When the Department of Agriculture's estimate of the 1925 cotton crop as of July 16 dropped with a thud to 13,588,000 bales (TIME, Aug. 3), no little comment in the trade was occasioned. The report as of August 1 showed less startling changes. Condition had fallen off from 70.4 on the former to 65.6 on the latter date. Nevertheless, the crop was estimated at 13,566,000 bales—only 22,000 bales under the July 16 figure. Losses in Texas owing to drought have apparently been practically offset by gains in more easterly portions of the cotton belt....
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