The Montgomery advertiser., 1908-09-24
NEW ORLEANS COTTON REVIEW.

New Orleans. Sept. 23.-The Times Dem ocrat tomorrow will say:
 'Inelement weather. reports of further crop deterioration and some accommodating evidence showing improvement in the American mill situation helped the cotton market more than Lancashire's labor trou- bles harmed it. and contract values advanc- ed sn response to the demand for contracts. While the cables brought pessimistic news from England. including advices to the ef- feet that the strike was spreading and that probably two millions of men were now af- fected.
 The fact that both the continental and American mills are in position to make in- roads on Englands trade In the event Lam cashire's mills remain closed during any lengthy period together with the menace to Englands welfare inseparably incident to the presence of so lareg a body of idle workmen must be taken into consideration by the trade at large.
 History reveals more, than one unfor- tunate experience of the lost trade variety. and under the circumstances 1t is more than probable that the British government will turns its effective good offices into account in bringing about harmony and an early resumption of the now closed mills
 Trade once lost Is difficult to regain and since the bale of cotton cannot now be great volume and relative value as could be done when the staple was held at no more than six cents per pound in the coin of the realm, the intense worth of cotton, if the thorough law of averages be applied. ought now to be certain enough for all practical purposes,
 
 that the purchasing power of a bale of cot ton is depressed. that changes in the re- lationship between cotton and other com modities should be favorable to cotton. that a return to normal conditions in world 6 trade can hardly be delayed long enough to permit the accumulation of raw ma- terial supply really burdensome in the az greRate.
 1t would. therefore. seem logical to sup pose that the active mills will compete vigorously for the words trade pending a settlement of Englands troubles that such endeavor will result in some degree of sue- cess, and that the cumulative effect of such legitimate tactics will work AS a co-operat- ing and forceful factor in bringing about the restoration of normal conditions in England.
 Meanwhile. despite the heavy movement of the new crop. the spot markets of the South peFsistenty evidence general dis position among producers to discount better cotton. and in this they are being aided by bad weather and crop deterioration if not by bullsh speculation.
 Many ancient landmarks have been de- stroyed during the past few years to the confusion of the trade and to the discomfort of the trader. Fantastic minds have mud died the questions presented and the solu- tlons devised. Thus handicapped. the rings have overstressed ineonsequential factors and understressed important ones.
 "A market thrown out of gear through an uneven distribution of power cannot op- crate under nicely balanced conditions any more than an engine without steam Ruage relief valve and speed governor can be said 10 produce maximum results.
 Tn the case of the cotton market the supporting element has been handicapped.