The Birmingham age-herald., 1909-04-04
COTTON MARKET
 ON TIE UP GRADE Liverpool Prices Are Higher
 and Cause Upturn OFFERINGS ARE ABSORBED Outlook for the New Crop Gives a Very Bullsh Tone to Prices and Opium
 ism Prevails In Every
 Leading Market.
OFFERINGS ARE ABSORBED

New York, April S.-The cotton mar
 ket opened firm at an advanceSof 10
 points and soon sold to 10 points
 higher on active general buying, bull
 support and covering Higher Liverpool
 cables, bullish weekend figures, more op-
 timistic trade reports and reports of firm
 CT interior holders aided the advance,
 which carried prices to within to 5 points of the high record for the sea-
 son made last January. Realizing was heavy at the advance, but offerings were
 well absorbed and the market continued
 active during the middle of the morning,
 with prices holding up to the best
 Only very light rains have fallen over southwest Texas, where heavy downpours
 have long been needed, consequently such favorable reports as are now becoming
 obtanable from some sections east of the
 Mississippi do not alter the bullishness
 of the new crop outlook in the least. Yes terday's cotton market advanced largely because the demand for actual cotton is
 on the mend at time when rapid deple
 ton of the remnant Is fast developing into
 forced argument against 'short" sales
 at current prices. It is now the opinion of some usually well-informed traders 1 that American needs during the balance of the season will take care of the cotton
 remaining in the country and if this is
 approximately true further exports. which continue on a fairly active scale, must
 inevitably impose hardships on the home
 consumer, who is not yet supplied. With the old crop fading away and practically all hope of an early yield gone, because the banner state of Texas is facing
 small crop conditions, the combination of circumstances confronting the cotton trade certainly favors a price equation that will remove the bargain counter ele
 ment from the purchase value of cotton. Logically, speculation should do this, but | in the absence of speculation, the spot article, through the slow but effective process of elimination, may ultimately be counted on to correct overindulged errors of judgment. The American trade up l lift Is now well under way. Europe, with no war cloud menacing her, should soon begin to enjoy the fruits of bus- ness revival, and within another six months should be sweating prosperity from many pores. If while burdened with industrial depression European mills can absorb about 5200,000 bales, as she has done since September 1, how much cotton can and will the old coun- try absorb In a similar period of good trade times? The answer is, of course, conjectural, but there is nothing illogical l in the assumption that with the new crop | in doubt and all America busy, she would | take just about all the American cotton | available. The discounting of such a pros 1 pect, were home market environment
 correct might again develop general | optimism in the cotton growing states. l The market closed very steady, with
 prices net to 8 points higher.
 Receipts at the ports today. 13,651 bales.
 against 16,21 last week and 14,S19 last 1 year. For the week, 90000 bales, against 97,641 last week and 99,S99 last year. To-
 days receipts at New Orleans 1888 bales,
 against 3979 last year and at Houston,
 2695 bales against 1075 last year.