Atlanta tri-weekly journal. [volume] (Atlanta, Ga.) 1920-19??, 1922-11-16
WORLD FAMINE IN
COTTON LOANS As
LIKELIHOOD IN 1924
BY j. G. ROYLE
Ueased Wire Service to The Journal.)
Copyright, 1927

ID Cs IeO
Geased Wire Service to The Journal)
Copyright, 1927
NEW YORK, Nov. 15.-The world
is faced today with a shortage Of
cotton supplies unparalleled since
the Civil war.
If supply and demand continue
to make their laws felt for the re-
mainder of this season as they have
in the last~month, thirty cents a
pound cotton is a certainty~in the
future and a price Of from IS to 40
cents is probable before the next
crop becomes available. That is the
general opinion of the best inform
ing to reports received by wire with
in the last "a hours. The cotton
situation is of interest for every
man and woman in the United
States for each if affected to a
greater or less degree in the price
Of this commodity.
Foreign grown cotton is estimated
this year at 100000 bales or 2,000,'
900 bales less than normal. The
American crop, according to the
most accurate authorities is in the
neighborhood Of 100000 bales of
lint or about 100000 bales includ'
ing linters. There will be therefore
approximately 100000 bales of
American cotton including the carry
over from last year of 100000
bales, available for the II months
ending next August LIST.
Consumption in the last cotton
year was 12,SOO,OOO bales. There Is
every reason to believe it will be
greater this year but assuming that
only 100000 bales will be consu;n-
ed this twelve months, there would
remain on August 1, 1923, but
5000, 900 bales. Another million
bales would be required in August
before the new crop began to make
it's appearance.
Stock Reduced 3
This would reduce the stock to
100000 bales or far less than the
American mills would need as re-
serve stocks. Europe, facing
shortage of 100000 bales Of foreisc
grown cotton will be even more oe-
pendent than ever on the American
supply. Three months ago, an
eminent British authority expressed
the belief that an 10000 600 AmCr-
lean crop meant 25 cents cotton Al
southern ports. Since that time,
the foreign crop has dWlndled by
100000 bales of American crop or
even more.
Such an outlook makes any price
possible especially as d large part OF
the current crop has passed into the
hands of cooperative associations
and strong holders who declared to-
day they would not sell under 80
cents. Anything that tends toward
uncertainty as to next years crop
may lift the price above that figure.
| for it will take two good crops to
supply the needs of the world and
provide an adequate surplus.
Mills Active
| Feverish activity of cotton mills
TO lay in heavy stocks is reported
! Southern mills have been heavy buy
ers from the time the crop started
to move and textile men in the
south declared today they were in a
position to undersell the world on
cotton goods. They have all the
business they can handle and many
of the orders recently booked would
yield a profit even with cotton high
er than it is. Southern employers
declare they are menaced by no
labor troubles.
Boston reported today thai cot.
ton goods manufacturers recognized
the serious shortage of cotton and
| brokers who have made tours of the
south are advising their clients II
cover their requirements at any
thing like present prices. The feel
| ing IN New England is that cotton
may go to 80 cents or higher. Pres
ent prices for cotton goods, they say
Rave not shown advances equal to
those of raw cotton although they
have jumped from IS to 25 per cent
in the last few weeks. Manufac-
turers are anxious over what con.
summers will pay prices for cotton
goods commensurate with higher
costs of the raw staple.
Farmers generally in the cotton
states will plant every available acre
next year but the largest acreage
ever planted is not likely to produce
more than 100000 bales unless
the production per acre increases
greatly from what it has been in TIE
last two years. The size o. the
next crop is dependent largeIy on
the amount of calcium arsenata
available. That chemical IS saiu to
be the most practical weapon yet
discovered against the boil wccvil.