Weekly news letter . iss., re-plying to an inquiryconcerning the declinein cotton prices. TheSecretary analyzed thepresent cotton situa-tion and the probableeffect the new cropwould have uponprices. It is the general be-lief, Secretary Mere-dith said, that the ex-isting surplus in theUnited States of cotton and ask me to write yon my viewsregarding the existing condition. Briefly stated, the situation in thecotton market may be analyzed as fol-lows : The worlds consumption of Ameri-can cotton, exclusive of linters, duringthe past year has been more than 12,000,-000 bales, or, in round figures,
Weekly news letter . iss., re-plying to an inquiryconcerning the declinein cotton prices. TheSecretary analyzed thepresent cotton situa-tion and the probableeffect the new cropwould have uponprices. It is the general be-lief, Secretary Mere-dith said, that the ex-isting surplus in theUnited States of cotton and ask me to write yon my viewsregarding the existing condition. Briefly stated, the situation in thecotton market may be analyzed as fol-lows : The worlds consumption of Ameri-can cotton, exclusive of linters, duringthe past year has been more than 12,000,-000 bales, or, in round figures, 1,000,000bales per month. The supply of Ameri-can cotton in the United States at theend of the cotton season, on July 31 last,was, in round numbers, about 3,250,000bales, excluding linters, and was esti-mated for the entire world at about5,000,000 bales or about five months sup-ply if all of this surplus were used at therate of 1,000,000 bales per month. As it GENERAL CROP CONDITIONS BY STATES ON SEPTEMBER 1 An cot-. ton is largely com-posed of very lowgrades which havebeen accumulated from several crops andfor which there has been almost no mar-ket. He expressed the belief that nearly3, bales surplus of old-crop Ameri-can cotton would be on hand throughoutthe world on October 1. The new cropis estimated at about 12,750,000 bales. The map shows the composite condition of all crops in each State on Septemberrelative importance of each crop is considered in obtaining the State averagehundred represents the 10-year average (not the normal) condition of the State. The Se .retarys Letter. Secre tary Merediths letter was as follows Rec eipt is ac mowledged of your let- ter of A ugust 23, in whi sh you c irect my attentic n to the decline in the price of is usually around the first of October be-fore new cotton becomes available at themills for consumption, it will be seenthat two months of the new crop yearmust elapse and at the rate for the pastyear 2,000,000 bales of the su
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