The Birmingham age-herald. [volume] (Birmingham, Ala.) 1902-1950, 1909-01-01
COTTON MARKET
IN FIRM POSITION
When Decline Is Looked For
An Advance Is Made
RECEIPTS NEVER LARGER
Bears Believe That the Crop viii Be
the Biggest Ever Made, Yet This
Has No Effect In Reduc-
ing Prices.
RECEIPTS NEVER LARGER

New York, December 31.-The weeks
developments tend to bring out in clear
relief the firmness of the position in cot
ton. In spite of obstacles which would
usually have been deemed insurmount-
able, prices have advanced. From pres
ent appearances 1t looks to many as
though there will be a premium for some
time to come on each month as it is
reached. Thus December has been at a
premium of high as AZ points over
January. II has only just crumbled un-
der selling by the December clique. 1t
now seems likely that January will go
to premium over March, though hith-
erto it has been at a discount under
March. January notices" on Thurs
day, for the delivery estimated at 1.J.-
600 bales. though the largest ever known
on single day, strange as it may seem,
so far from having a depressing effect
were actually the signal for an advance.
To many this looks like the handwriting
on the wall. They think it eloquent tes-
timony to the value OF the actual cot.
ton or suggestion of coming events cast.
ing their shadows BEFORE for the behooi
OF those who would sell short
Receipts, though smaller than recently,
have continued relatively large and the
close of the calendar year sees an amount
OF cotton brought into sight never be-
fore equalled. Yet prices have advanced.
Trade has slowed down, as usual at the
close of the year. and there Is some fear
that the discussion of the tariff may
delay business revival in 1909 Specula-
ton, too, has continued narrow 1t is
confined for the most part to professional
operators and some well-known people in
the cotton trade proper. Half dozen
southern states have anti-option legisa-
ton, though protests against it are be-
ginning to be made in Texas and some
other parts of the south.
1t is contended that the elimination
of speculation forces. farmers, spot cot
ton dealers, and a few others to carry
the crop and that the price has suffered
accordingly. However this may be spec
ulation is sluggish and complaints are
becoming louder that the present price
of cotton makes it an Improbable crop.
Finally American and continental spin
ners having bought freely for some time
are supposed to be at least fairly we'll
supplied. The stock at New York in the
meantime has been increasing by leaps
and bounds. The increase during De-
cember is 10000. Bears think the crop
is 13500,000 bales to 100000 bales
Most of the foregoing would ordinarily
look like rather weighty counts in an
indictment of the bulls in cotton before
the jury of the commercial world, but
the fact that the market has risen su-
perior to them all and INDICATED itself
in noticeable advance encourages the
believers In a much greater advance to
come. The firmness of the spot mar
kets, the large exports and the enormous
quantity of cotton taken by spnners are
things on which the bulls lay good deal
of stress. They think that fully $4,000, 900
bales will be wanted and more if possible
will be bought by spinners, owing to
the good quality and the cheapness of
the price, If it continues anything like
It's present figures. Wall street sticks for
the most part to the bull side. Some
Wall street people with extensive south
ern and western connections recently be-
came discouraged and took the short side
for a turn. Their recent covering has
contributed not a little to the support
of the market Other Wall street houses
have bought steadily on any setback in
the prices.
what they consider an unwarrantably low
price, also on a possible decrease In the
next acreage by reason of the invasion of
Louisiana and Mississippi by the boil
weevl. Liverpool, too, has been liquidat-
ing straddles by buying here and selling
across the water. That was another sup
port. Big spot interests have also bought
January notices, involving nearly s6,O0O,-
900, were promptly stopped, mostly by
large Philadelphia spot interests. Man
chester looks more promising.
There was quite an active trade in the
cotton market today with interest CEN
tering on developments in the old crop
impart a generally firm tone to price,
The close was very steady at a net ad-
vance of to points. Sales We're esti-
mated at 100000 bales.
The close was little off from the
top under realizing. 1t was rumored that
the leading January long interest had
not secured as much of the cotton ten
dered as it desired and had been
buyer of contracts during the day. There
was no business of importance in De-
cember.
Receipts at the ports today 1870 bales.
against 1896 last week and 3O520 last
year. For the week 100000 bales, against
365S63 last week and S6l,976- last year.
Today's receipts at New Orleans 16,S47
bales, against 1862 last year. and at HotIs-
ton JOB bales against 924s last year.