The Montgomery advertiser., 1908-01-18

LoeaI Market Quoted as Follows: Strict nladdhnE .... .s' -'... HE From a personal point of view, at least the statement of Daniel J. Sutiy, Of New York, upon the outlines Of the bull campaign he is now waging was the most interesting feature ot yester- daE,s cotton market That SuIly is haninR his entire campaign upon the notable discrepancy between the New York fnfure prices and the quotations of spots in Southern markets, IS re- Rarded as an evident fact by cotton
 During Sully's famous campaign of several years ago similar discrepancy between contracts and spots prevailed
 Tn the local market there was no
 Following Is a copy or MT. Sutiy statement, which was given out in New York yesterday as an interview to a
 with spot prices-the real cotton 1uarket---where they are, and with the support of triangular fight, European spinners, Northern spinners and Soutn- ern spinners, for possession of what ss left of the American cotton crop, " becomes a business proposition. 1t seems to us, to look for Inatertally htMher prices on downright merit, per contra the selling of cotton for future delivery at the current heavy discount aa compared with prices now being or fered for pressing immediate needs,
  command
 It is always a dangerous thing to sell other peoples property and we can see no warrant for that sort of thing, when our wires tell us that even in Charlotte, N. C., 12 1-2 cents is refused for cotton on street with much the same sort of thing prevailing all over the South at initial points. We make no particular point of the fact that the Southsrn holders almost to a man are standing like a stSne wall for higher s prices. That counts for something, but fhe principal point with us is the self evident needs of spinneRs the world pver. A suggestive feature Of the inn nediate position of affairs is the fact that India, instead of having cotton for sale has become buy@r-witness xhe recent purchase of 4.000 bales in Liverpool for Indian account
 s.There is no more warrant for selling cotton in New York at present prices than there would be for miner to get his gold into form of bricks and offer them at seventy five cents on the dollar. Indeed the current contrast be- tween current prices for future in the local market, as compared wSth current bids in the South for the actual cot ton Is worse than that suggested in the selling of gold bricks at seventy five cents on the dollar"
 It seems evident, from the interview, that Sully, bases his entire bull cam paign upon the fact that the New York future markets are very cheap when compared with Southern spots. In fact the spot market and the New York future markets, are almost divorced; at the least there has been a decided arrangement and separa- ton between them for. the past sew eral months, spots in the South being at a premium over contracts in New York.
 Mr Sully discerned this situation and is attempting to reconcile the tvo markets by the inauguration of his campaign wholly in futures. as they et..' all that he deals in.
 During SulIy's big battle of several years ago. 1t will be remer futures went 100 points beyond South ern spots. They are now consider ably higher than spots. This situation may not obtain too such an extent as 1t then did, and it Is hoped that the South will derive a greater benefit from the advance in futures than 1t did then.
 Futures in New York yesterday morning opened at about the close for Thursday, and during the day advanced 12 and 15 points, of which most were lost, leaving net gain of two and three points.
 Spots as quoted in Montgomery were unchanged from Thursdays close. mid ding being quoted II 7-S, strict mid