The Birmingham age-herald., 1909-04-09
SPECULATION IN
 COTTON IS LIVELY Advance In Prices Is Substan-
 tiaI and Holds Well GOOD SUPPORT EVIDENT Realizing at the Opening Causes Some Decline, But Rapid Recovery Fol-
 lows and the Close Is
 Much Higher.
 
GOOD SUPPORT EVIDEN I

New York, April S.-speculauon has taken wider sweep. The outside public manifests more interest in 1t and prices have risen to the highest level of the sea- son. The example of wheat and stock traders has been in a sense infectious The rise in grain and stocks has whetted the appetite of cotton operators large and small everywhere. The most popular ar- gument for higher prices Is the dry weather in Texas. They look for & poor season in that great state. some going so far as to maintain that there is mo pos sibility of a great Texas crop nor of a maximum yield in Louisiana and Missis- sippi. They assert that a large decrease In Texas need excite no surprise. The statistical position is gradually growing stronger. The remaining supplies are be- lieved to be in strong hands.
 In cotton peculiar conditions prevail. This country raises about 80 per cent of the worlds supply. Therefore 1t has al- most monopoly of the worlds cotton culture. If the crop should decrease ma terially, say million bales or so, the in- evitable effect. it is believed, would be
 
 counts even remote conditions, and the speculative world today believes either that there will be some decrease in the next cotton crop or else that the outlook is shrouded In sufficient doubt as to war rant purchasing for an advance, especial ly as 1t looks for better times in 1909 and for some years to come
 On the other hand, some experienced ob- servers emphasize big supplies, visible and invisible. in Europe, and think there is still time for Texas to catch up and for a good-sized crop to be raised. especially as the general outlook east of the Mis- sissippi is believed to be favorable.
 The actual improvement in general trade Is as yet slow and some think that the country is still suffering more from the panic of 1907 than the generality of business men are willing to admit But 1 if one takes the concensus of opinion in the cotton trade, it is to the effect that the trade outlook is hopeful, while it is by no means certain that 8 crop of the requisite size is going to be raised.
 After early irregularity the market be- came very firm, making new high records for the season on aggressive bull support and covering with the close firm at a net advance of Il to r points,
 The market opened steady at a decline of points to an advance of 1 poiRt under the conflicting influence of better cables than expected, and reports of beneficial rains in Texas.
 There was considerable realizing at the start and shortly after the opening the active months sold at about l to points net lower, but the decline was quickly checked by support from local and Chi cago bulls, and after receipt of the off cial forecast indicating that the precipl- tation reported by the early map was to be followed by clear weather in Texas the whole market became very firm.
 May hero sold at 9.95c and October at 9.75c. with the close only 2 or points off from the top. The local and New Orleans markets will remain closed from Friday until Monday morning, while Liverpool will be closed until Tuesday morning. Southern spot markets were unchanged to 1-16c higher.
 Receipts at the ports today. 13,s55 bales, against 11,711 last week and 10,l0a last year. For the week, 5000 bales, against 97.651 last week and 99S9s last year. To- days receipts at New Orleans. 1059 bales. against 8878 last year, and at Houston, 1883 bales, against 3003 last year
 New York Cotton Futures.