The news & observer. [volume] (Raleigh, N.C.) 1894-current, 1904-06-05

1 IA,
ment report on cotton issued today,
from returns of an average date of
Nav 26th, makes the condition of the
crop on that date SO against TAI on
the same date last year and indicates
an increase in acreage or $50 per cent.
1t is noteworthy that the greatest in
crease in acreage is the Virgin terri
tory west of the Mississippi, especial
ly in Louisiana. Texas, Oklahoma ana
Indian Territory, where the product
i've capacity of the land is the great
est, and the increase in acreage OF 9.S
per cent. indicates, therefore, an even
larger percentage of increase than the
entire crop. AS to the reported IN
crease in acreage, it is to be remarked
that the Financial Chronicle, in its an
nual report issued yesterday, inquired
it at 1852 per cent, and IN regard TO
the condition, it has undoubtedly I'M
proved since May 26th, no less OF an
authority than Mr.. II. II. Reese tele-
graphing me today that ''if the condi-
ton was S9 on May Goth, it is fully SO
now" IT must therefore, be conceded
that today the condition OF the crop Is
at least 20 per cent, and probably 20
per cent better than it was at the same
time last year, and other things be-
ing equal the automatically lndlcat-
ed crop for the coming season is at
~
tons takes no account of the fact that
the new crop has been this year plant
ed much earlier than last, in ground
exceptionally we'll watered by YER
nal rainfall an unusually generous
that it is therefore likely to mature
earlier, be less susceptible to possible
drought in August or an early frost IN
November, to both of which causes
the shortage of last years production
i4nlXr o
under which the further development
of the plant is to be had can hardly
be less propitious than they were last
wear. and the relative gain of 20 per
cent. already established will, there
fore. probably be maintained until the
end of the season. In the face of such
conditions any apprehension OF scar
city of the raw material, either LOT
next year or the balance of this season
NAV we'll be dismissed. With the as
surance of such a crop any attempt 10
corner either July or August deliver
les would be only to invite disaster.
| Spinners would not buy at corner
prices and the manipulators mlght
have to sell the cotton they received
at decline of four cents per pound.
talked of diminution in the visible sup
Div of cotton of all grOWths is today
about 100000. This must be sold
naming before the new crop shall be
available in quantity, and spinners
need feel no uneasinesS over the much
talked of dimutton in the visible sup,
ply. Cotton is worth nothing II there
are not spinners to buy 1t, and with
the assurance of an abundant yield
next year manufacturers can, WITHIN
reason, absolutely command the stu
alton. The entire disappearance OF
the visible supply for one day would
make no difference if 1T were known
that it would be abundantly replen-
ished on the next AS regards the
value of the next crop, it is we'll to
bear in mind that the monumental
speculation of the past two years has
so disorganized trade that the con-
sumption of American cotton this year
will probably not exceed 98, 00O,00O
bales as against 10000 600 bales two
wears ago. 1t is easy to destroy; 1T is
hard to reconstruct The destruction
is ouicklv accomplished. The process
| of upbuilding is slow. So far as the
cotton manufacturing trade is con-
| cerned, the rehabilitation will have
| commenced when the raw material
| shall be available at a price bearing
| a reasonable relation to the cost OF
| production. but meantime the large
stocks of manufactured goods now UNI
| sold must be disposed of at a loss, the
present business depression in Amer
| lea and the presidential election must
have passed. and the RussoJapanese
| war, which is destroying wealth at the
| rate of about one thousand million
dollars per annum and reducing the
! worlds purchasing power to that eX-
| tent must be brought to q close,
THEODORE II. PRICE.