~— 50%

A “ ats

OCTOBER i940

: =f ‘$s oy

OUTLOOK CHART SERIES

194]

The charts in this book have been selected by the Outlook Com- mittees as those best adapted for presenting graphically the economic background for the respective commodities. Though the charts are as up-to-date as available data will permit, mimeographed data sheets will be mailed early in November for bringing to date, as of November 1, those charts and tables having monthly data. Many other charts which are use-— ful in special cases but are not included in this booklet can be supplied upon request.

OUTLOOK CHART BOOKS FOR 1941

Demand, Credit and Prices Dairy and Poultry

Farm Family Living Fruits and Vegetables Wheat, Rice and Dry Beans Feed Grains, Fats and Oils Cotton and Tobacco Livestock

Copies of these chart books are sent to Outlook extension workers and are available for other Outlook workers.

WALL CHARTS —- Wall charts, 350 x 40 inches in size, will be made by the Bureau on receipt of order for 10 cents each on blueprint paper, and for 20 cents each on blackline paper. Single bromide enlargements of charts and maps not included in this booklet will be made for 75 cents, or mounted on cloth for $1.25 each; if 25 copies or more are ordered of any single one, however, they will be furnished at the 10 and 20-cent rate, depending upon the paper.

TO ORDER WALL CHARTS

(1) List negative number, title, and kind of paper — blueprint or blackline.

(2) Give name and address of individual to whom charts should be Sent.

(3) Make all remittances payable to the Treasurer of the United States, and send with order to Division of Economic Information, Bureau of Agricultural Economics, Washington, D. C.

| a : Ne 2 SS Pe ae

4

pid) = erkesa Me hs

he One 6,

‘ : : 4

i ue [Feo 7S a

‘ A a * See < s is - ie 1a iid GT, Pena ce yee i) a oT a a) i i isavta,on pel: _ ae ae

7

vy

pm

LIST OF COTTON AND TOBACCO OUTLOOK CHARTS

Negative Title 58616 Cotton, all kinds: World supply and consumption, Ager TAN es, cman gage et. Onn i eae g Ae ACH Rare ane aR SPMD + IGA. BPE 38598 Cotton, American: World supply and consumption, Nee Pal read. ee I cle | i Re «eae ee) ae eC: 38618 Cotton, foreign: World supply and consumption, ee Cet eee Oe MME, MR EE ME SPE, Gees, ne sge ease Ham deca Sh ada Gnatess Gee es on eae

20577-B Cotton: Production, acreage, and yield, United UE A ere ee ae, OMT, ene Weak Helen eH obese igie- ae «pues

28553-B Cotton: Production in foreign countries, 1920—40....

38515 Cotton, American: Exports to and mill consumption Ula Liked Sheet el Si gadch es he ch te satan ts aid Geahaan OT. area «ade os

38562 Cotton, all kinds: Imports and consumption in SpeCul ed AMO Mose ATSAS ell Oil SO diac: 2th Mae ndoinedeen hays

20570 Cotton consumption and industrial production in ROSY nib gl BELG Ko is tit Va yore ae AS ptr pale An ee ee

32737 Cotton, American Middling 7/8-inch: Average spot price for I0 markets, United states, L9L7—40. oases

24612 Returns from and prices of cotton and cottonseed, and prices paid for commodities, index numbers, MT US ener Vee hd Ol Occitan cx raped cent itapeOn soe. denwhearaareosss teens

28522 Cotton: Prices of Egyptian, Indian, Peruvian, and Brazilian, expressed as percentages of Ameri- coke eal pace fo MGs ack gh 0° Bis aac Braye) Maen Iho Vaal en (8 [aR ae TN 8

240359-B Tobacco: Exports from the United States, ESAS SrA WS ANS ee ea one ane 6 eS Tc RS

34594 Tobacco: Exports from the United States, by iC mre) creel eet ee ig eran sc Mra acca caren tawny Coasevecerm ete

52738 Tobacco: Unstemmed equivalent of all kinds of leaf used in manufacture of tobacco products in tld ATS COC cS ANS Stee IO OOO. 5. cc .awsceas ooavcesparsacidesisadesinsdoetevees

32741 Tobacco products: Manufactures in the United ai Cle UO wale a are nate ne ers sia ca caGn ea Dae NGao a oak Mun wae bE INS Sade

Negative

26476-B

32730

26672-B

26619-—B

28229-B

58650

26055

24120

20627-B

253511-5

states,

LIST OF COTTON AND TOBACCO OUTLOOK CHARTS — CONT'D — 2

Title

Flue—cured tobacco: United States,

Supply and price in the BS 774 Or 1 ete asta oe ere Vimsne ere ols. See tele eg Se

Flue-—cured tobacco: foreign countries,

Production in specified LOS OHO Ge oecuateoass ses tees oes eet eee

Fire—cured tobacco: Supply and price in the United DUATCSy LOCO HAO en aa neeenccti treet eb acai tehc gaan R ee atic steer er eee ee ee

Burley tobacco: Supply and price, in the United WtLATOS, LOCO -RAO eres lon ndy cea eee rete ret coeATSE aman ott eee aan cen

Maryland tobacco: states,

Supply and price in the United BS 724 O27: 0 rere erratic trea aa et Dann Mee A el a ee AUS

Dark air-—cured tobacco: United States,

supply and price in the LO ROAD i iaeceda coutaleega delete ate Ree ean eOn

Cigar tobacco: wtates,

Supply and price in the United LOROSAO a a cetieceaakh aude tye dadhar tee see ec eRnrge en aenn Rene teat men

SUPPLEMENT Cigars: Consumption in the United States class— ified according to prices at which intended to

i= = ie Ue lens ON RMN AEN loi aT Ee Ry

Flue—cured tobacco: states, 1923-39

Exports from the United

EP OTEP TET EE TORE REET HE OEE HEHEHE HEE HEE HEFL OP HOO EEE HE SHS ORE HEC SE SHEETS

United Kingdom: Home consumption of tobacco,

PO Rm Ce meee eee eee errr ereeeenerere erst ete eererereDEreeeesSesEdedbdOD EES EDeOSeCcreeeneeees

Consumption per capita of all tobacco products, and industrial production per capita, United 1900-39

POO e em Hee E EHS eet eee eee esos eH EseseEEEeEESH ESE eEEE HF EEE R EOE ODES NOES

18

19

20

al

fae

yao)

24

24

r4

nA

18

the)

20

eau

oe

xe)

COTTON, ALL KINDS: WORLD SUPPLY AND CONSUMPTION, 1920-40

RUNNING BALES* 5 : U.S. loan stocks & _- Foreign countries ‘ (MILLIONS ) * ras 7 Garry-over <¢ Other U. S. stocks 2 Pepe ee : : a 6 United States 50 Supply Foreign countries a 2 World production -------- > A 7 % | 4 5 Y 5 le 40 ee I ] via al ; A gy a i 4 ME GF % A 8 7 D | y y Z y >| A Y An Y y 3 ny AW Y AuUAnaA wn YY nn An Yn Y WW y 4 HY 4 YY 30 +f} a-4-4-H-4--4-4-4-- 4p At op Ae woe ee gg 6 Gee Oe we ge yA 3m Br 4 a Hn Mr Behl Bet ek ek ry Z fg 3 Maka Rd hd Ana Sage te ice ise ie is 4 7 A cm faba Mibd Maha abd eee 1 Ed hd eke RS hd ks ees es A Cease ee ee EE ELE REL ELE EDELE 20 “Ye GB de BER OE BR SE ee ee ee ae ee p — q Ka q 9 eS 6 Ka D KC e. 25 " 1% " bg xy Ay OX ah eS oS BS ed ed ON ON BN BY Bh ee ad ah ek oe ak BOS oh eh oe Oh ed eh BN Bs oh oh ee ed ad ah ad ee eR ee Oe BS BR Bh BS Bd Be oS Od Bk BR BS Ed Ob od Be BS Be Be Bs bh hy ks eS es med eed eS ee ks Ge Sey eo bd Bm ees eh ak ek Ne BS ak eS ed BN BN Bh BS Bs BS By oY Bhs Bs ak ER eh BR KS % Re ms a Ka ka Bas Ki Bey hd ae ky I Beh By mesd Bebo Be eed Ge Ro 10 «BROS Be BS OR eS eS SS Sy aS a Re K * 6 ee 3 K2 54 me % . ‘ 2% x! bd i Ke Ry fa bd BY % . % Fe 2 < B rae BA Bo ee Be Bs BO ey ao ee oe Bs oe ee oe eR eo ee eek eG - S ee So ey ee ia ‘ ‘ ay Nae ee ee Se ee eA Be Be < Mt ny b e s ¢ > AJ Na < . ? a < < * = . ¢ b 0 oa 0.8 ise? “ eB 1 UR Us ie Pee La ee lol Is

1926 1928 1930 1932 1934 1936 1938 1940.

YEAR BEGINNING AUGUST *tAMERICAN IN RUNNING BALES (GOUNTING ROUND BALES AS HALF NEG. 38616 BALES) ; FOREIGN IN BALES OF 478 POUNDS NET *LOAN STOCKS ON MAY 30, 1933 4 PRELIMINARY The 1940-41 season is the fourth consecutive year that the total world supply of cotton has been

close to 50 million bales. Prior to these years it had never reached 4,5 million bales. World pro- duction also hes been unusually high in recent veers. Nevertheless, the carry-over has become much larger relative to production and in the last 3 years constituted 41 to 45 percent of the total supply. World mill consumption in the last 4 years, of 28 million to 31 million bales, has been considerably higher than ever before. The British blockade if continued, together with other developments, are likely to reduce materially world consumption in 1940-41 despite a record high consumption in the United States.

1920 192 1924

Cotton, all kinds: World supply and consumption, 1920-40

= Supply 2 Mill consumpt ion iW

Year : : Carry-over Aug. 1 — = : World begin- : World :_ United States * Foreign : World : yore > United ? Foreign : total HINGE. —-2—PVOGUC=S my pend OE epee 2) Gouna Ot aL__2. bo States ? CoUn- : con- Aug... sagetion ~ > RR Ooh a EE) UNC ENS weet supply : : tries : sump- 3 $ : H : over : : $ : : tion > 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000

: bales 2/ bales 2/ bales 2/ bales 2/ bales 2/ bales 2/ bales 2/ bales 2/ bales 2/

1920 : 20,628 (0) 3,824 7,928 11,752 32, 380 4,893 12,258 17,151 Too). = Wasti73 ) 6,896 85273" 15,169 30,342 5,910 cei 19,868 95205778 1922: : 18,451 0) 3, 322 7,172 10,49h 28,945 6,666 14,671 21,337 1923 : 19,090 ) 2,325 5,2h6 7,571 26,661 5,681 14, 346 20,027 1924 =: 24,094 0 1,556 5,058 6,614 30,708 6,193 16,541 22,734 1925 +: 26,743 0) 1,610 6,338 7,948 34,691 6,456 17,712 24,168 1926 =: 27,930 0) 3,542 6,931 10,473 38,403 7,190 18,489 25,679 1927 3) 23,343 0) 3,762 8,892 12,654 35,997 6,834 18,608 25,442 1928 : 25,802 fe) 2,536 7,999 10,535 36 , 337 7,091 18,687 25,778 1929 : 26,251 (0) 2,313 8,228 10,541 36,792 6,106 18,769 24,875 1930 +: 25,376 1,312 3,218 75362 11,892 37,268 5,263 17,169 22,432 1931 : 26,479 3,393 2,977 8,438 14,808 41,287 4,866 18,023 22,889 1932. 41. 23,461 2,379 75299 8,658 18,336 41,797 6,137 16,51 9 20652 1933. : 26,066 3/ 2,206 3/5,962 8,952 17,116 43,182 5,700 19,902. 25,602

193i ‘sap 3,042 3,002 4, 7h2 9,796 17,540 40,582 5,361 20,119 25,480 1935 : 26,141 5,088 2,120 7,864 15,072 41,213 6,351 a2) 176 ane 27,529 1936 2 » 30,796 Bye31 yey 72 8,240 13,649 44,445 7,950 22,684 30,634 R937 seyisO, 784 1,665 2,834 9,267 13,766 50,550 5,748 21,923 27,671 1938 +: 27,407 6,964 L569 @) 17-106" 8 22%71e" 50,129 6,858 21,628 28,486 1939 =: 27,183 11,049 1,983 85357 2195694 48,752 13 (eon 20, 599 Wee 28, 35 1940 4/: 29,455 8,717 1,978 9,627 20,322 49,777

Compiled mostly from reports of the Bureau of the Census and the New York Cotton Exchange Service. 1/ Excluding 20,000 to 175,000 bales destroyed annually. gn 2/ American in running bales (counting round bales as half bales), and foreign in bales of approximate- ly 478 pounds net weight. Loan stocks on May 30, 1433; August 1 stocks not available. 4/ Preliminary.

COTTON, AMERICAN: WORLD SUPPLY AND CONSUMPTION, 1920-40

RUNNING = 5 2. 5 5 BALES U.S. loan stocks hi «Foreign countries Consanirion (MILLIONS ) Garry-over ¢ Other U.S. stocks fi y _-United States Foreign countries (Ay i 25 USS. production -___---- —— > | 7 | = “a y i; y J 4, 4 a 7 es 4 Yy Y 4 J, ¥, : pYe He fp 8 44 _t_ A Pl eae 15 at ee A-@-Gh He 48 6@-4-B-4.4 : g e icmsrom it C AR YG L; L. y : » ER EY ZH eG E. 0B UB Ak i Y +. Ae S88 Ee ise ie Ts 3 BY 68 b 2 OE 0 whe 1m AB EEE EEEEE BER ER GRERE W_ de $ 2 4 * j "se , Ry ha 2 eS | ny AB Me Oe OR ee oe eS ed ee OS eS oe (8 Ch ed Be BB Be AOS ee ee ee Se PE EE ES EAE ie i ee Ee Te 10 ceive ise i ie ee ee ie ie ie ie ie ce eee ie ie ee oe ie SO 8 ie ee Se Re ee Ee RE EE GE I BE EE ee ee ic ie ie SBA is Ry . Ba i ps * + eg BM mh & bo ey x 3 BY * : Oigh Be BS BN BM Be ose Be eS BY Be BM BR eS BR BY eS BH OB’ ° & SG C ‘* vy ‘ DS ‘ < a x = 0) * ree Bd ey » o : Da = Dd KA "2 2 2 * ° %? ‘? 5 % ey : % * ao ek < 2 be 2 : 54 2 * 3 2 * 3 $ ey bf " Ry eS oe . < oe is . mie 2 > s : -2 4-8 4-6 6-8 2-@ e-8 S- Se ee Ae ee ise eee ie Pe Ps oe 5 y - > be ‘< : » S A es A S2 ‘ , * 24 y ‘) . i : * °. ¢ * > “ > : ba : * - < o 2 , ~ * uD ° i < > q 2 , MJ * E ? A e 5 : 5 3 F yy Sg b 4 > 4 2 ; ‘ # ry : s ¢ 2 2 Ad » é ‘ ‘ > ‘ ° | , S e : s : " : : s 2 : ny 2 * feu : * : a s . ; ¢ s ry , > * s 2 2 < “ * 4 - 4 Be - > 4 y F ; b / , 2 9 < 2 > > 4 ty . > q 8) Sy * » 2 ° 5 * E Md + ry * « =

1926 1928 1930 1932 1934 193 1938 1940 YEAR BEGINNING AUGUST * LOAN STOGKS ON MAY 50, 1935 4 PRELIMINARY

The 1940-41 season is the fourth consecutive year that the world supply (carry-over plus produc- tiom) of American cotton has been close to 25 million bales. Except for 1931-33 and 1926, the supply before these years never exceeded 21 million bales. In the last 3 years the carry-over has constitu- ted 50 percent or more of the supply, with 50 to 78 percent of the carry-over consisting of Govern— ment loan stocks. The near-record consumption in the United States lest season largely offset the low consumption of American cotton in foreign countries, the world total being about average. World consumption of American during the current season now seems likely to drop considerably below average even with a record high domestic utilization.

1920 FIS22 01924

NEG. 38598

Cotton, American: World supply and consumption, 1920-40

: Ss 1 2

Year . 2 : Carry-over t s 3 2 =

begins World \—— aa sete Petes a werta Flt oumitea : FOFeHEP t totel ning produc= “————____—— > total coun= August : eR Loan 3: Other 3: coum=- : total 3 supply = States % ivies : consump=

8 : stocks : stocks : tries tcarry-over? 3 3 : tion

: 1,000 1,900 1,000 1,900 1,000 1,000 1,000 1,000 1,000

: bales bales bales bales bales bales bales bales bales 1920 : 13,664 19) 3,541 PS ctf 6,338 20,002 4,677 5,591 10,268 1921 s) 85285 (0) 6,724 2,950 9,674 17,959 5,613 6,596 12,209 1922 <= 10,124 10) 3,156 2,524 5,680 15,804 6,325 6,124 12,449 1923 =: 10,330 0) 2,129 1,189 3,318 13, 648 5,353 5,564 10,917 1924 : 14,006 10) 1,439 1,272 2,711 16,717 5,917 7,394 13,311 1925 = 16,181 10) 1,503 BC a ( 3,580 19,561 6,176 7,834 14,010 1926 : 18,162 (0) 3,413 2,038 5,501 235,663 6,880 8,868 15,748 1927 =: 12,957 (0) 3,662 4,183 7,845 20,802 6,535 9,041 15,576 1928 : 14,555 0 2,425 2,781 5,206 19, 761 6,778 8,448 15,226 1929 : 14,716 10) 2,151 2,586 4,517 19,233 5,803 7,218 13,021 1930 : 13,873 1,312 3,010 1,865 6,187 20,060 5,084 5,972 11,056 1931 <: 16,877 3,595 2,870 2,713 8,976 25,353 4,744 7,784 12,528 1932 =: 12,961 2,579 7,201 3,683 13,263 26,224 6,004 8,381 14,385 LISS ee ics die 2f2 3206 5,875 3,728 11,809 24,521 5,555 8,227 13,780 1934 =: 9,576 3,002 4,646 3,053 10,701 20,277 5,241 5,965 11,206 1935 =: 10,495 5,088 2,049 1,904 9,041 19,536 6,221 6,282 12,503 1936 : 12,375 3,237 2,099 1,662 6,995 19,373 7,768 5,525 13,093 1937 =: 18,412 1,665 2,722 1,848 6,235 24,647 5,616 5,179 10,795 1938 <=: 11,665 6,964 4,482 2,041 13,787 25,452 6,736 4,513 11,249 1939 =: 11,447 11,049 1,907 1,181 14,137 25,584 7,616 5,234 12,350 1940 34 12,550 8,717 1,883 2,049 12,649 25,199

Compiled mostly from reports of the Bureau of the Census and the New York Cotton Exchange Service. 1/ Excluding from 20,000 to 75,000 bales destroyed annually. 2/ Loan stocks on May 30, 1933: August 1 stocks not available. 3/ Preliminary.

3

COTTON, FOREIGN: WORLD SUPPLY AND CONSUMPTION, 1920-40

BALES * ] CSIEIONS Garry-over { Uaited-States United States : Supply Foreign countries Consumption Foreign production - - --- -- = Foreign countries 5 ys ao Seo +g RA Pap 5 ate. hoe y Y 4 4 y} Y, 4 4 % y) Awa Ye YF Y 4 y 4 Y) Z Y 4 4 V) 4 H oy 8 WF 20 eer) a = Aer 4 4 Y 4 % Y 4 , 4 V) 4 4 Y, Z Z A yw Y A Tole Zhe a Zleoas F Aay x 7 ron. 6 WY AG. Ue nA YW YG A how See veo ne een oe eae - aa - 4-4-4 BAG Ae Be Ano one eaA ea 6g 2 BRUM ER ee es ee L eat ol. i as te as id 8 EEE LE LAE 4 af apatie A AN a OY SA A Bae yo Peo ee ee ee es 9A Oho 8 ood Bebe ee eee eee Ao ooo eae Wee eet co PRR ee ee ee eee 10 t“~—A—4—y-& o-4o-@—ee-26-b4-Ue-Ba-e-e Ree -e 66-8 2-2 ——— A 4 O_o Oe OR OR eR ee Ok ee ee eo eR ee Oo BR EG GB oe AW Qe wh eG OY ee beet OR RO OS ER Be bo BS OR ae ek GG +A Ho eM OM OO Oo Be ee oe PR eb eo ee Ok eR Eb PR EE Oe ee + do Rk : gy e < - ry s ho Ry < Ss ee KS “| a "sl bf 5 Oi re i - é Ry bd bl Ry Eg * Py Pe ba s Py Ss be ba > PA EA EEE EEE: EEE EE EE EEE EE EE: ; SRR BOOK OM Ee eG BO Oe BOER Oo OR be eo oe be bk ee ee 0 EEE EE EEE EG Ge a Ee EE A EEE 1920 1922 192 1926 1928 1930 1932 1934 1936 1938 1940 YEAR BEGINNING AUGUST * BALES OF 478 POUNDS NET 4 PRELIMINARY U.S. DEPARTMENT OF AGRICULTURE NEG. 38618 BUREAU OF AGRICULTURAL ECONOMICS

The 1940-41 season is the fifth consecutive year that the world supply of foreign cotton has been between 23 and 26 million bales. Prior to 1933 it had never exceeded 17-1/2 million bales, The large supply of foreign cotton in recent years is due primarily to record or near=record production. The carry-over has increased relatively less than production. This means that world consumption of foreign cotton has almost kept pace with the increased production of such cotton.

Cotton, foreign: World supply and consumption, 1920-40

z Supply 3 Mill consumption Year 2 : Garry over August BS ; ed : : : World beginning * World * United ° eats — ; total, United } Foreign : total A ‘production ; States = at rtot - . States | countries | consump- gust a Sears eoOntnies tort supply + : 8 Fol ce 2s) OOO same 1, OOO ls COU Sua Ne Ls OOO mili? = OOO ume 1, 000 Naan eae ,O0O m= nL, O00 = as : bales1/ bales1/ balesl1/ balesl1/ obalesl/ bales1/ balesl/ bales 1/ 1920 : 6,964 283 5,131 5, 41h 12,378 216 6,667 6,883 1921 2 6,888 172 55323 55495 12,383 297 75272 7,569 1922 > | P78 327 166 4,648 48s 13,141 341 8,547 8,888 1923 : 8,760 196 4,057 4,253 13,013 328 8,782 9,110 1924 : 10,088 117 3,786 3,903 13,991 276 9,147 9,423 1925 =: 10,562 107 4,461 4,568 15,130 280 9,878 10,158 1926. v3) 89,768 129 4,843 4,972 U,,740 310 9,621 9,931 1927. +: 10,386 100 4,709 4,809 15,195 299 9,567 9,866 1928 Sener 287. 11 5,218 5,329 16,576 313 10,239 10,552 1929 cae 115535 182 5,842 6,024 17,559 303 11,551 11,854 1930 : 11,503 208 5,497 5,705 17,208 179 11,197 11,376 1931 1 9, 002 107 5,725 5,832 15,434 122 10,239 10,361 1932 : 10,500 98 4,975 5,073 15,573 133 10,133 10,266 1933s) «(13,354 83 5, 22h 55307 18,661 147 11,675 11,822 1934, S346 96 6,743 6,839 20,305 120 14,154 14,274, 1935 : 15,646 “al 5,960 6,031 21,677 130 14,896 15,026 1936 : 18,421 73 6,578 6,651 25,072 182 17,359 17,541 1937 2165972 112 7,419 7,531 25,903 a2 62/16, 7hh. 2/ 16,876 1938 2° 25,742 87 8,840 8,927 2h, 5669 122 17,115 17,237 1939 HE 76 75356 75432 23,168 130 15,365 15,495 1940 3/ : 16,905 95 7,578 7,673 24,578

3 Compiled mostly from reports of the Bureau of the Census and the New York Cotton Exchange Service. 1/ 478 pounds net weight. 2/ Excludes 100,000 bales destroyed in China. 3/ Preliminary.

*saeok G2 ysed 944 Jo 4som UT UByy rEeySTY youm eFezeAe 04 enuyquOCo feu spTeTs srvok moy 4SET O44 09 Tenbe 4noge eFeer0e UG YPTM PUe BUCT, -]puod 198y} em TeUIOU 4nogu UZza 98y} ATOHTT smees mou 4z ‘“spunod g/T sem srBef OCT Sujypeoceid 044 10y ePer0ae oyy cerow s0d spunod o/2 pues Gf2 uecem_,eq ueeq sey 8943S PE%TUQ O44 JOZ PTOTA eFeraae 4VyA resk EATYNOSBUOD YAIMOZ OY} sexeM Stuy *spreté u#ty ATTeu0y4ydeoxe fq peyueduiocoe UTBIE Bm OFG010B On6T Tleus uy

*OH6T oT roqueydeg gO se seqeutasy i SIIMONODI IWYUNLINIIVOV JO NWINNEG B-4L4502 “93N JUNLINIIBOV 30 ANIWLYVd3I0 SN t : : 1 LdFS AGILVWILST & : $ : \7- 07 6 1€-O€GI 12-0261 11-016! 10-006! 16-0681 L°oG2 «= 90n*he «= 6 L*eT = $-0n6T? : O€! ce 6°l¢2 «eee*ne = LIB*TT & 6£6T: bot GI9‘GE = @TT‘QT «& HI6T 0s! g°cce pie fe Cn6*Tt 2 BET: C°z6t g902GE CGT*hT & CTT 6°692 «= £29 “SE gn6‘*st +: LE6ts n°toe Looted €Ol‘st & ST6T OL! n°66t GGl*62 66C*eT ¢ Of6T: OGTe 9T6'ne 69°SGT ¢ TTT T°Gst 60G‘l2 gf9°OT ¢ SC6Ts e°glt 305‘°TE 609‘TT % OT6T 06! 3 3 3 Q°tLt 998'92 9696 ¢% HE6Ts G*9Gt SSG*0€ S00*OT ¢ 606T L°ete <%3¢*6e GHOST 2 £E6T: g*foe T60'TE The’<t & B06T ole G*clt tés°S¢ Coo'st + 2c6t: 6c2lt Gel‘o¢ got‘tt + LO6T G*tte ol*st L6o'lt ¢% TE6t: <*z0e HOH*TE nle*eTt *% 906T oe2 T°LGT trn*en 2c6°ST 3 O€6T: C°ezat Gl*le 9Q1G*OT % SO6T t H 2 * OSe egt }8=eke'cr Ges‘nt % 626: L°<te LLotoe BEn*<T % HO6T iatee vie) C°sot =e o Lly*nt ¢ gz6Ts 6°69t 29Ll2 TG62°6 &% £O6T SONNOd L°t9t §=enct’s gG6*zt ¢ le6t: L*xst 9S'le Of9°OT & Z06T oz 6°26T 309'rh BELT & 926T: 2°a9tT OGO%l2 806°6 % TO6T G°ElLt 98h" GOT*9T ¢ S26ts L°n6t gae*he HeT*OT % OO6T - $2 : 3 Hy t o°s9t t0S‘*6¢ ofg°St $ qe6T? O°G3t L9T*ne gnc °6 = t 668T o€ H°9ST 065 °GE TOT 3 €26T: t°¢e2 a gle*tt % 368T 8°sht ICTS GGL*6 % e26T: O°602 TET*S2 668°0T ¢ L6sT se Gest 19°32 Gy6‘L : Te6t: a°Glt of2‘te €£G*g = t :968T Leost s0n'hS G6en*ST ¢ Oe6Ts ec2lt 6f8°6T e2gT*L Sst 0% $ 3 3 6*G9t 906*2< ITh*TT ¢ 6I6T: O°6T2Z Q8B'Te 1066 % HOST eatery THOT Bf0°SE glO'eT &% BT6T: £°GLt 9Ge'oe f6n*L &% L68T $3auov n°lgt Gretee nBetTT *% LT6Ts L*sgt 698°sT 00L‘9 3 268T ct Ig g°G9t tLo*ee Srh'TT 8 9T6T: L°s6t L0G*t2 G6o*6 =: *T6BT G*glt 66°62 @LU‘tt + St6Ts G°G6T 16°02 £49°8 3 O68T r) z 3 $ Spunog sez0e jeu: : Spunog sesoe jeu: 0! 000°T °*sat Slr % 3 Q00'T “sat slr t FO soTeq : : gO seTeq ¢ el o0o0‘T 3 : 000°T 8 i? s 3 $ $ H : : H ¢ eFeer0e =: mUw0TZ ¢ «eek: ¢ eSeer0e 3 u0TR 3: «reek 91 PIT spoqseareq: -onporg : doz; PT°FA:peqsearegs -onporg : dozp : 3 3 : : : 3 NOILONGOUd 81 (SNOITTI) On6T-O68T ‘se7e4S PeytUn sywe

‘pteté pue ‘efeeroe ‘uoTyonporg %004300

0*761-O681 “SHES Peluy ‘pIaIA pue ‘aseasdy ‘UOlINPOsY :UOY4O>

Cotton: Production in Foreign Countries, 1920-40

BALES BALES ( MILLIONS ) Production (MILLIONS)

6 st.

Production at 2

est. 5 2 4 1 3 1) A, 2 BRAZIL 2 2 1 1 ALL 1 OTHERS Oe errr 0 0 ! 1920 ’24 ’28 ’32 36 ’40 1920 ’24 ’28 ’32 ’36 40 1920 ’24 ’28 ’32 ’36 ’40

YEAR BEGINNING AUGUST U.S. DEPARTMENT OF AGRICULTURE NEG. 26353-8 BUREAU OF AGRICULTURAL ECONOMICS

‘ Cotton production in India, China, and Egypt, has declined since 1936 or 1937. This is to a con siderable extent accounted for by the lower prices which have prevailed for the most part since 1936.

In Brazil and a number of the smaller producing areas, production has been about maintained despite lower vrices.

Cotton: Production in specified foreign countries, 1920-40 1/

Year 3 India 3 3 3 3 Brazil : Other beginning : Bxcluding : Including + China 2/ : Russie +: Egypt 3 , : : countries A t+ 3: Burma 3 Burma 3 3 3 3 pace 3 socet sexcept Burma

31,000 bales 1,000 bales 1,000 bales 1,000 bales 1,000 bales 1,000 bales 1,000 bales 1,000 bales : of 47S lbs. of 47S lbs. of 47S lbs. of 478 lbs. of 478 lbs. of 478 lbs. of 478 lbs, of 478 lbs.

3 1920 +: 2,978 3,013 2,406 58 1,252 3/ 499 694 1921 3 3,119 3,152 2,197 43 902 94 459 672 1922 3 4, 207 4,2 2,510 55 1,391 oT 4 860 192 3 4, 262 4, 320 2, 406 197 1,353 149 552 1,052 192 3 5,036 5,095 2,510 453 1,507 175 T 1,225 1925 : »132 » 201 2,458 782 1, 650 115 61 1,483 1926 3 ol » 205 2,301 830 1,586 3 1,527 1927 : 4,934 4,990 2,324 1,096 1,261 Tt 46) 1,299 1928 : 4,791 4, 838 2,720 1,172 1,672 45 430 1,572 1929 3 4, 331 4,387 2,458 1, 229 1,768 53 572 1,622 3

1930 +: 4,300 4,373 2,615 1,587 1,715 $1 483 1,525 1931 H 3,325 3,353 2,092 1, 845 1,323 126 555 1,555 1932 3 » oy 3,898 2,720 1,816 1,028 222 41 1,415 1933 : 4,189 4,274 2,981 1,887 Tit 530 1,014 1,910 1934 : 3,987 4, 065 3,243 1,687 1,56 55 1,328 2,515 1935 3 4,877 4,965 2, 667 2, 250 1,769 931 s ETRY! 2,704 1936 3 5,27 » 310 3,870 3,400 1,887 1,138 1,824 2,780 1937 3 4, 788 gut 3,600 3, 700 2, 281 1, 330 2,074 3135 1938 : 4, 24s 4, 335 2, 300 3, 800 1,728 1,329 1,989 2,905 1939 : 4,136 4, 218 1,900 4, 000 1,801 1, 367 1,966 3,098 1940 uJ 3 2, 200

Compiled from or based on data from official sources and reports of the International Institute of Agriculture.

ay Includes large amounts of cotton grown in India, China, and other countries, for consumption on hand spindles or in other ways in the homes without entering commercial channels. 2/ Includes Manchuria, 3/ Not available. uf Preliminary.

COTTON, AMERICAN: EXPORTS TO AND MILL CONSUMPTION

Exports to and mill consumption

in specified areas, 1927 to date

Cotton, American:

IN SPECIFIED AREAS, 1927-39

t

8& ons rome +toOonanA NE even) |

on 8 ® gia SASANMDAASS re) SY

» q OM MOEMORAMOM ALO a AWD VF Ar IOAN NOM

= A an hes Ce Ph peso oe ae alAavrlond o aan rOUWUNOWDA RAM

a H3 8) daa ANNNNA AAAs lA BOgd OF0 DMOAUAN MA IN Pj] wv wt [wt . eee e © © @ &© & &w ewe ew e@ | = ao bh =i | al Aor INrwWW LOO LOIN IO @les se 0 » La) oad = g u ° | 2 lose nam watt nwon4aNno oy Mite

ti Qon°8 QIN OF In FMR i ° d mma mO Ff UNO UN OV OV=t 34 = R . “ee a ae fe eS . e ci a aan AaAMNUNNA AeA ca Dal ® e3) oO <'o he © -A eolee oo oo rey a ep oO Er w > S m Nei fo} Az} WAAAMOW HE IN H

i is aA Oo} +a n CAMNDRS DAE o oO

8 8s 2 mth WHDODMOt+ a a =a BON et coneue ata ee cle g° - wee Sve ehiaietawee wh wise

co) oe S56 INO no ane > g a a mow WWD Mat MOLOINAM Oo o ®

5 4 sa mc WONMrOAA+HAO o| wf bh o ©

al . a e© @ eeee eae eee i=) |

a & ool eS: Ott mmotanuanaan Cee

cal

ty eo eA er comes es techse @ > is] i=] Co) a =i r=] on st » (o} n Dist DROW HAW HO APO ° A ° 3} 8 |SeS| SRR RARRALRASSR Blo Xe Se: » ~ m mM 2 nee (Were ear peas] fee geepessaea | 28 mM mal oO} FA ot 8d Aad [Vata al lt ay Qs = ci a § at safostest oe Fi oO rt O

J & oO >

BEB lodgal awo st mom N99 DW mM g 3s ga} on JOnq Oo] FEMO SUO FRADS & = Ie © ° 2 IDA Aa Ar Hey AtkAOOs ® a col . “eo eo eo een ee w &

a g HAS.) aAe Ada AAA eA g og wt n a he ili 218 ag Toten OrmMot anto a Ae] ° Sa4 Non OOM Pat Or 4 8 oO wo & rege | uN NUNN A ee i >| + ro) a advo qt OF Og ID asa Om vA h On © amin [onW el nate! INO a wa he = »~ a ° oO8d a+rwa OMmMt UErast AOS OD og fas) Bs o ne ee eigenen a oe ° do E|

Bs AD So) AHA AAR AR AAA aA a Kat a.

J sls ek en, Ue Beene. eet See, eas ye ii 4 Yh TERE ee i Shas 4% al al 3 aa ss

D RUD CANMSTAMNOWOKrDWOD ho OAN Mt NW WOO OKA aie auc BOBO RD) BD 8 RO : aan BOY BOB BB BD 24as ® O AAD ADAARVAIARAHAHAIAA DD DAG DVOVOVOVGNG) ONG OV OD oi & roe Ad A AAARAAR AAR AAA A A AAA AAA AA AAA Ae ey Ay

i 3 a

33 : = < its] = om N = °o ° n a2 4 = @©0OhK& 4 e 2 = | le appeals gr SSS SSSA s =| ous " iS a is EEE 3 Bt FOo.o Oo EEE z {¥ © © %4 rs] = [LE | ae HE g 3 Ss w oi AS | + Pie Sel ese ] CR eT x 4 aon Hn § 2 7d = AAA LAN RASA CALAN VLE CE EASA EASE RULE USE UU CC CT Ce = 4 Cy g a oo i Fd n ba fiat ty Sel at z en en tears es 43 a s RA ee CT ie = oO IF g Aos ° SSSSSSSSSSSSSSSS SSS SSS SD SS SSNS SSS SSG SUSUSSSSO G USSSSSS UO SUDO SSO @: Git wale ss (SSS 55S SSS SEES <igSgdedde Beara r SSS SSNS Se oon 4 do 4. I 1 1 1 L 1 = = & s a 5 c a = | T T T z = § $s Oo oh d = g oOo 7 wes od od Sad 2 2eS & f§pogdsé at 2S GO it Mesies a b <‘*pudo Op 1d O a: : FER Resse” 1S, z pong eee bal z ° Shu Q 00 On Zz s Be CRO RHO a § aA 8 P40. 5,0 rr) = he ° Pod = = E GTHANH DS & a ESS 3 OrP0nOH G = 2 aitanreags i S$ sg a¢S3895% ° ° Q ey ao o os HO Re ogdco30_0 | 3 ets ie 0 < & 4 2 eabeeeee us ye Oa hct) os = N — a“ re : 3 2 i. oe Sadat ae O) OBY YO ; ZB SAGs eB S6AaRDH AS

IMPORTS AND CONSUMPTION

IN SPECIFIED IMPORTING AREAS, 1927-39

COTTON, ALL KINDS:

om ore

\ a © © 9 Oo | oe Hie 80 Co ee ey Ses Sica Sotelo Z wae

me mia fee Cay a a a a NN 4+ a a a a ae & 300

® aifoap Jaa Be nied eth

u + Bae ed Fae 8 aa og

A a oe Qn o x oO @ iso Qo o fox) io (2)

A os 9° g] 22 eresl ZL SSRERBSRSRBSEE Ess 2 86s (oa. a a2 at & we we He a + CBee a Ag lot f# Boas sl 1 loa © oO tee E GubeSiel 22-393 282382828 Bl. Fee 3 3685 aic3" ae er ee ee eee ke ee he Bi fs aes

cS ~ A

Q Bie le Waters CF 1O mM wo Wi Oo tC HF BM ifo ge

3 © Bog Ble os a yw 5 Gr: oc

a Oe

ef lod ef loos 8 3988 §€ 8 FF 8 BB er tee

os S| 2s jgaa co + a ent ao ef A W 8 | a = oO Ss = - Co o oO e o o - o - ° Oo | @o

a Pen sear Oe we FS ee i 4 mn ee RE eae

mets = a a g q uA

Sao wa vester ceariae a On Ow og 1 1 a te ae eilahspseale 24388888888 geeks

88 |daeclgS SAIS eS Gr Gt eee ie as ee

rg ee ule ° pla o o oo Oo Hh Mn nm ow Hh eR Hn HR gaa SB

a St on whee ce se ee ww Beagae at n a oe fer)

8 od i O ¢ ay 4 2 e a 3 ey gs 3 = S R re S a iS ad a oo iB Sap) 2B Gad a ois iD ae ee tO $n 8 8 a sno o B 15 & MSol ei ol os @ le ako os atts vel Rye

oan of Kae ee Oe Se BShd "Ss | aa aA ad 22 o> 5

2 Reirse vast wales) es) ise

. BSe°s

s § 1 on coc w+ & toi Cash ot

| stad loo <a) RLY ee ee a rae fe

7g dagq9 joqn o O Db ona te 08 fb Oo oo Oto woMoHoad hel A o . - - . ry a - ry o - - -~ m & wi

BS aja 0 Be ar i ee ee ek ee ee > ee. BResEs

ee 22 ce oe ce ww

a i Oo mb

p=} a Oo oO & ala s| oss Jjdeegsegs288 28 88S eeedes re) a 8 anal o nv we so a pn et a HO nd > a 8 “A fe} oO a - = a . . « e . « ~ A Hd ral S 5| && Set OLY Cle: GEES RNR Ege Oe Rae SS he ee - os

» ad £

re} pig et tal eS OS Se, Se ee ree ne eee EE

° , oe WH joa Bo 3

©20

ada iS ao [o} a it] i>) 2] ie] isa @ a $e & ° 3 wa & Sal Ge ml BS oc S$ 68 » © DD a8 si ok a ee ee eee 5 8 FR SS Ree

°

(o} | Ae fs

a

wz

we - ° © nt © wo vt o “ - °

33

© a T T T =i — oa S | | | o E oe ui s SSS SSS SSS SSS SS & o 2 o= = = AAA LAARAAAANAN SA SANRERERRERUUSREUEREREEEUEEUSNECEUCCECRERCESNNNNS as a’ = 5 SSS SSS SSS SS SSE) S pS SSS SSNS NAGASE a Bare Se a ae Peer w2 = s SE (OC = Sie Z © t bn AAC RAAASAAASRAAAR LAN UR RRA UEREANEUERUELERUR UNE CEEECENEENNENS a is a z 4 Q Ot : z = s = a & o Neer See ee SLE NEL E NESSES SSUES EUSTENENSESESNESTENSS & « == eS zS 2 SSSR O 3% =£ FU 2 RSS SESS SSS SSS SSS SSS SSS SSDS SSS SSS SESS SS SSS SSS SS SSNS mo 25 = a ou 9 SSS ccc ccc cece cece a 2 3x 3S 8 v9 ~~ RSS SSS SSS SSS SESS SSS SUS < 2 See SSS AAT hos a) ato z i — o = eo = Se - : ; z E DOES A: = 2 KASAM oo SS 1 SOA AT aA < 88 eS SSS SSS SSS SSS oo = 5 : = BSE SESS SSS SSS SSS SEES ESSE SSS SSSSSSSSSSSS SSS SSS 2s 3k 2s Ne ee eee eee eee STEEN TENNESSE ESSN SEENE NSS zz = nm eS EASE SESS SS SSS SEES SESS ESS SOS DSSS SSNS SSS SS SSNS oes w ra) SEES SSSSSSSSSSSESS USS SSDE DSS SSS SSDS SD NSS om n n 2 a E © = = A EEUU RATA USES EAS EN SENERESEREELENUSUNEDLEENNE ES NEENUB NEES ie = ee z= SI |” x = 3 REESE SEES ESSE SSNS SSNS SSS SSS SS SOS SS SAAS = < RRS E SEES SSS SSS SSS SESS SSS SSS 1 ~ ERE ES ESSE SSS ESSE SS ESSSS CU = aN = I n 5 SS Gr o N = ° o wo vz mo N po °

BALES (MILLIONS )

4 IMPORTS INTO GANADA ARE YEAR BEQINNINO APRIL

4/ Tentative estimates.

DATA FOR 1939 ARE PRELIMINARY

ow a0 -¥ #25 act wt Sag aac AP et

> e-~ & a ° Ses o | ia a

et AW =] oa is a ao gs ° oa eras “ 5.6 so aay sage Ot Q a ho > 2? oO 93839 647 8 o a gS vay 5 goa. Sak po oes Oe om eocscre ont wv S238 aa” @ osama 2PYo Jos gS Sa oO «4 o®2® eo 2» @ 23333 :arnH sFf®ooe “NOP = gat ss oP 20 -O@R8 se? d0 PO ig 32° <p & Oa er > sa o 2S FS | Crin a & © > sh 8 o = th od gd Gg Ooh sort ye 22 a t @ & @ on © & Ra & > oe ei orr fa ° a ® > © h Poo Ww oa ce 0333 a ao an! & ad a gs ad t= | ele eae: » adm Sa @10 5H GOW saoma z-=00MN vert as . Pa @ oR lee 5 ae » tee Se 7aOohh < 3) a aes $ $a3

INDUSTRIAL PRODUCTION AND NONAGRICULTURAL INCOME, UNITED STATES, 1919-40 INDEX NUMBERS (1924-29=100) ADJUSTED FOR SEASONAL VARIATION

ae ie eee hae

140

Industrial

production 120° 100 80

Nonagricultural ; Papeienlinternaictae 1919 1922 1925 1928 : 1931 1934 1937. 1940 U.S. DEPARTMENT OF AGRICULTURE NEG. 35638 BUREAU OF AGRICULTURAL ECONOMICS

Changes in industrial production are accompanied by similar, although somewhat less violent, fluctuations in the incomes of consumers. These changes in consumer purchasing power in turn greatly affect the consumer demand for farm products. Changes in industrial activity also directly affect the demand for farm products by business men who buy and store commodities for future use, or use them for industriel purposes. The outlook for industrial production and general business activity, therefore, is 9 very important part of the outlook for agriculture and for individual farm products.

Industrial production and nonagricultural income, United States, by months, 1919-40 Index numbers (192-29 « 100) adjusted for seasonal varistion

7

1920 ry 85.9 85.9 84.8 79.6 81.7 82.7 79.6 80.6 15 He 9 78.5 1921 Hy Bf 59-7 57-6 51 59-7 59-7 58.6 60.7 60.7 64.9 63.9 63.9 ef 1922 : 66.0 69.1 72.3 70.2 B3 15 15 15-4 79.6 84.8 85.0 90.1 76% 192 t 89.0 90.1 93.2 95.3 96.3 95.3 94.2 92.1 91.1 90.1 90.1 89.0 92.1 192! t 90.1 92.1 90.1 86.9 83.8 80.6 18.5 $1.7 Sh. 85.9 88.0 91.1 85.9 1925 a, 93.2 93.2 93.2 94.2 94.2 93.2 95.3 94.2 92.1 96.3 4 99.5 95.3 1926 1 97.4 98. 99.5 96. 98.4 99.5 99.5 101.6 102. 101.6 101. 100.5 1927 : 101.6 101.6 103.7 100.5 101.6 101.6 99.5 99.5 gs.h 96.3 96.3 97.4 99.5 1928 $ 99.5 99.5 100.5 100.5 101.6 102.6 103.7 105.5 106.8 108.9 111.0 112.0 103.7 1929 f . 333.2 113.1 114.1 115-2 117.3 19.4 119.4 119.4 118.3 115.2 109.9 104.7 115.2 1930 % 104.7 104.7 102.6 102.6 100.5 97. 93.2 91.1 89.0 86.9 8h.8 82.7 95.3 1931 Re ESLer 82.7 84.8 83.8 83.8 81.7 79.6 1-5 Bs T1.2 70.2 alt 18.5 1932 s 668.1 20 64.9 60.7 58. 56.5 55.5 56.5 60. 62.8 62.8 60.7 60.7 1933 t 60.7 59-7 56.5 T qi.2 81.7 90.1 85.9 50 76.4 12. 33 723 1934 t 75.4 18.5 82.7 83.8 83.8 82.7 76.4 Hk 3-3 TH.3 15. 60.6 78.5 1935 t 86.9 89.0 89.0 85.9 85.9 88.0 88.0 91.1 93.2 97- 98.4 100.5 91.1 1936 t 99.5 96.3 98.! 103.7 105.8 107.9 109.9 112.9 13,1 4,1 118.3 121.5 107.9 1937 2 121.5 122.5 125.7 125.7 126.7 124.6 125.7 125.7 120.) 112.0 99-5 91.1 118.3 1938 t 90.2 88.0 88.0 85.9 83.8 54.8 90.1 34.2 96.3 99.5 104.7 105.8 92.1 1939 3 6106.8 105.8 105.8 101.6 101.6 106.8 108.5 108.8 8.3 at 129.8 131.9 113.1 1940 ty I2h7 121.5 117.3 116.2 119.4 126.7 126.7 128.6 1941 : 1919 3 1920 t 83.9 81.0 83.7 82.8 83.2 84.5 85-1 84.5 83.6 $1.0 79-7 76.3 62.5 1921 t 75.8 3-4 72-5 neg 129 B-3 72.3 Tel 725 Ti. 72.2 72-5 12.3 1922 3 70.7 70.1 71.0 70.6 B.- 76.6 15-5 Tle 50, 60.3 $2.9 83.0 76.1 1923 t 83.7 82.4 83.9 84.8 86.8 87.5 88.2 88. 8s.) 69.2 90.8 90.3 87.1 192k : 915 92.5 92.0 92.6 90.7 88.8 87.5 88.0 89.2 89.1 89.9 92.6 90.4 1925 FY 93.5 93.5 93-3 93-7 94.2 95.0 96.8 96.7 97.0 99.6 100.2 100.2 2 1926 t 100.2 100.5 100.9 100.2 98.3 99.6 99.9 99.7 100.8 101.8 101.5 101.2 100.3 1927 t 101.5 102.0 101.7 102.1 102.2 102.3 101.8 102.3 101.8 100.6 100. 100.6 101.7 1928 $ 101.7 102.3 102. 102.5 102.5 104.2 105.5 105.6 105.3 105.4 105.1 104.9 104.0 1929 t 105.9 106.1 106. 106.4 106. 106.9 107.9 109.3 109.1 103.2 107.8 107.2 107.4 1930 : 106.0 104.6 103.4 102.5 101.3 99 98.8 97-2 a 95.0 93.4 92.5 99.2 1932 (3 91.2 90.5 94.8 94. 88.8 86.7 85.6 83.5 82.2 80.7 79.3 78.3 3 1932 : 16 74.8 73.0 70.6 68. 5 64.9 | 64.0 64.0 63.0 62.5 1-1 1933 t 62.1 1.0 59.3 58.7 59.4 61.0 61.5 63.8 64.8 65.3 2 68.7 2. 1934 : 69.8 70.1 70.9 10.2 Th. TL.& 15 72.0 70.7 TT T2.! TB. 71.3 1935 + The 15-2 15.3 1567 76.0 76.0 76.1 TI-2 78.0 78.8 TS. 81.2 17.0 1936 2 681.9 82.7 83.8 84.5 85.6 100.5 94.6 89. 89.6 90.4 91 93.3 ne 1937 ¢. 92.8 93.5 94.6 95.5 95.9 96.2 96.1 96.1 94.3 93.5 91.6 0 1938 2 = 88.0 87.6 87.4 a 85.5 85.6 85.7 81.5 88.0 88.5 89.5 90.6 87.5 1939 + 90.6 90.9 91.3 90.0 90.8 92.1 91.8 93-3 93-3 95.0 95.9 97-1 92.8 ae t 96.9 96.2 95-9 95.3 96.4 97.4 97-5

2

Bureau of Agricultural Economics. Compiled as follows? Industrial production, published on 1935-39 base in Federal Reserve Bulletin dated August 1940 and later issues, and converted to 1924-29 base by multiplying by 104.712 percent. Wonegricultural income payments, beginning 1929, estimates of Department of Commerce, converted to 1924-29 base by miltiplying 4 percent. obtained by raising King's series on realized income from production, mimus agriculture (P. 152, America's Capacity te peed vale aes retiiaeat ems 1929 into agreement with Department of Commerce series.

Year begin-: ning August:

COTTON, AMERICAN MIDDLING %-INCH: AVERAGE SPOT PRICE FOR 10 MARKETS, UNITED STATES, 1917-40

1917 1919 1921 1923 1925 1927 1929 1931 1933 1935 1937 1939

YEAR BEGINNING AUGUST

U. $. DEPARTMENT OF AGRICULTURE NEG, 32737 BUREAU OF AGRICULTURAL ECONOMICS

Domestic cotton prices showed an upward trend fron 1932 to the latter half of 1936-37, then de~ clined sharply through the first quarter of 1937-38. Since then prices have varied within a compara— tively narrow range et levels much lower than from 1933-36 but considerably higher than during most of 1931-32 and 1932-33. In the early part of 1940-1 they were about the same to slightly higher than the Government loan rates on the 1940 crop.

Cotton, American Middling 7/8 inch: Averase spot vrice per pound for 10 markets, 1915-40 af

3 : eae 3 z See. : : has ee 3 ? Auge ,5ePt., Oct. , hove , Dec e : Jane , Febe ; Mare . Apre , May, June ; July ; Average

: Cents eits Canta cents Cents Cents Cents Cents Cents Cents Cents Cents ents

3 1915 32/8.80 10.29 11.99 11.49 11-97 12-10 11-64 11.78 11.94 12.67 12.89 13.11 3/1172 1916 114032 15031 17638 19.54 18.44 17270 4/1654 18.29 19272 20015 24-33 25.45 18296

1917 3 25026 22008 26086 2821 29-19 31005 30097 32084 $2687 2952 30.10 29044 29.02 1918 : 31c05 33038 Slell 29627 29022 28051 26055 26040 26.84 29.21 51084 33.80 29.76 1929 : 31050 30030 35044 39259 39.70 40046 39049 40.68 41.74 41-01 40.58 39-58 38254 1920 : 34078 28024 21-58 17.85 14-65 14.42 12.93 11219 11.01 11-55 10.77 11.13 16.66 1921 : 12053 19650 19625 17643 17647 17004 1673 17.12 16.92 19.22 21.58 22-27 18.09 1922 + 21053 20072 22011 25620 25040 27239 28e62 30021 28-28 26647 28.20 25.87 25-85 1923 : 24022 27067 28-90 335-350 34.39 33.69 31073 28054 30625 W052 29037 29052 3.14 1924 : 27016 22074 23629 23065 25-40 23052 24051 25-51 24056 23-61 24.19 24.55 24222 1925 1 23035 23023 20-95 19-92 19.31 20004 19-63 18053 18205 17.95 17.52 17.92 19.68 1926 : 17¢65 15-96 12.40 12.17 11.81 1272 13.45 13.74 14.08 15.38 16.10 17-54 14.40 G2 7 : 19016 21019 20-35 19.74 18.99 1844 17660 18.76 19.76 20.54 200682 21-25 19.72 1928 : 18072 17e72 18.46 18-70 19.07 18-88 18-86 19-78 18.95 18.25 18-56 1829 18.67 1929 : 18-04 18.01 17.62 16275 16.64 16656 15.11 14-74 15240 15.12 13.21 12-21 15.79 1930 : 11014 10.15 982 10.09 9.16 9637 10012 10.15 9.50 8-470 8.42 8.66 9.61 1931 : 6057 5083 5075 595 5.78 6.215 6040 6044 5083 5e4l 4699 5254 5289 1932 : 7008 7e40 6657 6603 5.72 6.01 5-85 6.19 6084 8249 9228 10.52 7e15 1933 : 9024 9019 9016 9665 9.87 10e91 12.02 12-09 11.66 11.28 12.04 12.58 10.81 1934 : 13012 1285 12.40 12.46 12.60 12.55 1247 11.57 11.80 12.353 11.97 12.22 12.36 1935 : 112037 10.48 10.96 11077 11-70 11662 11-32 11-58 11.57 11.56 11.96 12.90 11.55 1936 3: 12.07 12-05 12.07 12.06 12.60 12.84 12.90 14.15 13-91 13.12 12.50 12.12 12.70 1937 410623 8-72 8014 7084 8016 8054 8.92 889 8075 8051 8239 8-85 8-66 1938 3 8.37 8.10 8.55 8.65 8.45 8.54 8.52 8.64 8,51 9.16 9-50 9237 8.70 1939 : 8.98 8.88 8.83 9.22 10.39 10.62 10.63 10.42 10.45 9593 10629," 10.19 9.90 2

1940 9072 9028

1941 t

Compiled from daily reports from the cotton exchanges of the various markets.

Y

Since Aucust 1939 spot prices in domestic markets have been based on middling 15/16 inch cotton, but

qotations for this quality are not now available for the 10 markets prior to August 1927. Between

August 1939 and September 1940 the monthly average for 15/16 inch has ranged from 0.17 to 0.22 cents

above 7/8 inche Z Average for 14 dayse 3/ Includes only 14 days for August. 4/ Exc ludes Exc

Savannahe 5/

udes Savannah for Februarye

10

RETURNS FROM AND PRICES OF COTTON AND COTTONSEED, AND PRICES PAID FOR COMMODITIES, INDEX NUMBERS, UNITED STATES, 1910-39

PERCENT T 6 a“ A Prices received by farmers

250

1 for cotton and cottonseed

: 5 Aug. 9- 1914=100 | Prices paid ! v ie ug. 1909-July 19 7 by farmers for 4 ) Ve i 200 |-commodities*—! | (1910-14 =100) Q L ark = Returns including pee government payments 100 Returns from cotton 50 4 and cottonseed (Aug. 1909-July 1914 =100) Die. ses] Pa a le Ss Pe a LE ee Waa 1910 1915 1920 1925 1930 1935 1940 YEAR BEGINNING AUGUST * CALENDAR YEAR. 1910-22 U. S. DEPARTMENT OF AGRICULTURE NEG. 24612 BUREAU OF AGRICULTURAL ECONOMICS

Farm prices of cotton and cottonseed increased materially from 1932 to 1936, much more than the prices of commodities farmers buy. Farm returns from cotton and cottonseed also increased meterially during this period. Since 1936, however, cotton and cottonseed prices have been much lower than from 1933~36. The comparatively low level of prices, together with smaller than average crops since 1937, have resulted in small farm returns.

Returns from and prices of cotton and cottonseed, and prices paid by fermers for commodities, United States, 1910-39

sees ___—_———~aeturns including: Prices received by fermers =: Index : Returns from marketings 3 : Returns including : ices received by farmers : Index Year : : : Total Sy Gover nomes Government payments : 3 Gee Index numbers of wring | Cotten | Cotton | ; index) ment Pande / Coen? {seeds | Cotton andsby farmers. August + lint ; seed ; Actual ye g Payments). Actual , numbers . pound : ge : cottonseed: for commo= : 3 3 i 5 2 3 G H 3 iid z 1,000 dole 1,000 dole 1,000 dol. é 1,000 dole 1,000 dol. Cte Dole 1909 : 676,533 71,833 748,366 86 62 13.6 3/ x 3/ 1910 : 810,487 100,113 910,600 104.9 14.0 25.82 114 100 1911 3 756,912 77,092 834,004 96.1 906 17.08 82 100 1912 : 787,682 77,023 864, 705 99.6 11.5 19.10 94 100 1913 3 882,418 98,679 981,097 113.1 12.5 224359 100 100 1914 3 592,030 82,496 674,526 T7067 TA 16.50 67 102 1915 : 626,885 118,321 T45 , 206 85.9 11.2 32 065 97 114 1916 : 993,770 193,578 1,187,348 136.8 1723 49.13 156 136 1917 : 1,528,384 262,112 1,790,496 206 «3 2701 66.15 232 162 1918 : 1,735,152 275,568 2,010,720 231-7 289 65.25 235 189 1919 +: 2,016,219 244,732 2,260,951 26026 35 4 67627 289 202 1920 = ::« 1, 066, 695 91,299 1,157,994 133 4 15-8 22 95 122 176 1921 : 675,547 74,378 749,925 86 4 17.0 29.72 136 150 1922 : 1,116,189 88,1635 1,204,352 138.6 22.9 3470 197 150 1923: 1,454,009 124,183 1,578,192 181.8 2807 42.2% 227 151 1924 : 1,561,597 142,514 1,704,111 196 4 2209 34.08 186 155 1925 : 1,578,714 162,641 1,741,355 200.7 19.6 30.82 146 156 1926 : 1,121,059 130,774 1,251,835 144.3 12.5 21.55 105 154 1927 +: 1,308,122 148,200 1,456,322 167.2 2002 35 94 157 154 1928 : 1,302,082 162,104 1,464,186 168.7 18-C 35.26 148 154 1929 : 1,245,271 145,718 1,390,989 160.3 16.€ 50.43 126 151 1930 : 659,155 92,049 752,004 86.7 9.5 21.93 77 135 1931 =: 483,641 42,427 526,068 60.6 567 9.52 45 115 1932 +: 424,058 40,384 464,442 53.5 605 10.35 54 103 1933 : 630,024 48,501 678,525 78 02 180, 746 859,271 99.0 10.2 14.21 84 118 1934 =: 629,057 105,858 T3A,915 84.67 115,226 850,141 98.0 12.4 34.79 106 126 1935 : 590,214 105,026 695,240 8001 160,222 855 9462 986 lll 31.19 96 122 1936 : 764,393 141,289 905,682 104.4 86,&84 992,566 114 04 12.3 33.27 108 130 1937 =: 796,254 116, 3€0 912,614 105 22 66,801 979,415 112.9 84 19.50 70 126 1938 =: 508,048 82,947 590,995 68.1 264,000 854,995 9805 8.5 21278 val 120 1939 4/: 536,870 78,673 615,543 70.9 215,500 831,043 9567 9e1 21.21 80 122

1/7 August 1909-July 1914 = 100. y, Calender years 1910-14 = 1C0. Prior to 1923, average of successive calendar yearse oy Comparable data not aveilable.

3/ Preliminary.

oi

11

*“ptsqns yrodxe ge4e4g PpeyTUN eyuy OF q1ed

UT 4SeeT 3e ONp *U04 JOO UPOTUSUTY Jo sedTud OF SATYETeL peoueApe ATT eTAeyeu TOOdISATT UT suozjoo udTetOJ

jo seotad ov—-6€6T Zutuanq °A4tTTyn Zutuutds a0 ‘A4tTTenb SATPEIeEdWMOD ITOY UM OUTT UT SYYos eseyy jo

seotad eatyereduos ey} ysnf{peer 04 puliey UoTydumsuOd UT SqjTYSs eseyL “YORE FO uotyonpoizd ey Tenbe 04

pus peumsuod syyMoOud snoTzeA 844 Jo syuMoure eyy 4yeyy Os uotTydumsucd UT Sepeu ee squeuysnfpe Ssedzueyo

eotad aseuy Jo yIMser e@ se pue ‘spotied seZu0T yaaQ “seotud eaTyeTer ITeyy UT sesuetw Tetseye UT 4TNs -aI suqjMoud 4UuereTstp Jo uoyqoo go ATddns eaTyeTed |yy UT sesueYO TeTIUeYSQnsS S‘spotued yous JeAQ

LSNONV ONINNID3ZG YW3A

6¢6l L¢6| St6| ct6l 1e6l 6261 L26\ $26] 26 (261

OF / Ng / ON O4WOCD @UlyY - UUIpu/ Sid \ aS < fe he oad . | X.. 4 oy Bed \ . \ ‘ 08

Od!

O*|

sinbuol pood ‘uolAniag ey nas

swaddpn -¥:9'4 ‘uondhbZ

ae Se i ee 1IN39u3d

Ov-1Z6| ‘TOOdH3AIN “ONITGGIW NVOINSWY 40 S39OVLN39083d SV G3SS3udXJ CNVITIZVYG ONV 'NVIANY3d ‘NVIONI| ‘NVILdGADZ 40 S3DIYd :-NOLLOD

12

*UOTZBTOOBSY 104909 TOOdTeATT ey JO Sja0der woarz pet ydmog

2°22 0°16 GCIt ZScLTt GIT VOT 9GIT O'STT EMIT C°ztl HIT THTt H'ETt g°60r ¥°40T 9°96 6°S6 G°86 O'OOT O'OOT f*TOT S*TOT S*OOT O° OOT a “28 S°S6 92°26 B*Izt G°LOL 9°LOL G*<It V°GTL 9°BTT O°HET O°G2T e2°92T T°L2eT f°9eT ¢ Tét nfl tn B26 2°26 2°86 0°66 9 2°56 «1 °S6 2°56 = 1°S6 ¢ : 1°96 6°96 Last GEST |cLET H°6kT OT6ST T°OLT HET G*ORT Lent B°Ght G°6ct L°tct G6°get tl°s6 © 0°16 0°16 6°86 0°66 4°66 O*00L O°00L O°00T O°00T 9°36 t°36 9°96 ghel S*92t 9°92T 2°s2t O°let g°let L°OsT Geozt Lonel G*EZt 9°6TT 6°9IT T°LTT *9°96 G°26 2°16 6°16 n°l6 o°l6 0°96 S°96 1°96 2°L6 6°96 9°56 = *6 O°OLL THIT G°9TT L*stt L°gtt a°6Tt 6°OeT 2°021 C°GIL G*LIL genTt S°60T T°60T *2°66 0°n6 8°16 S°00T G°OCT 3°O0T B°10T R°2OT Z°ZOT h°TOT O°00T H°86 £°86

REIL GO°GOT L°OTL G°OUT Q°STT e*HIT g°ftt L°CTt 9°Stt LHIt O'GTT H°GTT Q°OTT H°L6 £786 6°L6 H°lE S°86 l°s6 2°86 2°16 1°96 2°96 4°96 0°16 §=69°96 Ol2et ELIT OT6TT H°OZT L°GIT H°BIT L°sTL |°t2t o*f2T 6°%2T G*S2t o°Get 6*zeT 2°86 7°96 «°S6 «176 SHG 8 6H°S6 |= 5°86 8°66 £°LOT 6°LOT 4°ZOT 6°20T °TOT €HZl |ttel 9°t2l 9°ezt T'Get T’92t 6°Get G°G2T 2°92t 9°G2T T°92T L*2et O°L2T *O°LOL B8°OOT g8°OOT O*TOT 6°00L B°LOL J°TOT O°00T O*TOT 6°00T 6°00T oe 9°TOT 2°s2t G°O2t g*6et Le2kt z°okt 9°92T G*Get L*g2et O0°62T HIST 9°G2T S°G2t s°LeT "66 O°TOT c°O0T T°TOT +°00T ioe 2°00t 9°66 S°16 2°86 2°16 £°86 0°66 6°STl |°6Il L*t2t C*t2t L°Oet TOet LETT 9°6TT L°O2T T°LIL H°STl T°9TT L°SIT *1°86 0°66 0°66 2°66 1°66 soot g*00t L°00t °00T 3°26 1°86 n°k6 6°88 Q*HIL |cctl |c€tt G°2tk 9°eTT GRIT Q°HTT 2°ntt EGIL G*Gtt Gtott 6°Str Leott *9°%6 £°06 2°16 «68°16 6°26 481°S6 §46°G6 86°96 G6 «63°h6 66°86 pe 1°<6 GOTT T'LTT H°sTt L°6TT s°stt H°LTT L°gtt H°9TL K°9Tt Z°GIt ETT LCTL 9°HIt 19°96 1°66 6°RE §=—9°96 £96 n°96 = -&° 16 os 1°16 «63°66 L°96 0°86 Lett HeZIT GEIL CCITT H°CTL G*ETT G°TLT BOTT 9°OTT |°OTT T°TIT O°TIT Intl $6°G6 6°26 G°s6 1°86 1°26 1°96 £°S6 °G6 ee § 2°n6 4866 °S6 6 2°S6 C*2et GOTT 9°OIT 9°9TT 1°6TL Leoet grt2t s*net L*let L°6et 9*s2t 6°61T L°Get '2°t6 1°56 1°h6 G°S6 8°26 G°t6 «268 «= (0°06 ee Pe 2°06 «= 2 "68 €°ORT ao Gost O°62t O°OGT B°OHT G6°THT G*lyt Lest Ce2Gt nent O°sit H°6LT *1°C6 é 06 216 4°26 %L°t6 8°26 4°f6 61°86 ee aly 6°56 66°96 1°16 “oft L°GET G6°GkT B°sit B°G2et G°LET Lelet LeGet Leet Aree 2*stt Leztt t9°00t 8°26 3°96 3°86 O°TOT H°LOT e°TOT B°TOT 0° bed OT 6°ZOT ad o°L6 GUT 2'ntl S*LTL O°61T O*8TT O°HIT GOTT wa g*ttt LeLot S*Got L°tor <*Lot t6°l6 § 3°S6 0°96 §«96°96 «= S°96 °l16 9°86 68°66 «= *00T Toot 6°S6 1°96 H'ZTL. H°LOT 6°GOT L*BOT H°LOT B°OLT H°TTL 6°STT B°HTL GGT G*Btt S*BIT G*LTT 80°96 H°HG 0°86 3°66 0°56 S*l6 9°86 0°66 0°96 &° 16. 1°96) -2°S6 th 9°G2t B°6Il t°het 9°L2T Teret G*s2t 3°9et |°let n°Get O*Let n°let “°6TT Teel 26°66 «60H «= L*k6 2°96 e866 £86 °96 «0°66 «= n°86 02°96 | 9°G6 G26 G*OHT snet |°Get L*Het 6°e2t T’2et 6°GEL E°BST G°GGT H°COT H°OST O'RGT 9°OGT 22°26 §H°T6 T°t6 O°6 G°06 2°06 n6 «1986 «= L868) GHG "26 6°26 “6

ee 28 ce oe oo of ee oo oe oe oF oe

PUTLPPIN UBotzeuy Jo eFejueocsed w se ‘poop ‘synguey ‘uepanied : PUTLPPTN weoyromy Jo ePequecred vw se ‘ayes ‘oTMed os “UeTTT ZBI

Se ee ee eee

cal Tinet Gtlyt geGht Leyet O° Tkt G°tet Grthet |" grt L°ttt 6°80T G6'2Tt wrTTtT Let Mal ie ha “al o6L 6h g'ta Lop ss Les ete 6°3L e°9L 9°%e

Gott L*LOt 6°COt O°GOT L*2tt s°ZTT H°STT O°LTT 9°STT g°G2t T°lzt O*g2t oO°9et *n°Ol "39 6°39 «#9°0L = 9°al Seri i 0°69 «toh «=6CT*TL «C869 etek «= (GL L°o2t g*t2l 9°T2t B°6IT T°O2t 9*02T O*het L°9et 9°*Let Q°TET ROT SECT a|tamt t1°LL Leth Gent 6°SL 9°91 *9L "gL f°3l L°6L cop S*lL Geol 6°LL OTL H°ant 9°Okt eekt Genet 6°stt T°ett L°tTL 9°60 T°60L |e|°B0L 6°6OT °stT tH*hL 0°92 9°91 snk e°fL ofel Geel as tl ol e:G2 E°S2 Tene SHIT GOTT GRIT L°CTT 9°2Tt T*LTT 2°*LTL 9°BTT O°6TT O°LTT n°GOT HTT 9°2TT $0°OS gs. 9°cL ant 9°92 gtos Lees 6°S3 G*lg 23°98 ess =S*LL g°sl g°g0ot 6°LOL g°LOT 9°S1L Q°LLL B°TTT 9°S0T 9°TTT €6Ot Q°Lot s°sOt TST LOT ts°GL cts L°6L O°Ts O° L°%6L g°lL 98Gh eek 6°69 £989 H°OL H°Tl Gott 6°S0T 6°ROT O°BOT 3°90T 9°B0T 9°80T S8°TTT 9°eTT O°TIL G°STT |°stt 9*tet *£°SL Leek snl s°el S°ol 2th gtel G°G6L 2°92 6%lL |2°6L tos t°oe

nos «Logs 2*6a so L*6pat6e «= G*6estls = l*ss | (9°68 2°16 §= 9° T6 ay t°l6 oy Leég 0°Sg) 0B S*T8

O°Get f*6TL Z°sTl tet Steet 6°G2t G°Okt g°6et S*6et g*62zt O°l2zt G*t2t L*heTt *1°98 O°T8 8°08 9 C*STL C°9et G*22t 9°SIT G*BTIT |°stt G°STT 2°CIL O°TIT S*°9TT L°GTT O*HeT £*0et 'G*6s 2°16 g°68 L* Cost H°STL <£°6TT B°BTL |°LTL S°6TT S°6IT 6°GIt LETT O*LIT T*Oet £°St eclet to°tl ge SiS :olat *oL o°tL 9°89 S°n9 4°8S SGTr etG2t <*Ozl V°6UL |°6TL 6°t2T O°SIL Lett n°OTL Lott H°60T G*2Tt o*60T #1969 «S*6G «O'tg 0 8°69 Selo 9°69 «(O8kd «Gtk GL 6tHL TSH L°GIL 2°60L O*OTT H°STL E°9TT O°LIT G6°STT 9°9TT T°GIL 6RIT |°GTt S*STt t*tet *€°ql 9°hL GL SL styl nosh 6°LL feel sesl S*9l fend orGhL «onc ll ZUEL G*6Tt a2cdet |Z|°ckt 2°ott O°ett L*set S°6et n°62t n°ekT O°TET ores lemnt tye2e «£°8L «St0g «fon LtogStew. «Leze «Seep «Steg a*ep "HB 163s L°98 Z*ent 2°6nT O°LHT C°khT 6°9kT net L°LEt 9*2hT 9°ThT O°TST £°SST oe g°Gzt tess 6°62 0°06 6°82 l*ss 83 l*ss 1°68 ie z°06 «61°06: (9°2B 9° TB g*est L°g2t °92T B°Tet T°eeTt ha: J°s2t HET 6°<hT aa £°SKTt Y ° “Gg «f°ss «68898 Ln THT TLET 6°9kt O°BnT 9°OGT f° : Tt 9°Let enat C*Ont t6°9g «T'ze««6TTS «CT°GRCktog «Stes «(OF «OTS «1°56 GHG L868 a*ep eel 6°GIt Genet O°€Et 9°6et L°LTT Geert O*GIT O°TIT TTT 6°LOT TOT T°LOT x°60t tg°eh L*el nen. 2°22 9°€h nok terol Gtoh sel Legh ttl 2°69 o°al Got n°f0T 9°86 B°f0T L°GOT ee OL L*ZOL g*00T £°90T 6°SOT T°90T S°60T L*g0T th°nL Q*thL 34°89) «T°Tl OctlmeLech ae LceL one g°G6L S*sl 2°tg 3°ts 2°ce

6°0L T°sel BteTl O°TeT EeyeT Breet GET G°Bet Lent Leet °6St Tlyt L°62t |e|°ket tg*es g°08 O° S°ns Gilg ¢*2g g°Ss S°93 ng 9°08) «OL | OOSLL B°*HT 6°6ZT BRET 9°HET G°OST £°OKT Z*ost E°LET L°UT O°TET |Srkkt Q°EGT 6°29T PTY ta) 11) tx) a) A) a) ts 9 7 g*2L =6atlo 19 re a oy a Co Co: GC CL G4 Sys CE Ya Ga Cas Ga Co GL cP" QL CY: QE GT" Gd QC ot Ce a or Co Co): QO CY" GQ : : ta 4 : : : ; r e Bi : : : : Q : y : 3 3 3 E 3 ? : ‘ay : £Tme : eunp : seq: *ady : °aen : “qed : "Wer: *oeq : “AON ¢ #400 :*4deg : my eay : Ame: oump: seq: *ady : "rem: “Qos : cuBr : *Oed "Aon : °900 2:°9deg 3 any 3 : : H $ : $ : : : : : : : : : : H : : 3 : : 3

ee co er ce e0] oe ce 06 c8 ce se ee 8 co se se 68 Se ee a

SutLOptA wweoTseuy fo eequecred @ se ‘apg *sreddy ‘wet qdsag eee ee EEE ee

z2Gs2 °Sen *348Yo toF BIBT

OH-OZ6T ToodzeatT ‘yeoyaemy jo efequeozed @ se sYyqAOI? petztoeds Jo seottg 209300

ne @0 ©8 22 0f ce oo 08 OF 60 © 68 66 2 OF Se OF oF OF Se es ee OO OF se oF Se

a

-¥

13:

Tobacco: Exports from the United States, 1899 -1939 *

POUNDS (MILLIONS)

Ee All other

600

400

200

1899 1904 i908 IS1& 1920 1925 1930 19:35 <——_ YEAR BEGINNING JULY CALENDAR YEAR ——————> * EXCLUDING STEMS, TRIMMINGS, AND SCRAP Rak ot

Exports of tobacco to Asia and Continental Europe show important decreases in recent years whereas exports to the United Kingdom remained at a relatively high level until the outbreak of the present European war. Total exports (except 1939), although still higher than in the years prev- ious to the first World War, are on a lower level than during the years 1919 to 1931 inclusive.

Tobacco: Exports from the United States, by countries, 1899-1939 ‘Y)

Year ayers United : Continental : ren : Other : : Calendar : United : Continental : : Other

ning July : Kingdom : Europe sie. countries: ‘Tovel year : Kingdom * Europe : Asta : countries: Totel : Million Million Million Million Million : Hy Million Million Million Million Million : pounds pounds pounds pounds pounds : : pounds pounds pounds pounds pounds ; ee gigte. © 183.5 136.8 2k.0 59 .6 403.9 1899 : 121.8 184.0 3.6 25.2 334.6 gio; 336.8 333.2 24.0 69.3 765.9 1900; 93.0 185.7 2.5 25.7 Boers, |= 1920. 162.7 209.1 29.4 66.5 467.7 1901 : 968.7 158.5 5.1 29.1 Pores 192: 3 214.9 218.6 22.8 59.1 515.4 1902 : 125.1 197.0 4.5 30.5 357.5 1922: 165.2 178.2 36.6 50.9 430.3 1903 : 89.4 176.2 5.4 34.4 305.4 1923 : 146.4 213.0 51.8 63.3 474.5 1904 : 101.2 179.5 5.8 Eton 328.2 1924: 151.0 237.2 92.7 65.7 546 .6 1905 : 96.¢ 153.0 4.4 36.9 302.3 1925 : 171.1 132.9 101.1 63.4 468 .5 1906 : 116.4 165.2 5.6 Yu .3 331.5 1926: 149.7 160.1 104.2 64.2 478.8 1907 © 226.2 153.9 8.5 44.5 323.0 1927 3 182.6 183.7 76.0 64.0 506.3 1908 : 118.6 121.6 5.0 37.5 Ogee = 1928 173.7 140.3 196.2 64.6 575.4 1909 : 131.0 170.0 8.6 43.2 Sows. 3 19299: 214.6 136.9 138.6 65.2 555.3 1910 : 122.5 174.€ 6.5 4g .0 351.6 : 1930 : 193.2 162.4 132.5 72.3 561.0 1911 : 120.8 198.0 10.2 46.4 375.4 ig3a. 162.9 116.3 175-4 48.9 503.5 1912 : 150.1 191.2 12.8 60.1 ay 8 19320 4 121.6 130.9 91.6 43.7 387.8 1913 : 174.8 202.9 Lied 52.1 Y46.G : 1953" i 172.9 124.2 89.0 34.3 420.4 1914 : 189.3 107.3 9.4 42.0 BS. : 1934: 180.0 123.1 Th.2 41.7 419.0 1915 5 150.6 219.4 16.6 4g .9 436.5 : 1935 ; 216.2 91.5 31.1 42.4 381.2 1916 : 122.6 206 .8 16.8 56.2 406.4: 1936 «+ 206.5 100.2 52.4 47.7 406 .g : : a 203.3 107.6 60.4 46.5 417.8 1938 3: 262.3 101.5 64.0 45.0 472.8 1939 112.9 108.2 56.1 50.0 327.2

1gho:

Compiled from Foreign Commerce and Navigation of the United States and official records of the Bureau of Foreign and Domestic Commerce.

1/ Excluding stems, trimmings, and scrap. Export weight.

14

-zem weodoing queseid ey; 5° yBeeiq

-qno oy Tau TeAcT YFTy e 4e Bysodxe pemo-enTz PeuTeaNT EE ‘mopSuty pedtun ey ut ATreTnoTy red sgoxgexe9to 30 wLOZ O4X BT CD0BQCY FO PUTA syyy zo woyzdunsuod UFTOI0F

18304 Fupsverouy oy} ‘FeOT pemmo-enTs 8978IS PEITEN Iof spoxrem uFTesoz pezoesTw OAC BUOTATPUCD PTLOm peTz3esUn PUB goyyonpord peseerouy OTTUM «xem ou fq ATQUCO

-e1 @10u pue szeT1zeq opesy Jo UOT REIEdo ONY fq ‘uozyonpoad us#yeroy possetouy fq ‘sezazunos usyeroy UT SPUTA esouy, jo woTydumeu0s T¥40% pesveroep £Qq peTTezano yeeq eAsy g0008Q0} Ppertno-IT¥ yAwp pus pomo-alfs fo sjsodxg ‘“poermmo-e1ts pus peino-ents ei@ 80008Q04 qarodxe 804848 peyrun queqiodwy eq4 *(95°T) qrego 874% UF peysoTPUT sy

*spumod 0000S uByy sseT 1k) SOINONODS qwunimnoiweyv JO nvaune y6SvE “DIN 3un.tnoiwsv 40 inaWisvd30'sn

gece TEYyO uy pepnqourt *Le6t i pee o% OF Id i ATNC ONINNIOTE YVAA + NOILONGONd ONIMOTTOS AYYANWS ONINNIOFS YvaIAe wzg0Loo0 ONINNIOZG YVFA & *£tuo enbysed *6Z%6T faenuep Zupuuzseq ‘kteyeredes poytodes c6i us Heal vascen eee!

q0u sedfy az0yjo JO sy10dxe jo qared 8 sepnytoutT ezéT zequesed — €Z6T 10q0490 fi JZ sneer L761 Gz6l €7z6l 3 *(dozo zz6T 5° sy10dxe ae ere B3ep EZ6T £°°°T) uotTyonpoid SUPMOTLOS faenuep ZuTuutseq zeok *pueTsésepy fe “ktnp Supuutseq re0k $pemo-enTd fe ool -quatem quodxa /T nS / 00z 2 OV6T osz 3 Oo€ €°9 €°7sz = 6€6T + oC mec ore Ett, as" o°h8 ONT 6°79 S*°29E 3 BEET aes srt "oe Cot LURE €°S g°L 6°E Les 6°T9E = LEST oor G°0e 1 . L° cUL T°9 G°6 9°% 6°6S 9°ZOE * 9e6T yg Uh ie 6°83 Drea Te O twang diet e793 B*zze 3 «SEET WEY 2 ) rah tas Cok O°et gee L°6 Got 9°0L Gere = TE6T 9°sT Le G°T 6°ET x6 €°s 1°¢ o°sh €°0ce = EC6T Os 6oe 9 €°T "°0T = 2°0T 1°S m°e zee. = °69% * «2E6T 5) 6° 0% 1 8° o°Tt S°L °OT €°S 8°S6 G*see = TEé6T T°92 ge [DAS L°s L°6 9°L aye 6°S8 L°zey = OC6T os| 3 wt 2" OOM rae tt) cat. (ace: gs: ; : €°6 ek vharh 9 6°OT oot 6°2eT 6°86 6°ET? = Be6T + q + ¥G@auNd-ylv WYVG ~ 1 os 1°L 6°S 9° TL 0°02 uals S°Tt 6°SOT 6°8ee * Le6T | 6°S L%6 9° T?St 9°EL "1° g6tT OST L°sse ? 926T 2 1°6 1°6T L° 8°S 6°€T is TTT e°6eT | TCE ; S$Z6T es ea ,NVOIM4Y WYVG GNV ‘Y3IVE YaLVM ‘v4 HOWTE os rae OS 9°83 S*0e ob: 0°9 8°2T fi got OrTst «= S*L0% FET [a a Zbe meee oThS ST L*L T°ST [i zor 46 S*6T «099% FEET rs zt Is an | as 3 ) Spanod Spunod spun aod Spunod Spunod spun od Spunod Spunod spumod: Py UOTTTEN UCTTTEN VOTITHN UOFTTHN UOTTTEN UOTTIFN UOTTTTN UOTTTFN UOFTTTN? deisent : 3 z t ueotdsVs z : 3 ) pre EIA tots bee epee ree POO eont fe Jape: = .(4Va7) Yvolo ie a os esupm * yeeT , ie T *kopmg ; PURT 3 “2eT*E § Lape * P > peo * =wyty } s0uI0 | bie > _kaen ¢ ahr > yaa ~errd © -onta , eit ° ‘eueys . : ; : yoeTa ; : ; Ol SV GaLVUVd3S LON ) os () 9s GNV‘SONINWIYL 'SWALS Ea /T b€-€z6T ‘sedky fqfeeqeqg peyTun euz woss sqrockey s0008CCL. Ne | sannod

6E-EZ6I SAdAL AB SALVLS G3LINN 3HL WONS SLYOdXS ;oD0vdOL

rs

TOBACCO: UNSTEMMED EQUIVALENT OF ALL KINDS OF LEAF USED IN MANUFACTURE OF TOBACCO PRODUCTS IN THE UNITED STATES, 1900-1938

fe

POUNDS ( MtLLIONS) 800 700 600 500 400 a 300 ee meester ‘ x 8 Resse 200 seeeneeenes sesetoeseeeereeeoeeeens . K SS a SR a 100 & CIGARS 1900 1905 1910 1915 1920 1925 1930 1935

U.S. DEPARTMENT OF AGRICULTURE

NEG. 32738 BUREAU CF AGRICULTURAL ECONOMICS

Cizarette manufacture in the last two decades has been the largest factor in the expansion of the tobacco industry. Leaf used in cigar manufacture has remained fairly stable, while leaf used in the manufacture of other tobacco products has declined since the first World War.

TOBACCO: UNSTEMMED EQUIVALENT OF ALL KINDS OF LEAF USED IN MANUFACTURE OF TOBACCO PRODUCTS IN THE UNITED STATES, 1900-1938

Calendar - Ciga- Tobacco Calendar Ciga- Tobacco year rettes and Cigars Total year rettes and Cigars Total snuff snuff Million Million Million Million Million Million Million Million pounds pounds pounds pounds pounds pounds pounds pounds 1900 TS: 262.4 105.4 380.9 1920 146.9 324.5 168.6 640.0 1901 ssa s 270.7 116.4 398.2 1921 158.3 S108 7 143.2 612.2 1902 ahs) 299.2 117.4 428.4 1922 169.6 325.5 LSD? 646.8 1903 12.5 Sooo LSOea: 468.1 1923 200.4 328.9 159.7 689 .0 1904 13.3 334.67 eV et 475.7 1924 217.7 322.8 153.4 693.9 1905 13.4 343.0 130.6 487.0 1925 244.3 S25 ek: 149 .0 718.4 1906 16.1 356.3 140.3 ape) 1926 267.6 317 4 152.4 737 4 1907 18.6 351.0 147.5 OL Tek 1927 290.5 301.3 152.5 744.3 1908 20.7 Sage 130.4 510.4 1928 SiO cL 293-2 VWLeS 754.6 1909 235.7 369.6 136.7 530.0 1929 346.5 298.0 ieee 796.6 1910 31.3 378.4 141.1 550.8 1930 347.9 294.0 137.9 779.8 1911 38.6 376.2 149.9 564.7 1931 330.0 294.8 127.6 752.4 1912 47.1 382.9 149.7 578.8 1932 299 .0 286.8 104.3 690.1 1913 56.5 S7Se7 163.0 59362 1933 326.1 279 9 104.7 710.7 1914 62.2 368.3 158.7 589 .2 1934 375.4 289 .0 111.1 77D oo 1915 56.95 370.8 138.1 565.4 1935 399.5 262.7 113.7 775.9 1916 78.5 384.9 148.9 612.3 1936 453.3 267.5 126.6 847.4 1917 113.3 388.6 OMe? 659.6 1937 480,0 264.3 128.6 872.9 1918 146.1 396.1 149.8 692.0 1938 483.8 262.7 118.8 865.3 1919 166.8 330.1 151.5 648.4 1939

i

Compiled from annual reports of the Commissioner of Internal Revenue »

16

TOBACCO PRODUCTS: MANUFACTURES IN THE UNITED STATES, 1900-1938

MBER POUNDS Pics: chief Slade ( MILLIONS ) SCRAP. AND 150 5 Plug 7 SNUFF 125 ise 100 4 Twist Scrap 75 9 Fine-cut {- 50 PAS:

O O NUMBER POUNDS (BILLIONS ) ( MILLIONS )

-CIGARETTES SMOKING AND SCRAP

125 | ZOO

100 200

75 SS : é 150 Smoking Smoking

50 and scrap 100

25 50

1900 1910 1920 1930 1900 1910 1920 1930 1940

DATA FROM ANNUAL REPORTS OF GOMMISSIONER OF INTERNAL REVENUE

*LARGE GIGARETTES: 32 MILLIONS IN 1919, 2.8 MILLIONS IN 1935. 88.2 MILLIONS IN 1954, 2.5 MILLIONS IN 1936. THEY NEVER AMOUNTED TO ENOUGH TO SHOW ON SGALE WITH SMALL GIGARETTES.

U. S. DEPARTMENT OF AGRICULTURE NEG. 32741 BUREAU OF AGRICULTURAL ECONOMICS

The significance of this chart is that it shows trends in production, which is an indication of consumption, since 1900, The upward trend in cigarette manufacture and the downward trend in plug chewing tobacco are most noticeable.

TOBACCO PRODUCTS: MANUFACTURES IN THE UNITED STATES, 1900-1938

Gainnden: Cigars A Cigarettes : = Chewing 7 x : Pa H ie, ; Paoee eaten : - Hy > Snall 2 $ s H ne- : rap $ oking : : ing, smoking yeer ‘* Large SEBS ES pyr tie Tg V/ : cut: 2/ : : :_and snuff Million Million Million Million Million Million Million Billions Billions Millions Billions pounds pounds pounds pound ounds ounds ounds 1900 5.6 6 4.6 3.5 173.9 — 15 — Poor 8 poe P500.7 1901 6.1 28 5.2 2.7 172.5 --- 11.7 --- 112.2 17.5 313.9 1902 6.2 o7 10.1 3.0 185.7 --- 12.1 --- 131.1 18.7 347.6 1903 6.8 26 6.4 3.4 180.2 2.35 11.9 --- 134.4 22.7 351.5 1904 6.6 o7 71 3.4 163.4 8.8 12.1 --- 149.2 20.2 353.7 1905 6.7 8 6.9 3.7 156.8 10.1 11.7 _- 165.2 23.7 367.5 1906 71 1.0 10.7 4.5 165.1 11.7 12.7 --- 175.7 26.1 391.3 1907 7.3 1.1 15.0 5.3 159.7 12.2 12.5 --- 179.2 24.42 387 .8 1908 6.5 Lei 17.7 5.7 164.7 14.5 12.1 --- 192.2 24.0 407.5 1909 6.7 1.0 17.8 6.8 173.4 14.6 12.5 --- 202.4 28.5 431.4 1910 6.8 p ES & 19.4 8.6 174.3 14.6 12.9 --- 214.1 31.4 447.3 1911 7.0 1.2 17.1 10.5 160.9 13.9 11.0 --- 209.4 28.9 424.1 1912 7.0 1.1 16.6 13.2 160.2 15.5 11.0 --- 217.3 31.4 435.5 1913 7.6 1.0 15.1 15.6 164.4 14.9 10.9 --- 220.8 52.9 443.9 1914 7.2 1.1 13.9 16.9 156.5 16.0 10.9 --- 226.9 30.6 440.9 1915 6.6 1.0 15.8 18,0 150.7 14,8 10.1 --- 234.9 31.9 442.4 1916 7.0 9 22.2 25.3 165.6 16.0 10.9 --- 239.67 34.0 466.2 1917 7.6 1.0 24.6 35.3 179.4 15.2 1.3 --- 243.6 33.9 483.0 1918 Vez 8 23.4 46.7 174.7 17.5 9.8 --- 257.9 3762 497.1 1919 Tel 7 31.9 53.1 141.0 11.3 8.2 --- 228.6 35.0 424.1 1920 8.1 «6 28.0 47.4 138.5 11.8 8.7 --- 219.3 34.3 412.6 1921 6.7 07 14.5 52.1 113.4 9.3 6.9 --- 222.7 34.7 387.0 1922 6.7 06 17.4 55.8 120.2 10.9 6.9 --- 243.4 38.1 419.5 1923 7,0 oD 18.1 66.7 120.8 10.7 7.1 --- 235.0 39.2 412.8 1924 6.6 a) 16.1 72.7 111.5 9.9 6.8 --- 247.0 39.0 414.2 1925 6.5 4 17.4 62.2 111.4 9.8 7.2 --- 247.7 37.8 413.9 1926 6.5 4 135.2 92.1 109.8 9.2 7.0 --- 246.4 38.2 410.6 1927 6.5 4 11.4 99.8 103.9 8.0 6.3. --- 237.9 40.2 396.3 1928 6.4 4 10.4 108.7 100.6 8.9 5.2 --- 231.1 40.5 386.3 1929 6.5 ot 10.0 122.4 96.7 8.2 5.6 --- 229.6 41.1 381.2 1930 5.9 4 74 123.8 86.3 7.6 Sel --- 232.0 40.8 371.8 1931 5.35 23 5.2 137.1 76.7 6.4 4.2 61.2 182.9 39.8 371.2 1932 4.4 Px) 3.4 106.6 61.9 4.9 3.3 50.1 191.1 36.0 347.35 1933 4.3 Ao 2.8 114.9 61.4 5.0 Sel 44.7 191.8 36.1 34201 1934 4.5 02 88.2 130.0 62.7 Sel 3.0 44,8 193.1 36.9 345.6 1935 4.7 22 2.5 140.0 60.6 5.6 4.7 44.0 191.7 36.1 34237 1936 5.2 Ae 2.5 158.9 59.2 6.4 5.1 45.3 194.0 38.0 348.0 1937 5.3 2 3.1 170.0 58.3 6.8 5.0 45.6 187.8 37.1 340.6 1938 5.0 2 2.6 17.7 54.5 5.6 4.6 42.8 200.7 37.2 345 24 1939 ee ee a ee a A T/ Prior to 1903, included in plug tobacco. ‘B/ Prior to 1951, included in smoking tobacco.

Compiled from annual reports of the Commissioner of Internal Revenue.

<—y

17

Flue-cured Tobacco: Supply and Price inthe United States, 1920-40

POUNDS CENTS (MILLIONS )) L. PER } STOCKS (FARM-SALES WEIGHT) Y scarialy SUPPLY UY PRODUCTION Z Y 1600 | se4SON AVERAGE FARM PRICE Y 30.0 y) r y 1.200 Y Y D Y) , Y Y ¢ ys y 225 Ye Y ZYUO4y Wea GY Way Y —ZYYGZING ) W AVA 800 YY y Y Y 15.0 AY Z Y Z YAY Z ; y Y) Yj 400 ; 7.5 0 0

i920 §= ‘22 24 8 8©6'26 ‘28 oO 132 ‘34°36 «86°38 —(*40 YEAR BEGINNING JULY * PRELIMINARY

Normally, a change in the supply of flue-cured tobacco results in a price change in the opposite direction. This is demonstrated in nearly all of the years included in the chart but may be modified by significant changes in economic conditions or other factorse In 1933, for example, notwithstanding a materially larger supply, the price increased substantially, end in 1934 the increase in price was out of proportion to the moderate decrease in supply. The record supply of 1939 resulted in an aver- age price a little below that of 1953.

Neg. 26476=B

Flue-cured tobacco: Production, stocks, supply, and price, United States, 1920-40

Year : : Stocks July 1 : : Season average beginning 2 Production : (farm-sales : Supply t farm price

J 5 3 weight 2 er und

: Million Million Million

: pounds pounds pounds Cents

? 1920 3 616.0 352.5 968.5 21.5 1921 : 358.8 557.8 916.6 21.9 1922 3 41504 513.3 928.7 2722 1923 3 580.7 507.7 1,088.4 20.8 1924 t 437.3 545.6 982.9 21.6 1925 : 575.1 526.4 1,101.5 20.0 1926 3 560.1 523.7 1,083 8 24.9 1927 : 718.8 538.9 Phy 7 / 20.5 1928 é 739-1 6579 1,397.0 L763 1929 3 750.0 ° 1,438.8 18.0 1930 3 865.2 703.4 1,568 6 12.0 1931 669.5 T9h05 1,464.0 8.4 1932 373-7 867.0 1,240.7 11.6 1933 : 733.4 675.8 1,409.2 15.3 1934 : 556.8 763.0 1,319.8 27.3

3 1935 : 811.2 752.6 1, 563.8 20.0 1936 682.8 871.3 1,554.01 22.2 1937 866.3 883.2 1,749.5 23.0 1938 2 785.7 95h. 5 1,740.2 22.2 1939 : 1,159.3 946.3 2,105.6 14.9 19401/_: 643.0 1,409.7 2,052.07

2 Stocks prior to 1929 compiled from reports of the Bureau of the Census. V/ Preliminary; September 1 estimate of production.

18

FLUE-CURED TOBACCO: PRODUCTION IN SPECIFIED FOREIGN COUNTRIES, 1930-40

POUNDS (MILLIONS)

200 150 100 50 Southern Ganada Rhodesia K | India oor ase == =” a am ce ee 1930 1931 1932 1933 1934 1935 1936 1937 1938 1939 1940 YEAR BEGINNING JULY * ESTIMATED DATA FOR 1940 ARE PRELIMINARY

U.S. DEPARTMENT OF AGRICULTURE NEG. 32730 BUREAU OF AGRICULTURAL ECONOMICS

Production of flue-cured tobacco is increasing in most of the more important producing countries for which separate data are available. Data for Brazil are not available.

Flue—cured tobacco: Production in specified foreign countries, 1930-40

Year = : : ? Southern : : i : China : dapan : Canada t Rhodesia =: Ghosen : India : 1,000 pounds 1,000 pounds 1,000 pomds 1,000 pounds 1,000 pounds 1,000 pounds

1930: 9,500.2 17,742 12,451 723k hy 540 1,326 - 1931 +: 116,500 21,780 24,, 600 12,687 6,642 2, 560 1932 +: 108,000 23,669 27,941 12,927 7,024 8,160 1933 : 149,000 40,271 27,215 255225 5,768 11,000

= GIGgYA : 140,000 hd 5 626 22,101 19, 506 7,055 13, 500 1935: ~—163,000 51,288 35,199 20,709 7,063 16,400 1936 : 180,000 48,893 24,596 20, 344 7,610 19,500 1937 : 210,000 62,172 555374 25,342 9,126 40,000 1938 : 81,500 64773 78,174 26,168 10,997 45,000 1939 + 120,000 84, 37h 81,706 34,000 2h, 365 33,000 1940 3/ : 122,000 87,000 26 ,000

Compiled from official sources, reports of United States consuls, commercial attaches, agri- cultural attaches, and commodity specialists in foreign countries.

VY In the Northern Hemisphere, data for 1930, for example, are for crops harvested in the summer and fall of 1930; in the Southern Hemisphere, they are for crops harvested in the spring of 1931.

2/ Estimated. 3/ Preliminary.

19

Fire-cured Tobacco: Supply and Price in the United States, 192U-40

POUNDS [— ae (MILLIONS) y Supply 1 om farm-sales weight ) ate YA e Production 4oo LY [Na me /} y , ne Season average farm price = Wks “138 / Lue A VII j DUAYAUny y ZLUuUAUnnay Y, AUAaAAg 100 : Aeagg -, 0

S20 22 ipaee rcGuemeco ee COrme cele 34 36. | 382 40 YEAR BEGINNING OCTOBER *#PRELIMINARY

U.S. DEPARTMENT OF AGRICULTURE NEG. 26672-8 BUREAU OF AGRICULTURAL ECONOMICS

Domestic consumption of fire-cured tobacco is mostly in the manufacture of snuff. Exports have been on a declining basis for several years. Exports, and therefore disappearance,were re- duced greatly during 1939-40 because of the European war. During the period 1935-38, prices and disappearance were higher than would otherwise have been the case due to the by-products diversion program.

Fire-cured tobacco! Production, stocks, supply, and price, United States, 1920-40

Year : : Stocks Oct. 1, : : Season average beginning 5 Production : (farm-sales : Supply : farm price per

October : $ weight) : : pound

: Million Million Million

: ound s ounds ounds Cents 1920 : ou0.7 pont Lg Te3-1 “I0.5 1921 : 170.4 214.0 384.4 Aye 1922 : 250.1 170.0 420.1 16.0 192 : 261.4 182.6 NT) WET 192 : 213.9 194.7 408.6 14.9 1925 : 210.8 are 426.3 10.2 1926 : 188.8 au. 3 433.1 Toe 1927 : 113.5 2uy.2 357.6 we 1928 : 136.5 182.7 319.2 14.2 1929 : 186.9 146.4 333.3 13.3 1930 : 168.5 145.6 314.1 8.5 1931 : 186.8 173.0 359.8 5.1 1932 : 124.2 208.1 332.3 6.2 193 : 128.4 208.7 337-1 9.1 193 : 132.9 200.0 332.9 10.8 1935 : 117.4 223.9 341.3 9.2 1936 : 99.7 208.0 307.7 12.3 1937 : 119.0 GET 289.7 10.7 1938 : 81.0 168.3 2h9.3 8.2 1939 : 95.6 136.2 231.8 10.5 19u0 1/ ; 95.4 148.0 243.4 - 1941

Stocks prior to 1929 compiled from reports of the Bureau of the Census. 1/ September 1 estimates.

20

Burley Tobacco: Supply and Price, in the United States, 1920-40

POUNDS CENTS (MILLIONS) PER POUND 1.200 Supnl Stocks (farm-sales weight ) 36 PPIY Production 1,000 x 30 Season average farm price / \A < 800 Vf \ 24 e | Y l - Oo) oem 0 el’ Y 4 600 tm AU WY it Yy 18 if —AU YUNG 40 LABBAAY GY WAN , Z2UuAhaedel 200 Z Z 6 1920 = ‘22 "24 "26 28 ‘30 '32 34 °360 0 38 = *40 . YEAR BEGINNING OCTOBER # PRELIMINARY

Burley tobacco, which is almost entirely consumed in the United States, demonstrates the close relationship between totel supply and pricee The variations which occur in stocks result mainly from changes in the production of the preceding years, since consumption or disappearance is fairly stable. The upward trend of consumption in burley tobacco in cigarettes has been largely offset by decreases in production of chewing tobacco. This chart also shows the tendency of growers to increase produc= tion in response to high prices in the preceding season and conversely to reduce production following seasons of low pricese

Burley tobacco: Production, stocks, supply, and price, United States, 1920-40

ee eee

Year : : Stocks Oct. l, F $ Season average beginning : Production : (farm-sales : Supply : farm price per October : : weight) : : ound Million Million Million 3 oundcs pounds ounds Cents 1920 : 287-7 323.5 6ll.e 13.5 1921 : 175-7 386.7 562.4 21.5 1922 : 276.4 333.2 609.6 26.8 192 - 340.4 399.9 740.3 20.0 192 : 295.8 505.4 801.2 20.1 1925 : 277-8 534.8 $12.6 18.0 1926 : 288.8 541.2 830.0 13.1 1927 : 176.2 25.8 702.0 25.9 1928 : 269.1 13.3 682.4 30.5 1929 : 337.4 394.2 731.6 21.8 1930 : 349.2 438.3 787-5 15. 1931 ; you. 8 510.2 935.0 ne 1932 : 303.7 682.6 986.3 12.5 1933 3 377-5 720.3 1,097.8 10.5 1934 : 252.2 820.3 1,072.5 16.9 SES: ; 220.9 769.9 990.8 19.1 1936 : 219.6 681.7 901.3 35.7 1937 g 4o2.4 571.8 974.2 Ee \oal 1938 : 339.4 660. 7 1,000.1 19.0 1939 394.8 684.1 1,078.9 17.3 1940 1/ : 309.6 756.0 1,065.6 =

1941 ; Stocks prior to 1929 compiled from reports of the Bureau of the Census. 1/ September 1 estimates.

21

Maryland Tobacco: Supply and Price in the United States, 1920-40 POUNDS

(MILLIONS)| § 1 | Stocks (farm-sales weight )* 60 ee sed Cpe he

50 Season oye farm price

%y 2, 40 VY VIN. GN

y YYrnY

y ZLYUWY 30 Ea

Y) Y Z AZ

20 ‘Ug @ 10 + 0 0

1920 °22 ’24 °'26 °’28 °30 ’32 ’34 36 ’38 ’40

4 JAN. 1 OF YEAR FOLLOWING PRODUCTION * PRELIMINARY

U S DEPARTMENT OF AGRICULTURE NEG 28229 8 BUREAU OF AGRICULTURAL ECONOMICS

A material change has occurred in the supply situation of Maryland tobacco in recent years due to decreases in exoorts rather than any sirnificant changes in productione Some increase in the cone sumption of the better cicarette rrades may result from increasing manufacture of cigarettes in the United Statese :

Maryland tobacco: Production, stocks, supply, and price, United States, 1920-40

ot oe eS ee ee ee

: z Stocks Jan. 1 $ : Season aver pps : Production : (farm-sales 2 Supply 3 farm price

3 - i 2 .

2 Lillion Million Million

: pounds pounds pounds Cents 1920 271 17.2 Ah3 17.8 1921 18.6 14.7 33.3 16.9 1922 20.0 11.4 31.4 23.8 1923 21.4 7.2 28.6 Pat 1924 2he5 12.3 36.8 22.7 1925 24.7 15.6 40.3 2307 1926 : 26.0 19.3 45.3 20.2 1927 : 26.2 15.8 42.0 2304 1928 3 20.5 20.9 41.4 2722 1929 2408 16.0 40.8 Seles 1930 19.6 17.7 373 26.6 1931 28.1 21.8 499 15.0 1932 28.7 32.3 61.0 16.8 1933 22.2 38.9 61.1 17.8 1934 : 26.2 36.0 62.2 17.5 1935 2 28.7 38.6 67.3 20.0 1936 : 30.8 38.5 69.3 25.4 1937 22.8 All 63.9 ee 1938 3 29.22 37.7 66.9 18.5 1939 : 2/ 32.5 36.3 68.8 2/ 21.0

3 1940 3/ 2 Toh 40.0 67.4

2

2

Stocks prior to 1929 compiled from reports of the Bureau of the Census. 1/ Stocks as of Jamary 1 of year following production.

2/ Indicated by sales.

3/ September 1 estimates.

22

DARK AIR-CURED TOBACCO: SUPPLY AND PRICE IN THE UNITED STATES, 1920-40

POUNDS CENTS ( MILLIONS ) ; PER ay Sunnie Stocks, oe 1 (farm-sales weight) POUND Z Production 200 +Y 16 \Y Z Season average y farm price ~~~. 150 |AIA-A al 12 aly Y LY Z 100 Lf A y bam y 8 y ZAUAAAy ; y Zucucuceces Z CUA YY 50 b+ AOE ALY 4 | ZY Z 1920 1923 1926 t929 1932 P9335 1938 1941 YEAR BEGINNING OCTOBER * PRELIMINARY 4. S. DEPARTMENT OF AGRICULTURE NEG. 38650 BUREAU OF AGRICULTURAL ECONOMICS

This chart shows all dark air-cured types combined. The production of dark air-cured tobacco has been declining for many years largely because of the decline in the consumption of chewing tobacco. A substantial amount of One Sucker is used in Black Fat, Water Paler, and dark African for export principal- ly to West Africa. The United Kingdom and Belgium have been the main export outlets for Green River. Virginia sun-cured is not an export typee

Dark air-cured tobacco: Production, stocks, supply and price, United States, 1920-40

eee eee 3 : Stocks Oct. 1 3 : Season average Year beginning , Production : (farm-sales ; 3 Supply 3 farm price

October : : weight $ 3 er pound

: Million pounds Million pounds Million pounds Cents 1920 : 110.2 118.0 228.2 8.2 1921 $ 66.9 116.9 183.8 14.0 1922 : 117.5 95.9 213.4 14.4 1923 : 120.3 107.7 228.0 10.6 192k ¢ 92.2 116.4 208.6 soley; 1925 : 92.3 111.3 203.6 8.1 1926 : 78 ok 119.9 198.3 7.2 1927 $ 36.7 108.9 145.6 10.2 1928 : 43.9 82.1 126.0 11.7 1929 3 60.3 65.4 125.7 10.8 1930 : 63.7 59.8 123.5 8.0 1931 r 66.2 67.5 133.7 3.4 1932 : 36.5 82.5 119.0 4el 1933 3 31.1 78.8 109.9 7.3 1934 : 40.4 73-3 113.7 7.6 1935 : 31.0 6968 100.8 8.0 1936 f3 24.6 62.2 86.8 15.3 1937 8 LT 48.2 95.6 8.1 1938 3 32.8 60.4 93.2 8.0 1939 3 433 56.1 99h 723

: 19h0 1/ 41.3 61.2 102.4 — 1941 :

Stoeks prior to 1929 compiled from reports of the Bureau of the Census. 1/ September 1 estimates.

23

CIGAR TOBACCO: SUPPLY AND PRICE IN THE UNITED STATES, 1920-40

POUNDS . k Uf ; ‘oh y* CENTS PER ( MILLIONS ) tocks ( farm-sales weight POUND ad m7. a @ Production a

WY, Season average AY S. farm price g VA A 500 MIG OMA 4 20 AX y j AU Y g AUYUY Wy AU —i 7 N/ AUUl AYU Y AYUYYAUY AUUY AUYULY ALYAUAL 300 YYZ AYUYLAYUAYHBYALLAAYA AUYWAYUAKAAUAL AWBAUKAUY AUUY AYUAY ZEGEZECECECECES oo MAGAUA LUA E AINA a Z AYU ZBABAUAY 4 SaUAAYUUGE AYA we 100 BGes 4 — Ves — aa — a — 4 1920 1923 1926 1929 1932 1935 1938 1941 YEAR BEGINNING OCTOBER4 *STOGKS HELD BY DEALERS AND MANUFACTURERS tPRELIMINARY A TYPES 45 AND 62, YEAR BEGINNING JULY

Production of cigar tobacco was unduly large from 1930 to 1932 when cigar consumption was de- clining sharply. Reduced procuction of cigar tobacco, coupled with increasing cigar consumption, since 1933 has established a better balance in the supply situation and improved prices have result- ede Farm stocks, not shown in this chart, have declined materially since 1955.

Cigar tobacco: Production, stocks, supply, and price, United States, 1920-0

ee tn vee

Year : : Stocks Oct. 1 3 : Season average beginning : Production : (farm-sales : Suvply : farm price per

October : ; -weight) 1/ ; : pound

: Million pounds Million pounds Million pounds Cents 3920 : Bt ray i 360-5 7 5eL.5 22.2 1921 : 2) ARES: 369.2 582.1 17.6 1922 : 172.6 415.7 583.3 21.5 192 : 192.2 430.5 622.7 24.6 192 : 180.1 44.0 628.1 19.2 1925 : 194.4 425.8 620.2 15.8 1926 : 146.5 420.3 66.8 19.1 1927 : 139.0 356.2 95.2 21.8 1928 : 162.9 322.9 485.8 20.7 1929 : 170.9 322.2 493.1 20.1 1930 : 181.0 313.7 you. 7 15.9 1931 : 187.9 358.0 545.9 10.2 1932 : 150.1 427.4 17-5 7.8 193 : 78.4 413.7 92.1 150 193 : 73.2 392.3 465.5 16.8 1935 : 87.9 362.0 49.9 17.0 1936 3 97.9 330.9 428.8 19.4 1937 : 105.1 307.6 412.7 18.1 1938 : 107.7 302.2 409.9 15.4 1939 : 125.8 274.9 100.7 20.2

: e 1940 2/ : 124.9 283.6 408.5 = 1941

1/ Stocks of continental types held by dealers and manufacturers. Complete data on farm stocks which are significant in some years and for some cigar types are not available. Stocks for types 45 and 62 are as of July 1. 2/ September 1 estimates.

24

S1MONOD3 TVUNLINDWOV 30 NVAUNE g-1lESZ°93N FUNLINDIVOV 40 LNIMLUVEI0 SN

OFLVNILSZ © AGYNIAITI Ud ©

Iv6l G6E6I ZEGI SEE €E€6l 1€61 6261 L261 S26) E261 1261 6I6I WYUppmp($pprGun-Go3 % 4 WUWE 0 os i= 001 Osi ie BUIdW3 WOWd ALILNWNO 002 a * NOlLdWNSNOD 3NOH HOJ G3NIVL3Y ALILNWNO (SNOT) SANNOd

Ov-G6IGI ‘029eqO, 40 UOHKdWNSUOD BWOH :Wopsuly payUuy

SDIWONOD2 TWENLINDINOW JO NVAUNE 8-42 902 “O35N JUNLINDIWOV JO LNIWLUVd30'S 'N

ONALNVMM GNV INOW INOH ONIGNTIONI x

ATOL£ SNINNIDAG UVAA 6. LE. sé. ee. T& 62. Le SZ. £261

0

001

002

00€

wopbury payiuy 00%

x DUIYD BY

42y30 NY [| | (snorvina) SaNnod

6E - SZ6I ‘S2}21S pau dy} Woy sjA0dxy :0d9eqO], peand-anpy

AN3SWaAlddNS

S21NONOD3 TYUNLTNDINSY 40 NYSENG O2imz “O3N BUNLTNDIUDY 40 LNIMLNVERO'S

SAPVeLS INNIATY THVUTLN) £0 STTVE AG OTLYQION SH 9

wo puoswasyoe——] sumoe- ri) ms - ORR me - 5 RR ey ee cues 6€61 G€6! ZE6I GEG! SEB) HEE! CCS! 261 1661 Of6! 6261 G26l L261 926l S26l 426i 261 26! 26! OZ6I

(SHOITNIG)

(oe ee ee ee ee ee eee eee wIGNNN

eUVLBY OL GJONILNI HOIHM LY S30ldd OL ONIGHODOV Q3IsISSVID SBLVLS G3LINA JHL NI NOILdWNSNOD ‘S¥VSID

SSINONODS IWENLINDYBOV IO NVAUNEG Iilvz “O3N JUNLINIINSY JO LNANLYYd30 Sn

AUVNIWITI ad 9 NOILVINdOd NI SHONVHO ¥OJ GHLSNLAY SYFEWAN XFAINI TUVOE FANTSTY TVAIAIA »

‘Ov6l Se6l O€6l S261 0261 S161 oOlé6l S061 OO61

9S (00I=98-2a61)

a ob] e9 Jed uoljonpoid jelaysnpuy

$8 f-f- \ 89

00) ++ rl

Ds ee sjonpoid o99eqoj fo | eydeo sad uolduinsuop

Re . °

Gil = os 6E6I-0061 SALVLS GALINA ‘VLIdVD Yad NOILONGOYd

AVINLSNGNI GNV 'SLONGOYd ODDVEOL 11V 4O VLIdVSD Hdd NOILAWNSNOD

| (SGNNOd) VLidVD Yad SLONGOUd ODDVEOL

INDUSTRIAL PRODUCTION PER CAPITA ( PERCENT)