Word: cottone
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Dates: during 1940-1949
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...York Cotton Exchange last week, the price of March futures soared to 25.87? a pound, highest in 21 years. But the price of cotton was like a fever chart; the higher it went, the sicker Old King Cotton got. His ills were those of gluttony...
...only part of the trouble. The primary cause was production. Cotton fabric manufacture was running some three billion yards behind 1942 levels, will this year be about five billion short of demand. Result: shirt production is about 35 to 40% below 1941 levels, demand about 200% (32,100,000 dozen shirts) above. Similarly, demand for men's suits this year is put at 40,000,000. Estimated 1946 production: 30,000,000 at most...
Concluded the Department of Agriculture forebodingly: "There are some farm products for which minimum-price guarantees, within reasonable limits, might not reduce marketings by any serious amount. But cotton is not one of them...
...Although cotton is still the world's most important fiber, American cotton "no longer can take its markets for granted." Reason: in the last ten years, the price of U.S. cotton has been artificially boosted by the cotton bloc from 12? a pound to 23?. The gap between the U.S. price and the world price has widened until now American cotton costs 6? more a pound. Result: foreign consumption of U.S. cotton has been cut in half. Moreover, rayon has moved into what's left of the market...
Rayon prices have dropped from 63? a pound in 1928 to 26?. In 1920, the U.S. produced rayon fibers equivalent to roughly 23,000 bales of cotton; 1944 production was equivalent to 1,700,000 bales. Average U.S. cotton crop: around 12,000,000 bales...