COTTON GROWERS HARD HIT
BUMPER CROP AND SLUMP PRICES.
EFFECTS OF OVERPRODUCTION. NEW YORK. Oct. 10. To relieve the situation among cotton-growers in the Southern united States owing to a bumper crop and a slump in prices to tho lowest levels in five years, a 25 per cent, reduction in the acreage planted in cotton is planned for next year. A similar plan to retire another 2,000,000 bales throughout the Soutli will bo launched immediately. This will make available of tho present crop only 13,000,000 instead of 15,000,000 bales. Such bales taken off tho market will bo absorbed in the 1927 crop which is expected to be smaller on account of reduced acreage. i •*><s; • Tho bankers will be urged to convert somo of their crop mortgages into new loans with chattel mortgages attached, also warehouse receipts, which are liquid assets In the cotton belt. The recent decline in cotton prices has cost Texas a million and a-half dollars daily for tho last two weeks, but tho fact that the State has One of the greatest feed crops In its history is expected to enable farmers to weather tho storm.
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Manawatu Times, Volume XLIX, Issue 3477, 13 October 1926, Page 11
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190COTTON GROWERS HARD HIT Manawatu Times, Volume XLIX, Issue 3477, 13 October 1926, Page 11
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