The Birmingham age-herald., 1908-04-26
COTTON MARKET
 ABOUT UNCHANGED. Prices Opened Higher Showing
 Good UndertOne FAITH IN COTTON LACKING Conditions Indicate That Demand Is Certain To Increase, But Bears
 Will Not Yet Allow An
 Advance.
FAITH IN COTTON LACKING

New York, April 25-The cotton mar ket opened firm at an advance of to Il points on better cables than due and reports of severe storms in the south. At first there was some hesitation, but the market showed a pretty good under tone on covering and during the middle of the morning sold about 10 to Il points ret higher the active months with offerings light and business quiet. New Orleans paid little attention to storm news, selling off after a high opening but bears showed a tendency to go eau tiously for over the weekend
 Once on q time faith in the future of cotton was an asset to be fostered. de- veloped and realized upon. Nowadays, 1t appears to be liability of the first mag nitude, which farseeing men prefer to avoid. Thus it is that long interests in the May delivery holds out no attrac- tions because the kinds of cotton which nobody wants but which will pass on ten der are easily obtainabIe at large con sessions. The one sustaining factor all along has been the relative difficulty ex- perienced by merchants in securing white cotton with which to fill their engage ments.
 Heavy premiums demanoed for such cot ton have driven many a merchant to take up lower than contracted for grades and assume the risk incident to arbitration Others, taking advantage of the spnners' desire to curtail as far as possible the amount of cash tied up in stocks of spot cotton, have secured cancellation of or ders. There is still some of this business outstanding which, encountering scant of- ferings, is by the popular mind magnified many fold. There is also a genuine prob- ability that many a mill will urgently require additional supplies before Septem- Der 1, but in the absence of some serious setback to the new crop there is little likelihood that such buying will be of a more important character than that inn pelled by the present day hand-to-mouth policy.
 Following this line of thought to it's log ical conclusion, it becomes extremely diff ficult to locate any tangible inspiration for spot cotton strength in the event out standing loans on withheld and unhedged bales necessitate partial repayment be- cause of Appreciated value, or in the event freer selling of spot cotton should follow favorable new crop prospects, the need for new crop expense money or clearer conception on the part of the farmer of the fundamental wrongs placed upon him by those laws which, enacted at the request of his leaders, place ban upon free development, the basis of Amer ican prosperity.
 Denial of the right of contract, and of the benefits that should accrue to all cot ton market interests from the modern and most perfectly developed system of busi- ness the world has yet devised is a more than passing serious matter, be- cause few extremists in the south failed to display a little common judgment and horse sense when they made the mistake of applying to the legitimate cotton mar ket prohibitive laws which should have been applied to bucketshops only.
 Receipts at the ports today, 1901 bales, against 97S2 last week and 6333 last year, For the week, 60,000 bales, against 5S,- 757 last week and 73,0Sl last year. To- days receipts at New Orleans, 1570 against 1882 last year, and at Houston, 1475J against 1440 last year.