While the cotton planter rejoices, the textile-mill operator is faced with additional trouble. The cause in both cases is a sharp rise in cotton prices.
The Government's estimate of the cotton crop, based on the condition of 59.3 on Sept. 1, was 12,787,000 bales. When, on Sept. 16, the Government revised its estimate, the condition figure had fallen to 55.4, and accordingly the new crop estimate was placed at 12,596,000 bales. The sudden cut of 191,000 bales in the estimates, when announced, precipitated a small-sized "bear panic" on the Cotton Exchange, wherein...
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