The Montgomery advertiser., 1908-11-16
COTTON CONDITIONS
uNpEsIRABLE LEGISLATION HAS
 BEEN HUnfFUb.
New 0rsenns Times-Democrat Points Dmf way to Better Prices .And Reviews The Present
 Market.

Commenting on the outlook for hfga- or prlcess for cotton, The New Orleans Tines- DShocrat says,
 Despite Liverpoois indifference. the American markets evidenced an ap- parently we'll defined disposition among traders generally to attach bull ish importance to the appeal that has heen made to spot owners to market more slowly. and to admit the signtfl- canoe of current monumental spinneTs fa1ffngs. Tn the absence of sold ahead condition among supply mer- chants, the mills are buying bargain upunter cotton in huge volumeS and n the absence of speculative protect on the daily resistance the farmer might put forth is impaired. It. therefore. becomes necessary to check the flood of cotton being thrown uoon the mar ket If an early beneficial effect Is to be felt upon raw cotton prices.
 By withholding cotton the farmers cannot at the moment squeeze any, body as they did last fall because there has been comparatively little selling ahead this year. whereas last year every supply merchant in the South had committed himself to deliver large quantities Of cotton at specified dates, and the fulfilling of such contracts carried with 1t the arbitratrary plr- chase of spot cotton within contract &inae.
 This year some of the heary buying has been due to the greatly deple.sg raw cotton stocks held by the mills, while the remainder has been due directly to the fact that prices were low so low that spinners felt safe Tn absorbing supplies:
 Until the enactment of harmful mar ket laws by many Southern states re- moved much of the protection enjoyed by the cotton producer, spinHers ana weaxers the world over in seif-defense sought contracts calling for the de- livery cf manufactured goods many months in advance of manufacture, while the spinner. in order to avoid the danwer of losses, bought cotton Tor forward delivery from some merchant tise merchant ultimately buying much cotton from the farmer and deliyerins 1t to the spinner But under the operation of existing hostile laws. the rnanufacturer feels there Is no dapgeg that the south will become q coTnpe- tent buyer of cotton no matter how low prices may drop, and that cotton win continue to be available at low prices and in unrestricted supply whenever better goods trade shall make him a buyer of spot cotton.
 The most effective way to readjust cotton market conditions and restore the balance of power in the matter ol price control would be to repeal all un- economic market laws and enact econoznic laws instesds and to create such economical and adequate ware house facilities as are necessary to enable the owner of spot cotton to market his holdings only when there Is a demand for 1t at fair prices. But pending the enactment of intelligent laws and the creation of such hand ling facilities, the most practical plan that could be discovered by the joint conference of New Orleans bankers and others and representa- of the Farmers, Union has been embodied in an address to all interests in the cot ton growing states. The burden of this address is that the market aitua- tton would be greatly improved were the owners of actual cotton to tenn porarily take from the market all cot ton. the immediate sale of which Is not necessary. and to that end the committee has urged all bankers and merchants to extend all practical as- ststance.
 While the accumulation. of, cotton is now on a larger scale than ever be-