Of all the refugees from the collapse of world trade, ex-King Cotton has had the hardest time making his own living. Last week the New York Cotton Exchange figured that by this season's end (July), the world surplus would be nearly 25,000,000 bales—4,316,000 bales more than last year's surplus and a new all-time record. As usual, the lion's share of the surplus belonged to the U. S., No. 1 would-be exporter. In U. S. warehouses now are nearly 11,000,000 bales without a market. Awash with surpluses, the U. S. price of March...
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