The Montgomery advertiser., 1909-08-28
COTTON REVIEW.

"
New York. Aug. 27.-Tor one cause or
another, the drift of cotton prices most
OF the time has been upward. Many of
ahe crop reports have been unfavor-
dry hot weather. Some crop guesses
from that State are very much smaller
than they were recently. Excessive
sheddins supp TO- ae 20 have caused much
shedding is said to be general, owing
to hot dry weather and there, as in
many other sections. the plant is said
NOR that the National Dinners report
VIII put the general condition at only
81 per cent has had some effect. It
was n line with a very general ex-
port now so near at hand. will BIO bull
ish. That 1t will show some decline
from the August condition OF 7l.9 per
cent Is taken for granted. Last year
cent on crop of. say, 13.OO0, 900 bales
Il,s55;ooo bales: In 1906. September
Bales H 7s 1885, ssnt on %ean 1s
cent resulted in 1886 600 in 1893 and
1900, 1t was $50 to 68.5, and 1t fore
told , crroP failure In each case; that
1902. it was down to 81 per cent, with
yield of 1928, 900 bales of an area
Of 24.275.oo0 to 27.114,o00 acres for these
three years. as against a present area
acres. TIE average September condi-
tons for ten years is 1916 per cent
and this year. 1t may fall well below
70. The question Is whether such a
counted in the present price. Opinions
on this vital point are, as may be i'm
agined, Numerically opposed. Trade
continues to improve. Reports from
some cases very cheerful. Calcutta
business Is said to be better. Russia's
purchase of yarns, according to some
eSvnry are are so aas sDnns bs In s
somewhat more freely. Large spot in
terests have been buying. SO have
Wall Street. Chicago and Southern
houses. The New York stock is stead
Of time when 1t will have-vto be re-
plenished IL New York Is to have any
sort Of basis for its trading in "fu-
spinners' takings and shrinkage in
worlds stocks are bullish.
Receipts at the ports and interior
s towns ,t LOOK small enough BY ;SSomPar
ply OF all kinds of cotton in the world
Is approximately $4,000 bales smaller
than at this time in 1907. the year 1t
would seem, with which comparisons
the crop was 1875, 900 bales, following
one of 1s.611,0O0, and many people be-
lieye that a yield Of somewhat SINH
AdA SIG 10 6A1 bAAI Cah Uc SApcCtNu
year. However this may be, II has
recently been found impossible to de-
press the price to the 12-cent level. to
say nothing of IL 1-2c. which some of
the bears predicted for the past week,
with lie or less as the ultimate objec
tive point. On the other hand. spec
ulation has Jagged. A creeping ad-
vance has been due more to profess
sional covering and manipulation than
anything else. 1t is still insisted by
some that Texas's crop will be soNarge
as to surprise the pessimtsts.
The rains and cooler weather have
improved the prospects in that State.
Spinners are still in the main pursu
ing a cautious policy. Some reports
are that Improvement In European
trade is exaggerated, that. in reality,
1t is still far from satisfactory. Rumors
Of increased trade with China have
not been fully confirmed. In this
country conservatism is still the dom
tnant note. despite some admitted in
crease in general trade. especially in
iron and steel. Many cotton mills at
home and abroad are believed to be
carrying good supplies of the raw ma
terial.
The visible supply Is comparatively