The Montgomery advertiser., 1903-01-06
rhomas Ellison of IAverpooliisso.ooo or

Thomas Ellison of IAverpoolilsso.ooo or
 more.
 Arthur J. Buston of Liverpool. ii.sO.Ooo
 or more.
 Latham, Alexander and Go. of
 New York .,.............s......L .000, GOO New Orleans Times Democrat. 70. | 900
 The receipts from the crop to date do not indicate crop much in excess of last season, but bad weather in the cotton States and an inadequate supply of cars have undoubtedly retarded the movement. It Is also claimed by some that on ae- count of the fair prices ruling for cotton last season and SO far this season farm- CTS are in better position than usual to hold back their cotton for higher prices and that considerable quantities are be- ing so held. In view of the talk which has been so long current of an effert on a large scale to advance prices sharply in January for January futures'' in New York it is quite probable that a large quantity of cotton may be held back by farmers and by country dealers to get the advantage of the expected advance.
 For the season ending August 3l last the consumption of American cotton was io. .7OOo0o bales. My friend Mir. Thomas Ellison of Liverpool, estimates that the spinners of the world will require i0,e0O, 900 bales of our cotton during the year end ing August 31 next These figures do not include any incl ease over last year for the American mills. As great prosperity prevails in the United States at present. with reasonably good prospects of it's continuance. certainly until next Septena- Der. it is probable that American mills will consume this season 200000 to 300.0c0 bales of cotton more than the previous nr.4ya ara fN which were in operation oniy portion of last season will be working all throughout the present season. MT. Ei- Iison is the best authority for the con- sumption of the European cotton mills. but he is always so conservative that he nas never been known to overestimate the quantity. Assuming an increase of only 100000 bales in the consumption of the United states mills. 1t seems evident that the worlds spindles will consume Il, ,00O, 600 bales of American cotton during she cotton year ending August 1 next unless from some unforeseen cause the price should be advanced to such fig ure as to seriously check consumption.
 The mills of tho United States-North and South alike-have had a prosperous Verr and are running on full time. Sta ple cotton goods are higher than a year ago and the average prices for the year lsO2 were somewhat better than for 1901. stocks ar very moderate in first and also fin second hands. Should the American .,ron proye to be only 11,0n0,000 bales. and the mills of the world consume a like quantity. then the total stocks in the markets and mills at the end of the sea. son on August 31 next would be the same as at its commencement. These stocks. 1t will be recalled, were very moderate at the close of last season. With the larger recuireuients of the increased spindle ca- pacity of tho European and American mills. a shrinkage of the visible supply Of cotton. and especially if coincident with unfavorable prospects for the crop then ander cultivation, would cause a rapid and considerable advance in cotton in all markets.
 On the last day of the year of 1902 the market closed with steady tone for cot ton and for cotton goods. There is In aon,a quarters a fear that the present very low price for silver will seriously eurtaiI the export of cotton manufactures to China and other Eastern countries. do not share the apprehension. The price ot silver is now so, low that 1t seems to Irie there is more room for an advance than for a further decline. All commod- ifi,,a which suffer a serious decline lnva- rlahlv react to better prices sooner or lafer Why should silver be an exception to this general rule? Indeed, would 1t not he ~aTsr to hase a shipment to China up- on . to1r rate for silver, rather than upon Q high one from which there might DC decIine causing loss on the transactton.