The Birmingham age-herald., 1909-06-05
OPINION VARIES
 ON COTTON CROP
Bears Believe Bureau Report
 Indicates Big Crop
RAINS NOT FIGURED IN
Bulls Believe That Report Is Not True Index of Condition and That the Crop Has Deteriorated in
 Last Few Days.

New York, June 4-Although irregu- lar the trend of prices in the cotton mar ket has been upward mainly owing to heavy rain in Louisiana, Mississippi, Ala bama, Tennessee and Georgia. giving rise to the belief that reports on the condi- ton of 80 to S2 per cent were offset by rains, in some cases torrential, which have occurred since May 9, the real date of most Of the favorable crop re- ports, which have latterly appeared. It was assumed, too, that however favor able the government report of June might be, allowance in this case would have to be made for the fact that it's data also would come down no later than May 25. In the meantime a good many reports of damage from the central and eastern belt have been received during the last few days,- Prominent New Or leans men have insisted that the north and the east as well as Europe have no conception of the seriousness of the ex- cessive rains in the Mississippi valley and eastward.
 Texas, too, it is insisted, In some parts at least, has been getting too much rain. Receipts moreover have been decreas- ing. Recent heavy liquidation has im- proved the technical position from the speculative point of view and the worlds consumption of American cotton during the coming year is expected to be un- precedentedly large. It seems to be pre- figured by a broadening of trade gener- ally headed by iron and steel.
 On the other hand, however, it is a fact beyond dispute that most of the re- ports on the crop latterly published have been more favorable by 1 to per cent than of the government acreage when the June condition was 797 per cent. Some scout the idea too that there is likely to be any decrease in the acre. age in the south as a whole with prices at their present relatively high level. It is argued that the reduction in the acre. age is often talked of but not often brought about The crop outlook is be- lieved by many to have improved not only in Texas but in most sections east of the Mississippi river A big surplus is likely to be carried over to next sea- son which will have to be added to next seasons supply. Textiles improve with rather disappointing slowness. The big advance in prices in the last few months, it is contended-by scouts, discounts what ever bullish factors there may be in the situation. Spinners are buying as a rule on only moderate scale Liverpool has been selling and so has Wall street, the south and the west. On setbacks, how ever, there has been such a determination among certain people to buy that prices have actually risen during the week in the teeth of some very favorable crop re- ports Chicago, New Orleans and Wall street have at times bought with a free hand July, after selling down close to October, has latterly increased It's pre- mium over October materially. It is ar gued a good June report does not al- ways mean big crop. In 1895 the June condition was 972 and that of July 925 when everybody was expecting a crop of 11,O00,000 bales But a slump in the con dition Tn August to sol and in Sep tember to 64.2 woke everybody up, prices advanced and the crop turned out to be only S,757000 bales. In 1904, however, June condition of S2 and in 1906 a June condition of S4S in each case was the herald of crops of over 13,00O,0 GOO bales.
 Today the government gave the cond- tion as S1.1 pei cent, with a reduction Tn the acreage of A per cent.
 The market was but little affected.