The Tacoma times. [volume] (Tacoma, Wash.) 1903-1949, 1942-08-12
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he moment. the situation
relating 10 price control Is in a
state of extreme confusion. Presi-
dent Roosevelt has expressed his
opposition TO prices above parity
and also has declared against cot
ton loans at 100 per cent of parity.
On this point he Is supported by
the ma jority Of trade sentiment,
but the persistence of the farm
bloc group in supporting the high
loan theory has imposed at least
a temporary obstacle TO the presi-
dents efforts. The congressional
farm bloc il basing its advocacy
chiefly on the argument that with
no firm check to industrial wage
increases, the farmer would be af-
fected adversely. and there would
be no all-over imitation control.
Price tendencies In cotton
for the near future are there
fore somewhat clonded. Con-
sumption, of course, Is pro-
ceeding rs a record rate, but
there are indications of some
slowing up In the output of
cotton mills. due 10 several
causes, chiefly relating to
labor supply and activity.
In some mill districts. operatives
are attracted to nearby war in
dustries by the prospect of higher
wages. and it is believed doubtful
that this drift will be checked ma
terially by recent wage increases
averaging 5 to per cent, which
are quite general throughout the
South.
In addition to this, operations
are somewhat slowed up by en-
ploye vacations. and the overhaul
ing of textile machinery which has
been worked at top speed for
months. The New York Cotton
Exchange service intimates the
likelihood of some slaekening in
the volume of consumption in the
near future.
For the full season. our do
nestle consumption Is expect
ed to he slightly over 11,500.-
coo bales. This would result
In a reduction In carryover. as
the crop produced last year
was around 10000, 900 bales.
At the moment, the prospect for
the new seasons cotton crop is
most promising. The acreage was
estimated by the Department of
Agriculture at 24,005, 900 acres,
compared with 23,132, 900 last
year. Thus far. conditions have
been so favorable as to suggest
the probability that the abandon
ment of acreage will be less than
usual.
The crop had a rather late start.
and there were early predictions
that the production would be I'M
likely to exceed 10000. 900 bales,
or at the most. II 600. 900 bales.
There were fears that the
lateness of the crop and the
probability of extensive weeyil
damage would initiate against
a full yield.
In addition to this. there were
numerous complaints of scarcity
of labor Not only were farm hands
indicted into the army in large
numbers. but many others were
attracted TO war industries which
developed in many localities in the
South.
However. weather since mid
June has been exceptionally favor
able, requiring less effort for cul-
tivation and also affording a de-
gree of weevil control through hot
weather that has reduced infesta-
ton by the pest TO an unusual
degree.
OF course. the critical
months OF late summer and
early autumn may bring an
unfavorable change In the
prospect. but at the moment
crop ideas have been raised
10 1900. 900 bales, and even
higher.
Veteran members Of the trade
recall the extraordinary yields of
1926. 1881. and 1887 when weather
conditions were comparable to
those Of the present season. High
temperatures in early summer re-
suited In reducing the weevil
threat to q minimum. and when
late summer rains appeared. the
crop fruited rapidly with minimum
interference from insect depreda-
tons. II such conditions should
develop for the remainder OF the
season. the yield per acre could
approximate record proportions.
Nevertheless. there are still
some misgiyings about the
supply. not only the supply of
good cotton, but the available
supply. II a record crop il
produced. viii We have the
labor to pick it. and. what is
most important, to pick IL be
fore unfayorable autumn
weather damages the grades:
These fears are responsible for
the current steadiness OF the mar
ket in the face Of the present bril-
liant yield prospect Moreover.
the technical position Of the
market Is healthy because OF the
absence NJ an unWisldlv long in
terest. There are times when
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