The Birmingham age-herald., 1908-05-24
GREAT GAINS MADE
 IN COTTON PRICES Foreign Spot Markets Show Much More Strength STOCKS INCREASING FAST Mills Are Running Short Both on the Continent and In America and
 the Growing Crop Is Not
 of the Best.
STOCKS INCREASING FAST

New York, May 2S-Cotton opened at an advance of 13 to 16 points and during the early session went up to a net gain of r to 20 points on covering by yester- days sellers and Wall street support Buying motives included firm cables, bull fish statistics, rains in the western belt decreasing stocks available for delivery on contract and reports of an improvement in the dry goods trade. Business was moderately active.
 The seat of the worlds spot cotton strength has shifted from Liverpool to America and in consequence, the proof positive which developed yesterday of the more or less urgent character of home mill demand stressed the ever present danger of famine conditions in the event active quest for prompt shipment shall start up in advance of d now prospective late new crop movement. The mist of un- certainty which envelops the general stu- atlon is not so much the result of complex conditions as of mistaken standards. Financial stress, trade retrenchment, political contention and disjonted parties have warped the judgment of many men. The period of logical duration has there by been magnified rather than minmized. Coincident herewith absence of bull spec ulative endeavor, largely the result of un- commercial legsla ton, has been inter preted as inherent timidity born of the .sar of price decline. Again, the Rings have failed utterly to take into account the changed environment surrounding the cotton bale held in original hands and have. made no effort to discount the fact that the farmer now bargains with the buyer of his cotton in place of accepting the dictum of the future market in the determination of the basis upon which actual cotton transactions are made. Thus, earity troubles, les common in otner days are too common now for the general comfort and lead men to misjudge the significance of everyday market factors which would be accepted at their true worth were the professional mind not handicapped by the promptings of prece- dent and the dogmas of days that are gone.
 Yesterday there was unmistakable evl- dence of spinning trade revival, as there was or very lnSlSlent anu conceSSloli granting demand for actual cotton from mills which, during many weeks have not been in the market for supplies The de- | rnand for Liverpool account, positively prospective in the minds of the conserva- tive traders, has not developed on the i'm portant scale as yet. Such a demand il 1t encounter active buying for American | mill account at the end of d small croL year and in advance of, a new crop of un- known proportions, but sure to begin nov ing later than has been counted on until recently, can not fall to reawaken the south to the fact the seasons price has fallen well below the expected average, that turn about is usually looked upon as fair play, and that the requirement. of the world In relation to the available supply may render bulish endeavor before Sep tember 1 peculiarly attractive.
 The market closed with prices steady, net 13 to 19 points higher.
 Receipts at the ports today, 12,053 bales, against 9362 last week and 7l07 last year. For the week 5000 bales, against 53,229 last week and 55,229 last year. Today $ receipts at New Orleans 2610 bales against 1427 last year, and at Houston 591 against 17S2 last year.
 Futures opened firm and closed steady