On July 31, carry-over of U. S. cotton was 11,656,000 bales, an almost three-fold increase over a year ago. Since U. S. cotton consumption and exports last year totaled 11,432,000 bales, only 556,000 more than the estimated 1938-39 crop, prospects for a sizable reduction of this tremendous carry-over are dim indeed. Last week, cotton prices tumbled to 8.20ยข a lb., making loans mandatory under the Agricultural Adjustment Act of 1938, and Secretary of Agriculture Wallace singled out cotton as "perhaps the most difficult single situation with which we are faced."
Scarcely less acute was the wheat problem, for which Secretary...
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