1920 to 1939 · Diasporaspan
Cotton falls from thirty five cents to sixteen and stays down for twenty years
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American farmers had ploughed marginal land and bought tractors to feed the world during the war. The number of motor vehicles on farms multiplied fivefold in the war years to about eighty five thousand, and by the end of the 1920s nearly a million farmers were driving them. Nine million work animals were slaughtered as machines replaced them, releasing thirty million acres of pasture for wheat, cotton and dairying. When world production returned to its normal channels after the armistice of November 1918, the surplus had nowhere to go. Cotton fell from a wartime high of thirty five cents a pound to sixteen cents in 1920. Corn fell from a dollar and a half a bushel to fifty two cents, wool from nearly sixty cents a pound to under twenty. Prices improved a little after 1921 and did not recover fully until war returned in 1939. Foreclosures rose and owners became tenants.