The Birmingham age-herald., 1909-06-19
THIS YEAR IS BULL
 YEAR FOR COTTON
Prices Have Made Some Ad-
 vance During the Week
BULLS ARE CONFIDENT
Bears Try to Argue That Crop Out look Is Favorable But the Trade Is of the Opinion That
 Prices Will Be Higher.

New York June 1S.-Although the big, decline in the stock market of late has been something of a damper for cotton the spirit of this market during the week has been on the whole firm. Prices have made a net advance. It is a matter of general remark that very heavy liquida- tion attributed variously to Patten, Liv- ermore or Price has had comparatively little effect on prices, and even that only temporary. The reason for this resist ance in the market is to be found in the widespread conviction that this is to be bull year in cotton. The weather has been generally favorable for the crop but the American public is apparently in no mood to selling anything short this year. The years 1907 and 1908 were considered liquidating years. People sold out what they had Merchants bought from hand to hand. But the year 1909 and for some years to come are expected by the bulls in cotton to be years of buying, years of more courageous stocking up with all kinds of merchandise to meet the expand ing conditions of trade. They argue that the immense increase in the production of gold in the last 20 years has had It's ele- vating effect on the price of all kinds of commodities, and must inevitably affect those for cotton as we'll
 The south, they argue, is more prosper ous and can hold its cotton, not being compelled as in old times to sell the crop as soon as it is picked. The tariff, they think, will soon be out of the way. The big strides in the iron and steel business they consider to be the herald of what is coming in cotton manufactures That means, they think, a record breaking con- sumption of raw cotton this year. The crop had late start, and they contend that there is only a remote possibility of an adequate yield being produced. Crop reports just now are in the main favor able, but June, the bulls contend, Is likely to be favorable, and often is a deceptive month. They think July and August will reveal the real weakness of the plant, es- pecially should there be a period of drought or of excessive rains during those months.
 Fall River has been doing large busi- ness. Last week 1t sold 625 600 packages of goods. The receipts at the ports have latterly decreased. Visible stocks are falling off more rapidly than they were year ago. The New York stock is beginning to decrease. But on the other hand speculation has noticeably Tagged. Eastern and southern mills are not, as a rule, buying the actual cotton at all free ly. The short interest has been fright ened out of the market. That deprives it of natural prop. There has been a rise since the beginning of the movement of about or cents a pound, although it is yet to be proved that the crop is going to fall below requirements. Bears call the whole thing artificial, not to say ab- surd and dangerous. But bull sentiment Is nevertheless the governing impulse, both at home and abroad. General trade Is steadily increasing, and prosperity is be- lieved to be returning. Meantime, it is @ weather market