The Montgomery advertiser., 1908-09-27

Tn It's conclusions as to the price at which the cotton can be bought.
 We think that the awakening should come from both of these causes. It is our belief that the probable yield of this crop, because of the splenedid ap- pearance of the plant. has been over estimated even in the period of great est promise. It Is our opinion that subsequent rapid deterioration proves the correctness of this conclusion. and further that the recent deterioration and damage has been woefully under estimated. The trade conditions are bad it is true, but there is much to be said in favor of a more hopeful view than at present prevails. Primari- ly, this depression Is not due to any great loss of actual value. but to the loss of something that some people believed they had, but did not really have. There Is just as much money now as there was before. only 1t is not so active. A man may think that his property Is worth so much. and when he finds that 1t is worth less. he feels, by comparison. poor, and for the time Ihis activities are paralyzed. But he still has his property. He has lost nothing real. only an hallucinatlon. He will soon regain his energy and utilize his property as before. So 1t is with the aggregation of property
 
 and opportunity for enterprise and in- dustry. This aggregation. stunned and inactive now. will realize that it has lost only the illusion of hectic times, and can and will any day return to its former activity, only healthier and better. Then. too. consider the special case of the spining industry and the dry goods trade. It Is true that present conditions are bad enough. but these very conditions have made the best possible basis for a sudden and rapid improvement. The mills have bought no more cotton than they were compelled to buy, hence their stocks or raw material are at the low mark. They have manufactured no more goods than they were com pelled to manufacture. hence their hnisped stocks are small. Jobbers have bought no more than they saw a way to sell, and hence are not encountered with an excess of supply The@retaii merchant has bought only what his trade demanded. hence he is running light. Therefore. when the revival shall come. the demand upon the spin- ner will be instant and imperative, and the demand of the spinner upon the producer in order that he may pront by this demand. must not have disposed of his crop. but must have some of 1t In hand for sale.
 Intelligent Marketing.
 The foregoing suggestions are mat ters of opinion, and may be right or wrong. but there is one conclusion in the matter that is a fact and not pendant upon contingency. It is: That whether the present consensus of opinion be correct or incorrect in It's estimate of crop or conditions, the producer has 1t within his power, by the exercise of wisdom and fortitude, to realize the value of his crop, whether that value be high or low. It makes no difference what the market does. he should be steadfast. He should determine to sell his crop gradually and only at such times as there Is a demand for it. He should not accept the valuation that the consensus of opinion has fixed. nor should he hold to a valuation that he himself has hxed. He should market his cotton slowly and ask and accept that price and only that price which Is fixed by the law of supply and demand "a law which, in the end. grinds down all op- position either from seller or buyer. The farmer can have no better friend than this same law of supply and de- mand. provided he places himself where he can receive the benefits of its oper- ton. lie can so place himself by obey ing the mandates of the law. This he NOso nut do WheH III tHEee months ne sells the world its supply for a year Nor does he do 1t when he refuses to sell at all except at a price which the world can not afford to pay.
 This crop. whether it be large or small. should be distributed as evenly as possible over the time intervening between now and the time another crop is made. The larger the crop the greater the necessity for this prudence. With present facilities this is a dim cult consummation to achieve. but we believe that an earnest and hearty CO., operation between the farmers the merchants and the bankers of the South. will accomplish much and re- suit in larger and lasting benefit to all: and, if this cooperative effort Is aided by the crop and trade develop ment that we anticipate we are sure that much higher prices will prevail Ihaxs