The Birmingham age-herald., 1908-11-22
COTTON HIGHER ON
 GINNERS' REPORT
BuIIiSh Interpretation Is Put
 Upon the Figures
WORLDS DEMAND Is HEAVY
With a Little over e,5oo,ooo Bales Ginned to Date Traders Consider That Prices Are Too
 Low at Present.

New York, November 21-The cotton market opened steady at an advance of to points, and during the first few minutes sold up to a net advance of 12 to IA points with all positions making new high records for the season on a tremend- ously active demand for both accounts The buying was evidently based on the census report showing 9,63O563 bales ginned to November 14, which was under local expectations. After selling at s.35c for December and at 9:13c for May the market reacted under heavy realizing, and during the middle of the morning ruled about to 10 points net higher. Business continued very active at the lower level and the market seemed very nervous.
 Analysis of technical cotton market conditions is the biggest card the bulls can play these days. In the first place, a competent authority has found that the spindles of the world last year con- stunned about 100000 American bales in excess of their takings of American. In the next the size of the Egyptian crop Is playing into the hands of the friends or the staple. In the third, prices are low and trade in manufactured goods is op the mend. In the fourth, old accounts have been settled, old stocks worked off and the shelves of the dealers as well as the warerooms of the manufacturer are ready and waiting for replenshment In the fifth, the individual consumer of cotton cloths, impelled to economy by the selfsame forces that have moved the remainder of the world to retrenchment now needs new shirts and other cotton garments that go to make life comfort able and worth while.
 With these facts in the limelight, logi- cal deducation would apparently indicate worlds takings of American cotton at present values during the season of 19oS-9 of somewhere in the neighborhood of lS,25o,000 bales, to be supplied from crop that may or may not prove large in comparison with other yields. Spin ners takings are and have been on a scale that proves need beyond the shadow of a doubt The movement has been on scale which indicates a large outturn when ancient standards are employed, but which, under the peculiar conditions existing this season, proves nothing. The crop may and probably has been picked. ginned and moved into sight more rapid ly than has ever before been known and owners, evidencing willingness to sell at relatively low prices. manufacturers have not hesitated to take supplies in heavy volume. Nor Is 1t conceivable that they will hold aloof at present prices when they know, as do other people, that cotton is today the cheapest raw com modity on the face of the globe
 At the moment, 1t is impossible to df- ferentiate intelligently as to the causes that are checking the monster move ment.
 Cotton continues to go out of the coun- try at rapid rate, yet exporters, be- cause of old and new world parity dis arrangement, can not now sell fresh ex- port cotton on a profitable basis. The movement has been heavy enough to justify expectation of let-up. The farm CTS have been advised by the tribunal In which they have placed greatest conf- dence to withhold from the market for the time being all cotton they are not compelled to sell
 The market closed weary steady with prices to 12 points net higher Re- ceipts at the ports today 51,s7O bales against 52,021 last week and 62SO4 last year. For the week 400, 900, against 405, ,4s3 last week and 335,S9O last year.
 Today's receipts at New Orleans 92O2 bales, against 1S,459 last year, and at Houston 22,sO9 bales. against 2S93 last year.