Evening star., 1924-02-14
COTTON SITUATION
|SCAUS|NG WORRY
Possible Shortage Fails to
Start Heavy Buying on
Part of Mills. o..
BY j. c. ROYLE.

Special Dispatch to The Star.
NEW YORK. February 14-There
are almost as many points on the
cotton situation as there are points
on the compass. Where the needle Of
results will finally point still is a
question. All admit unexpected de-
velopments, such as a recurrence of
war, might develop a situation more
than serious.
The cotton textile industry in New
England is far from we'll, IL the
moans emanating from the mill CEN
ters of that section are any criterion.
However, the manufacturers there,
while admitting freely that the sup
ply of cotton for the coming season
appears inadequate for domestic con-
sumption. exhibit no acute concern
and do not feel that the situation
necessitates their rushing into the
market to secure supplies in advance.
Nor do they feel that their future
requirements demand that they rush
into investments in cotton planta-
tionS or into Il co cooperative movement
to raise their own cotton. The bankers
who have financed New England mills
and are holding millions of dollars
equinimity.
Predict End of Cheap Cotton.
The southern manufacturers. who
seemingly are better protected In the
matter of 1924 supplies, are anxious
ly waiting for the New England SIT
uation to become worse, and declare
that the textile industry must become
reconciled and readjusted to the pros
pect that in this generation there
will be no more cheap cotton.
Both factions Seem agreed that the
British SpinnerS are losing out. anu
that the trend of foreign manufac-
ture Is toward the orient, where cheap
labor is obtainahle to offset the
higher prices Of the raw staple.
The growers are unable to under.
stand why the manufacturers are not
rushing in to secure adequate sup
1rlies for the current year. They de-
clare that there will be practically
no carry over. that exports are neaFS
and that forty-five days must elapse
from the end of the cotton year until
the new crop reaches the mills.
Alarmed Over Outlook.
They point to the incursions of the
boil Weevil, the migration of negro
labor to the north. the decreasing
productivity of the cotton lands ana
the possibility of unfavorable weather
cd. and declare that the time Is rap
idly coming whe unless g new s',,n1isd lanas
the country cannot grow crop SUI
ficient for the spindleS 1t must feed.
The British cotton men. according TO
reports in New England. are supporting
the growers views. Alston III. Garside,
manager of the industrial service ue-
partment of the Merchants National
Bank at Boston, which handles many
transactions for the New England mills,
said today: "It Is significant that our
exports are not going direct TO the
lated at British points and are in the
hands of merchants who predict q
shortage.
..This is shown by the fact that spin
nerS' takings in Great Britain are l4l,-
600 bales lower than last year, while our
exports to that country have been o3o,-
900 bales larger. Continental summers
have taken $1,000 bales less, whlie eA,
ports have been 100000 bales more
This is taken to mean that the Britisn
cotton men are holding their purchases
for the purpose of taking speculative
advantage of any shortage.
Sees Shortage by August.
Rodney Wilcox Jones, president of
the Augusta Knitting Corporation, on
the other hand, declares tnat pS Au
available supply of cotton will have
been exhausted. by August" he
said, "even the inferior stocks VIII
have been exhausted and those mliiS
which did not cover requirements
early will be forced TO suspend pro-
ductiou.
Government officials are rather op-
t;mistic on both American and world
supply of cotton. They declare they
do not believe there is reason to fear
u dire shortage or exhaustion of the
present supply before the 1924 supply
is available. The government. they
assert, has on hand sufficient cotton
goods to meet any national emer-
gency. In the event of sudden war.
they say, stocks on hand in the way
of clothing and other textile supplies
would be sufficient to equip an Army
of 100000 men and keep up their re-
uuirements for six months.
Weather Deciding Factor.
One of the chief experts on cotton
production in the south declares that
under conditions which now seem
probable it will be u close squeeze
between consumption and production
rhi, year The danger, he says, Is
that America will overexport, and
that if over 100000 bales are sent
abroad American mills which nave
not secured supply are going to be
in IA tight fix.
AS to the 1924 crop he places the
u-aother ne the governing factor as