The Birmingham age-herald., 1907-08-29
COTTON TRADING
 ASSUMES NEW LIFE
THE STAPLE IS HIGHER IN AND AROUND MONTGOMERY COUNTY THAN EVER BEFORE KNOWN AT THIS SEASON OF THE YEAR.

Montgomery August 2s.-tspeclal)-A new era of cotton trading Is spreading over the south. Instead of the old time trading and speculating in cotton futures
 the sale of actual spot cotton for future delivery Is becoming daily more universal, Farmers are taking advantage of the present high prices of cotton and selling their future crops to bona fide cotton buyers.
 This information was given by Michael Cody president of two of Montgomery banks and whose business enables him to keep In touch with trading and bank ing in cotton matters.
 "A director in one of our banks" said Mir. Cody, recently sold a crop of cot ton growing on one of his plantation for about 121A cents. I find that many farm CTS are doing the same Cotton is higher now for October delivery than l have ever known 1t. It may go higher stlfl, but then 1t may go lower, and the pres ent price Is a good one and many are taking advantage of it.
 MT. Cody was asked as to the busi- ness outlook in Montgomery this fall and the prospects TUT 6 6OOh oOe9S'i'
 "The outlook l consider verS> promis- Ing" said MT. Cody. The banks of Montgomery are amply able to take care of all the business entrusted them. Montgomery, as well as most southern. cities, is largely dependent on the cotton crop and this l think will be up to the average in this section. The crop IS not as late either as most people think. Cot ton Is bringing good price ana VIII probably continue to do so.
 The southern cities as well as cities all over the United States are not depend- ent on New York money markets like they once were. We have money enough to handle our own business and the huc- tuations of money rates in New York have little effect on the money market here In fact many banks send their surplus money to New York to be loaned out there at high rates of interest. For two years the rate of money in Mont gomery has been comparatively lower than in New York. Money is a commodi- ty in New York and at one time last year loaned as high as 40 per cent on call This Is speculative to large ex- tent The money conditions in Montgom- cry are different. The banks here do not change their rate of interest from day 10 day as they do in New Yorn.
  and no need to be disturbed at any little furry in Wall street As I said before, Wall street does not cut the figure it once did. It is q speculative community. St. Louis and other cities have large deposits of their own and like our southern cities are for the most part in- dependent of Wall street. We do not go there to borrow as we once did. There was a time when the south was largely dependent on New York. but 1t is not so now.
 ''The trade outlook for Montgomery this fa., Is fine. We are, l think, going to raise an average crop and as soon as cotton begins to move, business will pick up. The old time trading in cotton fu- lures was undoubtedly curse to the south. Our farmers went crazy over .t. Little towns in the country had private wires running to them giving the market changes. It will be good thing Tor the south now that this business is being re- placed with legitimate buying of actual cotton even If for future delivery"