Evening star., 1927-09-16

Congress might be sought at the next
session into the authority of the De-
partment of Agriculture Bureaus un-
der the law to make any price predlc-
tions. The Georgia Senator declared
that the forecast had cost Southern
cotton planters $100,000,000 by the
break in the market and characterized
the author of the forecast as 'either
a fool or knave."
IT was announced that yesterdays
forecast was almost identical with
a cotton price review issued month
ago to the press and was Of limited
circulation intended for economists
and field agents. The bureaus pub
ncity director, ]. c. Marquis, said that
If It had been carried In it's entirety
by the press 1t would not have caused
the New Orleans reaction. He char
acterized the forecast as A long range
prediction and not applying to the
present market.
Bureaus Complete Statement.
The complete statement. as it ap.
peared in 1.-The Price Situation
pamphlet, published by the Bureau
of Economics with the caution,
release September 15,' follows:
Cotton prices continued to ad-
boil weevil infestation and unfavorable
weather for maturing the crop. The
average price at 10 designated markets
in August was 1916 cents, as COM
pared with 1874 cents for July this
year and 1865 cents for August, 1926.
The price received by producers on
August IS was IT, cents, an increase
of 1.6 cents over the price a month
ago. During the first week in Septem'
ber cotton prices remained fairly
steady, but the estimate Of production
given by the Department of Agricul-
ture on September 8 was somewhat
less than the trade expected, and
caused prices to advance materially.
but they later reacted, due to unfavor-
able trade reports from Liverpool and
belt since the first Of the month.
THE wide fluctuations and the
higher prices Of raw material at the
present time are causing both spinners
and buyers of cotton manufactured
goods to be rather cautious in their
buying. The movement to mills has
continued at a good rate. world spin.
ners' takings from August to August
26 being about 36 per cent greater
than for the corresponding period a
year ago. Reports received from mills
by the Association Of Cotton Textile
Merchants of New York show the
ratio Of sales to production in July
to be "a per cent, as compared with
149 per cent during July, 1926. Stocks
of hand on July 81. however, were
less than a year ago, being 17S,000.000
yards against 2SS,OO0.000 on July
81, 1926.
Total Mill Consumption.
"Total mill consumption of cotton
of all growths for the past season
reached a high record of 25.SSO, 900
bales, compared with 24,681 900 bales
for the 1925-26 season. The world
mill consumption of American cotton
for the year ending July 81, 1927, was
1877 900 bales, as compared with
1890, 900 bales for the year ending
July 81, 1925. In spite of a record
world consumption and the large
out of sight movement, stocks are still
heavy. World mill stocks of cotton of
all growths on July 81, 1927, were
900 for July 81, 1926, and 4,267 900
bales, as compared with 3,686,000 the
same time a year ago and 2.343,00
two years ago. The world carry-over
of American cotton on August /, 1927,
was about 100000 bales of lint cot
ton. compared with 100000 bales on
August /, 1926.
1.-THE consumption and the move
ments of cotton on the European
continent were heavy during the
second half Of July and the first half
of August. There was continuation,
however, Of the tendency to slow up
in central Europe. In Germany and
central Europe high mill activity has
been maintained, but new orders are