The Birmingham age-herald., 1909-09-04
COTTON PRICES
 WILL G0 HIGHER Government Figures on Condi- tien Are Very BuIIish SINNERS IN THE MARKET Bears Are Still Hammering Upon Prices But the Incentive Is
 Lost and the Advance
 WfIi Be Sure.
SINNERS IN THE MARKET

New York, September 3.-A general be- lief that the crop is deteriorating caused an advance at one time. with rather spirited buying by New Orleans, Mem- phis and other interests, even if the spec ulation has continued to be ignored by the general public. Taken as a whole, the trading has been professional. Va rious bullish private reports, giving the condition of the crop at from 64.1 to 6s.7 per cent led the bulk of the cotton trade to look for a government report on Sep- tember of about 65 per cent, as against a 10-year average for September of about 73.6 per cent.
 The report actually gave the condition at e3.7 per cent, against 71.s per cent last month, 76.1 per cent last year, 72.7 per cent in 1907 with a crop of 11,975, GOO bales; T.3 per cent in 1906 with a crop of 13,511,- 900 bales, and 72.1 in 1905 when the crop was 11,34s,o0o bales. Thus it will be seen that the official report exceeded even the most radical in point of bullishness. It is the lowest September condition on record, the nearest approach being GA in 1902.
 A tendency toward some reaction was noticed when January touched 2.5S cents early in the week. According to some bulls crops had been pretty well dis counted. Talk to the effect that short stapled cotton might be sent in consid- erable quantities from Texas for deliv- cry on contracts here had some effect. Also after a rise of about 80 points there was some natural disposition to realize the profits on the eve of the Labor Day holiday. Spinners have not bought heav- fly.
 Bears Are Pessimistic.
 Bears still insist that there is still every Likelihood of a large crop movement in the near future, whatever the actual size of the crop and that the effect on prices can hardly fail to be for the time being at least. depressing.
 According to some advices, the large spinners' tal1ings for the last crop were not all consumed, and the rise in cotton goods has not been commensurate with the advance in the price of the raw material. The last crop was the largest ever known, reaching, according to the New York figures, 13,S17.516 bales. Prob ably the actual yield surplus has been carried over into the new season. This will do much toward making good any deficiency in the present crop.
 Speculation for a rise has received sev- eral severe setbacks this season. The pace during May and June was too rapid to last. It has been a chastened market since the first big slump of s6 a bale. Meantime, however, the consensus of opinion among many experienced cotton people is that ultimately prices are bound to reach a much higher level. While estimates of the crop range from 10,o0o,- 900 to 100000 bales, and the worlds consumption Is estimated at 100000 bales, or over, bears figure in some cases that the surplus carried over from last season will be large enough to give am- pie supply.
 Very Small Gains.
 Following the issuance of the bureau report showing a condition even lower than the most extravagant claims of tho bulls, there was a rise of roundly a dozen points, but at that juncture the stiffest kind of opposition was met and subse- quently the bear crowd raided the mar ket with almost unparalleled ferocity, throwing cotton on the market in such blocks as to more than satisfy the de- mand, and finally causing prices to re- linquish what they had gained
 Late in the week an advance of round- ly 10 points was established on general short covering and buying by New Or leans, Memphis and Liverpool. Wall street houses continued to sell as we'll as the prominent interests who had been identified with the bear drive after the government report. Liverpool was strong CT than expected and sent various stim- ulating cables. It was still hot and dry in the southwest and complaints of drouth were also received from east of the Mis- sissippi. Advices from the south also al- luded to heavy spot sales. Fall River mills were said to be among the buyers.