The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1904-06-05
COTTON.

NEW YORK, June 4, 1904-The govern
ment report ON cotton. issued to-day
from returns OF an avera go date OF May
26th. makes the condition of the crop on
that date So against al on me same
date last year, and indicates an increase
4 in acreage of 9.S per cent. It ls note
worthy that the greatest Increase IN
acreage is in the virgin territry west
OF the Mississippi. especially In LOUISIANA,
Texas, Oklahoma and indian Territory,
where the productive capacity OF the
land Is the greatest, and the increase IN
acreage of 9.s per cent, indicates, tnefe-
fore, an even larger percentage OF IN
crease in the entire crop. AS to the
reported increase in acreage. tits to be re-
IT arked that the Financial Chronicle,
in its annual report. issued yesterday,
figured it at 11.62 per cent, and in regard
to the condition, 1t has undoubtedly
Improved since May 18th. no less Of an
authority than Mr. Fl. II. Reese tele-
graphing me- to-day that IF the condition
was 50 on May 2sth, 1t is fully 50 now"
1t must. therefore. be conceded that to-
day the condition of the crop Is at least
% per cent. and probably Is per cent. bet
te than 1t was at the same time last year,
and, other things being equal. the math-
ematically indicated crop for the coming
season Is at least 100000 bales, This
calculation takes no account Of the fact
planted much earlier than last, in ground
exceptionally we'll watered by a vernaa
rainfall unusually generous. and that
1t Is therefore likely to mature earlier,
be less susceptible to possible drought In
august or an early frost In November,
to botn Of which causes the shortage Of
last years poduction is attributed. Ger
tainly the conditions under Which the
further development OF the plant is to
be had can hardly be less proptlous than
they were last year. and the relative gain
Of Is per cent, already established, will.
therefore, probably be maintained until
the end OF the season. In the face Of
such conditions any apprehension OF
scarcity Of tho raw material. either for
next year or the balance Of this season.
may we'll be dismissed. With the assur-
corner either July or August deliveries
would be only to invite disaster, Spinners
would not buy at corner prices, and the
manipulators might have to sell the cot
ton they received at a decline of four
cents per pound. The worlds visible
and invisible supply Of cotton OF all
growths is to-day about 100000 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
|
supply. Cotton is worth nothing II there
arc not spinners to buy It, and without
! the assurance OF an abundant yield next
year manufacturers can, within reason,
| absolutely command the situation, The
entire disappearance of the visible supply
! for one day would make no difference II
| 1t were known that It would be abpn-
dainty Sreplenished on the next AS res
CARDS the value OF the next crop, 1t Is
well to bear In mind that the uncommer-
cial speculation Of the past two years
has SO disorganized trade that the con-
sumption of American cotton this, year
Will probably not exceed 9.S00,0O0 to 10000,-
900 bales, as against nearly 100000 bales
| two years ago. It Is easy to destroy;
! 1t is hard to reconstruct The destruction
| Is quickly accomplished, The process
Of upbuildng is slow 80 far as the
cotton manufacturing trade Is coocerned,
| the rehabilitation win have commenced
when the raw material shall be avail
able at price hearing reasonable
| relation to the cost Of productions; but
meantime the large stocks OF manufac-
! tured goods now unsod must be dis
| posed OF at loss, the present business
| depression In America and the presiden-
| tial election must have passed, and the
| Russo u panese war, which Is destroying
wealth at the rate of about one thousand
million dollars per annum and reducing
] the worlds purchasing power to that
/ extent. must be brought to close.
| THEoDORH II. PRICE,