The Birmingham age-herald., 1908-05-10
COTTON REGAINS
 SOME LOST VALUES Liverpool Figures Are Much
 Higher Than Expected SHORTS IN GREAT DANGER Bad Weather Has Had a BuIIish Ef- feet on the Market and Prices Are
 Also Boosted By Demands
 of the Spinners.
SHORTS IN GREAT DANGER

New York, May 9.-The cotton market opened firm at an advance of S6D12 points in response to cables. During the early session prices eased off to about to closing figures of last night under local pressure and liquidation promoted by good weather and the smaller decrease In the visible supply of American than last year. but later there was another rallying on covering and buying by strong interests with prices during the middle of the morning about points net higher The outlook was said to be for cloudy or showery weather in central and western sections.
 Crop-delaying weather working in con- junction with persistent absorption by the actual cotton trade, has undoubtedly stressed the danger in which the specu- lative short seller has placed himself by inspiring the development of impor- tant questions which until recently were quite overlooked because of the favorable character of then existing climate con ditions. The strong statistical position of cotton has existed all along. but at times trade depression, at the worst tempo rary, and the promise of an early new crop, spread overeonfidence among both the consumers and the bear underwrit- CTS. The awakening came few days ago. when the talent began to realize that the markets undercurrent had be- gun to undergo a potential change, and since then a greater degree of caution has been in evidence.
 The logic on the bull side starts with the fact that the Liverpool stock is rela- lively small. Recently heavy inroads have been made upon it, yesterday 20,0O0 bales having been sold on the spot in the English market. As long ago as December the talent realized the neces- sity of drawing much additional cotton to Liverpool in advance of next falls normal large movement. The crops early start soon created the impression that a goodly percentage of such sup plies might ultimately come from an ab- normally early movement, and specu- lative sellers soon begun to discount the prospect. Meanwhile consumers abroad co-operated by drawing upon their re- serve stocks of raw cotton in order to
 
 long as possible, the idea being that the south, already having felt the brunt of the crop burden, would soon begin the placing of distressed cotton on the market. But no distressed cotton came out The weather turned bad. Low temperatures consistently retarded the growth. Some shorts" covered their obligations. Others, counting on re- turn of god weather, awaited develop ments
 Simultaneously the spinning trade, par ticularly in Europe, has begun to fear an actual cotton squeeze before the new crop begins to move, and the buying of spots for such accounts exercises an in- fluence against the bear that had not been looked for so soon. Through it all, however, bull specuators have supplied only a minimum of support, therefore the less keen bear operator has evidenced less apprehension and urgent desire for safety than would otherwise have been the case.
 The market closed steady with prices net 12@16 points higher.
 Receipts at the ports today, s606 against 13,633 last week, and 11,540 last year. For the week. 55,O0O, against 59,153 last week, and 59,994 last year. Today's receipts at New Orleans, 3562, against 3o09 last year, and at Houston. 214, against 1195 last year.
 Nem Nork Cotton Eltures