The Washington times., 1922-10-21
LATEST NEWS, or
FINANCIAL WORLD
FINANCE
:RUsiNEss; M
~ D. O. FORBEs.

IBUSlNESS !
~ .. O. E0RBEs. Il |
The west is q vcrttable Pandora's
box. You never know what next
! will come out Of It. ',
Here's q new one to me-and It
, probably will astonish you also.
have just gotten the facts from
the California banker who knows
them and can grasp their signifi-
,, canoe better than any other man in
America. namely, J. Dabney Day.
vice-president of the First National
Bank Of Los Angeles, a Texan, who
was born and raised among cotton
and handled much of cotton business
! during his many years banking eS-
perience in Dallas before he was
lassoed by Henry NJ. Robinaoh,
head Of Los Angeles largest bank,
two years ago. One of the t.rst
| services rendered by Mr.. Day on
being transplanted was the furnish,
ing Of $4.000,000 to Arizona cotton
growers to extricate them from the
hole they were thrown into b. the
! explosion Of the war boOm-a SUN
since repaid. He is now chairman
of the Cotton Committee of the Los
Angeles Clearing House Associa.
ton, and chairman Of the Cotton
Committee Of the Los Angeles
Chamber OF Commerce. tribute
to his superior knowledge Of C,ttor.
After the activities Of the Arneri.
| can Bankers Association convention
had long talk with Mr.. Day, and
l know what he says concerning the
development Of the cotton industry
IN the Pacific Southwest with inter
est and astonish millions.
TN 1913" said Mr.. Day, "Califor-
MIA produced only 10000 bales OF cot
ton and Arizona even less. In 1920
Arizona and California, including the
Imperial valley in Mexico, produced
approximately 250.O0O bales. and the
1922 production, In spite OF the very
serious reverses Of the recent bust
ness depression, will probably exceed
200. 900 bales.
I'm ten or twelve years Southern
! California, Arizona, Lower California
and the San Joaquin valley will be
Sl60, ,000, 900 worth OF cotton annu-
ally. The value Of the present pro-
duction is approximately $35 200, 900
for this year.
'The marketing center OF this
cotton industry IL Los Angeles and
Los Angeles harbor. Shipments
through Los Angeles Harbor in
creased from 1909 bales in 1920 to
| 104, ,086 in 1921, and the 1922 total
will probably exceed $50 900 bales.
| shipments to Japan increased
from 6S9 bales in 1920 to 66,113 in
| 1921-merely one example Of the
/ Oriental demand which promises to
provide an ever-expanding market
for Pacific-Southwest cotton.
! THE maximum cotton acreage in
this, territory has never exceeded
$50, 600 acres, but there are some
12,0o0,000 acres well suited to the
production Of cotton-more than
one-third of the total present-day
cotton acreage in the entire linked
States.
Due to the long dry growing
i season Il is impossible for the boT
L weevil or other pests to do damage.
| Also because of the climatic, ritua-
ton, the bloom Of our cotton Is rec
ognized as superior to that Of all
other cotton. as II comes TO dead
white. It's fine quality means low
percentage Of waste in carding.
This is the one section in the
United States capable of producing
long staple or Pima cotton on a
satisfactory basis. With world
wide scarcity of long staple cotton
1 tHA nnN oil AT ia
over erestimated. =
Again. because Of climatic condi-
tons and the excellent growing stu.
alton. both California and Arizona
always rank among the first three
States In the Union in per acre cot
ton production. 1t In not unusual
for an acre to produce over half a
bale or even three-fourths Of bale.
Every effort Is being made to en-
courage this industry to expand.
There Is a high density cotton COM
press at Los Angeles Harbor which
has operated at a bale a minute; also
excellent storage facilities at reason.
able rates. Congresses have been
Installed at Calexico to handle the
Imperial Valley crop. and at .Phoe-
nix. Ariz.. to handle the Salt River
Valley cotton in Arizona. Important
brokerage houses have established
Iagencies in Los Angeles.
Several Japanese concerns. for
merly operating in Texas, have
moved to Los Angeles because OF the
ease in supplying Japanese markets
from this district.
/ France recently bought more
than 5000 bales Of Imperial Valley
cotton, whereas in 1921 only 2S0 bales
were taken-the first France ever
lpurchased from this district. Mexi.
can mills located on the east coast,
and operating in territory where pro-
lduction Is. declining, recently pur-
chased Pacific-Southwest cotton for
shipment through Los Angeles Hnr-
Dor to keep their mills operating.
"Inasmuch as American cotton
production seems likely to fall be-
low normal requirements In the
next few years: and seeing that the
Pacific Southwest provides the one
verdant cotton section OF the coun-
try. that prices promise to be profit.