The age-herald., 1901-03-01
LOCAL REVIEW OF
 COTTON MARKET
Bulls and Bears Still Guessing
 1t the Crop
ESTIMATES VARY WIDELY
Changed Conditions That are Appar- ently Lost Sight of-Birmingham Receipts Deerease-Flgurlne
 On Next Years Crop.

Since the Age-H Herald reviewed the cot ton market on the first of February the price has declined, but the estimates of the crop remain about the same. month ago good middling was worth, in Br- mingham, 91a6e9A cents. Last week 1t had declined to SAGSB cents. This week 1t has been bringing cents.
 As for crop estimates, they are as wide apart now as they were on the first of February. Nell insists on a crop of only 9,750. 900 baes. Extreme bears figure on a crop of 1o,5oo,o 600 bales, while conserve tive statisticians think tne government estimate of 1o,1oo,0 0oo is about right. The average guess of the Liverpool Cotton Exchange is 10, 300 ooo and the average Of the New York exhange Is 10,076,0o bales.
 The port stocks are light for this time of the year, while the interior stocks are very large. These two facts confuse the statistical situation, but they should not do so For several years past the interior stocks have been increasing and hnYe been showing larger and larger totals at this season The port stocks have been growing smaller at this season. The req
 
 years ago interior banks lacked the money to advance on cotton, and the h. surance companies were not prepared to take large risks at interior points. Cot ton had to be rushed to the ports where the money and the insurance were walt ing. Gradually the banking facilities in the interior have improved and today Houston, Palestine, Tex. Little Rock, Memphis, Nashville, Montgomery, Selma, Opelika, Atlanta, Augusta, Macon Rome, Columbus and other counted towns have ample banking capital and insur- ance for cotton.
 Not only is this true of the "counted' class but "uncountcd' points like Bir- mingham, Decatur, Florence, Tupelo' Miss. Grenada, Miss; Carrolton. Ga, ana Fort Valley, Ga, offer equally good facil- tiles for handling and holding stocks, and thus 1t comes to pass that the interior stocks play large part in crop statistics as compared with a minor part @ fe" years ago, albeit statisticans have not yet come to appreciate the fact.
 Another fact of importance is this: The increased consumption of Southern mills Formerly all the cotton had to be snip ned either to New England or to England and had to seek a port soon or late NO" the Southern mills are large consumers and interior stocks are held until the nearby buyers can be heard from
 Tho bulls arc encouraged by the small mort stocks at this time and the bears are figuring on the large interior stocks y,,iaS realize the changed conditions that have been gradually coming about.
 There Is a brisk movement or rertilz- CTS and blows, and there is every inoi- cation of a large acreage this spring. It Is not likely, however that It VIII pc much larger than last year The worio can use a 11,5o0, 900 crop A 12OOo'oO crop would perhaps be too much. But crop making, even with favorable seasons, has It's imitations and cotton factors say that no matter what the acreage may be, the yield will not exceed eleven ana a half, on account of the limit to the labor supply to say nothing of other linn itations.
 Birrningham's cotton receipts have been light this month, and the total vol ume handled by the two congresses here this season will probably not go over 3D. 900 bales. It was nearly eO0Oo last year and 11b, ,0oO in the big crop year. For the current year up to the close of business yesterday, the total receipts were eS03o bales, which shows a falling off of nearly 5000 bales, as compared with the same period in 1900.
 When the compress business was start ed here the first years receipts by rail were less than 5000 bales. Today Birming- ham has grown to be an important mar ket and draws cotton from a radius of 125 miles; from as far west as York, near the Mississippi line. The cotton that comes from York passes two compress points to get here. A 11,60oooo crop next season will mean 12o,oOo or 125, 900 bales for Birmingham.
 Nearly all the wagon cotton tributary to Birmingham has been marketed not more than two thousand or twenty-five hundred bales being held back