The Montgomery advertiser., 1905-06-29
New Orleans Times-Demoerat.

New Orleans Times-Demoerat.
 The South is now marketing the remnants of a cotton crop which makes all previous records look small De- spite this fact, the trend of values has been upward for many weeks and the boldest bears do not expect q speedy re- turn to the level which prevailed when the magnitude of last years production was mate clear by the Census Bureaus final report. Two causes have been at work to remove the burden of the the- sumption and the firmness with which the farmers have stood their ground. The scale of the mills takings is colos- the short crop of 1908 had created a great void, as to both raw material and goods. The producer, being perfectly aware sIys of of these facts. has doled out out sup sequently been able to lift quotations, slowly but surely, so that they are now higher by 250 points than they were land. It may, therefore, be assumed that the remainder of the old crop will take care of itself. The thoughts of the trade are thus fixed on the devel-
 While there Is more or less dispute as to the acreage of 1905, there can be no doubt that sensible curtailment of area has occurred. According to the Agricultural Bureaus figures. we have practically got back to the acreage on which 10,011. 900 bales were grown. The
  quently hinge on the character of the season, The start was late one, so thatian early frost would spell out dis aster. Even with the customary inn various accidents will have to be faced. August is always critical and is espe- cially SC. when the plant has been stunted by unfavorable phenomena at the present. So far as we can now see, there Is no prospect of overproduction and there Is u reasonable certainty that Nhn -f.alA f.,lI AoI, rent requirements. This is the problem with which speculation is busy today.
 It Is only ten years since crop of ten millions drove middling to cents that memorable year was more demor- alizlng by far than anything known hanging over the "Rings" In the se- quence of events, two successive sea sons of abundance came and middling fell below cents once more, Again dict that tho cloud would never roll away. and again the expansion of the worlds trade 6elied the prophecies. The chemistry of the elements is too subtle for mans apprehension. The wisest of us can only know that nature always redresses the balance in the long run. | and that there is no such thing as a | permanent surplus, or permanent de- | felt. Every bale Is wanted, sooner or later The race manages to muddle along, through years of .sarth and | | tiOnal bull sees but one face of the medal, and SO does the constitutional | bear.
 In the meanwhile. 1t Is a supreme consolation for the South to be assured | that its basic commodity can never be drug. except for brief periods. With | this sections present banking power, 1 there Is no difflcultY in carrying over an accidental surplus, until the world shall have caught up with the new | scale of production. The day is not distant when a crop of thirteen millions will mean short time for the spindles | and, indeed, we can not be sure that this moment Is not already at hand | With peace in the Far East, the Orien l tai peoples will be free to trade with the West as they have never traded be- | fore. There are no data by which tC measure the increase of consumption al the antipodes China, with her fouI hundred millions, might easily take all the South could furnish for q decade tc come. Victorious Japan will nut forth l all her power in the industrial arts. as England did after the Napoleonir wars | We live In a new era, the possibilities : of which we can not foretell and cotton 1 Is still king.