The Birmingham age-herald., 1909-05-01
WEEKLY REVIEW OF
 COTTON MARKET

New York, April 30.-Prices of cot
 ton,. after some irregularity have lat terly advanced under the stimulus of
 renewed activity on the part of bull speculators in Chicago and the west
 generally,f in Wall street and at the
 south. Liverpool also has bought. The outside public seems to be attracted to cotton. People believe cotton Is a purchase because they think the sea son is one to three weeks late and that the chances are against a big yield this year, unless conditions from now on are exceptionally favorable.
 General trade is gradually improv-
 ing and bulls think cotton is bound to share in the improvement
 They think the chances point to a moderate or small crop while there is
 a reasonable certainty of a big con sumption. In the last four years crops of 13,500,00 bales and above have been
 succeeded by crops 2,000,O0O to 2200,-
 900 bales smaller Why not this year?
 reason the Ibulls. Now and then it is
 true two big crops come together. That was the case in the seasons of 1S9708 and 1S9S-99 when what were then the high record yields of 11,200,000 bales,
 or over, were raised. But the crop of
 190405 of 13,565,000 bales was fol- lowed the next year by one of only H.,
 345,000 bales. Similarly the crop of 1906-07 of 13,511,000 bales was suc-
 ceeded by one of only 11,571 000 bales.
 This, in turn, was succeeded in the present season by one which is ordi-
 narily calculated to be 13,500,000 bales or whereabouts. The question arises: Is the experience of 19O7-0S and that of
 19O5-O6 with their crops of Il ,345,000 to 11,571 900 following yields of 13,500,- 900 and above, to be repeated this sea- ] son? The answer to that question may
 mean hundreds of millions to the
 south.
 Meantime, although the receipts are large, it is assumed that this merely
 indicates recent large buying at the south. An estimate on the acreage puts it at 8 per cent less than that of last year. At this time the concensus of opinion is that whether on account of bad start or of expected ravages by boil weevil, or from cutting down
 of the area on account of the tempt
 ing prices for grain the present acreage will be somewhat curtailed. One re- port puts the reduction at 16 per cent in Louisiana 10 per cent in Oklahoma,
 per cent in Arkansas; per cent in
 Mississippi. and per cent in South Carolina, Georgia and Alabama. More over mill stocks in Europe are re-
  all that could be desired. For that
 matter, although the yarn business in this country has somewhat improved the revival of trade in most cotton fabrics though it has made some prog ] ress. is rather slower than had been l expected. Texas has yet time to re- ] trieve the lateness of the season. The
 eastern gulf states, which at one time 1 had rather too much rain, have lat 1 terly been favored by fine weather. i The big movement into sight has also | surprised a good many. Spot trade at , the south at times has shown lull ] and the same may be said of Liverpool.
 But taken all in all the statistical and 1 trade situation is considered by many
 to be of the kind to favor transactions 1 for a rise and speculation has within | a few days broadened perceptibly. The 1 National Ginners' association estima tes
 a reduction in the acreage of 6 per l cent.