The Birmingham age-herald. [volume] (Birmingham, Ala.) 1902-1950, 1909-10-17
COTTON IS STILL
ON THE UP GRADE
Fourteen Cent Mark Has Al
ready Been Touched
ALL REPORTS ARE BULLISH
New York and Chicago Brokers Are
Buying and Speculation Is On
Broader Lines With the
Bull Side Favored.
ALL REPORTS ARE BULLISH

New York. October 16.-Prices OF cotton
have advanced under the stimulus of big
and broadening speculation Killing frosts
in half dozen states have whipped 1t
into greater activity than has been seen
for some time. Also exports have been
very large this season, being more than
half of the quantity brought into sight
counting the quantity on shipboard and
northern spinners, who have hitherto
for the most part been doubling
Thomases on the subject of a small crop
and impending high prices, have, accord
ing to many reports, been more anxious
Of late TO buy. Temperatures as low as
Is to 80 degrees have been officially re-
ported in the big Memphis district, and
in Alabama there have been copious rains
on top of frost Bulls think such condi-
tons have put the quietus on growth.
James A. Patten, Frank 3. Hayne, Eu-
gene Scales and William P. Brown, with
various outside interests including people
In the tobacco and metal trades and
waldorf Astoria group, have been buying.
Many Chicago operators have recently
neglected wheat for cotton. Some reports
are to the effect that ginneries are al
ready closing for lack OF cotton.
Spot markets have been advancing I'M
der the stimulus of a better demand At
Fall River print cloths have advanced
1sc and some other cotton fabrics have
also risen. Yarn quotations at Boston
and Philadelphia have been higher. 1t is
true on the other hand that the receipts
at the ports continue higher. There is a
powerful incentive to market cotton rap
idly with prices over $40 bale higher
than they were year ago. Some advices
from the south are that frost damage
has been exaggerated. Spot sales in Liv-
erpool decreased.
Bears insist that consumption will be
greatly reduced by existing prices, that
the crop is being underestimate and
speculation unwisely stimulated. The
stock is steadily gaining. The short in
terest has been largely reduced of late.
and 1t is believed certain operators who
have vigorously attacked the market
from time to time during the last few
months are only awaiting an opportunity
to repeat their tactics of the past which
for a time at least were successful in
bringing about such rapid downward re-
action.
Heavy realizing of profits has taken
place, the south Is selling heavily after
a hedge against actual cotton, Liverpool
is SelHng freely 10 undo slrduules' anu
as already intimated some important In
terests are opposed to an advance, to say
nothing of the generality of spinners. But
the south Us evidently in funds and indie
pendent. 1t has already marketed about
$500 600 bales of cotton, 1t is computed,
and probably got something like 500, 100000
for It,
Three years ago the cotton crop of the
south sold for $716,0o0.oo0, and although
the present yield Is believed by many to
be small. prices have risen to such a
point that 1t need occasion little surprise
IL the yield should sell at we'll over $780,,
100000 this year The bull side in cotton
Is still the popular one.