The Washington herald., 1922-07-17
GREAT REDUCTION
In COTTON SURPLUS
BIG Aid TO SOUTH
Very Little Left in Grow
ers' Hands-Credit Sit
uation Is Easier.

MEMPHIS, July IGNORE tnan all
else the business barometer in this
section of the South is affected by
cotton. although the progress made
in diversified farming during the
past few years has helped to dis
tribute the influence. II the cotton
crop this season proves to be 10,-
100000 bales or more. and the price
received therefor is what now seems
we'll assured, 20 cents or better q
pound to the producer, business con-
ditions will be satisfactory and the
prevailing hesitancy will soon dis
appear. Obligations can be further
reduced and there will be general
stimulus given to business in prac-
tically every line. The marvellous
way in which the surplus from
crops previous to that of 1s21-'?2
has been taken, resulting In the dis
appearance of nearly all of it thus
far. has brought conditions that
were not anticipated and relieved
the financial strain in many direc-
tions.
Instead of there being another
large carry-over of cotton in the
South, the new season will find al
most none that has not been sold
by the producer. while the middle
men will have very little and the
spinners themselves will have but
limited supplies. II now appears
that the worlds spinners for the
season ending July 81 will have taxi
en- nearly 100000 bales, whereas
the crop of 1921-'22 only approxi-
mated 100000, thus cutting into
the accumulated surplus by nearly
100000 bales. That actual con-
sumption this season has been we'll
Up 20 what the mills have taken is
believed certain, for there has been
no incentive to buying except as
supplies were needed
Watching the weevtI.
How much the new crop will h.
hinges more than ever before on the
extent of the boil weevil activities
and how much can be produced in
spite of them. Their presence Is
more widespread than ever before
and their number larger, and the
start they have is several weeks
carrier than usual. This latter fact
lessons considerably the ADVANTAGE
obtained by trying to have the crop
wen advanced and grown from earIv
maturing varieties. Never before
was greater effort made to combat
the pest and grow a crop in spite
OF II, for the prospect has been oil
the season for high prices. With
no" much success such will be at
tended remains to be shown for
the crucial time with the weevil
Is now here. and il Is reckless
person who will undertake to guess
now much the final yield will he
mus Tar the actual damage done
Is perhaps moderate. but in most sec
Ilons the fruiting has but recentIv
started and the pest does not art
MS work Of destruction until the
squares and bolls come The pa st sey-
eral weeks have been favorable for
cultivation and growth of the cron
and since the condition of 71.o ner
cent for June 25 was made up i'm
provement has perhaps taken nIace
out the weevil has also had weather
which was as a rule suitable. Tipe
only will tell how much success will
follow the effort to produce enough
iruit to feed the weeviI and leave
some Tor clothing mankind.
Next Few Weeks Crucial
The ensuing few weeks will ha
hiGhly important. not only as 10 tho
SIZE OF the crop. but in determining
me general attitude of business peo-
PIE. II the crop promises to be nm
uer lO'OOO.OOO bales. 1t will take a
very nigh price to afford offsettinr
<oHpensatlon. and with world condi-
tlohs as they are the best-informed
people doubt whether such would be
suhclent before consumption would
De seriously affected Moreover. the
oouth well knows that a short cron
would bring a hysteria of speculation
With probability of train of evils
'hat would be against general pros
peritY. Effects are still felt of the
reign OF imitation and speculative
ABUSES which accompanied the very
period al
Whatever the size Of the cron and
the price for which 1t will sell. the
chances are that it will be a profit
aole one. 1t has been grown thus far
with an unusually small expenditure
or cash. This was due in a measure
TO choice, but chiefly because of neces-
sfty. Labor has been plentiful and
has been working better than in wears
Inc EFFORT to combat the weeyil has
caused the expense to be increased TO
some extent, particularly where poi
soning methods have been used, but
the most widespread plan has been to
use intensive cultivation.