The Birmingham age-herald., 1910-01-16
COTTON PRICES
 SHOW RECOVERY Opening Is At Big Advance and
 This Is Held Well PRICES ADVANCE EASILY Cotton Market Closes Very Panlcky Week and the Total Losses From Bear Raids Amount to Over
 200 Points.
PRICES ADVANCE EASILY

New Orleans. January 15.-Spots steady, unchanged; middling. 15c. Sales, on the spot. 150; to arrive 400
 Futures opened steady at an advance of 45 to 50 points on the old crops on the New York market to react. The market was steady during the greater part of the short session, with good demand from realizing shorts, who wanted to tighten their holdings over the week. end. Some little buying for long account was in evidence. but the buying power from this source alone would not have been sufficient to support the market. Around the middle of the morning there was a short season of long liquidation and prices sagged 17 to IS points from the opening levels. Toward the end of the session prices strengthened again and were sent up to level 6S to TO points above yesterdays closing. The closing was steady at a net advance of b7 to be points on the old crops. October at the highest stood % points over yesterdays close and finished 22 points over.
 This week will go down in the history of the cotton market as one of the most pancky weeks ever known. On the open ing Monday there was an advance of a dollar a bale on the very bullish census report, but before the session was over there was a sensational drop of over 100 points on the more active positions and the remainder of the week was pune tuated with similar slumps. Tn between the breaks were wide recoverfes so that while from the highest to the lowest of the week there was a range of 22S to PAT points, the net loss for the week, on the old crops, was only 135 points on March, 142 points on May and IA points on July. The new crop positions were not affected by the trading so much as were the old crops and October closed for the week at net decline of only 66 points.
 The slumps were due to bearish aggres- siveness in carrying out well laid plans to shake out the immense long interest which the market held as the result of the long-continued bull campaign. On Monday, when the market advanced on the ginners' report, the bears seized upon the hard spot as the ideal opportunity for starting their operations. The gossip of the market was that one well-known out slider, who formerly lived in New Orleans but now makes his home In the Waldorf Astoria in New York, sold short 5000
 
 checking the advance and causing wild decline. Both May and July fell 116 points. A rapid recovery followed on Tuesday morning, but another slump was seen before the session was over. Wednes- day saw another break of half a cent a pound and so did Thursday, with recov- cries In between. Friday was the widest day of the week, because on that day the largest line of long cotton in the mar ket. that carried by a well-known Shreve- port operator. was thrown overheard. From the highest to the lowest on Fri day there was a decrease of 118 points in the price of May, the weakest de- livery The closing session of the week saw a recovery from the lowest levels of a little over half a cent, but this was due chiefly to profit-tahing by shorts. At the lowest of the week the market stood just about cents pound under the highest levels of the season, reached just ! before the close of last year, This drop f. of SIS a bale was sufficiently wide to wipe out the paper profits of the ma jority Of even the strongest entrenched bulls in the market
 In the spot market there was little bus mess doing and prices did not follow futures, middling closing at 15 cents, a net loss Of three-quarters Of cent for the week. Sales on the spot amounted to 2535 bales, against 34Ss last week; sales to arrive totaled 21o0 bales, against 1900 last week.