Some phases of the long-staple cotton situation in the United States

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Some phases of the long-staple cotton situation in the United States
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United States -- Bureau of Agricultural Economics
Agelosto, A. M
Fetrow, Ward W ( Ward Willard ), b. 1893
Farrington, C. C
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osaa 0rMOksi or .THE t
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ZPARTMEMT OF AGRICULTURE
w Agiultguras E -


1B A. M.


SOME PHASES OF THE LONG-STAPLE COTTON SITUATION
IN THE UNITED STATt
IN THE UNITED STATES


Wahifton, D. C.
July, 193.



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sam ma or Tm r sfpz conTo? S rx(ATIo: Tr 4' UmNIED STAT S




By A. M. Ageslaato, Senior Ilarketing Speci1'%st, W. 1V. Fetrow, i/
Senior Agricultural Economist, and C. 3. Farrlngton,
Assistant Atrihultuil Economi st, Division of
Cotton market ing




CUNTEDT
Page Page
Introduction. .................... 1 Egypt ian cotton............. 5
Source of data.................. 2 Peruvian cotton............. 6
Long staple upland cotton....... 3 Prices...................... 7
American-Egyptian (Pima) cotton. 4 Surary..................... 10
Sea Island cotton............... 5 Tables...................... 11
Charts...................... 48




Introduction

Interest in the long staple cotton situation in the United States
on the part of growers and others is constantly in evidence. To neet the
requests for information this report, containiii; some pertinent data, has
been prepared. Altziou'h the material at hand ioes not permit an exhaust-
ive analysis of all tte factors in the sit nationn, certain descriptive and
explanatory comments are presented.

Long staple cotton, or staple cotton, as used Lir this report, re-
fers to cotton h'vi-g a staple length of 1 1/8 irnc-es ?nd lor.rner. The
supply of this cotton in -.lie 'Inited Ltetcs 2orsists of both ';or.3stic :.nd
foreign growths. Th.e driestic ir'olaction consists of: (1) Thqt c'ortion
of t.he ;lirn crop tavir-- a staple length of 1 lie/ intches and l.on-ur,
(2) American-Ergyptien or Pins cottonr, and (3) Sca Islard cotton. The
principall foreiir growths of staple cntton. -.sL::-i in t:.e LUnited States
ar- Eypt i-Lar.2/ and 2rr-:visn. S.-.all q':antities of lon,- staple: cotton rAy
h.Uve been Lnpoyrted also fror. Brazil, 77pst Iadi s, rranCl, an-d possibly
other oou-.r;tris.
--------------------------------------------------------------------
1/ Senior AsTieltjreil Zvono:.iit of the 3ur:au of ,-ricilt-rl Ecor.nomics
uAntil ::ay 15, 18.51. -:o-5 'cononlst, in Thur.ru of cotton Section, Divs3jn
cf Cooperative ,larkr'ting, FePi.nl Farn ?card.
2/ Ssall qrttlites of &;yptian Sak-all'.-ri is cotton grown ir Arglc0-
Ecptian Suden are ir.clid.d in statistics of Ek-ytiEn cotton in thc
'-"ited States.






Each of then long staple cottons differs In many respects from
th: others but on the basis of staple length they may be divided roughly
Into two groups: (1) Those having a staple length of 1 1/8 inches to
1 3/8 inches, Includring long stanie pland, Egyptian Uo*re. and most
uf "".L Peruvian, cotton, and (2) those havirm, a staple length of I 3/8
i:.:os an.d longer, IncludinC E,.ptian Sakellaridis. American-Egytian.
:.2 SOC. Island cotton. Lore or less direct comnutition exists between
t.. ; ottons within each of these groups rbut the cc.petition between the
ttt-'f.. of dif:ereat groeys is, at moat. indirect. For example, inter-
S*b',:tir.s are more li:ely to occur betrroen Anorican long sta.ilo u)-
Z tL.,UtiLn Urnero or between Aznerican-ZEg-,tian and Egyptian
S-a:, -aridic than between Amoerican long stLrlo p" and and Arnjricaln-
Z:s'jtin -.r between ,gyptlan UJpers and Egyptian cakellaridia. i'-ch
r.-Y 1 -i.. t-, be learned, homover, about the relative spinning utility of
t.'.C. ..nfg etBt&e cotton.*. Tho extent to which they my be u8ed intcr-
z&n.Cu.;.biy in the man'Lfacturc of various textile products is an intri-
-,.t.' c.d lrvrelved qination, a satisfactory answer to which is not found
I. tc! :.vr.1 lablj material. r


Source of Data


Yr.ta ":rv:entod in thi- report were co;._iilcd from reports of the
3 ...-* c f the Cens'ts ar.d the Bureau of Foreign anAd Domestic Cozraerce of
n .. 'ne, Suites Departrment rf Cor-rerce, the Bur-eau of Agricultural
.: -cs ,f t.-e United States Department of A'riculture. the Livernocl
S.. n r. ss ciat-ic,. aid the ministry ,f Finance of the Kini don of Eg;'t.
_.esc _Iata r-j.ate, primraril',- tr. the period fro. A.. :ust, 1913 to M'-'ch,
-.: :.:r ;.;st of t.e tables are as cor;.lete as possiblee for this )ericd.
3.-. A'ics of nrodu'ction, irmcrts, exports. stocks. consumstlon, and
.-'.-.. c-re Iresented to the extent that reasonably comparable statistics
.-e :.vil-able. Unfortunately, separate statistics for long stable up-
-,' c.'.rr. are very incv-.l)ete. Estimates of the quantity of cotton
.--.. c-. :.l-ie ierngth ginned in the United States have been issued for
2 -C. .---r :_rc.;, lS to 1951. E/ Estimates have been made also of the
-'.t ... f" c::tt'-jn of each sta4r-)le length carried over on July 31 for
..:; ver=r fr-n 1025 to 1931._j/ Thus it is possible to determine 7-0o-
S-.-... c..rr,-over, and disapearance of long staple u.-land cotton

j' 7r in.fr'rticr. about& t the qualities an.! uses of various long sta-le
: .3 seee:
(1, :-an-;. Peter W., 3t;rIe length cf foreign groa.n cottons consisted
.. 6' Sa:, lT-fl31., United S'tntes -Z?-artment of Agriculture
pi e. ..:.-ry' ^ty.rt, ly?.r
('. ... U 3, A Partial LIst of Uses cf American Raw Cottcn,
r at- a rtn ".tf A4ricl.LuJ-re preli:iiniry Re.ort, peb. 1027.
*.. :aiff Zc-r;i sein, the &rrrency Tariff Act and
,fl a. r i f:'' r fl Zo.r- iss~i,:n t
... .r". -ri"f i. -.r' ion Series No. 27, 1922.
z "..L: f A, ricL' :.r Z r .r.:is anrel ir-.i'-na releases on the GrV de,
:rn-'.h, \ u-. u i durab1%it' r.i- Co.t t-n Ginned in the United States.
;:'..f C^ricu.t\-l Zccn.r.mics _rcli.:inary releases on the Gra'.e,
T r., ::.,: T"u' rabillity of Cot t-n carried Over in the Unitce-


- -


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In the United States for the year since 1928,. Comparable esti"atos
of the quantity of this cotton exported are not available. An estimate
of the quantity of each length of domestic upland staple cotton consumed
in the United States was issued for the year 19292!6/ and a partial sur-
vey was made of the cotton consumed in 1926-7J. Certain series of
price data for the important staple cottons are fairly complete from
1920 to date.

Long Staple Upland Cotton

Long staple upland cotton ranges from 1 1/8 inches to 1 1/4 inches
or longer in length of staple. This cotton is produced principlly in
Mississippi, Arkansas, Louisiana, South Carolina, Texan, and California,
but it is grown to some extent in each of the major cotton-growing Stntes,
(Tables 1 and 2.) Staple cotton constituted slightly less than 5 per
cent of the entire upland crop of the United States during the three
years 1928 to 1930 but it constituted an important portion of the crop
in Mississippi and in several other States, and, quantitatively, upland
staple cotton is the most important type of long staple cotton consumed
in the United States.

The estimated domestic production of-long staple upland cotton
declined from about 688,000 bales in 1928 to about 444,500 bales in
1930 (Table 3) but preliminary information indicates a much larger
production of long staple upland, as well as a much larger total pro-
duction, in 1931 than in any of the three preceding years.8/ The quan-
tity of long staple upland cotton carried over on July 31 was 491,900
bales in 1928, 302,900 bales in 1929, 423,500 bnles in 1930, and 374,900
b-les in 1931. The resulting totrl supply of this cotton declined from
1,179,900 bales in 1928-29 to 868,000 bo-les in 1930-31 and increased to
more than 1,200,000 bales in 1931-32.

Data comparable to the foregoing Pre not available for any ytar
prior to 1928 but the total production of cotton in those counties in
Mississippi, Arkansas, Louisiana, and South Carolina, in which a large
proportion of the upland long staple cotton was produced in 1928, 1929,
and 1930 my be significant. (Fig. 1 and Table 4.) Production in
these areas declined generally from 1913 to 1923, then increased rapid-
ly for two years, and has fluctuated widely since 1925. Approximtcely
1,034,000 bnles were ginned in these counties prior to January 16. 1932
Ps compared with about 784,000 bales during the entire season of 1930-31.
------------------ --------------------------------------------
fr Strong, Peter M, Quality of the Cotton Spun in the United States
Year Ending July 31, 1928) United States Department of Agriculture
preliminary report, Appendix A.
:j Youngblood, B., Killough, H. B., and Strung, Peter M., Domestic Mill
Consurption of American Cotton by GrCdes and Steaples, United States
Department of Agriculture preliminary report, p. 5.
8/ A preliminary estimate issued February 12, 1932 indicated that of
the 15,991,400 bales of the 1931-32 crop of upland cotton ginned prior
to January 16, 1932 approxiam.tely 825,700 bales or 5.2 per cent were
1 1/8 inchess or longer in ste-le.
% 3 -








It a possible thnt total production of cotton in the arean selected
mBy not be indiceative of totvl production of long. atnple cotton in
tht. United States. Part of the cotton produced In these counties is
lass thnn 1 1/8 ILchus In at'-.:,le, And consider.-.e quantities of long
-t'i1le cotton 'iru prodw.ze! in other counties of '.he Unitod States. -,
Fertheraor.j, the extunt to which the st-lc, liungth of cotton produced
In hhevs suiected count,.s, or !n othor counties, changed rrior to
I12r Is rrt known. Those dr-t- nrte rrsuntud merely es one possible
.rA.',nt.cr, cf thu ,rc,,Ijct!olz of lon? st.-1 cott, nr in the Unitud Stntes
-t their l-i:1itior.s a! hcld L fully rmc 'rlziJ.

Te disn;putrnrLce of lorn !tirle urland cyttcn into conBumrtloa
i.nd uxrort chUanziuls, sa zIliievtud by suitr.cting thlu curry-over at the
end uf the yufr from thi totni sur: ly Rveilable fcr the yufr,'fWs
77,000CO b'iI.a in 12*S-29, 5C-L,QO tr'l1s In 191.9-50, Fnd 4'iO,lO0 bPles
;r. 1930-71. (TphIlo 3.) Thu -rorortlon of this cotton cdnsumed in the
"nlt-: Stnt..s cr ix-ortcd duriz;g th).sc yrs can not tb. determined froMa
.nfor.etion n-w -vivioble. A rel m. -ary stin't.te of thu quftntlty of
et-ch starl-,j length of A-t.urican uTlTn.1 ccttcn conrumod in the United
Stntts In--crJtos th t .-rcxirtt-]y b40,000 t-'ls of long strrlo upland
ccttcn wtru unru..uvi rdurinr i:,a-%e._/ Cr,,"r.,tle usti ,ites are not
ivr;:lablu for subsonuent vun':r.,

A'*urlc'-r-Eryrtiprn (PLnR) G..'tt~rn

.Ur ericcn-Epypt:ar. in :n uxtr' 1orn-Ft~lb cottn- ranging in length
fro- 1 1/1 to 1 3/4 Inches, tho mod-.1 1c;nrth bei:a, -.bout 1 9/16 inches.
Su.h A etton 's nnf. grown oTly i- irr.---te. districts of /krizonn, thoughh
.r".ll ir-nttlies havu b M.n VrIcC. ir. C- ifJrnir..

Co:-.or"-l,2 r1* :1ctI: f ; ti ss cctt jr. r. .n r.hcut 1?I1 innI increased
r".-, t ly tc lo ba .V.:?:i "tou.t ),CQJ''0 r, b" 1c '.W.r' rrc.jc'Jci y, ble 5.) Pro-
uduct.on thur dcci.r.od r'-ccil5y t% ly 4.74 bles in 1:."4. Th#- crop
Irgt- A n.L out 2b,OOC b.xl,1 :.:.:" fly liurr.'- th, ".hve y..: rs 196-193.
7j1% esttr -tud c t]:=c i on: r 22 1 i- C1,f b,-l s, IP,'
'i~ i c' t.- '" td St tes

.'9 t'3er. n -crtv'1 -'trnt',iy ;-.r.c i. 1-:C. sF, -ni "' '- c E.) it
r." or.r r. Fr."' r cf Y'.a5.y v, :,.** n -'. :'-. ? ri I..c ]"..... to :-rnly 11 40
*- ,p. u n i.1; -.',;. C I Si.-.' 1 ... tY...& L. L ", -J t1 s St jL
t t ". ;; 3, "" in 1930-31.
-r, :. :,i rht y : 'r .. 'r t 1., c9: f- t2 r. ij: ry f th, rrt-ce1 inr three
"., -- .. r- ,. -" t
j* ..at 'c:'" Q ....." ; ,:*-'". -V '.' r.v 'nru- ... ., JLUrr"..-$PY'Z 81B
*t ,r. -" S t ru',:t .:ly K; *: i '' 'r ,t 1 tr J'r.u'ry tL C, to!'r, 1931,
tl.-ru5 ,.. tt :*tr. r. rt).s 1 .'., r 1 c.:r.t v .:r-rs. ,7'. -. ",f.,i
i ..* .t) 4 .t: ;-.:, ::-- *- '' 9K- r. '.r th f"rst six rontha
". .;l-/i- ',0 Ii 'ui ," r rp" ri .2 T; C*, it' s -: 1.)0-31 and
4 an
----------------------------------------------- -----
, ", : ," i .l .R." r !. n 17 -t" d

f / .,n. r*,: 1: t, ""I! ,_ r.
," y'.',, ,,v" rf :' m.",::- .'.*r I. r' t. ,. ib,- .' rt 1. '* .- ,I, :"V ted
* ". .J T' :..


- I1








=all quantities of Amerlcan-Ecyption cotton wore exported in
1929, 1930, and 1931 the only years for which data are available.
(Tables 9 and 10.) Of the 4,545 bales uxpurtud in 1929, 5,000 hblus
went to France, 744 to Great Britain, and 521 to Canada.

S. Inland Cwttcn

Sea island cotton ranges in stanle from about 1 3/8 inches to 2
inches or longer and is the longest cotton of commercial imrurtnncu.
Annual production of Ser Island cotton in the United States approximated
100,000 running bales (of about 400 pounds each) from about 1895 to 1917,
the greatest production being 119,293 balus in 1911. (Table 11.) T..is
cotton was produced in Svuth Carolina, Georgia, and Florida. Production
declined rapidly following 1917, and by 1924 commercial production had
practically disappeared. This rapid decline is usually attributed
largely to the difficulties of producing Sea Island cotton under boll-
weevil conditions,

Domestic supplies of Sea Island cotton have been aungmented during
recent years to the extent of several hundred bales annually by cotton
produced in Porto Rico and shipped to the United States. Production of
Sea Island cotton in Porto Rico averaged nbout 1,300 bales (of 500 pounds)
annually during the four years 1926-27 to 1929-30. II/ A lnrge part of
this cotton has been taken by mills of the United States and the remainder
has been exported to Europe. Shipments of cotton from Porto Rico to the
United States totaled 2,125 bales during the 12 months ended June 30, 1931
as compared with 1,188 bales in 1930 and 925 bales in 1929. E/

Consumrtion of Sea Island cotton in the United States averaged n-
bout E5,000 bales annually during the five years 1913-14 to 1917-18 but
following this period it declined ra-idly. The decline was continuous
except in 1927-28 and 1930-31 when slight gains were reported. (Fig. 2
and Table 6.) Consumoption in 1930-31 was 410 bsles as compnred wvrith 372
b!les in 19,-30 and 796 bales in 1928-29.

Egyptian Cotton

Egyptian cotton may be divided roughly into two classes, Saikul-
larliis and Uppers. Sakellaridis constitutes frcnm one-fourth tV .Yn,-
third of the Zgyptivn crop and has a staple length r nri-ng from 1 3/P
tc 1 5/8 inches. From two-thirds to three-fourths of the ESyptinn ,rop
is Ut-ers, the stable length of wh.ch ranros 1'rm about 1 i/e inches to
5/1e. ir.&ces. Of the ccttc'n exzortedl fr'r. E-'rt tr" th, T'n.ti Fr.T,:s
------------------------------------------------------------------------------
I/ Accor '.nw tz a special rtI.ort cn S-- Isl',ind cotton nr '-1't -..:n .n
Porto Rz:o submitted ty Dqrwin DeGolila, Ass't Tr-de Co-niss.oner,
Sar. Juan, Porto Rico.
IJ/ Bureau cif Foreign nd Domestic C:..merce, Monthly Sunarry of Fore.n
crser'-re the 7Vnl.ltd St'tes, Part .2, Jfune, 192) and 1931.


- 5 -








'iir. ng the' Galedr years 196 to 1930, 28 per cent Iao Sakellaridia,
atout 7O "or cent was UJrers "-r.d 2 por cent s c-ther strains. (Tmble
13.) United Strtesa ir rts of EOrti-n cotton er, ed sproxziwtely
15 ;er cent of" the poductlin of cotton in Ear'- during the 10-yoair
rurlcd IY20-21 to 19L29-3C. (F!g. 5 and Tqbluas l and 14.)

:.rrrts of FTjrt!P.n rnttov intc thu United States averaged about
?ld*,,0 LUles annu.-lly during the 10 ye-rs 1920-21 to 1929-30. These
s-r(rts fluctuated widely during the period from 1913-14 to 1930-31,
th,; greatest annuall !Imrort.tinn being 465,000 bol>s in 1919g-20 and the
s.all-..st ".bout 23,000 ble. in 1930-31. (Fig. 9 .nd Thble 14.) The
y'.ir fr lrge im.. rts, 1919-20, .wma rreceded by tro yeArs of restricted.
:rp.rts 3 nd lecllning stocks of Eoy;tlan cotton. Following the large
lrort',t.on !ind increesing stocks of 1919-20, imports of 1920-21 do-
-1:ln.od to only P7,000 brlos. Annual Iarorts of Egyptian cotton were
--. t"rattvuly stqhli frr'r. 1921-22 t) 1929-30 but were reduced drastlc-
rly n. 1D3C- Z. Theo eicl1ine in Irrorts during 1930-3.- wns preceded
iv' lnrge -nTL.rt,tcr.s '-.d the building up rnf stocks, in April and May,
>30. (Fr"s. 6 -nd 8 'nd Tbles 14 and 16.) A tariff of 7 cents a
r-eind ?n c-tt-rn 2.vinp t, st-ple length of 1 1/8 inches and longer be-
c-r.e effect vu il1 Junc, 1930. The decline in imrorta since lg9f-30
Ss ]-luttloss beer. -:e.tntu-rted also by the forces at rl-y in the world-
w.e tusir.enss derresCiun. Iriorts nf Egyr.'tinn c' tton to the United
S tnes were ie,654 b',les luri.7 the first six nonths of 131- 42 as
c.".ri .lith 3,.62 b-lus In 1?30-31 ,nd 98F,778 '-lee :n l r9-30.
!'t'ks f Eyrtiir. cotton in the United St-tes d'cll1ned frc.m 155,201
Hi'.. n Ju'ne 30, IZ3C tc 41,616 balLs on J3rnuary 31, .1932. These
J'n'ry st..'ks were th'2 s,"il,-st uni-of-mrnth st-,cks recorded since
LA;r 2, li19 _nd the saillest Jinu.'ry stocks on rtccrd.

C.nsun-tini of Eyp ti.i-cc.tt.>n in the United St'ites averged
.-!r~ ,.t,.Q!y 216,000 I:' us -:tmuavly during the 12 yve'rs 1.30-21 to
.-e.'-30 tut duclirned in 29lC-31 tc 1r%4,095 b.les, ur t less thin 50
--r cenr.t .f .hIs vO-yL-r .vur- Pe. Xrit:. the -L-riod i::13-14 to 1929-30
' u ".rc :st "-kfu.lf iT.'-r (,n of ES'r"tlr-n cctt r: wr s 323,124 t-les in
-.t. -C:C, 'c.v tt.e E"r,'U2l:;t .7',s 12.,Q0Q blR les in 1.19-1P. {i 2 rind
4"L .) jS'n t.en c .f IN ptf!an ttmn t L Inr,'i fr.r -. T'm',nthly
of, u' ,r r.xim.teljy P,0'.,.- b-I,. "n A"rii, 1:)3G to les th-nr. e,000ooo
"*. ., :r st, 1.?1. (Ft... r.) r:' sr:4 the flrst s:x months of
.*r' 2i '" :.i ,; ,''f r:i;.ti,.n t t tot-lu 3.? ? !- b-i s r3 :cr--
* -.' "..h .:,.:3 h'les i :r thc s. m,- erer ,' 1:C-I ,.n-i 113,"61


!L t~ r,; tnrl-?
.... .. n r : ,::'.,-7( .

n p'.r.r :`! "-n I" *O P

!'r -t ,"1 t.-.L. .- t -." c,.' t..n .r," l,,ne' s '+., *r.ly
.. ., .. r. P n.'he he
,' .i -y .;-u i '.; r,. f C,.+ ",ml .Ci a," 'C., "F 1 na -s
'f :. Z. '.".". '. r-' r. .: f r t. -h chqr .ct'r.










The United States has been the principal market for the rougher varieties
of Peruvian cotton but has taken relatively smal rroportlons of smoother
varieties. Imports of Peruvian cotton to this country averaged approxl-
mmly 10 per cent of totel production in Peru during the 10 years 1920-WI
to 1929-50. (Fig. 10 and Tables 10 and 2D0.)

Imports of Peruvian cotton to the TUnltpd States averaged 21,347
bales annually during the 1P years 1920-21 tp 1929-30, which Is only
about one-tenth as large as the imports of Egyptian cotton. The major
fluctuations in the imports of Peruvian cotton have ncpurred simulta-
neously with those of Eayptian cotton, the greatest import of 63.40C
bales occurring in 1919-20 and the smallest, of 2,373 bales, in 1930-41.
(Fig. 9.) Imports of this cotton increased greatly in April and May,
1930 and have been relatively small since, the trtal for thp year 1930-31
being only slightly more than 10 per cent nf the average annual imports
during the 10 years 1930-21 to 1929-30. Imports of Peruvian cotton
during the first six months of 1931-32 were 943 bales as compared with
W0 bales in 1930-31 and 12,426 bales in 1929-30.

Consumption of Peruvian cotton declined to only 4,276 bales in
1930-31 as compared with 7,747 bales in 1929-30 and a 10-year average
(1920-21 to 1929-30) of 18,766 bales. (Fig. 2.) The largest consump-
tion of Peruvian cotton in the United States was 36,977 bales in 1919-20.
The trend in consumption of this cotton has been slightly downward during
the last 10 years.

Prices

Premiums quoted at Memphis on upland cotton of the staple lengths
longer than 9/8 inch are shown in Figure 12. Wide fluctuations cha-
racterize these staple premiums as well as the base price of Middling
V7/8 inch cotton du-ring the period from August, 1923 to February, 1932.
(Fig. 13.) High premiums and high base prices or low premiums and low
base prices do not necessarily oc-ur simultaneously, however. For ex-
ample, in 1923-24 the spot prire of Middling 7/8 inch cotton at Memphis
averaged 30.42 cents per pound and the premium on Middling 1 1/8 Inches
averaged 136 points. The average price of Middling 7/8 inch declined
Qurinw the following year t- 24.19 cents but the premium on Middling
1 1/9 inches increased to 430 points. Such a r-dical divergence in
trenr. may be *inus-ial but it indicates that staple premiums are effected
by spe"^al su-pply and demand conditions in addition to those which -ie-
terine the general level of cotton prices.

:n spite of the drastic decline in the price of Middling "/8 inch
'otton during 1929-30 and 1930-31, staple prem-.um, re..aCnei rather pt'ible
end at the beginning of 1931-32 were relatively hith as compared with the
prices of shorter staple cotton. Staple premiums declined .-onsi.ern.hlY,
howeverr, 1.ring the first six months of 1931-?. Thle 24.1


- I -







It la Irtereasti..- to :rlU'o. t.hae rm'aeint uf price of various
lon, staple cotturs in tha Unrite: States during recent y-ar. (fig. 14.)
roa. Auast 2s 19T9, to 2'arch 4, 1932, tha price of Aneri oan-Erpt ian
0o. 2 cotter. (dellvi.-ed and 1l!.ill points) declined from 43.00
centn a po-ind to &6.50 cents, cr 52.Z per cent; thi price of EK-ptlan
.akearldeia fully y Goja uir)) declined frcan 3 -L3 cents to 20.15 cents,
cr 46.1 pnur cant; t:.t prieo of S.yptian Unpera (suLly Good Fair) 4e-
-1V.1^i 'rIor: .,.38 certs to l,.50 carts, or 24.1 per car.t; and the price
of .Anerlc-,n jpla.d 1idil., 1/& il;.chu.a declinuc frou 23.85 to 9.48
nrt:., or 60.3 per cint. Th-. aiurq,,. spot .ricc o? Aierican Middling 7/A
Ircr ..ott- ir. In A m"u dva,3sei.r-.j:eJ spot ;iart dI;cclirned 63.6 per cent, or
fror. 16.47 c.mr.ts on Aj, -e: 2, l2 r -:o 6.72 cents on :larch 4, 110.1
(Tn"lu 25.)

ThJ pric. of ATirirLn-Lg/ptien cotton, grad-e ::o. 2, was consider -
ably .Lit.r than th,.. .ricc of .olails (1'uliy Good Fair) from August,
92A to AIJ'ist, A0. -ior; rapil :cli2'- in t.c prices of Anrican-
-v;ptirn t.rir. i-. 8a.olLari.d13 ri:stgd in j.ric-s of Mv,.rican-E-:,ptian
buo .i :ro.; tu :ilu'cf *pt L-hor, 13Z0 to th e niddic of
^ *i-iiiy. A;31.

A.-. c Pri' c: ""dT...rP iI" ,. r s .. s 1 -iehor San I rrican
arlund :liilirg 1 1,.'z iZ 3 uS I..- t' .. -riod, L'ui.u-st, itW to :arch,
.2 bUjt sr-ail dZ r.,:-.r _3 i:: tliu, .itaipl(. -, t..s, -utt(.n nay account in
-art for t.fis fakt. T-. Lr..,d btr -i m t 3 '-i s -r a .-elativoly
:b rrci, lo:-.7-;,ir, fra; .: zrt, 1-2F t ::ay:SY, i.'., '.cti'.ttr.: 3jr thU nost
nart 4tt.....1 rrd '1 : *ts ant -2v*2.. i,- i ..g c .ts .rl' 1b 23-2J. and
.X17 -nr. tj d xrin r l12o-Z. 7. S S-r .-: "i .. tW t o 7. j C n .e T i rng
i-'.-31 and to 7. c t' z i c-. I irst o-vr. -: t: of IV1-32. Tho
f -! r : "-n 3 r .
Sf .. -. ., *T-- "-- -- .-ric:r. ":pl:-,t 1. i,./z- I s T:, E o" r.e
rric, of k,-y:.ti :- p p..s r .C ..i 1 U i. JJ 1 c. r .t iAn
1.,2 -" ain in l-?..-3 to U3 :--r c,.r i. l...n -! -d pnr c, t n the.
.fi -. 3..vjn 2-ont-a of i-J-o5..

Ah- avr.j r-7... c I /:. .-h .*c rA. n at '.;-: ,.F 253 points
r. .28-29, '.,2 ?oi- 's i- 1. .--k', 2. r Ir. t L; i: 1Z.'-Z cnd 172 points
mi~r:.. tt: first s C.un S v 1xA-t. Th.S -rc^-zs, st-).ia i2
-! p.o pc-r. .-i., 3.ir ... J.,.'.si." r- 4.. .xKI:.- '"ut ". x'r.esi-d us per-
-':-.'*: z ,.:-., rapidly li:.i"^ -ric.. : .",'d in. c: cnttrt.n in
1' spy* ;r.. W.> 2. L. t 1;1 fd ;l,, r2*rtares:
1. -'-'- p .. ;t; 1... .. .. .. .'. per cent;
"" P r t Il"'J" :.*, i .I 20.ce- Pe2r cent;
&.'.i 1:.l-.^., 6:. ",ir avidt.

:-r-rl-'.'a & W" t. .. U *; 4 :. -1.n ?rt:Ao .' f ; t:..itLan Sna:eilar did s ana
: r .-; r :r t":- ": ; ... w .r, .' .r .-v,, 1. 2 l to
.**r -ncr; .' d 1 '2 -,-;;* .3nt -~*r i i ***,;-.,: ri-.t & t..j 1:- t0 a: s'-.
i -s t t: t *tw'o t :-.'..,.' cnu frc.-.-1 o.- er, ic not
.r.r .. l.. i, 12<. "--- -i-. *: r."r;. t-.-E.- *;- t: cc't:L-.r 2vt" rli *-
*r ,i*. C".L n ra
A. *. j- r.r tr c L A ,
..... J : r...f : s t. i vno*
~ -*. 1 1. ., '- .- .* .. ..,
S ; m : ,' .. -,
: 4.- 4 -. tA.-






since February, 1925. From October, 1931 to Parch, 1952 the prices of
those growths in Non England averaged about t'e scamo.

A comparison of tho prices of Egyptian Satoll-ridis in :'-", Englrnd
and in Liverpool front J-nuary, 1921 to Novemabur, 1931 is sho.n in
Figure 16. All of the Liv3rpool prices hivo bh.3n converted to ccnts p,'r
pound on thW basis of thn current New York oxchKngo ratu. Ench s.rius of
prices was secured from thu sanno source for tho ontiro period. The
p71coa of Egyptian S&kollnridis in Liverpool %nd Non Eng.l-nd did not
differ groitly during thu period froan 1J25-26 to 1929-50. Throughout
most of this period thorc r-is no t-.riff on lone stnplo cotton imports in-
to tho Unitod Statcs, Grort Britain ,.vs on the gold stnndard, r.nd thurj
wis only n negligible difference in freight ritos from Alox.ndrl.n, Egypt,
to Liverpool, England, and to Neo York. During the period 1920-21 to
1923-34, and pnrticul-rly in 1921-22, Nu..w Englnnd prices -'or- consider-
ably higher thnn convortod Liverpool prices. Thi spre-d botnoen N-7
Englmd nnd Liverpool prices 'vugWn 7idoning ngrin in Juno, 1930 nnd since
October, 1930 the Now Englbnd price of Egyptinn Sokolln-ridis has rnnpcd
from .bout 6 c;nta to 9 cents higher thnrn the Livorpcol price.

It mny be noted that there -:es a tariff of 7 counts a pound on
cotton h-ving t st-ple length of 1 5/8 inches or longor from 'oy 2P, 1921
to September 21, 1b22 ind on cotton !L.-ving i stnple length of 1 1/8
inches and longer from Juno 19, 1930 to d.tc .rnd in koth-. instinccs the
tariff '-ns applicatle to Egyptian SI'.kcll-rid-.s. Tho frci.ht rntc from
Egypt to the United Stitas excoed.d thrt to Gr-it Bri'-tiin consider-nly
more prior to 1921-22 thcn sincu thit d-to, but even then it '.7ns probably
only n ninor factor. Unst-blo exchnngeo rates bct:con Gro.t Britain rnd
the United States prior to 1925-a6 wore probably a f-ctor in the spread
between Liverpool and Iunj EnCland prices.

The p-rity between New Englnnd and Liverpool prices of Egypt ian
Uppers (Fully Good F-ir) :nrs quite erratic from 1V21-22 to 1923-24,
conpnrntivoly stable front 1925-26 to 1929-30, -nd ride sincu th be-
ginning of 1930-31. (Fig. 17.) Aftar ;:oy, 1930, the Liverpool price of
Egyptian Uppers declined rich more rapidly than the "ou- En1' nd price,
th: net decline from Juno 6, 1920 to '-rch 4, 1932, Acing 5C.6 per =Ent
in Liverpcol -s cormp-.rod with 15.2 per c.nt in No-.; Er& l-nd. The price of
this cotton his ragged front sli.-htly .-.cr' t.-.n 7 c ntr to -Inlm-Ft cnr.ts
higher in Now Enrl-nd th=n in Liverpool since Octiv'.r, I30.

Although it is inpossibl- toc st-te *-cfl-nit.ly t.hn ir.fl-u-.ncO; -r'
v-rioGs factors on thus.: spr-'-ids -':,d nlsti..ns:. ips -.r. J in. t.r- th in-
flr'r.vc of 'thtsS- spr -. s -:.nd r-. -tionships in th: i -ports, ux.'..'rs, cxn-
sumZption, etV., of cc'-t-. -., th..-. is 3dnsidur-.hl *eviu tr t t..
t-riff contributed 1 71 rrir I' v to th,. a-ist:i d r.d cctior n irnpr'.s r L. r c
V-. rb io" o-" r. f At 5.* p.jr :.rt in cjns r-.j. ou n *-..f E,.-/ li',n c. tt-r. i.n
t-.- U'ni7t7 d S'tatEs d-ir.- 9jXC-]31. Frt.'.rrnrr',:, it s -"s r. :r'.blc t
b2i- h-.t th: r2,at?:-.y hir:-.cst tt' F;-'Iti'.n cutt.n t-) A;--.ric- n
mrn t'.-f;tururs r-iy hqe c" s-.d so. ', sdbstitti.: .*:" A: rb n 1-rt" ttr.pl..
c'^t-O.- fcr Fs.-r -.n. !;-.ttr'n by t:. mills .f -.. :nit.-.n i SZ: t.s;. Irn t'r.,
this Sibstit.ti.n Mr S bly r .'. th ,.;r.tity ..*f i::; s ic ion,-
st-Vipl cs'ttn "vilib'b- f.r .x ;:rt.


- 9 -







suuuary


The supply of long staple upland cotton in the United States was
ltrrcir for 1931-32 than for anuy of the tree preceding years. This na
t., rus-ilt of th largo protuctlo. uf long ata;ie cotton in If3l, since
theo "srry-ver of this ccttcn in 1031 tes sliUhtly smaller than the
aitrapo of tho three yrnra 1926 to 10C. Staple prmaniuma declined con-.
s &-arh In 1031-32, aft-.-- n-ving rut-sin3d cor.parativoly stably during.
1v?!0-30 nrld 1930-31 in spito of 0clininf, cotton prices. The aStual de-
cline In thj N1u? England pritc of ALerlcan upland Middling 1 1/8 inches
i%,r1rq the priod frn Au;guat, lin. to :'arch, l%32 7as about tho seen
s tn.-A t3clin2 in the 1U-narket avaorc.. spot price of Middling 7/8 inch
ctto. but -as consid,.r-ibly grestur than t(iu decline in the liNor England
rric' of Sg ptian Up-urs (Fully Good Fair).

T! a 19S31-35 crop of An,;ric.in-FSyptlan cotton r-as th. aoallest
ir, '- 19.4-:5 but* thu curry-over of 1931 wms larctr than usual. Con-
s xpt-ion of this cotton in th.c U'Jnited Statu.s rum at a compnrativoly high
l.v-l diriv liy30-31 an. thh first six months of 1931-32. Exports do-
"11.f 'ron 4,545 bUlLS ir. I3a to CIe bolts in 1i31. Thu UL.uT Enrland
;.1ri. of Anjrlcon-&-:ptian (,'*.-d3 "'o. 2, cotton .es n"out 43 cents per
0o1n in A-,,;;st, 19n9 n:.nd hoit 1C c. nts p.-r pound inr March, 1932.

?ro-,ction of "-- I rslr nd crtt-n irn 3 Tnitcd Stotos h's boon
r.:r-lirile since. l 2"4. Son,- S..-a Islnnd cotton, houcver, has been
snipr.-:-! fro Purto Pico) to this cu':Intry during, r.,ccnt joers.

Tr.perts of Fr.y'tl'nr cotton- d:lin d in 196C-61 to nlout 10 per
c.n.t of r.vr';-:.: (1220-21 to l"9-?2,) ani ir.cr,'.srd during. the first six
..o:.ths of ivl-Z2 to -bo-t 15 ;ur c.-r.t of nveroge. Consumption of this
."-' L:.: lri "cr & HA a--1 to l,-.s :r-i:- 5- pr ,.nt of ,.vUrnWge
(19::-2l to 1U29-30) nnd "-,,;t still lo-:.r durinp, th. first six months of
l.3..-,. %3toc:s o: SS0 y ,.i.n oottor. ir. th "'nitei 5', ,tus or. nJnu'-ry 31,
I.' ".:-2r. t'., lo't-st I--f--rurths stocks -(cori-J,,:! 3incc April, 1919.
ri' -cs o:" gy.ptz un cottons in Liverpool in .!J:rch, l'-,'2 ':.,ru r.ltlvoly
l-; sco-. .r.d t. rnc.- of An.ri7nr. cotton br;t tho pricLs of
:":i -.r cottons .,r b,'t".c--n 6.5 nnd 9 c,-.ts p-r po';nd hi,:.r in Nor
nr.. >r ti -.i in Liv..rp l..

.-s t:'/I d- i in P vi' cotton i orts r.d cor.s-:.ntion in
t".. "' A'.- I 3'-,t s zir; lV..'-S h5 -v.0 'tj :. i-il r to t`.ose of Egyptinn
- ^;.


- 10 -







Tnla 1. Starle length of American upland Cttnn ginned, by
States, 19E-.29, 1929a30, nnd 1930-31


fiHEH!:: .


.........Sti.p'i length (inch sj)
3/ 16'1 -I1 1/16 11/8 1 3/1681 1 /4
an.t Year TotalUsand 7/8 15/16 and and and and nnd
.. .... under .. 1 /18 1 3/%% 1 5/32 1 7"/3P l-nwcr
1,000 1,000 1,000 1 000 1.000 1,000 1,000 1,000 1 000
bales bales b.lesa bales bales bal-is balus b-'l's


United
States


1928-29
1929-30
1930-31

1928-29
1929-30
1930-31


1928-29
Ariz. 19z9-30
1930-31


Ark.


1929-39
19.-9-30
1930-31


1928-29
Calif. Il29-30
:930-31


FlrI.


1928-29
1 29-30
1930-31


1928-29
.4. 1922-30
1;:*3C -31

l0 L,0..-.9~
La. :Z27-30
1930-31

122B8-22
M as. 1S 29-30
i3 30-31

2i28- :3
Mo. 13-?-30
i ?/3-..,


F-' trn'- e s a enal rf T- ie.


- 11 -


I
I
'I
ii;.


14,268
14,519
13, 732

1,097
1,308
1,445

117
121
1.27

1,216
1,396
E64

171
254
256

20
30
51

1,053
1,340
1,5?7

S6
798
705

1,4F2
1I ,e76
1, 458

145
:15
!153


2,072
2, 9:2
1,829

264
586
553


3
2


127
178
77

3
1


2
11
10

129
282
237

88
111
91

254
120
115

9
3
^


5,915
5.,534
5,328

763
689
802

11
4
5

359
393
196

20
5
2

15
17
35

744
919
1,097

203
206
160

259
352
299

30
58
56


3,226
2.748
3,4 22.

50
28
77


17
27
41

290
379
253

29
17
14


144
114
218

17P
212
167

11Z
227
LeA

C.,-
S88
5'


1,570
1,694
1,725

18
4
3


40
65
48

224
262
207

48
120
41


22
21
36

128
170
187

128
203
209

39
5F:
;.,2


489
556
393


2

2



30
28

706
412
:.17


168
120
61


1:2 1
op


7?4
937
971


1
3

43
20
30

131
1,8
107

60
104
160


5



52
64
68

SC-
260
32
313

15
14
F,























S. 1C

19P2 9



st,. 192'930
103- 1
3. C.19QO



I P9
1930-31
Tim. 192 5


Tex~u 19Z9
11A. ;p n


as


1, 18?
1,126
857

744

1,015


4,92
3,803
3,886


1627


500
g

349
410
440
426

173
1?3
12


795 1,85?
9741 1,261
476 1, 330


129 30

193C -31


192-i


~o Nhic
19 -131W by L


Distriburi of Stale L tt of
3. Lnhm1 U. 8. re- A~ P.


j/ As re 4 rte by the u of the Cnss.


- 1 -


68
81
14n


206


145
157


108

124


195?

1, 31e3


58?
481
586


113
105
101


4ft

3?2







Table g. Perentags of Amerioean upland cattoi of each stnarle len-th,
by State, 1926B-2, 1929-M30, and 19350-31

StErlo length (inohts)
13/18 1 1 1/16 1 1/8 1 3/16 1 1/4
.StAtb Year Total and Pnq nd and end and
~.... ,._ ,.under 7/8 15/16 1 1/32 1 3/' 5/3 532 1 7/3 lon-er


United
States



Ala.


1i28-23
1929-30
1930-31

1.28-29
1929-30
1930-31


1928-29
Ariz. 1929-30
1330-31

1928-29
Ark. 1929-30
13?-31

1928-29
Ca i f 199 -30
1 30-31


Fla.



3e.



La.


1928-29
13:9-30
1330-31

192P-29
1329-30


1 9 28-29
1? 3-30
l ?20-31


".;e-29
Iss. 9 -3-1
1 20-31


Mr.


1928-29

13 31-, -31


Per
cent

1lO .0
130.0
1.301*0



100,0
100.0



100. C
100,0
100.0
lOO.C


100.1
100.0

100.0
100.0
1CO.X


100.0
100.0
100.0

100.0
100.0
100.0

1.0.0
100.0
100.0

100.0
ICO.O
1CC.O0
100.0
1cc.o


100.0

1,rf .C
1CJ .o


Pvr
Pe 7t
cent

14.5
20.1
13.4

24,0
44.Q
38.6

2.2
1.?
.2

10.5
12.8
9.0

1.6
.3


11.5
37.6
19.e

1-.3
21.1
14.9

12.9
13.9
1-.f

17.4
10.1
7.5

5.2
1 .4
?;.3


Per
cent

41.5.
38.1
38.8

69.7
52.6.
55.4

9.5
3.6.
4.2

29.6
28.2
22.7

12.0
2.0
.7

72.6
57.4
68.;

70.6
68.5.
62.6

29.6
25.8
2Z:.7

17.7
18.8
LC?.5

20.5
2..1
37.3


Per
cent

22.6
18.9
24.9

4.5
2.9
5.2

14.7
23.6
32.1

23.8
29.3
29.3


17.R
6.9
5.7

12.4
4.0
11.4

13.7
8.5
13. A

6.0
26.6
23.7


12.1
18.1

35.5
40.1
I61:5


Per
c ent

11.0
11.7
12.7

1.6
.3
.6

33.2
5?. z
37.8

18.4
18.7
23.9

27.8
47.3
16.2

2.0
.7
.6

2.7
1.6
.3

18.6
21.4


8.7
10.8
14.3


i;5.4
13.?'


Per
cent

5.6
6.5
7.0

.2
.1
.2

37.5
16.0
23.4

10.7
9.2
12.3

35.1
40.6


1.0
.3


.5
.3
.5

7. F
8.0
9.6

17.8
20.7
21.5

*^.8
F.2
.5


Per
cent

3.4
3,8
2.8






2.9
2.2
2.3

5.4
3.3
2.66

6.3
2.9
15.3


.1
1/
.1

4.0
3.7
4 .C

20.9

14.6

1.2
.P7
.7


Per
cunt:


P'.r
cent


1.2
.8
.4


1.4
.6
a..


1.?
.6


P.3
5.2


6 i
I/


I/


1.5
.3


r S ts'en ..r-tt-h h ,-F


r.. ; or cent'*.


- 13 -


a-
9






Tblet 2. Pereent.re of Aneriean urland ccttem uf each staple lenatb,
by Sttoes., 192-29, 1929-30, and 1950-31. COnttnued.

'i Sta;le length inchess
1si3/i 1 I/6 11 / 1 3/16 1 17r"
t"tte Yeqr Tot.l a rd nni -.nd And end and
ur_'l*r 7/8 15/16 1 1/32 1 3/32 1 5/B/32 1 ?;32 l rngoP-


New 19 L -22
Aex. 1929-30
] 30-.l

1 02S-29
1I. f. l 9?9-?0

1y?0-31


II 92-;3


-kli. 1 D29-30
1j30-31







:.eC.9t :92?-30
l930-?l
I, 24 9
19 29-?1

7,-nrn. 1 P -,



i ez-.is 1 02 -30


Ve.


1:- R-F39
1 29-30
i 0-?.l


.\ i 2 P
t h r -^ 2 .< <
.u .I?-71


Per
-ent

100.0
100.0
100.0

100.0
100.0
100.0

i0o .0
100.0
100.0


100C.O
IOCO 0
100.0
100.0

100.0
100.0
100.0


100. n
10 .0

100.0

lIOC .0
10jC.C
100.0

U1).0
100.0
10C.o


Ptr For Per Par Per Per Perr Per per
cent cent cent cA..t cunt cent cent cet


A.0
5. -
.5

10.0
10. .
05. j
56.:

13.6
ze.6
iN,.5

6.h
i1n

11 C2
2.7

20.8
15.9
15.1

16.1
P5.6
12.3

e.3
6.9

9.

3.4
7.p


7.5
3.1
1.4

69.7
E2.6
51.2

25.6
44.3
40.9

55.0
52.9
-1.7

40.E
34.-,
32.8

37.6
33.2
34.2

P2. P
71.0
63.1

3.2
1.1
15.6


10.5
7.2
8.1

14.9
19.7
29.3

33.I
18.5
34.5

19.5
18.9
28.2

25.5
3? .5
33.7

31.5
25.1
35.0

1C..5
20.0
i13.-4

12-' 4
?.i
12.4
21. ?


26.9
46.9
37.2

3.5
5.9
10..2

14 .5
6.0
8.4

9.2
0.7
13.9

10.0
14.9
14.5

11.9
12.6
15.1

.4
1.9
1.9

1 .I
25.8
2P.1


41.3
32.1
44.3

1.0
.9
3.3

2.1
2.0
1.4

4.6
5.1
P.4

2.5
2.0
3.6


2.7
S. 6


1C.l.
-(. i *

[i .9


9.e
5.3
8.4

.6
.2
.7

.7
.6
.3

3.2
1.7
3.9

.3
.3
.3

.6
.7
.7


16.1
2/3.6
4.7


.1

.3

.1

.1




1.3
.4
1.1

.1
1_/



.1
.1


I;.5
11.2


*' r n f : t.t, n l'irk.:t


-.-. C --."utci ."rLr THIL. 1.


/. I '.w Tth,: r..e-''.-!nth 'f r.vn er -ent.


Aw l,, -


w





Table 3. Eatimated production, carry-over, and diaappearancae/ of
long staple (1 1/8 inches or longer) American upland cotton in
the unitedd States, annual and average, 19P.8-2, 19?9-30,
and 190O-31


Iten


1923-29


1929-30


190Z-31


boole baLe'' s Leuo.
bales bale's bolos


United States carry-
over, beginning of year....... 491.9 _03.9
Production
Alabama ..................... 0.6 0.1
Arizona..................... 3.4 2.7
Arkansas ................ ..... 85.7 55.7
California .................. 10.8 7.3
Florida ..................... 0.I
Georgia..................... .0 0.2
Louisiana ................... 36.4 54.9
Mississippi................. 449.3 515.6
Missouri.................... 2.2 1.9
Neu Mexico.................. 6.4 4.6
North Carolina.............. 7.5 1.7
Oklahoma.................... 9.9 6.5
South Carolina ............. 33.5 18.6
Tennessee................... 2.1 1.Y


Texas .......................
All Other...................
United States...............


34.0
2.1
688.0


Total Supply................1179.9
Carry-over at
end of yar. ............... 302.9
Di sappe are nc e!I/
d-uring year *....... ....... 877.0


28.7
3.1
683.5

9868.4


422!.5


562.9


0.6
2.9
24.4
39.3

1.6
32 .1
242.9
1.0
8.1
6.6
2.7
50.9
1.1
30.0
0.3
4-44.5


868.0


374.9


493.1


Average
192P-29 to
1900-L51
Yc.oo
balBs

406.1


0.4
3.0
53.3
16.8

1.3
34.5
402.6
1.7
C.4
5.3
6.4
35.0
1.7
30.9
1.8
605.3


1011.4


367.1


644.53


Co-piled front preliminary reports
Economics on the grade and staple
carried over in th 'Jnited States.


of the Bireaj of A'ricult-iral
lenr-th of cotton prudic d and


l/ Disappearance into export end 2or.3sl:,ption T.anrels, cornnp'teA.
by su'btracti-ng carry-over at end of year from tctal supply.


- 15 -


J


-223. 5








co ties of issisipp, s ,
andSotCaoia19213




$. --^^^^^^
"1912 1.13 19141 1915' 1916 1917 191 1919 1




County 11 18,069
1 8- 1039 i, ,ale B
IA




B olia.... 1

0rottom u..... 60,65 05 1 05 35,0425-7905
hmpry. 23935 18oq 20,k :






qlillps..... 24,21 3, 20,7973 1 26 37, 36 6 33
+ .^





224t 1a ist 0, 139
Sh41 sos-. 13 1.018 794 0,. 1,512,I> 325
U,,,
Tunca...... 25 -
926 3,33 3,67; 4,5,3 4-,ql 4,o 1 1 6 14 CA'20
Washat on. 0.3 742 jq6 26, 52G 94l
9~ 6747' 59; 9




Table 4. CottuU ginned In some lIn.ortant long staple cotton prodl i
counties of MUmslseippt, LotlUaa, kstas"*,
and Smouth Oarolina J/ Oontined


; P I


State II
and 1922 1923 1924 1925 1926 1927 1928 1929 1930
country ______ ________ _______ _______ ____ ______. .
3o1.. B ales Ba 3le a les hales aleg aes Bale B s
Usiselsippil
Bolivar.... 97.684 63,525 92,586 194,705 157,773 98,566 12S,043 169,164 95,173
coahoma.... 63,044 37,819 58,733 119,007 104,042 76,057 76,8o06 100oo,425 64.932
Humpbreys.. 19.073 12,271 23,020 45.829 39,705 22,627 37,396 50o, 31e605
Issaquena.. 2,o 3,592 6,433 10,259 7.961 5,991 5,3 5496
Le ,o 75 361022 57,404 94,2988 8,827 64,759 78,8901 110,901 65,137
Quitman.... 27,294. 15846 27,032 56,030 5U,332 38,145 34,6661 47,160 30,326
SL.srkoy.... 10,965 12,750 20,427 42,499 34,579 6,2S2 29S885 23,550 23,105
Sunflower.. 8544 60,221 87,053 165,386 1472203 97,616 123,22 159,537 91,216
Tolahatchie 33,54 24,726 38,356 9,916 52,6814 37,895 47,2614 59,685 33,138
Tunica..... 26,273 16,147 27533 47,77 4492 31,682 23,649 36962 27403
Washington. 44,103 29,052 52,965 91,157 8 909 15,901 75,1341 105,510 55,065
Yazoo...... 22.651 17.465 29 882 48.210 45.687 27.580 37.975 4o.760 35.15?
Total..40.05 329.766 521.91 975.063 864.194 517.410 703.93 14.912 562.748
Arkansas: ...
Crittendeon. 41,310 23,856 34,391 66,674 79,180 60,555 68,256 79,785 54,127
Lee........ 22,830 11,832 21,124 32,74r 33,6144 20,1044 2S,997 23,034 22.315
Fhillips...134,971 16,439 29.902 5G,735 52,720 32.303 28,568 36,623 30,473
St. Francis 27.265 16.009 25.679 41.737 50.792 33.G10 45.4351 3.93o 34.076
Total..126.376 6.136 I11s.096 199.892 216.336 il.62 171.256 18.,377 14.991
Louisiaena: t
East Carroll 5,676 7,90o4 14,423 25,909 19,414 13,162 20,536 25,403 19.931
Madison..... 4,299 6,379 12,149 22,272 15,078 2,724 11,170 19,154 15,093
Tonsas...... 7.1S 3J.971 15.311 27.130 20.729 G.402 15.531 23.935 24.552
Total.. 5 23.254 41.33 75.319 55.221 242_ 47.377 71,547 52 )
South Carolina:
Darlington..11.9S3 23.970 1.904 23,051 33.070 20.549 16. 362 13.500 20 442
Grand Total. .L35- 44512b '.b93.312 12703251.173,21 709=-S59 HO3.931.1 t33b ?3
Compiled from reports of the Bureau of the Census. Quantities are in ming bales, round
talos counted as half bales.
1 Teolutts olecod ae kw to roduc large uantitie of cotton. It ould
Sonn,.npweaer, a rto 0%e ltont3as a sta& b
of ces than nches' consiagraPo T o;Uo
other counties of the United States. 17 -


. . . .










"ale '. Acres"e, "Iqld, and prod .ction of Amariean-Eypt lan cotton, 1911i-19
a ~ -- a _


Acreace harvested


Yield of lint per acre


Production


Y'ear
Ar zone
A:rea


-all-
fo rn.In
ACr'es


Total
Acres


Cell- Call-
Ar I zona r'rr. ia Arizona forni g To9
Puundsa Poinds aaleal/ BalP.a Bal


30 30
150 550
62 4,0(2
55LY/ 12,550
2,600
7,300
:,400 35,'&00
6 G600O 7P, 600
1,500 8B,500
43,000 243,000
.9,100 84,100
1lX' 77,100
40,000
8,000
40,000
28 ,OCO
44,000
50,000
C7, C00
46,000


300
275
258
222
226
230
238
229
205
234
220
287
274
257
277
275
284
211
251


500
387 240
315 2,200
1CO b,200
- 1,150
- 3,300
206 15,200
228 34,227
225 39,817
112 82,041
I9I 35,052
325 33,907
- 22 '-60
- 4,374
- 20, .86
- If,512
- 2 S, L!0
30,3:00
30,000
24,000


30 30.
116 356
39 2,239
110 b,310
1,150
3,300O
990 16,190
3,007 37,234
675 40,492
9,8650 91,691
3,300 38,339
65 33,972
22,960
4,374
20,586
15,512
25,000
30,000
240,000
24,000


4,.-r.1. r iof A.ricultural .COTiCn ics.

* :- ,-.' o'- o -M p.y... : net 'n-.A t.
2/ T-,: .'les 100 ncres oP A'.-ricmn-,yF'ri'.n r','',. n lo"':;- Balifornib, Mexico,
* .- '.,Ild-i b 0 ourdes :er acre, eqtal to 50 -nlfs. AIl ginned I:n. California.


-. 1i-


1.3?1






A. c
1014
1@15
I?1e

It49 7



.22

:..18:
:h224
I:2
I. ^
1I :27

L-3:'-


400
4 ,000
12 00
2, 00
7,300
33,000
72 .000o
87,000
1%0, U00
7, 2-00
47 ,000
4COOO
4r,000
C",000
2 e, 00
44,Q00

" 7 ,)0o
4' I',O






NIte 6. Covmatptton of Egyptian,. Pervian, .&ierican-F!.yptini, ai Sea Island
ootton in the United Stat",1, 1913-1- to '.30-,-31
---" ~ m, irT t-,I s-~,
Yearl/ E#:'rt Ian Pe,, r vlr i ,i, Islani1 s n
--r r- -- ..... .

1914 151.,-.l 13,u03 Pl,A73
1915 181,21i 10 ,52 '"9,394
1916 369 .32.; 1ic,0 6 F-2,64C
1917 259,161 12,POO 4,291
1918 135,431 8,50. 5.939
1919 1:2o6O87 9,11P I, I,],
19?0 3)3124 36,977 45,e67 42,971
1921 159,196 12,752 16,771 1,C67
1922 .26,33C 34, 776 49,3559 R, 067
1923 2zc,331 P2,P18 65,2352 6,' 67
1924 223,64i 29,474. 35,9 98 4, o06
1925 191,544 19,561 19.,O1B 3,170
1926 2-04,113 19,941 11,740 2,325
1927 239,76. 14 ,.5-1 19,669 I,26
1928 "17,59-4 15,2.? 15,137 1,251
1929 :32 ,392 !0 PeI 13,4,5 795
1930 205,769 7,1 47 12,572 372
1931 1C04-, 09 4,276 15,35 410


Zonm2ileid from Feports of t".e i'r-ea of the Census.

I/ Year end iM.r J-Aily 31 except 1914, *Thi!h is -2,r'-r -nrig Aur'jst 31.
T/ Eq'ii;'lart 5oOO0-pv',r.d nalLs.
3/ !rr.i- 's al-1s, except round l1es counted oas hal' bales.
Lir.ters not inaluead.


- 19 -











Table 7. Consumption of Americanr-Egptian cotton in the
United States, by months, 1925-26 to 1931-32


Aug. Sert. Oct. Nov.
I I. I
ibales i Bales i Baies Balesa
I I
i iIi
S766! 653 637 jS1E
I I
1.335 ; 1,755 ,1,C-39 19920

l1,057 1,132 1,197 1,306

304, 447 913 994

1,395 1,034 '1,623 1,235

754 690 9 144 i1041

I1,252 1,764 1,329 1,044


Dec.

Bales

s36

1,957

,1,291

1,022

:1,024

1,177

1,1,8


' Jan.

Bales

9 76

11l506

'1,547

!1.451
!
1, og
1,0




l1,472

1, 03


o
4!





i
!]



I


i
Feb. i Mar.

ales !Bales

54i l,049

.654 1.793

.,426 i1,365

992 1,093

96S ;149
..641 s 1.45
., 1


SApr. May

'Bales Bales

1,9290 .1.451

i1,739 11.770

11140 1,220

1,253 1,30o

!1,054 914

11,722 1,31


I]

:1



II


June July Total

alas A.IJs Bales

79 9 `4 11, 7W.

.,2S4 1,O58 19.669

.,152 1,304 15,137
.,1,oo
vW lT77b 13 ,455

761 7o6, 12.572

.413 1 1,379 15,359
i ]

Ii i


Bureau of the Census. Running bales, round bales counted as half bales.

I/ Subject to slight revision.


- 20 -


Yecx


1i2-27

1927-23

1923-25

1)25-30

1930-31

1931-32





Table 0. Stocks of Amerioan-Nlptian cotton In oonuming establislctuml ad in public
storage In the United States at the end of each month, August, 1925, to Janmmaryt, 1932

CONSUMING ZSTABLISaENTr i_____________
.-' -p ,-___s ...
e I
Year Aug. Sept. Oct. Nov. Dec. Jan. Fob. lar. Apr. UaI June July
Baloe Bales Bales Bales Bales Balee Bales Bale. Balesi Bales Baloe 3les

125-26 2,267 2,055 1,978 1,804 2,730 3,644 3,931 5,675 5,270 5.2 6,559 6,3G7
192.-27 5,369 5,197 4,807 4,092 5,299 5,6G9 5,599 5,514 521) W 4 4,C79 ,237
.o27-20 350 2o71G 2,5b 3,530 4,G37 5,050 ,017 5 235 94779 4,2 4275 3 ,56
1.G-29. 2,229 1,982 2,4741 3,032 4,209 5,124 ,37 5,714 5,237 7,4211 7,755 6:
10^-30 5,423 4,731 3,58. 3,417 3,841 3,721 4,075 5,195 5,941 5,583 5 343 5,323
100-31 .7,791 7,657 7,030 7,068 7.025 6,990 6,570 6,099 8,151 S,550i S,11 59,505
1;3i1-.32 9.2S5 G.157 7.670 7.913 7.391 7.3271 !
___ __ G _______________. PO c r L_______________
..~ -~ -E M1 H I i L ___ ___.
1925-26 1,670 3,622 4,875 6,204 8.477 9,136 0.475 6,012 5,003 3,941 3,1061 2,757
l52b-27 2,964 3,850 4,158 4,365 4,022 5,025 4:,95 3,37G 2,698 2,412 2,213 2,110
1.27-28 2,067 3,0o42 6,173 4,667 4,582 5,129 4,792 4,721,094 2,815 2,544 2,157
1.,- 29 1,940 5,951 6,467 8,837 6,527 6,197 7,357 6,251 1,546 1,371 1,22 65S
1,29-30 604 3,013 5,668 8,39711,741 9,032 8,735 6,594 4,989 4,0463 3,67 2,G16
17.30-31. 3,356 6,389 9,921 10,432 10,776 11.177 11,s57 13,1S8 11,113 10,324 9 393 ,20o4
.31-32 S.6651 10.521 2 112.02 12.413 13.9915.0c______ _____'______ ____________

122JU!Z! ...|i LI ^ZtjQ&1MS Am? RILIC STAGE_


13.25-26 3,945
l)2 127 8,333
1327---29 5,117
192>3. 6,027
l33t-31- 11,147
ll= 1 5P0


5,677
9,047
5,7e0
7,
14, 0146
1,36ocj


6,53
9,005
8.68
o,6 84
s,941
9,249
15,951
1i,762


e.
3. 008
C3 OOG
9,257
5,197
11, G69
11.3141
17,500
20. 326


11,207
9,321
9,419
10,736
15,5G2
17,G01
21jS4i


21A814 22.515
.a-e6 ~ ~ &


12,780
10,714
10,209
11,321
12,753
1i.167
22.935


13,406
1095-4
10.809g
12,744
129811
IS. 427


11,687
3,892
9,937
11,965
11,785
19,207


10,273
7,917
8, 873
6,s33
10,930
19,264


9,773
7,306
8,792
10052
13,874


I 9,665


9,013
5,030
117,5A4
I


9,144
6o355
5,78-3
7,204
S,139
16,709


Buruau of tho Consus. Running bales.
.I/ S'L.Ju,. o-, sli iht ruvlision.


- 21 -









J. ttl-*.e4 Stntna 'sxNpo "s of ;l rcn--t'n cotton, by courtries,
1^~ ~~ *' l r.. *.I l ;-.'


Country 1.O9 I.,jj 192]l



zr'ft BrItnin 74 E:J -
Fr-rncc 4,000 2,651 61e
turmn. ny I13 100
Italy 27 -
I:,'t.-erl -nds 1(10
r^ '. -.1' -?l'^
.__* J'.p..n J- i -JCJ

Tot a 4,1345 3,016 618
"Tn ii ""~ ^^5 ---. --^- --- -- -----a-


T-irenu of V'orei:-r.n nr.d Domnitli corr.:rcc-, ",c.rt-ner.t of Comrerce.

i_/ K-in~ii:". '';l.s.



Ie 10. "Trit, d 3Itntls ux.orts of kieri:n..-r-',:,ti-n cotton, .Tanuary 1929
to Dc -incr 1931


V, nth 19,9 13 1Jl



JAnnJry 1 ,3 50',/
v,-br 'ry 1'5 373 ;-0
yi".r.h 5,.O ".CO :'.5
Arril 26 14'. O



n -'0
J',n,. 0''- C
Jly 41 IC0 C
A.rt 2% ?9 0 0
..-",-p-, -. ,- r"r'.7 50
,re r .r 195 i ,I 0
""'9 *'" r 1..6 1" 'C
r


t L'i', r r.. t
r. r .2 ..







9 .- f ,-
j /' : r. 9 .9 ;


. C -









Taole 11. -P -i..to- of Zen Is:ort Cotton in thf. ,',tit,_: .'t.t .9, If) J-l..iO

Growth rot h
v_ xJir c.- ro ct ion "''r oro';,o
-...... ... q "- -.' -".....- ....... .-. -. .- -. -- .. ....


1P7,2 Il16 117, 55
1900 29. 1'J 7 92,1 c19
lI01 77,7 TvIr I *%'-oe
1Q0R i10c ,i.; IiiD 6,916i
1U03 7 3o 1320 1,669
lJ3" i0-,o1l7 19'1 ,,327
19Z5 I1",5.&.? 1'2i' 5,125
1?06 r-,7:o0 1-' 7859
1_07 %,t, IX. ii
190P c3,e5 58 0125 1i
1I- -,, 791 lT 23
1910 ..,LP 1.27 17VJ
1911 l! .,29 10u28 20
1912 7 77'; I'22 7
1.'13 ".7 [- l,1 ::I0 ..0
1014 F- ,.1
131= i ,-4


Bur -- .'; of th. :.' :s.

1/ Runninl-' "I -


- 23 -






Table 12. Production of cotton in Egypt, 1900-10 to 1930-31


Pruduection yeerl/ Production
Bnleg ~ Balea*/


1,036,000
I .5E 3, 000
1, 53C ,000
1,554,000

I g;7 -
1, >88, 000

le9,ooo
1,.48,000

1,15.5,000
I,251 00
1, ^1.000'


1Q21-22
1)22-23
192.-?4
1924-25
1925-26
190G-27
1927-28
19028-29
1929-30
19ZO-I1
1931-32


902,000
1,391,000
1,353,000
1,507,000
1,650,000
1,586,000
l,2C19000
1,672,000
1,7688000
1.,715, 000
1,286 0002/


"I ir '-I' ofl


A,-rirlilturnl Economics. ConAilocd front official sources.


1/ Y'.nr Yurinrir.g Adjust 1.
'2/ 1hl.; of 478 Tu-;nifl n.-et.
'/ Pr.'li:;.lroQy.


Thil 1$. Extorts o* cottnr. fro- Egypt to th-. United St-tes, by vnrietles,
3rnl.fnl ir.d avr!:e, 19e-1930

t .n t i ty Perce:.t 3re
!.---: tr !~ Oter All ther
--.....-0 1 k 11 bri 1it "pers 1itiU s v -'f.ies S.kell'rijis V'pJers varieties
T.lsTf ti'sIr,/" gils17 lqslY7 r er c--.t Per cent Per cent

} -'"3."43 ,." 14o,? 35 r, .9 g., t6.8 1.6
.r, f,597 ? 17J.:3 C.5 2 7. 71.e 0.7
25-2 10: .E
I."- .. "':,57 I:.,P7 3, P275 ? 0,J4 71.: 1.2
.%.4- %-7,j:-, lJ., 7/'4C 2C4"6. 25.7 71.5 2.8
1 >,,^ 791 >7- 1 i 29.8 61.4 8.8
* ,*
.. ,:: 6 20 ,-Y4 .1I C9 .? 2.1

-A 7 :r.. '-- -- l.rc-. r r-r:- c i -r tr-
7 t-- ; C c 7f-7 -t.

.. ** -''* *- ;u ." r-:: t"*.
*7? -.-.


-w P4 -


on.r_/


1909-10
1110-11

'-, 1 14
1'pj1-1:S

1.'I -15
Il :;-16
i.'16-17
1 -l -1-P
I.'48-19
1.'19-rc1
1 .,.'..- Z







Table 14. United Statos imports of cotton from Rrpt, by months, 1913-14 to 1931-32

Yoar Aug Sopt. I Oct. Nov. Dec. Jan. Fob. Mar. 2p. May June July Total
Bales Balos Baloe Balou Bales Bales Bales Bales BHalos Dalos Balos Bales Bales
113- 1 5.553 4.,000 2,191 2.4064 11,358 11,341 11.362 17,>096 26.,60 20,716 11.938 13.302 138.579
i1-15 I 4,325 8,312 6,464 7,360 25, 5263o,351 1G,697 31,551 46,285 2309 20,154 23,335 252,373
lt,15-1 13.176 16,505 6,757 158.58 37. 02 47,914 64.309 55.7"3 55.245 25.43 9.079 3,120 350,796
1916-17 2,234 3:153 51 5,636 22,416 27,167 46:,34 39,793 23,473 6955 22,307 733 199,592
1 -17 u 1,147 39,934 0 0 0 1GG50 1,097 0 13,222 23,7143 26,335 20,247 114,530
l15,.-l9 6,312 0 0 15,15 2,074 0 0 583130.523 21,247 .535 15,57 100oo.006oo
1.1)-20 11,250 45,868 11,019 31,020 27,35s 66,553 96,524 110,9521 56,11iS 6,j0 s4,153 12,969 1435,004
1.)2o1 112.761 2,.492 12 2,941 S,033 7,055 7,903 13,58;115,1.o 6,369 6,202 2,.452 76s
1921-22 4.72S 3,396 18,972 27.126 41,224 25,930 36,242 47s6361 .817 7,357 7,o005 5,296 233,729
122-23 2 1217 2,261 16,776 30,399 52,191 89,626 48,325 37o6 16,991 14,034 6,530o 3,929 32.35
13,.-2 0 1,075 4,257 3,654 111481259,391 40,443 12,749 29,617116,026 6,760 7,566 2,126 164,152
1921-25 1.488 4,67 3,687 11,053 36,423 42,7s4 41,24 19,024 14.,726 2,717 10,039 2,411 190,313
1,25-26 14,920.10,764 6,190 21,769 27,122 4,9o04 22,930 33,794 29,o034 9,571 14,03 s3,0819 23,6320
132-27 I 9,0614 2,334 7,616 22,773 20,958 32,949 20,063 23,692 27,345 14,020 28,793 22,15 2351,767
1927-25 1,1452 13,312 13,620 23,o060o 30,016 20,D72 17,196 24,B5g 7,57111,551 9,924 9,224 201,856
123-29 17,716 12.S57 15.80 O23,667 24,.553 29,059 22,603 21,263 69,534128,1Gi 16,421 14,275 296,236
192.-30 17,279 16,017 4,1o6 19,.441 18,727 23,128 10,990 16,110 50,512137,701 968 122 215,181
1930-31/ 22 0 3 17741 142 2,5411 1,9601 2,178 6,032 4,670 3,132 19,34 22.902
193L-3 2,8J 2.338 1,439 137 44,12 3,8169
153 L-3P_____, 2 )_ I ____


Compl'od from reports of the Bureau of the Census. Equivalent 500 pound balos.
I/ Subject to slight revision.


- 25 -


........ .... ....
NEW


.... .,... ......... ............. ....








Ttsle 15. Consnnr.tlon of Egjptian cotton in the United States, by months,
1914-15 to 1931-32


I
Year i A. Sept. Oct. Nov. De, ;
a-lr a aileea B.Eiles Bales J

191,4-15 '10,639 10,78 12 4r55 10,707 13,902 11
1)15-1,. 13,353 I,20i.-,4 22 3,14: ?7,70 25,963 1
1flb-17 12-146 20,4o44 214424,060 213034 21
1317-18 17,175 15.153314.895 14.745 110751
- 73 '- ,LO70 7,2899 7,182 10,331 1
1 1ir-J 15.865 lb 1.39-22,0791 20,261 24.939'
O120-21 2,6S82 19,58112,68b7 10,236 7,219
131-22 20,23 15 ,S96;1 ,8911 22,291 20,779 2
1)22-23 lb,707j13,2Q9 15476 p 0,439 21,344 2
1'q2-24 17,519 15,740 20,8 16 19,8SO 18,05 2
l.kC-5 11,715113,523 ,39711 1 0,127 v 16,79 1
1,25-26 Ib,213 17,966 17,529 1255 166,195 1
1426-27 17.T29 22,l6: 20,.12 6383 16,T86 i
1f7-29 22,469 19,795 19,413120,507 18.8264
1z)-29 R3,759 16,297 20,157 17,8Si 1,003 Z
1V29-.30 20,285 17,4S4j20,107 158263 17,976 1
153n-31,, 7,673 7,.93j 9.4,29 8,go980 o134
1931-324y 5,675 7,09.I 6,594 6,5915 61509


ran.


Bale a

5,232
793
4,622
1.194
2,889
8,173
7,180
0,777
5.947
V3,
8.408'
7,297
09199
29325
39646
7,782
5s7311


Fob.


Bales

15,751
23,005
21.6
10.407
11,108
24.804
7,6oo
19,908
25,923
23,o040
17,69g
191149
17,042
20.435
19,546
17,036
5,377


--- i n *Id.e-A.li


Mar.

Bales

17,830
27,07"
23,210
10bg,618
11,217
31,578
99705
20. goO
27,41o
20,995
17,720
21, 775
21,773
17,112
20,515
15,.26
, 774I


July


-~ a


Bales


Apr. May Juno

Bales Bales BeBalee

19,182 15,133 18,536
20,330 21,658 22.350
ao,o06 22,760 19,680
so047 9,1871 7,6
13,513 11 376 12.413
34. 933 33,606 37:511
12,g19s 1z,765 15,.4
109748 17.253 1720
27 145 29:165 122,9 6
21:166 15,546 13,894
18,502 17,908 1 7,876
1198s 16.866 14g,676
19,527 22.146126,045
lb6466 14 q43 13,951
20,159 20,4844 1,046
1s,156 159947 13,278
9,763 8.630 8.898

___j_ ^^ 1-l--b~


Cozpilud from reports of the Bureau of the Oenaus.


Equivalent 500 pound bales.


1/ Subject to alight revision.


- 26 -


Total


Bale_@
181,211
269,324
259,161
136,I40
126,067
323,124

2269330-
262,33
223,69
191544, 11
204, 1T3
239.7,S
217.584
2329392
2197650.


18,266
19, 777
17,579

13:404
32,933
15,717
15,929
17,070
12,892
17,65
14,577
21,354
13,43o
209343
11,761
7,740


r


~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ .. .. .....:: ...... ... ,"i::" :''":






Table 16. Stocks of Egyptian cotton in consuming establishments and public storage in
tho United States at the end of each month, August, 19114, to January, 1932

Year Aug. Sept. Oct. Nov. Dec. Jan. Feb. Iar. Apr. May J une Jr
Bales Bales Bales les Bale Bales Bales Bales iles Bales Bales iBales
11434-15 56,922 51,229 46295 408,4 37,994 53,990 61, G53 63,213 97.1i4 06,337 114,20o 121,951
1915-16 115,2056 1096 90.595 G1358 74,146 "5,363 121,766 12Gb38 144ryP6 16G1,i 3 16,670 182,6011
191- 167,256 153 262 131.673 2.99 ?92,4o1 100,662 113,317 122,124 135,75 1126,573 133.114 117,912
1917-1i 98.72 58,906 70,351 53,244 4,,534 44,571 45,053 34,.120 4195s6 51,830 65,994 67,278
1iy4-19 84.,496 79,201 73,273 63,313 67.t732 5v566 48,730 39.741 40o,713 52,282 53977 52,757
1919-20 46,315 70,66s 68,155 63,609 71,212 88,417 105,991 133,170 229,707 29:336 24.q954 2209099
1920-21 198,78o 182,969 167,896 157,715 153.958 150,239 145,229 14.C12 l4r,9901.7,051 142,319 128,..62
1921-22 116, 755 101,948 88,503 99,073 114,870 127,828 126,363 147,926 149 312 11i4o0,200 125,700 116,290
1922-2 918334 93,497 89,350 95,o808 98,905 119,977 143,044 173,o042 i8,413 1170,567 16253 42576
1923-2 123,328 106o709 90,780 77,344 74,339 92,972 92,492 90,697 79413 83,796 73165 64241
1924-25 51,517 4.,457 34,003 31,930 41,.341 63,65s 74.51i S1,388 92,341 842,o02 74,090 62,9055
1925-26 49.600 44,484 32.os8 26,206 36.737 66,968 74,355 92,074 93,7614 95,555 96,048 92,713
192,-27 7.,745 64,393 47,515 43,527 49951 65,813 62,986 6s,369 69,978 69,715 66,203 72,169
1927-28 6e,339 70,055 63,105 65,809 73,516 77,547 72,959 73,106 73,621 73,373 67,747 65,356
192-s-29 61,097 60,121 52,297 50,214 6o,920 71,157 71,559 75,076 10o.665 126,997 132,215 129,160
19-3o 2b ,.49S 123,369 107,920 97,748 104,574 110,976 102,567 1oo.412 97.0291145,611 155,201 145.458
1933-31 137,10 128.159 120,278 109,416 o101,2131 93,990 89,301 83,059 79,4261 75,140 70,936 63,936
1931-3 1 5C,632 56,8934 52,1021 47.412 44,4321 4,616
1931 ___\_3__1____63____5SJ_____21___1__6161__


Compiled from reports of the Bureau of the Census. Equivalent 500 pound bales.
1/ Subject to slight revision.


- 27 -


OEM




w::::. eE:


Table 17. Stocks of ESyptian cotton In consumlne establishmnts In the
United Stttes at the end cf each month, August, 1914, to January, 1932

Yr Au. Sept.! Oct. Nov. c. Jan. Feb. Mar. Apr. May Jun3 July
Bals "B-ijqlB~el~ali Bales, Dalqu Dal al 111 Balo Bae0 Bae 11&1013

191-15 51,76 46.473 42.,031 37,324 35,671 45,354 51,1423 56,112 71,017' 81859| 89,640 96.829
191216 91.225 82.077 71.,55 65,534 58,510 67.316 81.311 91,397 104,778 120.S69'123.565 123,406
li-I 1,9b I07.4s 92.b71 50.733 6a,63s 71.373 76.790 78.347 8b6,29U 82,4571 53,250 75,250
111 I- -,.45 5? 3" 51,278 39,872 339770 279315 2,4 2,576 29,15 30,9 32,599 35,917
l~i7-16- 53,437 49,s24 46,628 97030 45,227 41,N 9 34,533 2S409 2993o4 3691005 37ol0 36s958
13-720 34,7b7 9,478 46,625 44,592 46,o65 5522 58s98 7.916 112,276 13,619 130,45 137,300
1 .0-21 14,bS9 102,991 92,570 86907b 86,652 83:089 939246 79,936 1 276 75,906 75,12 6,91
~~1 799o7,7 5905j 75,112 6,9914
192L-22 6o,64 59,616 51,290 54,556 5S,557 63,480 67,902 0,162 63,917 8so,202 69,130 62.863
1?22-2 56,080 54.757 53.087 60,129 5g,736 63,089 76,389 92,619 105,973 9.8 85 93,637 89,491
1-3-24 77,507 68,279 55,33' 501102 46,996 67,202 72,555 72,266 67,939 659077 55,957 51,655
1)24-25 44.734 36,32 2.676s 25,0o77 33,657 4,946 63,326 69,879 66,571 63:641 58,6 5o529
r15-b 4 41.713 35o974 26,100 20,045 279234 4567o 4o,ga1 64,4o% 66:117 66.796 65.@47 649203
13 i-27 61,253 52.,587 40,135 3',069 36,856 549,36 1,93 5,4l2 5.,112 56,:5 51.,i 6S,.ao
35,976 4b1990O+52, 316 49s593 55,1124 5N451 51,W Z8,(I8
192/-2S 55,502 52,499 46,075 51,163 55, 013 59,0621 53,958 45,248 47,216 49,007 48.1oo 479&9
192-209 47,352 46,983 39,106 35,380 36,1is6 4,863|45,621 43,775 62,0so6 1,835 39,150 89,819
1329-30 91,6S7 90,.dy 79,3046172,2072@ 70 674 66,244 66,096 67,158 9,754 ic1i,334 6,507
1930-31 607 81,261 77,255 76.365 7l.736 85.2945 222 59o930 55,075' 50,355 47t 16 49429
131-32a1 39,2201 37,2237314,792 32.293f306973128,960 1
----- 1----------___________ __ I__ _____________ _________'_________i -----_______
Compiled from reports of the Bureau ,of the Census. Equivalent 500 pound bales.
1/ Stbjoct to slight revision.


- 28 -







Table 18. Stocks of cgyptian cotton in public storage in the United States
at the end of each month, August, 1914, to January, 1932


-----I-----o-.-- a------ --S-- -- -
Yoar Aug. Sept. Oct. Nov. Doc. Jan. Feb. War. Apr. Usy June July
Batos Bales Bales Balos Bales Baloes Balos Balos Baloes Bales Bales Balos
1914-15 5,1361 4,756 4,264 3,560 2.123 8,636 10,230 13,101 26,177 24,538 24,650 25,123
1915-1b 3,950 22,279 15,740 15,824 15,338 13,050 40.1455 37,291 40,085 47,285 45,105 59,202
1,L-17 1:420 459778 39,002 25,166 23,763 29,29 36,527 43,77 49,460 44,116 49,864 2662
1917-15 1,77 28.951 19,073 13,372 11,064 17,256 16.211 9,544 12,1471 21,261 33,385 31,361
1918-19 1,059 29J377 26.645 26.253 22,505 17,168 14,197 11.332 11,409 16,182 16,797 15,399
1919-20 L1,548 26,.190 21,330 19,017 25,.147 33,015 47,093 56,354 117,431 124,697 114,499 102 799
1920-21 4,og091 79,978 750326 71,639 67.306 67,150 61,93 640o76 69,712 71,146 6,157 59.1
1921-22 12,.o9 42.30 379213 44.67 ,2G5 649348 58.4l 67o764 64.395 53.427
1-j22-23 ,25 381790I36,265I35.679Ii0172I5618866.655 50,423 74.440 71j692 68.766 53,065
192524 4521 3,.430 35,443 27,152 27343 59770119,937 1.,431 19,474 18,719 14.697 12,586
192-25 9.783 7,025 6,325 6,953 7 10,742 11,192 21.509 25,770 20,411 15,426 11,526
19,25-2b 7,887 8510 5,988 6,161 9503 21.19, 249534 27,671 27,o047 29,769 30,101 2g.510
S26-27 17.492 11.80, 7,333 7,45S 13,065 16,.427 14,393 17,445 17366 13,370 14721 1327
1927-28 13,337 17,556 17,030 14,64O6 18,03 18,145 19,001 24.8551 26A05 2, 366 19.647 17,507
1i 9-29 V3745 13,234 13215 14 s4 24.734 26,29? 25,937 26.,301 37,859 45,162 43,o65 9,341
192?-30 54.11 32534 12,05714 25.:41 32,324 40,302 36,623 34,316 29,871 5523457 53,.67 S951
1930-31 9.573 46,998 43 ,020 33,051129,477125.745127,060 23,129 24,348 24,735: 23,520 21,507
1^3-32^20412 19,6117.0 15,ll9!139454112,656

Compiled from reports of the Buroaauof the Consus. Equivalent 500 pound bales.
j/ Subjoct to slight revision.


- 29


........iii ii :: :









T-tlr. 19. ?rodi'tlon of cotton In Peru, 1909-10 to 1929-30O

r Prd'ctton y o Y'I r Production

T---- 0 e "~ BiT2/ -


IN20-?1

j r 7.-2-3
I1L23 24
1'24-25
1~j25-2,6
12 5-27
1'?27-8
I1Q28-30


* .77; 041
186,10o9
198,I:75
21p, 140
211,5^
204, j08
24?,ice
9245,615
225,000
303 ;000


2":*.*." of Arlc-tu,.r-1' Econouics.


Cor


L:-.t rr-. tior:-.l Tnstitut, of AcricALlturc.


inpilc fror-: nfficil Source, nrLd


*/ ";',ir *:-'i;T-,L. ,I Ao-'-ist i.
._ -il.s cf <7r- po4.-.n4 r..(
-..I -- An*1 -


-3c -


l-,'.'9-! i
I'.'I -12

1 'tP.-13
i l .',-" 4^
I o1 ,I-I<
!yl' .- Ir.
I!-"?. -


1j. J1 -??


120 ,00
PAOC-O

Il^ri *;T
11.030

128,6&34
:u! 4v0

127 ,30g
12-,104
141 533.
154 .774









Table 20. Imports of Poruvian cotton into the United States, by months, 1913-14 to 1931-32


Year Augi. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. y. June July Total
_.. .. .. .. .. .. .. .. .. .. Tota


i91R-l5
1913-14
191t!^5

1916-15
1917-19
191&9-19
IqI9--20
1920-21
1921-22
192 ?-11
1923-24

1915-27
1927-28
19 -29
1929-30
1930-31
1331-32


Bales Bales


1,325
516
9
1,008
2.2541
2, 1
ell9
1,026
6,949
928
776
1,296
563
1 221
1:314
3.5
1,955
2,39o
7
I'S


557
5-59
i34
1.66
2,259
335

4.057
73
710
1479
707
.307
849
K,783
862
,577
0
/21


Bales

1,1419
302
617
594
965
l1ii
12,873
1,303

1,461
3,339
1,265
2,605
1,942
7S7
1,331
2.6c3
7
175


Comrtloed from reports of the


Banles

1,523
981
64+3
934
5,oo4
5.0514
1,0014
7,855
3,966
3. 9 LI6
4,339
1,023
1,835
2,671
1,795
2,420
2,057
5
101


Bales

1,324
765
719
1,929
4 456
4W4
4,1IS5
510
5,550
2,737
51640
1,313
1. 544
1,614
2,083
1,258
2,021
1
213


Bales

582
1,1415
39745
1.824
1,307
289
16,710
638
3,779
i,677
1,238
3,335
1,474
2,276
538
1,374
6B2
0
223


Bales

1.426
971
676
269
1,340
291
10,378
2,o064
6,392
2,778
1,731
1,3214
1,109
2,213
997
1,270
252
873


Bales

886
1,2614
581
979
834
1,123
5,046
1,573
2,2146
3,655
281
258
1,2 2

1,375
1,025
46s
195


Bales

791
1,075
897
171
5147
3,336
1,843
616
1,499
1,681
495
455
389
1, a30'
1,610
1,335
2,169
553


Bales

19C33
1,000
24
724
1,678
11,023
2,058
2,9474
1,109
723
128
600
947
1,265
522
931
3,8g
Z.5


I ------ ---I-____ ___ _----- L & -


P'arau of the Census.


Bales

1,010
1,3141+
1,4143
753
355
6,276
1,.421
473
1,617
1430
470
561
1,216
1,227
1,604
257
4891


Bales


1,2121
518
1,370
1,506
2, 528
636
2,403


1,595
759
2,127
3,622
1,987
0
0.


Bales

12,627
o10,353
10,909
11,069
19,692
25,230
63,126
22,597
35,753
21,116
19,928
13,389
16,b37
20,s77
23,319
17.353
19,427
2,373


Equivalent 500 pound bales.


I/ Subject to slight revision.


- 31


.. .......... .




. . . . . .... ..........,


Table 21. Avmrn at ton dosign'-ted narkots,U_ Aagast, 1515, to Fobrua-ry. 132


Awe.


Cents 1
! ".-. "j
l4i.3a
' 25.2-
7-
32.02


i 12.53
1i 21.53
S21;.22
27. iS
23.35
i17. 00
I -Iil :x-
1 .72 i
1'.o40
11.14
'.57


Sort. Oct.

COnts t Ceant
j.23 i j .
15.31 17.3
22.O o[ 26.3
33.33 31.1
3u. 33 35.3
2.25 | 21.3
ij.52 19.2
20.72 22.1
27. :7 2 Z.9
22.74 23.2
23.23 ,O0.9
15.3' i 12.4
21.1) 20.3
17.7" vl.
19.01 17.
10.15 9 9.8


5.7


Nov.


3



Cl



0
'9
5
1






2
21
5'


Cents I
11.43[
1).54
1j.514
23.21
2;.: 25
3-).60
17. C4
17.02
25.20
33.25
23.63
19.51
12.17
19.74
1L.70
1 .75 1
10.09
5.S55 1!


Dec.


Jan.


Fob.


SIacur.


Apr.


May June


July


Aver..


Rn
I I __________________ L -1 1 ~


Cents I

11.c57
n.47
3.1.441
2^.19
29.22
39.73
'14.63
17.47
25.C40
j. j 3 -
23.No
i.31
11.01"i
18.99
1.07
16.64
9.1
5.7S


a-


CoGnt

12.10
17.70
31.05
2S.32
40.46
14.41
17.04 i!
27.39
.33.69
23.52
20.0o4
12.72
g. 44


15.56
9.371
(:1l5


Cents

11.641
16.54
30.97
2-:. 55

12.97
16.73
2 '. 62 i
31.74 ;
24.50O
15.63
13.45
17.60o
1. 36 i
15.11
10.121
6.140


Centa_

11.73
s18.2)

2G.41
40.63
11.19!
17.121
30.21i
28.54.
25.51
1S.33
13.74
is.76S
i.7C|
1c. 7'
14.74
10.15.1


Contsa

11.34
195.72
32. 7
2b.34
41.73
11.01
i.92
293.2F
30.23
24.56
1 3."05
14.o0
19.77
13.95
15.40
9.50


Cents

12.37
20.15
72.32
23.21
41.02
11.55
19.22
26.47
30.32
23.52
17.95
15.36
20.53
-13.23
15.12
5.70


Conts

12. 7
24.33
3-.10
31.93
40.5.
10.77
21.53
2S.19

24.19
17.52
16.10i
20.92
13.3E
13.21
8.42


Centas

13.11
25.45

33.80
39.5G
11. 14
22.27
25.37
25.32
24.55
17.92
17.314
21.25
1S.29
12.21
S.66


Cents

11.72
iS.96
29.02
29.75
3".34
16.C6
13.09
25-
30.14
24.22
10.68

19
1:.67
15-7
9.bl.


______ I a


Divlioor. of Cotton Marketing.

_j Norfolk, Au.,zusta, Savannah, Montgorory, Mcrphis, Little Rock, Dallas, Houston, Galveaton,
and lew Orleans.


- 32 -


To I.r
Yor~r


A.I 11r- -
1 i -2



21---i
I 2;-2u
1,?^
131--22
1)32-23
1 2 ,-25
A.--7
l,2-27
1927-23
1,?,-.23
132-3l
133i-32


5. C3




Table 22. Average prenaums I/ for 15/16 inch and 1-inch Middling
cotton at six quoting markets, 2/ by months,
August, 1927, to February, 1932


1227-28 : 192O-29 1929-30 : 1930-31 : 103-32
.f-gth 15716 : 15/16 1 '15/6" A i" 15 16"; 1"
a Potnts:Polnts :Points : Doitnts- Poi.nts: ieints: Points: Fointn: 1 ointi: :PoJntR
*" *


Aug.
SSept.
Oct.

Dec.
Jan.
Feb.
)ar.
Apr.
may
June
July


Average 37 :


73 :3C
79 : .1
88 : 43
89 : .2
86 : 43
64 : 45
88 : 45
88 : 46
102 47
U.1 : 46
t11 : 45
131 : 45


96 : 45


143
125
121
113
118
118
118
1.18
113

108
IC9


118 :


41 :


)jr) HCC : 6
aj : :'2 : '?
S: :25 : 4
9:: : :21 l5


1 19 :- 4

39 : : -
3 : -
6. 0 : -. -
8j : : -


91 :


Division of Cotton V.arketing.

Ij Based on ouotaticns for :":iilir.g 7/8-inch cotton. Preniw-rr are expresse-i in
points or hunlredths of' a cent prr pound.
2_/ Houston, Galveston, Dallas, New Orleans, Memphip, aid Little oiock.


1i7
107
197
16
95
94
83

83
86)
81
89


93 :


33 :


- Z3 -


-- *


*
*
*





Table 2. Averas" premiums I/ ?or Middling cotton of tit
length. 1-1/16, 1-1/8, and 1-1/4 inches at New Orleans
Decemubar, 1215-1931


jtape
for


Year 1. 1/16 incoLes 1 1/ inches' I 1 /41Inch ea


Points


1315
IJ176
iJi"


i -'::i


1 j23
id24
1111.5
1 JLt7
IJL"
Ij;4"

1Ci ."


37
63
115
125
633
1JO
-25
150
100
125
150

P.OC
11--.0
175
1:30
1!7 1"


Po i nts


175
6C0
665
350
1 ,JCC
5^0
680
350
175
250
'Sc
250
,r "%'N
?.co
225
175
175


Points

425
1,0CC
1,350
80C
4,100
850
1,400
8CO
400
55r
600
45C
65C
450
600
o60


1I vi in. of

~4nei or.
I '.7",e k.


Cotton ?.'arketing.


'iuotttlor5.- for ,'idiling 7/8-inch cotton at l;ow
:-rCe-i'JZ.S 'ire fx)res eJ in ;oir.ts or h'.r.i-relths


Orleans for Friday of
of a cent per pound.


- 3,4 -


:: L [,, : ,*,"
:: i
r:'."i







Table 24. Average staple premiums for Pi'ddlirg spot cotton at 17ew Orleans
and Memphis, by months, 1923-24 to 1931-32

.......(jn mpints or hundredths of a cent a _pound.)
YT _____ aeow Crleans :_ .... D ~ ~ '-__
and Sta l lrngth t:-thes) PA 1b length (Inchea)
_1onth A6 I 1-1z18 1-18 1-3 16 -1/4: _1 l 16 11 3/1 1-1/4
1923- 4
Aug. 20 30 50 100 150 225 40 60 70 210 400 630
Sept. 20 30 50 100 150 2E5 40 60 81 237 350 475
Oct. 40 60 100 175 275 500 400 60 75 200 325 %50
Nov. 45 60 100 175 275 420 50 70 75 1.0 240 320
Dec. 50 60 100 175 275 400 50 70 94 181 344 456
Ian. 60 75 100 205 325 420 30 50 65 135 300 440
Feb. 60 80 100" 175 275 400 25 50 50 75 200 350
Mar. 60 80 100 175 275 400 25 50 50 69 112 212
Apr. 60 80 100 175 275 400 25 50 50 Ai 125 225
May 60 85 100 175 275 400 25 50 50 70 105 1R5
lane 65 90 100 175 275 400 25 50 69 119 200 262
July 65 95 100 175 275 400 25 50 83 125 200 300
Average 50 69" 92 163 258 30 30 56 b8 136 242 359
T9T2^~- ---------=--------- --
Aug. 60 75 100 175 275 400 25 50 75 30C 500 600
Sept. 60 75 106 175 281 412 25 50 67 167 317 517
Oct. 65 75 125 175 300 -450 25 50 96 206 326 861
Nov. 65 75 125 225 375 525 45 70 94 250 425 656
Dec. 65 80 125 250 400 550 55 80 125 362 525 750
Jan. 65 90 160 360 530 920 45 75 230 555 795 965
Feb. 65 95 175 400 650 1000 60 85 200 487 762 1037
Mar. 65 80 175 400 650 1000 55 80 287 567 937 1350
Apr. 65 90 250 550 800 1150 45 70 2b7 575 1002 14P7
May 70 110 250 530 800 1150 65 90 245 675 1041 1415
June 75 120 250 550 800 1150 EO LOC 194 456 969 1219
July 75 113 D 25 550 900 1150 O 1 iCc 220 4-45 690 930
Aver.ae 66 174 362 555 _813 50 5 1 77 430 687 092-
1I25-26
Aug. 7 D0O 250 550 8C00 1150 65 100 150 345 570 920
Sept. 75 1003 194 .297 625 OA7 65 100 144 325 5A7 &00
Ct. 5 10, 175 .30W 575 900 65 100 150 410 620 P90
:.%v. 75 105 231 375 537 35-C 75 110 219 456 25 1- "
D.:. L5 115 .25 400 *300 -20 F0 0 0 ) C6 504 P94 1119
J.. : 125 250 400 0 C IC00 135 265 R25 "25 1105
2e1. 93 42- ?50 4: ". :Co f'3 9C0 110 1!7 3Y4 A 44 J"4I
% r. 110 20: 350 552 -C 75 100 "-Ot 4.2 77 V .2
AMr. sO 1?C .35- "52 '300 75 1.0 iF-I 519 744 1 1
May 75 100 2C0 3-70 -C .,0 65 100 145 405 ClU i'.'C-
79, .75 r, 2,3 ,53 : ... j. CC 2C .'C9 or-, '. 91?
:.ly"-, :.'^ ?.**, J'': -' "_ L-^ ^' &. r C?;:'' C'-:':' '1
SAv. .. C 5,/ 7" '. rC I. ." .41. '1. .- 1', ,-
4~~~pr~~pp ~~~~ -k e 1 ~ .> .. .~. f' *
__________ -- -- ---------------------------------------- -


- 35 -





'abhe 14. Averae rtarle preninma !'or 'tfidUir- s.-ot cotton at rew Orleans
rnd ?'ea-nlis. )i. months, 1925-'1/ to 1931-32-Cntinuod

..... (I.' i n inta or h, triredtL5 of e cent a pou.d)___ _.....
Yirq r""f OT7v 01.f5 Mn : ~" phihs
'A-I -l- -n- rt- -)- -. (ic
fljIf/ -51 1717 IE b-fe
17 t ^0 -27-
A.. 40 75 J00 S0O 550 9OO 25 125 144 275 550 825 ,.
F7t. .:' 11i0 20' 3-0 5^C '0 50 125 156 331 531 W00 .:.
". 5 10 105 !33 410 670 63 100 110 188 -,40 80"
"6:. 5 1!30 13I "3, 450 e00 75 100 131 200 406 8 20
-6. L 1 150 'hO .50 Q40 75 100 120 200 400 900
... ,"" ) 1 '0 1;J 5 7 75 90 119 P20 450 800
I''i IO 21 50 i' -0 450 "'03 70 90 100 225 375 .700
"0 10 2"0 450 'O0 75 100 163 '13 400 .700
"-r. 1lJ 1I ,J 253 450 90G 75 125 150 200 400 .950
.7- I-3. J 500 0 75 125 200 F25 550 950
*-.1 65 0 0:0, 200 51 J O0 73 123 .GO -)25 600 1000
"7 .7' 305OO 500 500 0O0 7 .3 125 2.00 ,S50 600 1000
Avre > "1,C I6 2 7" 4r7 ""0 6t Xi 143 "54 475 772

A0 "5 163 244 ?8 75 125 175 -325 575 950
.- 7`1 16 9 2-3 513 7pP 75 125 IFO 363 588 975
-. 40 75 250 350 !,50 Z5Q 75 123 160 330 490 620
"40 75 5, 333 '--13 P0L 75 7 125 150 350 :38 600
",". 0 oC 00 30 400 650 60 105 150 30000 0 513
;.. 0 IOU 0O0 1 0 400 '50 50 10X 165 285 410 590
-r. 35 100' ZO3 00 400 -. 3.3 75 150 230 350 600
"r*. 5: 100 ,j0 ,.00 -O ,u0 33 75 110 240 340 570
A r. 2 75 175 Wo 330 5 l0 35 7.5 106 ?00 300 450
6"-., 20 60 175 O :.0 250 35 75 125 200 "'88 438
S:. 0 60 170 "-4 ?4 535 27 75 12:5 200 300 450
17 1 '-) 00 *2:7 25 95 05 20 300 -50
.\:'C ',-Zi (10 '1 290 0 1 K -.11 ~70 3nB 601
'~~^.0 ^ '--- ----------303- __ __ __._____ __ --._ .__ -_^

'.-. 90 60 0 23 :00 5 7:5 2.125 2OO 300 450
1.. n .; 1]0 nOd 700 4 14 3? "%Tq 138 2P00 2-89 475
.+.A ,- "0 .J ''. 1369 200 209 575
E5 i*X, 60_
* *. '-.- :<"- __ __ ___LO____*_cc l -^ i o o
":r.J '-. c 4 2 ,O .2O0 (615 .'- QS I( 270 I. 598 0 6
a ." -% -





'"*.. "60 T0. ; "2., "., *7 479 .5 7 "70 0 Z 750
.. :9 13 3 03 44 ? 30C1 129 775
:C1 zI 1.~ ZOO :7
2325
j" h ,',, "", .. ....

*- ': "', ".' IC) 47S 1.G 00' 5 .:z,.5 3 730 C,
-Z 7 s 1 ,i "Z Z:o 7::2 v: i> t9 OC 2 7
v" .; ;. .; .,,E 4 C' 7. : ,." 3-,2 ;r:4 PPO
r ", -h '-"._. ... ,* ..' ,.. .-.q'J ".. ~ '*1 .5, 3 / 56.


- 36 -







Table 24. Average staple pre-iluma for ?'tdd'i.W spot cotton at rew Orlauns
*n2d I'e-phla, by months, 1%2?3-24 to 1953-32-Con.tinued

(Iu por.tnv or hI-ndredtt.hs of a c-,int a pound.)


["Year______..: : ., FrF /a4 L1e _h
Iandl Staple' le..:t. (I.. s :" *t'l o~~hTinchr:*"T~
1Mtb 5/16 1 6 --751l-J6l61.- 1-174

Aug. 40 125 225 300 425 690 69 179 235 305 3P5 725
Sept. 31 102 175 2 35 3"5 600 48 140 219V 250 33: 606
Oct. 50 10N 175 225 325 575 55 12 20.0 225 300 571
Nov. 30 13) 175 '2'5 325 580 54 119 20G 235 330 590
Dec. 40 100 175 22": 350 600 50 12 5 194 244 361 644
/an 49 1,0 P --0
a. 49 CC I 350 600 50 125 170 220 340 655
Feb. 50 100 175 225 350 600 50 125 175 23R 342 675
Mar. 50 100 175 225 330 600 52 125 181 250 3b6 675
Apr. 50 100 175 225 350 6C00 63 125 150 200 325 650
May 50 1O 175 A 2 350 600 50 102 165 230 355 653
I ane 50 100 175 225 350 600 45 99 169 206 356 656
July 50 1010 1.5 2?5 3,0 600 45 100 150 175 325 763
Average 43 102 179 731 350 603 53 124- 184 23P .,45 656
I -_. -- -_ -- -
1930-31
Ag. 50 10 175 225 350 600I1/ 37 90 155 185 335 788
Sept. 50 100 175 225 350 600/ 25 79 144 219 3M9 856
Oct. 40 "5 150 1-5 30C 600/V 35 I10 156 200 325 750'
Nov. 40 75 150 175 300 60C.L,/ 45 110 169 200 325 744
Dec. 40 75 150 175 300 6Cr1/ 45 103 150 200 325 725
Jan. 40 75 150 175 300 6001/ 45 100 150 185 225 72P.
Feb. 40 75 150 175 300 6001/ 45 100 150 198 325 725
.ar. 4) 75 150 15 330 6001/ 45 100 150 200 325 72?5
A~r. 43 75 150 175 300 OCI 41 93 155 2CC 331 731
Way 40 75 150 175 300 60C0/ 40 90 165 215 315 715
Jine 40 75 150 1-5 300 600C/ 40 90 150 200 300 700
J-.ly 40 7 150 1I5 30' 600T/ 40 90 150 200 3 00 7rC_____
AV'.8g&e 4~2 % 154 A3 3CI _6 ~ "/4""------- Ur'f T2'- 74- '


75 125
63 113
-4 100

50 10
5,: 1i"..'
-: 100
1"* 35


175 D00 6001/ 40
175 :sO0 30
75 300 14
l 30) 11
5 30C -
23 OO 1P
I".) 5.- 15


90 150 200 3.:' 7?0
7: 137 200 613 32
38 0'4 175 2?0 4;5
41. 4 175 244 9 9
'A C w 156 :C 43C
40 9"3 1i5" 2'2'. 363
'4? 93 IF, ?!Z 3 63


5 i '*' S i o .'. .. o .. a t ":rl. 0 "' : s o :: n. .*:', *' :- l y c t t i rns. c r 'i i l '
;/ .6 s4-3- c- ^t n t.
? "'- .;. -l .


- 37 -


1.g 3-32
A-i?.


?cv.
-, ar..





Tlbl, 25. Pricu pur poind of EgyptIan Satellaris, Egyptian Uppers,
Amerlemn-!gyptlan, AL-icar upl-id I 1/R-inch, qmd American
upinni 7/8-tnTh cotton on Friday o' ench week,
August 3, 1928, to Harch 4, 1932
--y a.i"n : ~ ,-rc --: T ~ AneAi.cen uplcr-e----.

:Fully Cool Fair : Esifion : 'iddliins
", t : : : : : ::ii :: .
: Skol.oridiJ: p. Lt. ...:. 21/ 1, /-inc :7/8-incl
Cnnts Cents Cjrta Cents Centas...
1~a t"3 -- --_ --
',. 3 36.'-) 26.F9q 17.00 23.S32 19.33
I 537. 00 2,.50 46.00 22.77 18.79
S37.00 26.50 45.00 22.60 18.60
4 37.13 37.25 55.00 22.56 18.55
31 39.C0 26.38 41.00 2,.53 18.25
%pt. 7 38.73 26.38 41.00 P2.90 18.57
14 33. "2 33.25 11.0O0 21.13 16.88
1 35.75 23.33 3V.00 1.52 17.53
-9 3.6:3 2,. 50 39.00 22.30 18.29
2 31. 5 3.? 5.00 39.50 22.57 18.06
12 35.38 2R. O0 39.uO 22.35 3/
19 36.75 6. ?2 5 40.00 22.65 18.74
26 36. R8 2-5.50 41.00 22.00 18.16
"'v. 2 37.56 rj5.31 41.00 21.08 18.10
9 36. '5 2-'.1.2 4..00 21..4 18.26
1' 3-. 63 E 2u. 19 .00 21.E9 18.49
2.7 38.5 ?.. O0 42.00 22.72 1 S 8
J .3.7.. 0 7 -'4.00 22.86 19.31
r>C. 7 38.3. 25..? ,9.Ou 22.37 19.11
I; 39.13 2:.e3 .,3.00 22.C5 19.14
39.l~.A %5.75 4'-. 00 22.52 18.88
3' 39. 'u,. 13 A. CO 2 2.71 19.07

";j. 4 3.7 3 25.-4 4.-.00 22.21 18.68
1. 38.* 2fS.J)0 *r-.0U 2-.42 1I.89
1 :59.t3 ?Y75 *,.C0 22. 49 19.12
S39.63 23.:1 4-...,0 -.3.07 18.71
.h3. 3 ?..0 2,. *:.O 3. I2 18.71
37.0) 24.2q8 4.CO 22.79 18.68
11 31.., c. 2 -.00 Z.61 18. 2
fl 37.7. 2-,. .-l E..0 ?3.L /
'"r. .0I.0 e .63 ,. 7 23.". 19.35
'" -'-. I '7.13 2,4. ,4.F2 20;25
m.. -. l -.." .. J ",20.07
'1 .. 27.50 4-3 ..'02.2
r .; .-.4 r'7.!5 4 .0 "4.::
7.;-. :;*.'. "*' P?',.9'5 44 .?O ''4.?f6 19.31
... .. 7 19.31
S"' V'^ ,1 ,;..00 "3.*'.0 18.9.7
,..- ;,"..'C .,..7 %, -.R6- 1 4. 17____


- 3e -




I
Table 25. Price per pound of ELyptian S.kklloridls, Egyptlnn Uppers,
Ameriean-'igyptlar, ,mericsn upLand 1 1/f-irnch, and Anerlcan
ujplrnd 7/8-inch cotton or. Friday df acnch waek,
August 3, 19285 to W1rch 4, 1932-Conttiied
r Ey-ypt^ : ,'-.,.^--^ : An ertcrin upltnd
:'Pully Good F'!ir Fyeyptin r : ,idli rj."-
Date : --~ -- -
: n Imk1ll:riiis1/l: ers 11o. 2 ? /q-inc
_____ __ ___ : 1 :% 1 _/-___ / _/_-_c
Cents 2ents Cnts C-nt s Cents
1929
May 3 26.13 25.b 44.00 ?.2.40 fI. 25
10 37.19 24.88 42.00 22.75 1S.O2
17 36.63 24.56 42.00 23.15 lA.32
24 34.38 23.8S 43.00 23.31 1..253
31 35.63 23.98 42.00 2l2.91 1. 30
June 7 34.75 24.50 43.00 23.84 18.57
14 35.50 24.43 43.00 23.76 18.50
21 33.19 24.00 43.00 23.35 18.513
28 35. O 24.38 3-.0O0 23.64 18 .29
July 5 33.13 13.95 39.00 23.27 17.99
12 M4.38 24.25 39.00 23.46 18.02
19 35. ; 24.88 435.00 24.38 i9.r6
?6 37.89 24. 50 40.00 23.85 18.37
Aur.- t2 37.58 24. 38 4e..00 ".e5 1.4 7
.9 34.63 23.7 5 4z. 00 23.13 17.
16 39). 1 3.r0 4.3.00 23.03 17.44
23 34.0O0 3.75 43.00 22.13 17. P9
30 35.31 24.68 43.00 22.65 18.44
Sept. 6 37.2? 24.75 43.00 22.43 I1. 31
13 37.38 24:38 40.00 22.23 16.15
20 35.75 23. 1 00 2 1. '.4 17..92
27 33.75 25.38 39.00 21.6U 17.80
Oct. 4 34.39 23.94 39.00 21.94 1P.05
11 33.0 23.69 C4.OO0 21.:34 17.6e
19 31.-8 2..91 39). 0 20.73 17.?
25 i.0:o ?2.75 538.00 21.1C 17.-4
!Ov. I 30.o3 22.75 5c..C 20.7; 17.17
9 30.51 22.50 37.00 29.32 16.70
15 30.75 2?. 1I 37.:.0 2C.?3 1c.71
22 .30.25 2?.19 36.50 21.13 16Z.-
29 2..50 22.00 2'.52 21.%4 1 .9"
D-=. 7 2;.5r 22.00 3c..50 21.03' ."g
14 29.0 2 6. It .:,3
21 2 .j 1 21..4 :'.O 21.:5 ,"

A.r. ., 29.20? 21.P76 .0('2. ?1.J3 ,C.1 FOl
13 3...I 33.20 21.34 -C.%
17 2. 50 21. 68 :-.:l 21..435 16.C
24 2. ... .'"-. "...4 .."
____ -- < '-*: "?. ol L -2^_ ,l''4" '-- l ,*-;Cl -
.. ; r.. L.:. -...
_______ 'K -~ Z5..et 21.4711

OttrD'V n~ ..AA,


- 35 -



























Apr. 4
11
II
18
2s
My 2




JPane 8
13
g0
27
Uly 4
11

25
Au, 1
8
15
22
29
S'ept. S
18

t, 3

10
17
24
31


5.94

"29.19
2.69
2.69
2.69
2.69
.69

.,69

28.69
28.69
PB. e9

2.69

27.
27.50
2.50
26.50
24. (0
24.50
27. 50


.20
27.70
26.75
25. 7
26.25
25.75


trot~i ~t ~1 of Tn1~1e,


21.81
21. FiA
21 81
2B.8l
21.81



0.81


20.94
22.0
22 .50
22.50)

21.50
21.00
21 00

22.40
22.05
21.30
20,30
21 .00

20.75


34;.00

33.co


23.00

28.00
27.50
27.00
26.00
25.00
24,00

23.50
:73 o.


14.14
14.26

13.48
13,27
13.21
~~3 .44 ....... ..


- 40a





Table 25. Price per pound of E'yptivn Szkelliridia, j:r-)tirmn Uppers,
Amerioen-Zgyptiin, Ameaicr-n uplnnd 1 1/8-inch, -nd ;iericon
upland 7/8-inch cotton on Frid-y of ench week,
August 3, 1921 to i'r.roh 4, 19J2-ContiLnuod

_m : ErptTn : :jnerin- : in:rir,.n upl'ind
......... ____ gypthnn ___ __ ,iddlin ___ ___
te 'Fully Gooi Fnir :Eaptiin iddling
Date-------------------------- --
n: kallridis L:erts o. e / COn.t7/e-inch-t --
--ents enjt a "Cents Cents Ce nti


S1930
Nov. 7
14
21
28
Dec. 5
12
19
27
1931


Jan. 2
9
16
23
30
Feb. 6
13
20
27
Mar. 6
13
20
27
Apr. 3
13
17
24
My I
8
15
22
25
J-ir.ne 5
12
13,


26.00
26.25
2.6.05
23.00
23.80
25'.185
23.25
23.25

22. 925
22.65
23.50
Z 3t 3 L
23.30
25. 50
25.57
26.C0
26.60
29.10
22?. 3io
27.35
26.05
27.C5
26.05
25.55
24 50
24.75
24.30
23.55
23.f0
1-14. i:-1
24.1
:.0
23.25

2 2.15
21 r-
-J. W"-
"t f*


P1.25
21. 50
21 .15
2U.75
20.30
19.80
21.00
21.00


23.50
P3.5C
23.15
21.00
92..00
22.00
21.50
21.50


13.17
13. 35
13.46
13.21
13.36
13.03
R12.90
12.90


10.1I
10.23
1Q'.05
9.74
19.66
8.99
P.88
P(.93


20.65 21.00 13.16 9.R5
20.80 20.50 13.22 9.32
20.95 20.50 12.95 9.29
21.40 21.50 13.23 9.60
21.50 21.50 13.03 9.59
21.75 22.75 13.15 9.37
22.00 23.00 13.40 10.14
23.00 25.00 13.42 10.20
23.95 28.00 14.04 10.40
23.35 27.00 13.96 1u.35
22.15 27.00 13.57 9.97
22.70 26.50 13.65 10.08
22.35 26.50 13.70 10.07
22.OC 20.50 13.37 3/
21.10 26.00 13.08 9.51
21.75 26.00 13.31 9.48
21.50 27.00 13.54 9.47
21. CO 27. CO 12 .65 9. 89
21.10 27.00 13.12 9.31
2C. L5 27.00 12.57 %.PO
20.6C 27.00 12.24 8.54
I_- .90 27.0 11.73 R.C9
19.75 27.C0 11.57 7.96
2 25 .0" 12.00 P.07
1 ..0 25..-'0 12.13 ..21
21.35 26.00 13.71 .7- -


- 41 -


-it .-n O f


FGT theftCs






Tible 25. Price per pound of gypt lr.n Sqkell.nrtdiu, l wptlan Uppers,
.Inerlc-in-Fypttim, :.aerlc'n up1nnd 1 1/8-inch, and American
url'nd 7/8-Inch cotton on ?rtd.y of each week,
August 3, 1920 to !!rch 4, 1V32-Continued

En jptirn" : A.nerican- f Aaericnn upland
:.iiill/ i oi 4 r/ i r : Egypt lIn : / Middling _/
Date/:---------- ------2--------:- --- ~. -- :r^ ---1n^
: S~ll^rilia/:Urperal/ V o. 21/ 1* 1 l/e- Inech1 :B-1nef


Cfr(. ta


1931
, ly "

17
2i
31
/. ;.* 7
14
n I


t 2
29
13


25
,..:it, 2



1 3
16
23
30
': ).#. 7


no

_A.
3i
27


Centa


21.30
20.25
20.65
20.15
19.20
18.70
17.95
17.25
17.75
17.680
16. CO
18. 25
16.75
17.00
17..0O
17.30
17.50
17.55
17.655
17.50
17.00
10.30
16.10
16.30
1 .35
16.50
1 .5C0


Cents Cents Cents
Cents Cents Cents


26.00
25.00
25.00
25.00
25.00
24.00
24. 00
23.00
23. 00
22.00
22.00
21. 00
21.00
21.00
19.50
19.00
19.00
19.00
19.00
20. C00
20. CO
20.00
19.75
19.50
10.50
19.50
19.50


13.63
12.65
12.53.
12.20
11. 72
10.89
10.04.
10.00
10.0C-
9.52
9.88
9.44
9.08
8.36
8.95
9.14
9.91
9. t3
9.67
9.50
9.11.
8.99
9.10
9.15
9.17
9.19
9.19


9.71
8.78
8.85
8.34 .
7.63
7.30
6.33
6.02
6.44
5.99
6.08
5.79
5.59
5.10
5.19
5.71
6.47
6.18
6.20
6.06
5.73
5.65
5.70
5.77
5.91
5.96
5.98


1e;. 1 1. .2C IC. 3 19.50 9.23 5.99
--. 65 I .C'O- 20.00 9.18 6.25
22 :.7 -.3: 20.00 9.14 6.23
:.2 "'. 0. 0 3.15 6.26
. ru ."*' -" r 20.J0 9.18 6.22
1 1 19S25, 2 0.50 9.27 6.32
-. ,fl r,.r" *.. 9.61 6.64
""- "" ~' '- 9.43 6.61
v ,-ir. 4 e" I .', 2 ._9.48 6.72
r.~~~~~2 2 ':i- U O -- 0 0 M e


S ;'. r'i," '1" t' ;;.... t ," Q;ot ."' tr e .
S i .
- T
....., K- t &rc 4.


- 42 -


T


* :1


ii' l


24.15
12. -;0
2.3.95

21.85
21.00
19.55
1.50



:2.'05
2:.10
22 .95

19.95
"O. 25
20. io
20.20
20.05
19.55
19.eO
1?.OO
1i.70
1-.05
1-. 05
17.9 '-
I- .15
17.05





Table 6. Price pow pound of Zgj Ian (Fully Good Fair) SakBllarid is and Uppers
Ina LiTvrpool and In Boaton and of Pipa No. a In Boston on
specified dates, and differences between these
'prices, .January 1981, to March, 193S8

ton prices : Liverpo3: S
Boston Pr c egg/epr Difference

S.....gyptian Egyptian Saske. Uppers Boston
:8 : :Ue Pima : :a-Boston minus: Boston minus: Pima minus
Datm' ;Sake. :tppers:No. 2 :Saka. :Uppera: Lierpool : Liverpool : Saks


Cents Cents


43.25
41.50
32.00
39.38
40.88
36.635./
32.50


35.25
43.44
63.88
51.50
48.50
52.25
49.88
48.75
46.88
47.38
48.75
47.13


Cents Cents Cents


35.50
-- 32.38
-- 23.50
-- 32.00
32.00
-- 35.CO
-- 31.00


34.38
30.63
34.75
27.00
30.00
26.00
27.00
29.63
29.38


43.13 27.13
43.63: 29.50
39.0D/Q27.00


40.88
42.00
41.00
41.00
41.13
42. 00
38.63
39.88
37.00


30. OG
32.13
32.38
34.50
36 25
35.00
32.88
34.50
33.25


33.00
35.00
40.00
41.00
38.50
37.00
37.00
36.00
32 50
34.00
36.00
37. 00


36.00
37.00
34 .00
36.50
37.00
36.50
37.00
37.50
38.50
37.50
36.00
36.00


32.47
30.44
21.15
28.63
29.25
25.93
24.06


24.00
29.65
45.34
38.17
33.83
37.65
29.15
31.38
32.02
32.87
35.69
37.08


33.34
33.45
31.55
33.02
534.35
33.85
34.40
34.32
33.86
31.62
31.62
29.92


20.66
20.83
14.64
20.45
19.78
17.83
16.30


17.25
21.85
33.91
29.55
25.80
29.77
23.77
25.84
25.62
25.93
28.28
29.67


26.39
27.41
25.11
27.90
30.12
30.18
31.67
32.36
32.50
30.46
30.75
30.78


Cents


10.78
11.06
10.85
10.75
11.63
10.70
8.44


11.25
13.79
18.54
13.33
14.67
14.60
20.73
17.37
14.86
14.51
13.06
10.05


9.79
10.18
7.45
7.86
7.65
7.15
6.60
6. 81
8.14
7.01
6.26
7.08


cent a


4.83
4.83
4.98
3.23
4.16
.38
1.07
1.35
- .29


.74
2.09
1.69
2.10
2.01
2.20
2.83
3.89
2.50
2.42
3.75
2.47


dent B


- 7.75
- 9.12
- 8.50
- 7.38
- 8.88
- 1.63
- 1.50


- 2.25
- 8.44
-23.88
-10.50
-10.00
-15.25
-12.88
-12.75
-14.38
-13.38
-12.75
-10.13


- 7.13
- 6.63
- 5.00
- 4.38
- 5.00
-16.650
- 4.00
- 3.63
- 3.50
- 1.13
- 3.88
- 1.00


Footnotes at end of Tible.


- 43 -


192041

7a0. 1
Feb. 4
Mar. 4
Apr. 1
Apr. 29
June 3

192July 1-2
1981-a8


Aug.
Sept.
Oct.
NOT.
Dec.
ean.
Feb.
Mar.
Apr.
MIay
June
July


19=-23


Aug.
Sept.
Oct.
NOW.
Dec.
Jan.
Feb.
liar.
Apr.
May
June
July


W,


36. DO


J




Table B6. Prices per pound of taptian (naUy Good Fair) SakesUaruld am wp.a :
in Liverpool and in Boston and of Pin, No. 2 in Boston ca s"
i*poltiSd Attw,. andl;diftemnup--betwam: then n. 1 *- .7 i ;
prices, Anary, 1981, -to -kirok, 1952. Cotliaed .
....-------"---"--"--- -- ,------, i. ... ... '...

Boston Prices / i L: e DTifferences 4/ 36
rice J3/ Difeene..-00

Egyptian : : Egyptian : Saks. : Uppers : Bso.ties

Late tp/ r : ilt : : Boston mi.niruS Boston minus: Pits mima
:Sfaka :Uppers : No. 2 :Saks.:Uppers: Liverpool : Liverpool : Sa.
Cents Cents Cents Cents Cents Cents Cents Ceats
-- ---- n -- a" c


34.00
33. -0
38. 00
38.00
44.50
44.50
44.50
43.00
43.00
43.00
43.50
42.00


31.29
32.11
35.33
34.88
43.93
42.19
41.80
37.20
38.66
42.7S
42.40
42.22


1i Z -24

Au3. 1.7
Sept 7
C(t. 5
Nov. 2
dec. 7
Jan. 4
?Fb. I
!.:' r. 7
Arr. 4
May 2
June 8
July 11

124-25

Aug. 1
Aug. 29
-Fept.26
: -t. 31
:;v. 28
Jan. 2
Feb. 6
X'.':.r. 6
Arr,
:.'i:- e
"* r
n..e 5

1 X2 L 2.



("Pt .16
.ct. 3
.,, v. 27
"Fly

A**. e
5pp.iy-

:.r,r. 50




.7 r, :, '
ut*- 4


,.7.C'0 *65.75
55. 8/5e. 26
jbb.0bO 4b.93
49 P i:6/%I i).j: 7
4t7:f" 34.36
3 .:,x
"'.' .,5 37.55
(l.:.r ,37.5C
40.CQS' 33.40
7'J.C' 32.11
7'6 .52 34 .87


31.38
31.64
32.96
33.58
41 .08
4C.40
39.74
36.49
37.67
42.50
41 .86
41.5C



46.73
40.46
37.16
32.47
34.57
39.19
39.14
41.54
i .1?
40.01
37.77
36.97


37.84
36 .5U
32.70
32.6C
2P .31
29 .,6
27.47
25.91
24 .32
24.73
25.54


8.21
7.89
6.92
6.62
5.35
5.19
4.95
8.55
6.84
3.22
- .4C
- .22


- .96
.25
- .4C
4.69
4.40
4.83
1.27
- 4.57
- 1.00
- 2.28
- 3.38
- 2.51


- 2.25
- 1.2C
- 2.93
.38
1.14
- -.55
I .50
1.10
- .11
1.26
- 2.37


- .63
.86
1.04
1.92
2.92
2.35
2.51
1.76
1.33
.88
-3.73
-9.26


* "7.A1
6.01
.58
* 1.17
.61
1.06
1.91
1.47
2.66
3.77
.17


- 2.84
- 1.25
- .45
- 1.85
- 1.91
- 1.31
.28
- .41
- .?07
.77
- .42


'.:'i 23._ :r. 3..53 23.92 1.3 .42

'- -:-.t-^ -" : et en ...f Tei-la.
44 -


7*l
,.. N..
5.50
7.dO
4..5
* -3.50-
-4.75
2.8
2.26
.73
2.50
3.0
1.50
*0


- 3.88
- 3.25
- 2.63
- 5.38"
- 5.00
- 4.50
- 5.00
1.00
3.00
1?50
2.00
5.50


4 60
4:50
S 12.50
8;75'
7.50
2.25
2.40
5450
7.00
2.00
4.00
5.C0O


39.50
40.CC
42. C5
41.5C
439.25
47 .3R
46.75
43.75
45.5"
46.0C
42.0C
42. C'


46.e.8
47.25
46.63
52.88
55. "C
64 .5C
7C .CO0
7.:0
65.03;
,33. 5C
t3" .00'
6 :. O-


30.75

34. o0
35.50
44.00
42; 75
42.25
38.25
3J.00
43.38
38.13
22.24


35.74
33. 05
31.15
33.05
33.4c
33.B0
4D 2
43.45
739.65
37.35
34.00
23 .6C


43.00 47.74
44.rC 47.00
44.C0 *47.03
47.50 48.19
50.C0 50.60
63C.C0 59.67
65.00oc6/ 6R .7
68.OC 71.57
68.0C 6G.rC
65. c2,-/65. 78
62.C, 63.38
67.50 64.51


I

I


I

I


I


"F, --

42.00
40. .25
*> ,- -
-? .r -*
77.''

34 .Lfl

N, ..L
*1*'I>*


35. X
33.30
'2.25
3?. .75
27.0C
q u.s
27-.75

r4. ,. 5





SB6.-Prices per pound of zaptian (Fully Good Fair) Sakl'laridia and Uppers
in Liverpool and In Boston and of Pim No. 2 in Boston on
specified dates, and differontse between these
prices, January, 1921, to March, 1932.- Continued


Boston Prices E/


: Liverpool.:
: Prices _/:


Difrerencas 51


: Egyptian

:Saka.:Uppers;


Cents Cents


ESvnt ian


Pica
No. 2
Cents


Saks .


Uppers : !3ston


: *3oton rinus: Boc-ton minus : Phm inus
*Saks.:Uppers: Liverpool Lvsrpol ak


C9nVs Cents


Cents


Cents


Ce ints


36.50 32.C1
36.50 36.32
36.50 33.37
35.00 3C.29
35.50 27.07
35.12 2).31
36.25 27.78
40. CC 26.21
40.25 2'7'.11
41 .O0-/3 .49
41.ra 3u/3,.4t
r."


1986.27

Aug. 6
Sept.3
Oct. 1
Nov. 5
Dec.10
Jan. 7
Feb. 4
Mar. 4
Apr. 1
May 6
Jne 3
July 1

1327-2S

Aug.12
Sept 2
Ont. 7
Nov. 4
Cec. 2
Jan. 6
Feb. 3
Sar. 2
Apr.13
ray 11
June 15
July 6


A-. 3 .3.C 26. ?0
Sept 7 e."5 28.2'
Xst. ^ 7?5.:5 25.-
Nov. 2 2".oz ?5.3"
Dec. 7 "? 29 2.?^
J~.-.' -,' 2- J
Fet. 1. I'.". ;- 4
ear. 1 "'
A r. c .~-. 5 L ..,"^.
yma2 X ", "- ... .
Jine 7 .75 ..5
July 5 _____


47.:- 5./,, 72

5-:'7 .-3
3':,.5T'. 3-....6
41 .
43.1 .< 11
.4.C" Y 3.' -1
47. .7.:27

44.7 ?-. "
,.T .- r .,3
y.
',3. Z ..* 5
33. ?2.A3


26. :, -l.22 .':.- I .,"
.. .' .'b ...
'2, .. 4 .4.' -.' "
2,* .*:"; ?,,' *' "' ." ".
S.,.-. ,- .i. 5. 4.*"
n. .j. 5." '..1 5
2-..i* .," ,1. r. ,

24.y1R.... .1'. >*
-1 ."" -
?:c ., I .-;' I .."'. !-, "^


:-.A .. I -._ : ._*


See footnotes at enl :f TtIDe.


Dates


-- 39.89
-- 41. 2
-- 3-3.14
7- 3 .1-4

41.75 36.3C
43.CO 35.78
41.0X" 3..9
421.5 Z;.11
48.50 4-4.16
52.C 4Z.32
51. 42 .7
52 '7 42.74


32. ,.
35.50
31.80
28.00
25.75
27.b5
27.75
28.38
'm7. 832
32 .-3
34. 3e
34.75


38.50
42. C
37.75
37.75
36 .?:
35.63
34.25
1%14. 215
37 13I
44.63
43.75

42 .SF


24.25
26.62
.2.50
12.75
17.75
19.75
19.50
21.75
20. 5
24.75
26 .5-
'D, -


28.28
33.13
t.'*> -. J
31.63
29.25
29 .633
26.38
28.--:


2 i Z
31.63


24.92
27.82
24.17
21.51
16.36
20.22
20.71
22.44
21.25
24.5C
2' .22
26.21


3C.98
33.31
2C .6L
30.94
28.68
28.67
2b.37
28.05
31.13
31. G3

/0 .836


- .01
- .82
-1.57
-2.29
-1.32
- .81
- .03 -
.17
.51
.83
- .'2
.45


-1.39
.C8
-1.39
- .39
- .30
.85
.26
- .238
.4
.43
- .i
.14


- .67
-1 .20
-1.67
-1.76
- .63
-1.47
-1 .21
- .6,
- .5,

- .72
.23


-2.6C


.83
.6
.7
.9


.13
.4.


4.50
1 X,
4.7*
7.00
9.75
7.62
R.b0
11i.62
12.63
8.12
6.62


5.7b
6 .37
6.75
6 ,0;al

-.2
u- .:s
-]. .25

.12


Differences 4/


Mir'rmt ian
Zk


IlI I II ..


- -'s -





Table 2G.- Prices per pound of Egyptian (Fully Qoo4 alt e ii
in Liverpool ond In Boston and of Pima No. 2 In Boton on
specified dates, and differences between 'thes
prices, Tanuary, 1921, to March, 1932.- Continued


Boston Prices 2/


: Egkypti an :


Sa: ks .;Vers;:


- s22 .- 3C
,'-. 2

* r', j .
.-t 4

L.r). I^
.'*in. 3
.eb. 7
...uti. 7
Arr. 4
:..:ay 2
j.no 6
'aly 4


Cent r Cents

37.38 24.3P
37.37 24.75
r'.74 23.94
?C.5 2_2.75
22.50 22.00
22.OC 21.75
23.' 21.7b
2d.85 21.25
28.94 21.31
28.9 21.81
2F6i. fi.81.
2S.9^^9l


Pima
N,). 2


Cents

43.03
GO3.GO
39 CO
3e'U.CO
38.c0
36.50
36.00
35.CO
35.00
35.CO
35.0
,35.00
34.00


SLiverpool
P: rices 3/


: Egyptian


:Sak3. :LUnners


Cents Cents


34 4.57
35.35
33.53
30.70
29.60
29.035
27.87
27.54
28.78
28.86
26.62
24.83


23.31
23.93
22.96
21.76
21.52
21.37
20.66
19.85
21.12
20.76
2C.12
19.58


Differences 4/


: S'ks. : Uppers : BoS O .


'Boston uBoton minusoton
SLiverDool : LiverDool


Saka Unnis eroool


Cents

2.81
2 .C2
.85
- .07
- .1C
- .05
1.13
1.31
.16
.17
2.C7
3.66


Cents

1.C7
.82
.98
.99
.48
.38
1.09
1.4C
.19
1.C5
1.69
1.23


PiSaslow


CentG


5.683
4.62

7.00
7.0

6.00
6.15
6.06
6.31
6.31
5.31


27.51 22.51
;.5' : I ."'1 0
2.75 21.3P
26.30 21.25
23.. 0 2^.3C
:2.25 20.85
5. 7ti. 7517
? .35 2:.35
25.55 22.0c
nq^ rz t, -il
,^. |J m4.J. .'

-4.15 2L.?


33.ro
2--3.Cc
2e.C2
25 .00
2. 50
22.00
21 .CO
22.75
27.:0
cd3 .5t
27 .CC
27 .CO
24. C


24.76
21.00
19.84
19.?4
17.5C
15.50
18.22
19 .94
110 .63
16.62
15.51
17.13


18.73
17.16
15.49
Ir .nl
12.93
12.50
l3.5i-_
14*65
13.85
12.75
11.62
13.39


2.74
3.50
6.91
6.06
6.30
6.67
7.53
7.41
6.92
6.93
6.89
7.CZ


3.77
3.84
5.81
7.24
7.37
8.15
8.'2
8.70
8.15
8.25
8.13
7.a2


5.50
3.50
-1.75
-2.50
-1.80
-1.25
-3.00
- .35
- .95
3.45
4.60
1.85


?21. ) q.71 24." 13.2j Ir.27 7.76 8.43 3.00
S'... 1"7. 2;." ?1.34 61.32 7.66 8.4e S.00
1.55 17. L:'l.m Ii".75 8.34 9.10 8,66 1.15
19.:. 17.55 1.'.7' 2i.R6 11.21 7.69 7.3' ,55
1p.05 I'. !.. .? 7..2 ..CS 8..5 1.VO
19.:' l : ,. r 1. i .r .: '.1. R.13 1.30
1.~7 j'.-'5 7 g A I ..'2 J.-. P.61 .25
_F: .. -7 t 1 ___ 6 .35


. I, n .. y: I T.;',n .


- 4e -


Al*'. 1
.r^*t .b)
";jv. 7
-I.' 5.
San. 2
:.'L. ^
c:r. r
A;,fr, -"


* AA t.

i9 I-g2

* e. 9
.1: i
:' %, .'*t
"
*' j* 4-
** .- 6

* .~ :


WINk"





tbie 86.- Prices per pound of Egyptian (Fully Oood Fair) Sakellaridis and Uppers
in Liverpool and in Boston and Pima No. 2 in Boston on
specified dates, and difference between these
prices, January, 1921, to Larch, 1032.- Continued

Division of Cotton Marketing.

/ firat Friday of each month or nearest date thereto for which complete datu are
available.
I Liverpool Cotton Association Weekly Circular. Pence converted to cent:s on basis
of current exchange rate for cable transfers.
&/ Prices as reported to Division of Cotton Marketing, Bureau of Agricultural
tonoics.
M Xinuma (-) indicates a lower price for Sakellaridis or Uppers in Boston than
in Liverpool or a lower price for Pina than for Sakellaridis in Boston.
Duty of 7 cents per pound on cotton having a staple length of 1-3/6 inches
* or longer included in quotations from May 28, 1921, to September 21, 1922.
6/ Nominal.
/ 1A crop; new crop, 50 to 55 cents.
SNew crop.
9/ December 7 in Boston.
1_/ Duty of 7 cents per pound on cotton having a staple length of 1-1/8 inches
or longer included in quotations from June 18, 1930, to March 4, 1932.


- 47 -







.. Al


. ,.. ..-:i"B
.y

































stfun aOtiMM nl11l


of innw aseO laL l-ono


Flrle I CONTT mOOUCTIOI IN SOE IMPORTANT LONG-STAPLE COTTON PRODUCING COUNTIES
OF MISSISSIPPI, ARKANSAS, LOUISIANA, AN0 SOUTH CAROLIIp, 1912-13 TO 1930-31
CoTTIem mnivuTiiu M8 r tusruaTmc cousiocmasy SiamE 1912 IN THBse cOUnTIic IN UNION
A LI.MC PUW1PTIN Of TUE LO-I-STAPLE STO W TNUE UNITES STATEt I8 PMOUODE. IT
5-MM.L *IMIIIEa, II *.RVEU, THAT PART CF TEE COTTON PSOSUOES in T[HEE SOUNTISE IB
160 WaUl I I 1-Ieo IN STAPLE ArC THAT O@I5KNABLE Q UANTITIES OF LONB-STAPLE COTTON
W0 PIMM3lR INI SDES COUNTIES IF TNE ULITCB STATE. (TABLE 4.)


aO

ITS
IsO
250





100
ITS
ISO

125
100
75
is
10
25
0S
0


w01


19*6


I"


SON


1i22


I04 dos


iUK


1930


FiewvM 2 CONSUMPTION1 OF CTPTIMA PERUVIAN, MCRAICAR-ECGYPTIAN, AND SEA ISLAND COTTON
IN THE LISTED STATES, i13-14 TO 1930-31
Wipl ftwCTuaTIIOu IN Tug asUgl. CO0IUStTl CF TfCES LO1-ITAPLEI *OTTONg I True
liTSiE STATES -I I OIlS., DiUiN TME LAST TS TCARS UUIML oasunsfl Ot of EBipTiat
*fTTn sagC 4wlOaS 04l0l nolm TWIse TlAT Of AMwauLE-tvPTIn&I. Plulallm, AlN 54 ISLAnm
a*nTi guuss" C. CoeiuMPruu or WI uiES AMMICAI-rmTIa. use PUiiVAIm Nu| cIElCEC
20,00 @ALES SI*re 1923. O016T MUtLL *UATUTITIC 2f 14 IILAM CO1TOT &aE uOW IsouaDI
Im TUi LUITCO STATaS. (Task[ 6.)


-I -Wow






































JAIL JULY JA. JUU*
1929-30 1,30-31
sauinao Ha-sa or ,,az l


u* I 0ClKc oW 4Ca11 TURK


Ficun 3 CONSUMPTION OF EGYPTIAN AND AMERICAN-EGYPTI AN COTTON dN Ta E UNITED STATES, BY
MONTHS, AUGUST, 1925S TO JULY. 1931

AVERAGE ANNUAL COiiSuPTImON or AaERICAN-ECVPTIAN COTTON OUINimO THE rinv iinS 192S-26
TO 1929-30 WAS ONLY 6.6 PEN CiENT OF THE coiNSuimIp io or EaoVPTIAi COTTON. THOE WAs A
MARKIO DECREASE IN TIH CONSuMPTION Or ECVPaIw COTTON DUtInS 1930-31, ONLY 104,000 SALES
INGa OlSuMCID A COUMPAREO *iTH A AVYcRAGc ANNUAL CONSuMPTIOlN OF 220,000 SALli Fe mWe
Five vYas iMUWEOIATELv PRECEDING. Ounimng 1930-31 THE CONSIMPTION OP AuMuIuAM-EgPyTIAm
was 14.3 PEn ctiT OF THAT OF EGYPTIAN. (TABLES 7 Amo IS.)


Aa JurL jA ,a' j" av JO Jftv j mar
SiZS-?G 19. ? i9T- 7-6 1926-9 1929-30


M. Maee a op


130'-31 IW -32il
.maimm


Fir|vi STOCKS OF AERICAh-ErlvYPTIAN COTTON IN THE UNITED STATES AT THE END OF EACH
uC.NTM, AUGUJST, i925 -' JANUARY. 1932

STOleS 1U Asicnfl61-ECIPTIiN COTTON ilN ILLS AND PUBLIC ITORAIGE *OMINIO WEll LARGE
rFoB lsco uB- Of 1930-31. THAN rPO Tel OCOiISPOmOINi MONTE Or TH6 -lcIUiS FIvE rIfAMlo
Tn Tot RD oF .:uL. 131, iTOclS 31N1 16.709 SALIS AS COMPA IS WIT TNHE S-Vfi AVERAGE
Or 7,3?5 0SLES tE ti Tr COEiMtPOINDCIS DATI. SikaOmaL rLLUCTuATIOus I Tmisi snOews AiG
*PfeaSiT. iA P-i ci.'t or EiC- fas Juv.' 31) STOCKS OF AMEIC* IA-PTTIAN COTTON WERE
LOUIS Itl uP LIC 7 'm14C T"At it WILII. [Tainl I.)


makn
Ir Us
4C la


. S 01181-11' W riS Ull











IM.ua


1400

1200

1000



6OO


400


0 I 1 L
1913-14 '15-11
Ei U iI


*25-26 27-26 29-30
Door VMauran


Fhma S PRODUCTION OF EGYPTIAN COTTON ANDO IMPORTS INTO THE UNITED STATES, 1913-14
TO 1930-1
A-i 1913-14 TO 1930-31 TMH nImueTION or OTuN in EaYPT AND Tm IMPSETI OF
EvTwua S0"9 ISITS TIC UNITES STATES FLUCTUATED GREATLY THOUGH APPARENTLV.Y SOUM AT
ISSPUUiTLY. PROSUITISN NAMSE rFOM APPRONIMATILY 900 000 SALES 1I 1921-2 TO MEAN-
LV I1,00,000 IS 192I9-30 IHP-T5 RAUGED riSO ALMOST 500,000 SALES IN 1919-20 TO LESS
TnuA 23,000 SALE I& IS 0-31. IMPORTS oF EGYPTIAN COTTON INTO THE UNITED STATES AluI-
aste aPmrx>uATELV 15 PER CENT OF T1E PRODUCTION OF COTTON IN EGYPT OIuNI THE IO-vgAm
m sis 1920-21 TO 1929-30. (TAmSCs 12 AMD 14.)


iALES


AUG SEPT OCT NOv DEC. JAN FEB MAR APR MAY JUNE JULY


FISUsE 6 ITS OF EGYPTIAN COTTON INTO TNE UNITED ITATE$, BY MONTHS, 192B-29 TO
I| -31,A1 A 10-TEIA AVERAGE, 1920-21 TO 1929-30
Tul 10-TlAS AvCOAC SI4TULW6 IMP-T F EfalPTII seTrvs uEIE LAWISIT is JST, all
uI5s51T Iu jAStVaV, WT 094m08 TI1 LAST TYuU YESE, |(1921-29 TO 1930341i1, TeS IU-
PONT& SEAUES A* SESOSAkL mDE IN 4mif IMPOST& S tsivPW TImYO 1 ITO TUG LT111
ITATicS SEIICaMe FeWe HSE TmaR 50.000 aCgE n AP I,., 1930, TO Hole IN SEPTEmsEl. 1931.
TIes iuiuIrim rmnmn 1ucmuaSa y@ ADMy *.0oO SALES iE APIL. 1931. (TABLE 14.)













A200S
200


10O


1917 919 iS92t 1923 1925 1927 1929


US DInilREmI of ORqCA not


asb a Own AK, sWAiin


FiauCa T STOCKS OF EGYPTIAN COTTON IN THE UNITED STATES ON JULY 31, 1915 TO 1931

THE QUANTITY OF EGoYPTIAN COTTON CARRIED OVER IN TNHE UNITED STATES ON JUkY 31 OF
EACH YUAN HAS IMOWN CONSIDIEAALE VARIATION DURING THC LAST 16 TEAlS TYE RGSEIS
Poom ABOUT 53,000 BALES IN 1919 TO SLIGHTLY MORE ThAN 220,000 IM I9 0. T oLY TWO
YveAlS, 1916 AmoD 1920, HAS THEC UNITED STATES CARRY-OVEY Or EOYPTIA COTTON SiE GRCEAT-
ER TNMM THAT Or 1930; AND IN ONLY TwO EARS, 1919 AND 1925, HAS IT *CCEEM LESS TNIr THAT
or 1931. THE CARMv-OVER OF EGYPTIAN COTTON IN CONSUMING ESTABLISHMENTi Of THE UNITES
STATES HAS VSuALLT BEEN CONSIIDEMABLY GREATER THAN THAT IN PUBLIC STORAGE. (TAsLED 16,
17, AND Is.)


BALES
TIOu SANDS


I


20 ...... .



AUG SEPT OCT NOV DEC
u I Wa "'mw anf ClA 'iU


FIGUmE 8 -


JAN FE'


PR MAY JUNE JULY
qssl05i DOR w a MA,


TOTAL STOCKS CF [G('PTIAN COTTON IN TONSLUINC ESTAfaLISHOENTS ANO PUBLIC
STORAGE IN THE LNITE, STATT3 AT T4 END CF EACH MONTH, 1926-29 TO 1930-31,
AND AVERA;[ I25-2t TO 1'4,:-30


Tmg lEASONAL CHAN211 Ih SI1: O SITOC&S Of EGPTIAI COTTON IN THE UNITED STATUS SUn-
INC 1929-'3 AuO 1930-31 ag nRAnicaLL. DIFFERENT Fu T[E IVErAGE SEAISONAL CHANCE Dul-
lt: fM IS-'i* *iUIo. 19M.'-"6 rC 1I' q-3. TmEt STOCKS DECLINEO G(NENALLT, PFROM AuSW,
19.'Q TO APR. l6lO; luT uN.l ALL- LA *GCE i*POEIS ouRIc APRIL AND Maw, 1930, SiSULTIS IN
LANG( STOCKS O.'lRI1 MAY, JvNCl* AND >'j.'. A CONTINUOvUS O[CIrI IN STOCKS OCCLuNES DuN-
ING IQ1O-31 A@ rT[ SAO LT OP t.[ i.r.[Q C(uTAILLINiT Or IMlUOTS THAN Of CINSUMTIDON.
:TrIAE lb,.


1915


.. d3"....M :











4,[0---- ----r w-- rr-- --- -r-t ryr r--- --




380


250



IS0




so----- ; ------ -
B13-14 1546 17-18 19-20 21-22 23-24 25-26 27-28 29-30
8 a 2111410iffItI1.e or a llI' 1 1e100' eb l.riIaIh'iM m PA.Iii WOMM

Fievi 9 IMPORTS OF EGYPTIAN AND PERUVIAN COTTON INTO THE UNITED STATES, 1913-14 TO
1930-31I
IMPIST Or PaumaVI. AND EGYPTIAN COTTON INTO THE UNITED STATES DECLINED DUNRINC 1930-31,
TO 0016 amOeT lO'piR CENT Ofr THE AVERAGE ANNUAL IMPORTS DURING THE 5-YEAR PERIOD 1925-26
TO 192"-30. Tils EcLiNmE FOLLOWED THE BUILOING UP Or STOCKS AND THE ENACTMENT Of THE
TAIFrU M LOM-STAPLE CO1iON AND WAS DOUBTLEB8 ACCENTUATED SY THE BUSINESS DEPRESSION.
A mASTIC PELlEE ALSO OCCURRED IN IMPORTS OF EGYPTIAN AND Or PERUVIAN COTTON IN 1920-21
FOLLOING TME LARGE IMPORTS AND INCREASE STOCK OF 1919-20 AND SIMULTANEOUS. Y WITH THE
aPIInimis or 1920-21.

6A~n

2410

220 --J0-"








SI I ,ma-I IF
60
14.0
120 ^rOllll--- -----------1 ------- -
100---------------------------

I ips m.. .%
60 ---- --/V-- -------


Umesmeeow oftmmwo-
W ---- -- ,\- "" -----
20 i) n ..l ie 1 IPP- --.-i-- r---
Q *7**7*r-- I-- --i 1-22I -- l- -- ----^
3- 15-16 17-10 9-20 21-Z2 23-24 25-26 27-28 29-30


Fuisls 10 PRODUCTION Or PERUVIAN COTTON ANO IMPORTS INTO THE UNITED STATES.1913-14
TO 1930-31
i To tgrea 1 PO OUCTIU OF COTTON IN PERcu NAS CEICE SECEALLV UPWARD SICE 1913-1i4,
onT am SOANS TONED 10 IMPOOTS OF PEEVVIAN COTTON ITO THE UNITIEo STATE IN NOT
APPAISET. ImPoSSl Of PiuwVIA CO0TTOI 0DCLIDO fiOm AN ANNUAL AVERACE 1192.-26 TO
1929-30) or 19.523 *ALE TO 2,373 SALES uwain 1930-31. PENUVIAI COTTON IMPOETIO INTO
TIE IITES SuTE BVuING TOE 10 rllas, 1920-21 TO 1929-30. wl IPPOKAWATELLT 10 VtS CENT
Or POSCflTIS IN PERU. (TASIoC 19 Ao 20.1























I%%


I -
S --- ^!^ -
0 '_______--- --- --. ...\.-1-1
AUG SEPT OCT NOV. DEC JAN. FEB MAR. APR.FL MAY JUNE JULY
i ,.4P AiRfI Wi 4of(A I4lJIW( IA Ib** I N MM F aMMI
Fioumi II IMPORTS OF PERUVIAN COTTON INTO THE UNITED STATES, BY MONTHS, 1928-29
TO 1930-31, AND AVERAGE,1920-21 TO 1929-30
FOLLOWING THE AISNOMALL.Y LAlGE IMPORTI OF PmRUVIAN OTTOIM INTO TmU UNITmu ITaTs
oUming APNIL AMD MAY, 1930, THEME IMPORTS SINC UNUSUALLT LOW II JUMn, 1930, I m MulIS
NO PiRUVIAm COTTON MAO IMPORTED FiOM JULT,1930 TO JANUARYf,1931. Furo FmRUmuAY TO
JuuI,1931, COME PEmRUVIAN COTTON WAS IMPORTED, auT THE QUANTITIES I9rE APPRIEIABLY
SMALLER THAN USUAL. IMPORTS OF PERUVIAN COTTON DURING THE COTTON YEATR 1930-31 wag
ONLy ILIOHTEY MORE THAN ONE-TENTH or AVERAGE ANNUAL IMPORTS DURING THE TEN YEAESP
1920-21 TO 1929-30. (TASLE 20.)



Approximate Staple Ptemiums and Discounts in Po i at
Memphis for Middling Grade Based on lb inch

PO sM IUM n
PER POUND PREMIUMS A-- a*\ -w __ ___ ___


I00

600
400


-u -.-- --- .-- --
AM. IrS. AUG. U. AU. PE. AIS. "a. AMIS. PE. MAISS. 15P. ANS. FEr. fL FI. aM. PL. a.
gaUit- *"s-a2 '25-26 262-P7 27-118 '229 '2l9-0 30-'31 "'3-3
99 a" q. ~- e a miaaa o am f vllrIe
UA66SA YES poe cw BALM~ mae flawr Nwin*M
uJ u w~ I Il aani II .un ui s nIaII
FoI~tFI 12 taOl PLIJTUATIONS OHANACTEESEE STAPLE PEEMIEUUS AS WELL AS TUE
PRICE OP MIUoLiio 7/8-IMNC COTTON {FIo. 13) DINiG THE P 4300 SNOWN. HMIN PEE-
uluos Ag urn aI SCK LOW PRE.MIMS. P LOG *S0A PE1CES, 0o OT ,O?,e
TIMULYANOSLY MOWE[VE. STAPLI P UIM El CNASIE GOMPgANTIVELY LITTLE OURII
1929-30 Ano 1950-31 e ITIEIVIL IiOM 55 COuIPAE iITE THE PISE OP T16-
ECM COTTON A? itN SI iNIiiN 0Of 1931-32. D0uIna TH riRIeT Sim OIUTEN OP 1931-
32v, 1lOIfE, TAPLE PEIuMLuMS DCCLIIND COIIRIOEEASLT. (TA&LK 24]


'I


L=={7w-7^ 7QZ r "=










MONTHLY AVERAGE PRICE OF MIDDLING U-INCH COTTON
FOR TEN DESIGNATED MARKETS.AuG. 1623 TO DATE


ij1j0 l!;jl it!j~i~ ij l iit ..r .,ih I Wl= ,"l.tIttI i i ilij I i lli Ill ihI
Awe jai am im a us am al jAN AUG JAN JUG JAN NA a m AU Ja a ns JAN a an
I323-24 24-25 25-26 26-27 '27-26 28- 29 29-30 30-31 31-32
USM U, O F W AIWECa UA mA .a& iiLft V -"NN"A PINa a
FIgWE 13 A GENERAL DECLINE IN THESE PRICES OCCURRED nFOM 1923-24 TO 1931-32,
flcPT FrOR THE P0EDS OF INCREASE BETWEEN JANUARY AND AuO uT 1927. THE NIGHEIT Pales
RgOeeOs8 Duelng TMg PERIOD SHOmN WAS 34.39 CENTS IN DEOEMsER 1923 AND THE LOUEST.
5.S7 siTu IN OcTOCBe 1931. THE AVERAGE PRICE WAS 65 POINTS PER POUND NHIGHES N FEr-
mvAv 1932 THAN 10 OCTOBER 1931. APPROXIMATE AVERAGE PRICES or MIDDLING COTTON OF
BACH STAPLE LENGTH MAY SE OBTAINED BY ADDING THE PREMIUMS SHOWN IN FiouRE 12 TO THE
pEicas MCERE SHOWN. ITASLE 21)


CWon. QumaMb DBm mnm ENLM IML POIgNT PFO EwrnmU.C(SA
- SUP ) AimC-EfWYYN[ ftmfKl J URSSO I bi" Ala UMCOL: SeOl


FiuimE 14 THE GENERAL TREND IN PRICES OF rEAC OF THE GROWTHS SOWN WAS DOWNWARD"
FROiw AuGTuS?. 192 TO AOUT OCTOBER. 1931, r T GlREAYTIT OCCLINE OCCURRiHiO IM PIM,, AND THE
.IALLEST IN UPPERS. THE PRICEi OF AMicaN-EvmPTIARm WAS CONSIDERABL HIGHER THAN THE
PRICE OF SAEELLARIIS i ROn O ivguS,, 1929 TO AuSu s, 1930. A MORe RAPID ODECLINE 1i T1HE PRICO
or AMEiCAAi-SPTiAH NOHEvE., RESuaLTED in TOE PRICES Of THIS COTTON lIING SILOW THOSE OF
SAKELLARICII FROM THE MIDDLE OF SEPTIMEER. 1930 TO THE MIDDLE 0F ESRluAR, 1931. TiE PRICES
OF UPPERS iiERE IC HNER THA AMERICAM UPLAND I I/S-INCMES DNuGl THE ENTIRE PCEPIOD SHOWN.
FuOm AuSOuT, 1921 TO Maw. 1930, THE SPREAD SETWEE TiNESE PRICES WAS RELATIVELV NARROW, PLuS-
TUATINC FUR TNHE MOST PART BETWEEN ONE AND FOU R CENTS. FOLLOWIWO T1iS PERIi AND THE EN-
ASTUENT OF ToE TARiFF II LONG-STAPLI COTTON, TMI PRICE OF UPPERS i THE UNITIOT STATE* D0-
SLIMS IMUCN LESS TMAN THE PRICES OF AMICNICAR uPLAN O I 1/8-iNCiES. FRO. JuNE, 1930 TO FE0-
NuAnv, 1932, TmE PRICES OF AMERICAR UPLAND I I/S-INCiES RANCiD FROM ASOuT 5 CENTS TO 9
CENTS LESS THAN HEW ENgLANO PRICcS OF E(T -ipTia U*PERS. THE ACTUAL DECLINE IRaWiCAM
UPLAIOt I I/S-IMC"ES WA4 ASO.,T THE S*C AS T H' Oor 7/B-nmCu COTTON. ITA.LE 251






4 -













*i.-H C MWA. PPC UU.















...30
..diii.. o .------
us ------ -- --- -- -- -- -- -- --
I











'*iiii:: m o-i a -i **-s w i r w 3


oI.:21 6-1 0-7 li -1---1
llllll wl~..









Ferua 1T PRIlCES AND OlDFFERtENCES ill PRICE Of EGYPTIMN
UPPERS (FULLY GOOD FAIR) IN LIVERPOOL AND
BOSTON FOR THE FIRST FRIDAY OF EACH MONTH.
JANUARY 1921 TO NOVEMBER. 1931
Tax PAITT MTMCN NEW ENGLAMS AM LrIV9POL PROINK Of
FATrIAMi UPPER (FULLY 6008 FAIR) WAG R919GRT IS Fl* "
1921-=2 T 1901-24, 290PAATIVKLV GTA@L9IFSOW 192S-26 To
.:: "
-I -

-a -

"0. Ll ., .L.... JLSL. QJIJ.. t. -.I.i.s JL. L L..i. & ... a-JtLs
129-80. &M a was way mu s is or I
FaunaI l? PMICE.4 LOIFPERENCES IN MRICE OF EGYPTIAN
UfhlS (FULTY GOOS FAIR) IN LIVESRPOOL ANO
OSTON6 FOR TIE FIRST FRIDAY OF EACH MOATH,
JANUARYY @ 1921 TO NOVUE IR. 1931
Turn *ammvv' anI*TI ~lu EMLAUS amI LIWEIWSOL f~lU., 0,
Iavuvau HUMUSI (FULY Goes Foam) warn pIIl aineTI nsuI
I1II-41 TS 19"3-24, *IUPAE*?SYEILY hT&Ll FUSE I926-2f TS
192940 aLIS Ill SEEN WISE IIEll Tm sisimIuIs my I193-31.
Turn PamaT, marT mu urtevms or sum rmITIma 6 umaT&It










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