The Montgomery advertiser., 1906-06-03
COTTON.

In reply to many inquiries I take this means, of stating that my, views with regard to tho future of the cot ton market have not changed. Disap- pointment due to the fact that May contracts in New York were not com cred has led to a most illogical sell ing movement.
 No May corner was ever contem- plated or intended by me: So 1 pub licly stated on the 22nd of March. The selling for both short and long ae- count that anticipates a decline in consequences of the government report to be published on Monday Is in my cost those engaged In 1t dearly. Prov idence not the government makes the cotton crop. The world needs twelve million r bales of American cotton nI next next produced a crop as large as this and even that crop of fourteen million bales was marketed at an average price of g 1-s cents per, pound. In- cluding this crop, for the past four years the South has marketed its cot ton at an average of 10 7-8 cents per pound. The demand for cotton Is daily increasing at rate so marvellous as to guarantee the immediate absorption at 1o cents pound any crop the South can produce however large.
 acres and unparalleled weather con ditions throughout the entire season to produce tho crop Of two years ago. Even the most bearish statIsticians do not believe that more than thirty mill lion acres have been planted this year and from such an acreage Judging by the past there is but little prospect of a crop substantially In excess Of eleven million bales.
 Spinners. both In America and Eu- rope, are taking advantage of the pres secure their surplus for months ahead and those merchants and planters in the South who are selling cotton at present prices are unnecessarily sacri- RaE. NV1 nF ,Nf ton at 10 cents pound for which, in my opinion, they will shortly be able to secure II or 12 cents. Bear in mind that this seasons crop of practically eleven million bales has been market ed at an average of II 1-2 cents per pound, that the crop of 1s04-5. practi- cally fourteen million. bales, was mar keted at an average of Is cents, that the crop of I903-4 of practically ten million bales, was marketed at an av- craze of t2 S-4 cents, that the crop of previous season at m average of 10 1-2
 R NJ Miller, Jr., who is himself a spinner and President of the Cotton Manufacturers Association, in a re- cent address aptly summarized the sit uation as follows: T believe that the day of and 6 cent cotton Is gone, be- cause these figures are now below the cost to produce 1t, because the South ern cotton planter holds the key to the situation and will demand a greater price; gone. because the old theory that 10 and 12 cent cotton would cur tail consumption has been exploded. "
 Except for short time during the season of 19O3-4 the past few years have seen reasonably high prices and the large increase of splndIes and con sumption during this period is. not. therefore, inconsistent with high prived cotton. Within the past twenty years our consumption demand has in creased nearly 100 per cent and this increase has not been checked. but to the contrary seems to have been quick material New material continues to multiply and especially is this true du,, ring the past year in old Eng land and the South. It is estimated that more than s.O00O00 spindles have been in stalled In old England and possibly an equal number in America. During the year all of those, too. in face Of ten
 THEO. PRICE