To a philosopher from the moon, most fantastic sight in the U. S. last week would have been that of thousands of cultivators black and white trudging patiently out into the fields to plant another cotton crop. For if there was anything the U. S. apparently did not need, that thing was more cotton. Hanging over the market was an enormous carryover of 13,000,000 bales, twice as much as the U. S. would use in a busy year. The major part of this hoard—11,250,000 bales, 5,625,000,000 pounds—lies in warehouses in the South, assigned to the...

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