The Montgomery advertiser. [volume] (Montgomery, Ala.) 1885-1982, 1904-06-05
Cotton.


NEW YORK. June 4--The Government,
report on cotton issued today from return.
of average date OF May 26th makes the
condition OF the crop on that date So
and indicates an increase in average of 6 4
per cent. II IL worth notice that ths
greatest increase in acreage Is in the vir-
gin territory west OF the Mississippi espec.
Indian Territory. where the productive ca
pacity of the land is the greatest and the
increase in acreage Of s.s per cent indi-
Gates. therefore, an even larger percentage
of increase in the entire crop. As to the
reported increase In acreage II IL TO be re-
marked that the Financial Chronicle in 1t,
annual report issued yesterday figured II
at 11.62 per cent, and in regard to the
condition IT has undoubtedly improved since
May 26th. no less an authority than Mr.
H. H. Reese telegraphing me today tina,
IF the condition was So on May 2sth II
is fully 90 now" It must therefore be con-
coded that today the condition of the crop
is at least 20 per cent and probably Is
per cent better than 1t was at the same
time last year and other things being equal
the automatically indicated crop for the
coming season is at least $4,000. 900 bales.
This calculation takes no account of the
fact that there has been this year planted
much earlier than last in ground excep-
tionally well watered by a normal rainfall
unusually generous and that II is therefore
likely to mature earlier. be less susceptible
to possible drought in August an early
frost in November, to both cause of which
tributed. Certainly the conditions under
which the further development of the
plant - to b had can hardly be less pro-
pitious than they were last year and the
lished will therefore probably be maintain
ed until the end of the season. In the
face of such conditions any apprehension
of scarcity of the raw material for the
next year or for the balance of this season
may we'll be dismissed. With the assurance
of such crop any attempt to corner either
Ali 1-sA - arAxr
to invite disaster. Spinners would not
buy at corner prices. and the manufacturers
might have to sell their cotton they re-
ceived q: decline of 4 cents per pound.
The worlds visible supply Of cotton of all
growths is today 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
need feel no uneasiness Even the
much talked of diminution in the visible
supply cotton is worth nothing II there are
not spnners to buy 1t and with the as
surance of abundant yield next year
manufacturers can within reason absolute
ly command the situation. The entire dis
appearance of the visible supply for one
day would make no difference If it were
known that 1t would be abundantly re-
plenished on the next. As regards the
value of the next crop. it is well to bear in
mind that the monumental speculation of
the past two years has so disorganized
trade that the consumption of American
cotton this year will probably not exceed
nearly 100000 bales two years ago. 1t
is easy to destroy. 1t is hard to recon
struct. The destruction is quickly accom-
plished. The process of upbulding Is
allow. So far as the cotton manufacturing
trade is concerned the rehabilitation will
have commenced when the raw material
shallS be available at price bearing a re-
asonable relation to the cost of production
but meantime the large stocks of manufac-
tured goods now unsold must be disposed
OF at aloss The present business deprea
q ~ DE- 81 -.
ton must have passed and the Russo Jap
anese war, which is destroying wealth at
the rate of about one thousand million dol
lars per annum and reducing the world 8
purchasing power to that extent, must be
brought to close.
THEODORE H. PRICE.