In the eyes Of the outside Observer, of course, the essential feature of this contrast consists Of the tremendous change in the general price level for raw cotton of American and other growths which occurred between the Spring and the Fall of the year, - a price change the like of which can be found in connection with cotton only during and after the period of acute cotton famine produced by the American Civil War, and of a kind which had always been assumed by the present generation of cotton merchants to be entirely beyond the bounds of possibility under latter-day conditions of world-wide production and distribution of cotton.

From the point of view of those actually engaged in the cotton business, however, the decline of nearly 70 per cent. In the general price of the commodity which came about from July to December, 1920, though naturally it gave rise to some problems of a more or less difficult character, was much less a cause of anxiety and loss than were the quite unprecedented alterations of the relative values of the vari ous qualities and grades of cotton which occurred simultaneously with the general downward movement Of the price.

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