The Birmingham age-herald., 1908-12-25
COTTON MARKET
 AGAIN ADVAN CES Resistance to Downward Trend
 Is Very Evident
BRITISH MILLS ARE SHORT
Reports Have Been Sent Out That Trade Is Poor In England, But This Seems to Have Been
 a Mere Bluff.

New York, December 24.-The fear that the tide in cotton has turned and the cer- tainty that the market has latterly shown a rather ominous resistance to pressure has caused sharp and rapid covering of the short obligations, partly for local ae- count, partly 1t is supposed, for south ern account, and with it some advance in prices.
 Some of the spot interests have been plainly inimoal to an advance, and Liv- erpool continues to send reports of poor trade, yet il appears that British mills, by their own admission, have made av- craze profits during the year of no less than 16 per cent as was publicly an nounced on Wednesday, It is conceded that the British trade has not been sup plying itself so literally with cotton as have the mills of America, and the cont- nent of Europe Some of the more cyn- ical bulls are asking whether there is any connection between British reports of poor trade and the fact that British mills are not so well supplied with raw cotton as some of their competitors.
 In the meantime, southern hedges have had Jess effect here than recently and though the December premium over Jan uary fell the other day to B points. it aft- erward ran up to 42 in spite of daily in- crease in the stock here latterly of over coco bales. It seems to be conceded that the deliveries on January contracts which may be made on December 31 are likely to be very large. The fortifying factors in the situation, the things which bulls are never tired of emphasizing, are the enormous spinners' takings and the fact that the price is cheap. At any rate, it Is BIO a bale cheaper than it was a year ago. It is believed, too, that the crest of the big wave of receipts at the south is past and that they will not gradually decrease. The decreased ar rivals at Houston and other interior towns are regarded as giving color to this belief.
 Bears think that the latest ginning re- port makes 1t plain enough that big re- serve stocks will be carried over to next season, that the crop is anywhere from 1s,50o,0O0 to 100000 bales; that tariff agl- tation will interfere with trade which Is therefore not likely to revive in the near future, and that ultimately prices must decline. Bulls think 13,O0O,NO bales of American cotton will be wanted by the world, and that higher prices are certain especially as the short interest is very large. December shorts had disagree able surprise in the sudden advance on Thursday in spite of the increasing local stock.
 Business for the day in cotton was on the usual narrow pre-holiday scale and fluctuations were slight following an early furry of covering by near month shorts The close was steady at a net advance of to points. Sales were estim ated at 125O0O bales. Receipts at the ports today, 52S6O bales, against 49,952 last week and 34,0O0 last year.
 For the week, S60,000 bales, against 4OS,- 415 last week, and 356. 611 last year. To- days receipts at New Orleans, 12,2S0 bales, against 1922 last year, and at Hous- ton 7470 bales, against S93s last year.