Evening star. [volume] (Washington, D.C.) 1854-1972, 1927-12-31
" GEORGE DEWITT MOULsON

- VENTS OF THE past i months
l. present one of the most dra-
matte and interesting records
IL ever made in the history OF
cotton. The year witnessed a
complete about face In the market,
lifting thousands OF planters from
misery 10 affiuence, and changing the
problem OF the industry from one
Of curtailing production TO one OF
assuring sufficient production in 1928
TO meet the worlds demands.
During three years Of steadily In.
creasine production In which the an.
nnaI yield exceeded world consump.
tion, piling up surplus and depress
ing prices from 81 cents in the Fall
Of 1924 Ia IL cents al the close Of last
season, the course Of the cotton mar.
k"t had been lacking in features at
all noteworthy. Each year more
cotton had been added To reserves un
III the carry-over had grown from
about $50, 900 bales at the close Of
the cotton yesr 1929 To 1850 900 at
the end Of last season This repre-
sented the largest surplus. with the
single exception NJ 1921 In over
decade and created n situatio where
the grower was compelled tn accept
price far below the cost Of produc-
, ton.
Conditions Depl0rabie.
Agricultural conditions la the South
Al the beEAN ming Of the present calen.
dhr year were deplorable The cultiva.
tor 81 few acres found himself
heavilY In debt and unable 10 rea liZe
/ enough FOR his crop To pay for It's
/ cultivation and harvest. An abnormally
/ favorable season had brought about
/ . record yield 81 nearly $4,000 600 bales
/ or about 1000, 900 more than ever
( before harvested.
Cotton was 80 plentiful that many
/ fields In some Western States remain
81 half picked IN the return did
/ NOT warrant the outlay involved Ia
gathering ana ginning. Many sons
| aud daughters Of Southern families
| were unable 10 continue their edu.
/ cation In school or college owing To
/ the diminished returns from the plan
tatinn I.1wrf grades that had cos.
! - cents 10 produce were selling for
/ only about half that f1gufe and the
/ situation had become nn acute that
| the Federal Government WAS called
upon Ia devise ways and means ~
meeting the prices that threatened
| Wide spread economic disaster
/ That the entire situation could
change within less ihan nine months.
cent. has been the renarka able develop
! nIrnt nf 1927 and one without pfaCe-
dent in over half "a century. The
nearest analogy occurred IN 1891 when
prices rose from II. cents 10 ~ cents
! ia ak weeks I3nt during the past few
| months. cotton IA Was without "A
market In The Hohth al 10 cents
pound ~ the begin.ing of The year
! has been sold tor over ~ cents, while
|TnNltaftk on The New YORK l.XchafI se
advanced from ID low record nf y IS
~ the close ~ 1928 Ia over - cents
THE fsIi.
nder ~ ,50D, 0OO, Ntb0
A year ago. the low price then PIE
talllpG represented u total value Oi
iesk than ~ 800 900 900 fni - 800 DUu
les, which included The largest crop
eyer grown. tnRethsr with the sur
pius carried aver IN various narts 0t
The world tram pispiou. seakons. A.
one iins This Fall The much su,a liei
yield III 1927 and The carry over had
increased ~ market value 10 approAt
matsly ~ 800 900 600.
THIS radical read iustmsnt resulted
Ia part from The deliberate effort on
ihe pat ~ planters 10 meet the lie
| preston caused by over product ion
| through "a TiIttaiinsnt Ia acreage, and
Ia part by various nHfnpuiahlr weather
conditions
| 4 series ~ three Rn,d crops, cad
ing With ihs enormous pi'niu"IiOn NJ
1926. had furnished the World With
naaaA aaftnn Than saIlid ~ rnnatisa III