Evening star., 1924-06-25
textile INDUSTRY
STILL AT Low EBB
Manufacturer Report Too Much
Cloth on Hand to Permit Buy
ing More Raw Cotton.
CROP OUTLOOK VERY FINE
Great Dimculty Found in Selling
Goods at Present Prices.
Special Dispa tch 10 The Star

specni dispatch TO The Star.
NEW YORK, June 25.-The textile
manufacturers of the country who
have not made ample provision for
raw staple requirements for the re-
mainder OF the year found themselves
today in the position OF loser in a
poker game who has just been raised
most of the chips he has In front Of
him. The manufacturers have been
complaining bitterly that jobbers and
retailers were compelling them to
carry the goods Growers today as
serted the manufacturers who were
not carrying raw cotton as well stood
an excellent chance of having to pay
high for it.
This feeling came about through
announcement from Shreveport to-
day by the finance committee OF the
American Cotton Growers Exchange,
of which Andrew Querbes, banker and
president Of the louisiana Cotton
that a national banking syndicate had
been formed headed by the National
City Bank of New York to finance the
twelve cooperative marketing asso-
Citations of which the exchange Is
composed to the extent OF 500 ,000,0 600.
May H0l6 Unto COttOh,
This sum will be used to assist the
marketing and holding OF cotton
which the cooperative associations
will receive this year. Last year
these associations received and mar
keted nearly 900,0 900 bales Under the
agreement with the syndicate the as
sociations must borrow at least $l5,-
900, 900, and additional sums up 70
800. 100000 will be available II
needed
The government has just issued the
cotton "pars' or forrnulae for esti-
mating the crop from the condition
figures received from various LOCAL
the report of one of the most accu-
rate and widely known crop statis-
ticians in the south places the pIop onc
able 1924 crop at about IL .ooo.ooo'
based on June 20 condltion reports.
These reports indicated that about
3S.3os. 900 acres had been planted, an
increase of about 8 per cent over last
year.
Crop Outlook Bright.
TT report placed the condition on
that date at So. 3, which shows an IN
crease Of 2.7 as compared win % che
rovernment figures as OF May 20. Ine
average Improvement In the time OF
vesr Indicated Is two points and the
ten-year average condition Is a'e.
Despite the improvement recorded.
there lis little that brings JOY 10 the
cotton goods manufacturers At
some of the Georgia cotton mills
are operating full time, but the ma
iority are on weekly schedules only
large enough to keep the organlza
tions together, according to Presl-
don't George S. Harris OF the georgia
Manufacturers Association.
ouiries for goods are increasing. ne
said hut prices are unsatisfactory
and II is not believed by the associa-
tion that there will be noticeable I'M
movement in the textile situation un-
til the July raw cotton trading posi-
ton is out of the way. Then, oet-
ter line on the new crop can 20 eo-
tanned
Goods Sales Very Slow.
Bankers and cotton dealers in the
south are predicting that manufac-
viii adjust their prices upward. The
latter are by no means so conndent
OF this and answer In reply that they
are having overwhelming dimculty
in selling their outputs and STOCKS
even at present prices: In the mean :
time, foreign countries are ouysns
raw cotton as fast as they can una
the money for It
The fact that 10000 garment work
ers in New York were called on stf1ke
today added no enthusiasm to the man.
ufacturers' attitude and was capped
by q statement of William Heaps,
director of the Manchester Cotton
Association of England, now In. this
country, in which he said:
World Supplies Low.
LAS a result OF three successive
short American crops world supplies
of cotton have been reduced to An ex-
tremeIy low level and prices have
consequently been pushed up to a
point where the demand for goods Is
below the normal output of the mills.
1t will take more than one large
American crop to straighten out the
situation"