The Montgomery advertiser., 1909-09-11
WEEKLY COTTONsREvIEw.

 New York, Sept. l0--Early in the week new high records were made In the recent upward movement of cotton prices, but Subsequently all the gain established then was relinQuished. The early advance was due to the stimulus of bad crop markets and gradual expanse of bull speculation. Southern bulls were decidedly aggres- sive after several days while Wall Street, the West and Liverpool were also among the early buyers.
 British spinners have recently shown what looked to many like growing nervousness Spot sales at Liverpool bales a days certainly very sugges- tive total.
 Cotton has not thus far been pressed foG sale by the South in the expected large volume, even if the first census report shows that the ginning was larger in Georgia and South Caroline than for the same time last year This increase is ascribed partly Go premature opening of cotton owing to the dry weather and partly to the relatively high prices. At the same time Alabama ginned only half as much as for the sar1e time last year.
 Bad crop reports have been coming in steadily from the Western section of the belt. Some look for very short crop in Texas, Oklahoma and Arkansas as well as in Louisiana and Mississippi while to many the outlook in Alabama appears dubious even al- lowing for the fact that the very small ginning thus far in that State as an- nounced in the first census report is probably to some extent deceptive. The condition of 63.7 per cent for the whole belt as given in the recent bureau report seems to have made a frnn eGnaRiat1X In Europe. Various private reports were in harmony with 1t
 The strength of the Liverpool mar ket was one of the prime factors in the early advance here this week,
 It seems to be very generally con ceded, first, that the crop will be short second, that the consumption will be large. The line of cleavage in current opinion Is on the question whether all the bullish factors have or have not been discounted in the existing price Will the large surplus carried over from the largest crop ever known add enough to an admittedly small crop to produce 8 sufficient or more than suffi- cient supply and thus bring about low CT prices.
 Another question more or less vital Is whether American spinners will hold aloof for lower prices in view of the fact, or asserted fact, that at present prices for raw cotton the manufac- tured goods cannot be made at a profit As the week wore on there was a mark ed increase in selling pressure. Evep the one time heavy buyers in New Or leans showed less disposition to sup port price. Other Southern interets sold heavily, most in the nature Of hedges; Wall Street houses once more went over to the selling side. infiu- enced by the weakness in the stock market, and the bear leaders kept up their hahmmerng. The only support came from Liverpool and from shorts and as a result prices suffered a se- we're setback. So great in fact. as to create a feeling among some that 1t had been overdone.
 On Friday prices were higher for a time because of the firmness in the stock market and on reports of high temperatures and hot winds in the SouthwesI Later the advance was wiped out under liberal offerings by hear leaders in the absence of sup porting orders. october displayed the most strength owing to the limited cotton in the South at prices as low as expected