For 20 minutes one day last week, U. S. cotton exchanges hushed their clamor. In England, India and Egypt, brokers awaited news by cable from the nation which grows more than half the world's cotton. Then at the stroke of noon Washington flashed out its best judgment on the 1934 cotton crop: drought in the rich bottom lands west of the Mississippi River had combined with AAA acreage reduction to bring the crop down to 9,195,000 bales—25% below last year, and the lowest, with one exception, in 38 years.* This was more than 1,000,000...
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