The Birmingham age-herald., 1910-03-14
COTTON SITUATION
 IS STILL A PUZZLE Outside Public Is Waiting for
 Something to Drop
BULLS ARE CONFIDENT
Are Waiting for Pntten's Return From Europe Before Taking
 Any Decisive Action

New Orleans. March 1S.-The situation in the cotton market remains as perplex- ing as ever. In despair over learning any thing regarding the intentions of the big bulls in connection with the old crop, the outside public has largely withdrawn from the market. The new crop does not seem to be very interesting to either profess sionals or outsiders, and more doubt than ever surrounds it's start.
 In connection with the old crop, one feature during the coming week will stand cut with great prominence. and that is the return to this country of James A. Patten Of Chicago. According to cable messages received in this country MT. Patten should be in New York soon after the middle of the week. What course he will pursue when he arrives will be in the meanwhile the subject of a great amount of specula- tion among cotton traders the world over.
 This great interest over Mir Patterns arrival in this country is, of course, due to the treatment he received in the spin hing center of Manchester, where he was jostled out of the cotton exchange by brokers who were not in sympathy with his bullish attitude on the market. The rough handling of a representative Amer iean speculator was immediately taken up editorially By the newspapers of this coun- try which devote much space to the mar kets, and it would seem that it may be- come a market factor of some importance. Hitherto the leading bulls have been very considerate of the interests of the spin rers, but now not few traders on the bull side are inclined to think that the bulls will not show them so much consid- eration in the future. Last week 1t was the gossip Of the market that those trad CTS who are supposed to be associated with MT Patten were holding the mar ket in check so that the spinners might have the opportunity of reaching a trad ing basis with the spot holder The prediction was freely made on the week end that this policy would be aban- doned. Strengthening this helef were pri- vate cablegrams from Liverpool stating that the action of Manchester brokers was much resented in that market, and at- tached to these messages was according to the bull argument, the significant sen- tenoe: "It only goes to prove that spin ners ara very short of raw material" Mir. Patten announced that he would visit England to study the cotton situa- tion. The belief among southern traders is that he went there in the interest of the so-called southern and western bull clIoues. who are supposed to be contem- plating squeeze" in the old crop, and it is expected that developments of irn- portance will follow his arrival in this county.
 The statistical position of cotton will command intense interest this week be- cause the visible will sink below the B. 000,000-bale mark, while the visible sup ply last year at the same time will still be above 4,9o0, 900 bales, and the supply two years ago will still be around 3,250,- o0c bales. The trade did not fully wake up to this fact last week, but the bulls will, be certain to seize on visible supply figures beginning with the numeral '.2' as the most bullish feature that has come to light since the Sully year.
 From bearish standpoint the coming week has good possibilities, chiefly in the way of weather happenings
 The rains Of last week in the western belt have served to encourage hope that
 
 that from now on Texas will get enough refn to prevent bullish talk concerning crop prospects. Should Texas get more rain this week, and should fair weather rule in the eastern portions of the belt, where plenty of moisture is In the soil, the bears will be encouraged to undertake new operations based on their old hope of a bumper crop this coming season as the result of huge acreage induced by high prices. Satisfactorily the bears have noth- ing to hope for, and therefore the bulls claim it is folly for them to undertake to influence old crop prices. At the same time the bear side has always en- tertained profound conviction that an ole crop corner could not succeed, and 1t may be that if the leading bulls do not change their policy of keeping quiet. of buying on breaks and selling on bulges. the bears will again become aggressive in May and July.
 During the week more or less talk will he heard about total yield of the old crop because of the fact that on March a. only week ahead, the census bureau will is- sue it's final report on cotton ginning for the season.