The Montgomery advertiser., 1909-02-24
UNEXPECTED DROP
COTTON FALLS TO . les ON THE
 LOCAL MARKET.
Change Here Was Not as Severe ss That in New York, Where the
 Market wsot Down
 FOuxteen Points

Low middiing ................s 1-Sc o, The local cotton @ market .,to toOk ,.,1 an- ing to 9 Is cents. Fortunately the change was not as severe as that In New York. where the market went the factors and producers refuse to let the cotton out until there is a marked advance.
 The auosstion a % price is i-s cents and not only will no one except . few hard pressed farmers sell at that ng- bg, asY asS an0tpnst no ereeg K M viii suy at that figure. There Is neither any demand nor any active supply at the present rating. A broker in this city the business for twenty-eight years, and had never seen the two parties so far apart. :nEs h. sss eDs,soa %s' ss o :o totalins loo bales They were ordered to be ie. loose by group of . d9asn .ns,n next crops. @ It 'i 50 happened that there was a small demand that had to be nlled. Therefore.s the price obtasnea Srinsias %an nSeys sas ss"ss saassa '''e' the not enough confidence in the market
 ssy sos aos a, apSn sSs se ssss aop ssdsy . unhealthy and merely refecting the tone of the stock market, in which there was almost panic drop Every ' most Encouragement and necessarily there was an appreciable effect in the local market. The factors assert that set, @ in which there should be neither rise nor fall for short time. They expect. however. that the demand will quicken within several weeks and ad- TiCn hof oh xr,hA a higher market Fortunately for this side of the market the cotton Is pretty much held by men with money who do not need to go begging In the street.
 COTTON GOSSIP
 News of the dry goods market con- tinues good.
 President Taylor of the National Association published letter yester- day showing that there had been deficiency of precipitation in Texas. ence with dry winters. will mean considerable reduction in the yield.
 Compared with the ruling prices of wheat and corn, cotton IS cheap
 The New York dry goods houses are having a difficulty in securing deliv- cries from the mills, Reports from maFSndlt fIeIQ anu OtHtE SHICa6o tions in the West.
 One prominent New York firm writes: Public sentiment is bullish and only awaits the first signs of life to take active form in general buying of the new crop months.
 Another equally prominent>. broker sees no hope for an increased demand. owing to the large amounts already taken by the mills. The fact is that neither side is weakening in It's views and that prophecy is but poor con5ec- rure. The multiplicity of statistics with their apparent incongruity forbids any convincing assertions one way or the other.
 The damage from the progress of the boil weevil will be excessive if the re- ment of Agriculture are to be believed.
 Two excerpts follow:
 Preference has been made to the greater damage inflicted in moist re- in the greater part of the cotton-pro- ducing area In Texas Is normally about and the Eastern States of the cotton belt 1t Is more than fifty Inches, and exceeds sixty inches. It Is clear that the problem of the con- difficult as the pest continues it's in- vasion of the cotton belt"
 During the time 1t has been in Texas there has been no tendency to- ward dying out. and in South Texas the pest Is practically as troublesome, except in So far as 1t Is affected by changes In managing the crop, as it was in 1895. In Mexico. where 1t has existed for a much longer period. it Is apparently as plentiful as ever"
 The boil weevil fear is undoubtedly one of the strongest props to the price is MsT SIs anG speculation as to what will be the out come of the crop In the States of Lou isiana. Mississippi and Arkansas for boil Weevii has hS now pS1fn spreaa over sT the he State of Louisiana and a Eoodly por- tion of the pest cotton section of Arr kansas and Mississippi and this com dition in the latter named States, and a very backward preparation in the State of Texas are beyond oouht having considerable influence in sustaining prices, and should they become empha- planting 1t viii, in our Judgment, re- re- suit in attracting speculation to cot ton. and bringing about a very decided advance in prices.
 Congress will be assembled in spe- cial session soon after the new ad- takes office for the pur- pose of reducing the tariff, and the uncertainties regarding its modifca- tion may have some effect on prices, but 1t Is generally believed that the will be comparatively slight on cotton manufactures.
 NEW ORLEANS HOLIDAY,
 New Orleans. Feb. 23.-No cotton market today. Exchange closed.
 LIVERPOOL COTTON
 Liverpool Feb. 23.--ClosIng cotton snot moderate business done; prices unchanged: American middling fair .... SC. .,...,5. 63