The Birmingham age-herald., 1909-01-09
COTTON IS FIRM
 DURING THE WEEK
Gains Are Made In Spite of
 Heavy Movement
NET ADVANCE IS SCORED
Trade for the Day Is Active and Bull Support Is a Factor In Advancing Prices, Combined With Bet
 ter Trade Outlook.

New York, January S.-Quite as dis- tinctlv as at any time for weeks past the firmness of the cotton market has stood out as it's dominant trait. And this firmness is traceable, not to specu- latIon, which aside from Wall streets persistent buying, is remarkably small, but to an enormous absorption or cotton by the mills of the world.
 The movement of cotton into sight thus far this season, it is true, is roughly 2.1OO GOO bales larger than during the same time last year, but on the other 1and spinners takings are about 100000 larger than during a like period last season. Ah- cidentally, it may be observed that the exports thus far have exceeded the totai for the same time in 1907-0S by f2o,OOO bales; speculation, sluggish outside or Wall street, and under the ban at the south, may for the most part disregard the opinion of stock exchange houses that "cotton is the cheapest thing in the list. But spinners do not. Some of them are sold ahead to next winter some, in- deed. are sold so well ahead that they are buying October at the current discount of about $1.50 bale, thereby getting even cheaper cotton than they can for earlier delivery and also saving carrying charges. Others are buying with avidity at the south. Furthermore, prices for the actual cotton are firm.
 Futures do not advance much, but ef- forts during the past week to depress their value have been futile. There has actually been a moderate net advance. The big spnners takings, the big con sumption in a word, is the sheet-anchor of the market. Even the pool is dropping it's skepticism as it notes the recent large increases in it's spot sales-at times l2,OO0 to 15 600 bales a day-and the more cheer ful trade reports from Manchester CO., incident with the rapidly rising price of silver and apparently more settled con ditions in India Cotton Is considered cheap by almost everybody. This with the big consumption Is the secret of the caution with which bears approach the market Middling upland cotton here Is only 9Ac per pound. Cotton for the most part lacks speculative support, aside rom what 1t gets from Wall street. The market was more active and con- siderably firmer today on covering and bull support with the close very steady at a net advance of to 15 points. Sales were estimated at 275,OO0 bales. The mar ket opened firm at an advance of to | points, in response to higher cables. but room traders sold quite freely, causing reaction of 8 to 4 points right after the call It seemed, however, that some of the larger shorts were covering, and while there were indications of realizing by the leading spot interest the market l steadied up during the middle session i and ruled practically firm in the late trad l ing when March and May sold at 9.12c | or II to 12 points net higher. The close
 was practically the best price of the 1 week.
 Southern spot markets, as reflected by
 the official quotations, which were un-
 changed to 1sc higher, continued talk of
 improved trade conditions and smaller receipts were factors in the advance.
 Receipts at the port today, 63,094 bales, against 1S,756 last week, and 43,545 last | year.
 For the week, 240,OO0 bales, against 29o.- 762 last week, 3O3 945 last year
 1 Today's receipts at New Orleans l0,4SS 1 bales, against 763S last year, and at Hous- ton, 9374 bales, against 10,i1o last year. l New York, January S.-The follow ing statistics on the movement of cot | ton for the week ending January were compiled by the New York cotton ex-
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