The Birmingham age-herald. [volume] (Birmingham, Ala.) 1902-1950, 1904-06-05
G0TTSN.

New York, June 1.-THE government re-
port on cotton issued today from returns
or an average date of May "a makes the
condition of the crop on that date 50
against AL on the same date last year
and indicating an increase In acreage
or 9S per cent, indicates, therefore, an
even larger percentage of increase In
the entire crop
As to the reported increase in acre.
age 1t Is to be remarked that the Finan-
cial Chronicle In It's annual report issued
yesterday figured 1t at H. so per cent and
In regard to the condition 1t has indoubt-
eddy improved since May 26, no less of
an authority than Mr. II. H. Reese, tel
egraphing me today that IF the condi-
ton was SO on May 26 1t Is full % now"
1t must therefore be conceded that to-
day the condition of the crop is at least
20 per cent and probably % per cent
better than 1t was the same time last
year, and other things being euual the
automatically indicated crop for the
coming season is at least 100000 bales.
This calculation takes no account of the
fact that cotton has been planted this
year much earlier than last, In ground
exceptionally well watered by annual
rainfall unusually generous and that It
Is therefore likely to mature earlier, be
less susceptible to possible drought in
August or early frost in November
to both causes of which shortage of last
years production is attributed.
Certainly the conditions under which the
further development of the plant Is to be
had can hardly be less propitious than
they were last year, and the relative gain
fof 3 per cent already established Will
therefore probably be maintained until
the end OF the season. In the face of such
conditions any apprehension of scar
city of the raw material for next year or
for the balance OF this season may well be
dismissed With the assurance of such a
crop any attempt to corner either July
or August deliveries would be only to In
vite disaster. Splnners would not buy at
corner prices, and the manipulators might
have to sell the cotton they received at a
decline of cents per pound. The world s
visible and invisible supply OF cotton OF
all growths Is today about 5000. 600 bales
This must be sold within the short sixty
days now remaining before the new crop
shall be available In quantity and spin
ners need feel no uneasiness over the
much talked of dlminution In the visible
supply.
Cotton is worth nothing II there are not
spinners to buy II and with the assur-
ance of an abundant yield next year
manufacturers can within reason abso-
lutely cover the situation. The entire dis
appearance OF the visible supply for one
day would make no difference If 1t was
known that 1t would be abundantly re-
plenished on the next AS regards the
value of the next crop II is well TO bear
In mind that the uncommercial specula-
ton of the past two years has 80 disor-
ganized trade that the consumption OF
American cotton this year will probably
not exceed 9.800000 to 100000 bales, as
against nearly 100000 bales two years
ago. It Is easy to destroy. 1T is hard
to reconstruct. The destruction is quick
~ accomplished. The process Of upbuild-
ing IL slow. so far as the cotton manu-
featuring trade is concerned the rehabli-
tation will have commenced when the
raw material shall be available at
price bearing q reasonable relation to
the cost of production. but meantime the
large stocks OF manufactured goods now
unsod must be disposed of at a loss the
present business depression In America
and the presidential election must have
passed and the Ruso-Japanese war. which
is destroying wealth at the rate of about
one thousand million dollars per annum
and reducing the worlds purchasing
mower to that extent. must be brought
TO a close. THEODORE n. PRICE.