibly r,es lead 10 revival Of crop estna'as
Of about 10000 ooo bales and a Temporary
though substantial advance. .,-.
induce me to modify this opinion ! VII
promptly SO state.
"Aithoug gh the importance that is ATTACHED
to tho figures is. in my opinion. altogeiher
ont of real proportor to their value. ,hnIt
it may be assumed that the, narket WI nd;
bales Qnned and declin on report indicating
more than q, $50, 900 rinned.
This may seem n little absurd, bnt 'hn IiNa
Of cotton at present is largely matterof s"n''
ment and not of business.
Messrs. Price Mitchell. Howard Wilson,
David Miller. Springs and Randolph ""re
BUYERS. Messrs Norden, Setter. Sedonhur.
and Weld were sellers.
John Muir & Co.. said with mills under
contract as they are the, unprecedented
condition Of the dry goods business The
shortness Of supplies as held, BY, som" splnner'
and the stubhornness with which the southern
planter is holding cotton there s nothing N
MS which looks like lower prices for Con'rar''
in this market in the imnleda" future"
As We have previously stated, II seems that
about the only bars on cotton are thos" "l"
are short of future contracts. dealers WIN
are short Of deliveries Of actual cotton -
spinners and spinners who have contracts
for goods and have not secured tho co''nr
There is very interesting time ahead tor
the above class of operators NJ some ''""
in our opinion not in the vcry distant fu'ur"
Spinners are perfectly willing to TAX cotton
~ ~ cents and have been for the la, >l,"
DAYS We do not remember time Wien ~
nearly all of the cotton mills were IN "u"r7-
tion as AT present.
Cotton on the spot advanced - rn.''s
Middlng. I?.25c.. against 1.2jc. las 1"dr
New Orleans and Gulf. ,".inc.. against -.'N'
No sales. Most Of iha southern sr"i r.n'-
kets were UNCHANGED. New Orleans. II ! -if'
Mobile. II i.c.: Savannah. We" 81, l""'
li';c; SaleS New orleans., ,i.ool Ia' :
Mobile. 600 Savannah. .-,; 81. InuS. I'll
The receipts to-day were aS follows
To dIV. LHSirr,t f''n'r'