New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1915-10-12
COTTON PRICES
SHOW FAIR GAINS
Bears Flee When Bulls Return
Strong-Market Up Thirty
six Points.

Bulls dominated the cotton market
again yesterday after an absence Of
several days, during which prices
dropped about 20 points from the high
levels of the season. Their re-entrance
into the market on such large and
vigorous scale was an indication that
they believed this big drop had elimi-
mated the weaker longs and had placed
the market once more in a position
where operations for another advance
might be undertaken successfully. AS
a result of their heavy buying, prices
advanced from "a to SO points above
the close of Saturday, or over S1.50
a bale.
The immediate opening gave little in
dication of the sharp advance which
was to follow. Prices were 8 points
lower to l higher, and the undertone
was somewhat irregular, due to the
easier feeling at Liverpool and warm
er weather map with the exception Of
the South Atlantic states. where frosts
were still noted. Offerings were so
well and promptly absorbed, however,
that bear traders realized demand was
coming from more important interests
than shorts. and opposition to the ad-
vancing tendency of the market was
quickly withdrawn, allowing prices TO
rise rapidly. By midday the list was
uD fully 30 points from the lowest of
the forenoon. but demand was not yet
satisfied, and January reached 1884
before there was any important in
crease in the volume of offerings.
From that figure there was a setback
of about 10 points in the early after
noon. followed by another sharp up
turn around 2 o'clock. The impression
seemed to be that the frost of the last
few days had effectually stopped all
growth at least in the northern half
Of the belt and that there would be no
top crop in these sections. Reports
from Georgia said the cold weather
had damaged the grade. 1t was warm
the belt, but the forecast was for
cloudy and colder conditions in the
southwest. with clear and warmer
weather in the east. Private advlces
from Texas said that warm, clear
weather was badly needed in Texas
at the present time, and is desired also
for the balance of the month. Near
the close there was another moderate
selling movement which weakened the
market a little, although final prices
were still % to 80 points net higher,
with the undertone steady. The fact
that the New York market will DE
closed on Tuesday, while New Orleans
and Liverpool viii remain open, doubt
less had something to do with this
tendency to take profits in the late
afternoon. Il was believed that much
will depend upon the weather in the
next few days, especially the cold wave
which is scheduled to follow showery
weather in the Southwest. Another
freeze in Oklahoma at this time would,
it was contended, furnish basis for
a further sharp upturn, otherwise.
trading market within moderate
range was anticipated. According TO
a private wire from Augusta. spinners
were trying to buy spot cotton. but
found nothing for sale except ut much
higher levels, as most of the spot cot
ton was held in strong hands, aided by
the willingness of banks to make
loans on cotton. Another wire from
Georgia predicted only 100000 bales
for the state as an extreme figure, and
said the next ginning would furnish
surprise to the cotton world. Exports
for the day were 65,323 bales. and FOR
the season S67 800 bales, compared
with 1881 1853 two years ago. Southern
spot markets were generally unchanged
to 10 points higher.
Range of prices: &C.,