The Montgomery advertiser., 1904-12-30

about same as last years 352,702 bales
 There is no mistake about the South hold better intrinsic value than at what 1t is quoted whom condition of trade is taken the world being greater by reason of con stant flow of the yellow metal from the gold fields of Africa. There is every n- ceptive for the South now that 1t has .ie- clared it's financial independence to demon strate to the world that 1t Is in a position to care for its own interests by refusing 10 keted. At the opening of next spring. and 1t will be early to head the boil weevil in the Southwest. conditions will be quite the
 Cotton will probably be $40 per bais cheaper and living expenses will be founo very much higher. This will bring about a. material decrease in cotton acreage. and until then spot holders should hold on to their cotton as best they can. Spots hero closed easy and kc down; middiing. shc. Sales 1000: to arrive. 1850.
 c. E. PIERCE CO.'S COTTON LETTER.
 (By Private Wire from Gilbert & Clay)
 market displayed no unexpected weakness this morning. The early declines were abou: as due. and the selling was attributed 10 American orders. No excessive local seII- ing ensued. although opinions were more pessimistc than otherwise. A decline of 2i points on options and g on spots of which lo,o0D bales were. sold, was, the net result of the days trading Initial trades here were at few points under yesterdays close There was sufficient amount Of short covering to cause a fairly steady mar
 ket for the first hour of trading. after which fluctuatinR market ensued with the the tendency towards slightly lower levels, view of the practical. certainty of a very large crop prices would be seriously de- voice our opinion in our daily letters. The decline has fully met our expectations with the market showing few. if any. signs of the support which might reasonably be ex- a If spot cotton are calmly viewing the situation awaiting even more complete demoralization before placing orders. being fully convinced that probable increase of 2.000, 900 bales in the visible supply at the end of the sea- son will serve to keep prices depressed When supply Is bountiful the bare fact
 that the price is less than the cost of pro-
 duction Is not usually a strong bull argu- ment for immediate results. but invariably
 1t Is a telling one finally. This appears ts
 be the present situation. At certain periods
 of the past it has been possible that the
 producer may have been able to sell with
 out loss. his product the basis of what he Is now offered. but conditions have changed and every necessity of both liveu
 hood and utility, has been advanced ab- normally naturally resulting in heavily in-
 creased wages. and 1t may be accepted that the net returns now promised will show
 the farmer. Realization of this will affect the case and possibly more speedily than Is now generally believed. Advice to the pro- ducer to curtail his acreage need no longer be given: necessity will adjust this feature. Tenants to whom credits of supplies have 1 been freely given and who have paid lib- erai rents, will be unable to effect the former arrangements and unable to carry 1 out the latter Merchants will restrict their advances generally and bankers be more conservative throughout. Fertilizers used with less lavishness and the usual necessary | replenishmeDt of implements and stock re- | stricted for economy. These conditions pre- | vailing at the most acute time of the year.
 during the months of planting. leave little
 room for doubting that vast reduction in | the acreage will ensue. The Respondent | farmer with possibly tenth of his crop in
 his yard, will little inducement In dis | posing of 1t at loss in order to raise an | equal amount another season and be con- | fronted with even greater loss IS no op- portunity would occur. as 1t did this year. enabling him to dispose of large propor- | ton of his product at handsome price. In
 corsideration of these conditions. which we believe will quite surely ensue, and the pos sibility of an unfavorable planting season prices have reached limits which will prove | to have been unreasonable and If further depressed. which does not seem improbable. | purchases of the more distant options on a scale down should result in good profits | to the investors