The Montgomery advertiser., 1909-03-16

With improvement In retail trade.
 Sa traae seems to be
 less disturbance from political sur
 pTclsses," !cs comments a New York house;
 seneanos s some n smss sss n STsat deal
 cartoon in leading paper showing the
 President sending out the dove of
 peace in every direction. with decla-
 brought sigh of conten t1nent from many a breast because of the era of l overnight surprise measures in internal
 affairs Is likely to be over"
 Week end figures were very bullish," | says another New York firm. and we suppose that with the continuation of the drought in Texas there would be more activity. but everything seems to be waiting on the final government ginners' report, which will be made public next Saturday. 20th inst. Cot ton continues to move on shipboard I very rapidly.
 This is the equinoctiaI period and weather disturbances may be experi- | enced in different localities, or we may better say the heavy rains which have flooded the eastern part of the belt. for last two weeks, are likely to continue until after 22nd.
 Business in the dry goods market | continues good, but yarns are described as being dull. There Is nothing in the situation to change our -bullish views 1 on cotton.
 The tone of the following letter from less favorable:
 Late European advices are pessim- istic in the extreme SO much so that serious exaggeration is suspected. It spindles during the past two years, Is causing an over production, especially In yarns which the new mills find diff ficulty in disposing of, in competition wi n1ta l long-exsting trade connections. It the entire spindleage of the world should be fully employed, consumption of American cotton would naturally be far and curtailment of some sort is inevit- able. unless consumption is increased in like proportion to spindles. The ru- 1'. mors' therefore. Of reduced running among some of our Southern mills, may away much of the pessimistic talk.
 "One of our mill friends expressed the situation tersely when he said. I am a bull on cotton but bear on cot ton mills, He figures that the in. creased spinning capacity and the ease excellent crop passes through the ma. | chinery, will insure an increased con sumption of raw cotton; but that, after problem of disposing of them viii not be an easy one. Some little encour- agement. however Is felt from the re- newed inquiry from China, evidence of which is found in the sales of about 16.oo0 bales of sheetlng. etc, during | the. past two days, with other transact l tions under treaty.
 Congress will meet next Monday (March 15) to consider the revision of the tariff. The Ways and Means Com mittee apparently have the matter well in hand. and will be able to make prompt report, recommending definite l a rt Hole oA so that Congress will be able to get to work without delay. There Is little l hope. however. that. with all the haste possible in pushing the bill through. 1t meantime, industries affected by the re1uctions are rapidly adjusting them 1 selves to the expected new conditions and there is less disturbance to trade than was first feared. In fact, one of the effects of the sharp cuts in Iron and steel products is big increase In orders, and consequent additions to the working forces of the big plants. We hear a lot about cuts in wages. actual and threatened, but we must also look at the number of Idle men restored to power which they represent. It must also be taken into consideration that the proposed reductions fin duties will cheapen the cost of living materially. and thus lessen the effect or reduced
 "of the market itself there is little to be said. as fluctuations have hardly the closing tonight shows little difrer- ence from the level of a week ago. The average prices for near months are 30 points above the low figures touched on February 24. and the fact that they have not given way. under the deprsss- ing influences of bad trade accounts. tarif agitation and relief from the drought. should act as caution against heconinE too pessimistic. When con ditions are bearish. and prices. in the face of them. vary little, over a con siderable period of time, as at present. erahie short interest is being built up. without making any impression on the market, or gaining any advantage for itself This argument applies parficu-
 arly to the old crop positions. but we etili think there is safety in selling the ear months for the next few weeks as