BISKS OF THE COTTON MARKET 

 TABLE V 



123 



An absolute decrease of 22.9 millions bales has meant 

 an absolute increase of $406,800,000 in the total value 

 of seven crops. A decrease in production of 23.4 per 

 cent is thus shown to bring a total increase in the money 

 value of the crop of 12.9 per cent. 25 



To the southern agricultural interests this paradox of 

 value appears as veritable ruin because of plenty. It 

 rankles in the breast of the cotton grower as an unmer- 

 ited punishment for the answer of his industry to the 

 world's demand for more cotton. This view is given 

 typical expression in a statement by the general man- 

 ager of the American Cotton Growers' Exchange: 



For four years there has been a practical famine of cotton 

 and the growers have been urged to increase production by 

 expensive methods of insect control, crop fertilization, and 

 intensive cultivation, with the result that they have succeeded 

 in meeting the world's need with a small surplus or reserve 

 in case of future insufficient cotton yield. The cotton trade 



25 The years 1892-93 are omitted because they are exceptional 

 years the first because of the great Lancashire strike; the second 

 because of the world-wide depression. 



