Iron County register. [volume] (Ironton, Iron County, Mo.) 1867-1965, 1918-12-12

has been injured times ~unnumhertl by the half
truth, Therefore, I rather welcomed the in
curry which Mr.. Barurh felt 1t necessary, IN the
discharge of his responsibility for the conserTa-
ton of all war material, to institute. Develop
mnnts since then have confirmed my impression.
After the first tlurry-dIe mostly to the persistent
suspicious or unwarranted apprehensions or a rev
oycrzeaious Spokesman for the cotton producers
the situation became more stable, more normal,
and meanwhile, the report of the bureau of crop
estimates exhibits n slightly larger supply OF cot
ton thar was reckOned upon the condition OF the
plant a month earlier. My Information Is that the
commissions representing the allies. the legitimate
traders and the more thoughttul farmers recos-
nize the wisdom of the undertaking and have full
confidence that these instrulnentahties OF gov
eminent exercised under war emergency Will 40
No Injustice. The chief o%bjectors are a few short
SIGHTED spInners who are unwilling to tnke any
chance upon a reduction of the handsome profits
they have been making for three years and more.
"No doubt there has been recently, as there mas
been always, more or less sharp Practice by IL GER
tain class of cotton traders. l have never seen
the time when some men did not take advantage
OF any situation to eXaggerate, to dlstort, anu
even to falsify facts for speculative advantage.
For instance, Secretary Houston was represented
as saving that % cents Il pound was a tair price
for cotton. 1t was utterly false. He had never
said ANYTHING of the sort. How the story orig
mated have not the slightest idea. 1t was IL
niece of market gossip invented for a purpose
like many another concocted and circulated from
time i~mmemorlal.
"As to market Influences. nothing has been 50
hurtful of late as the attitude OF a lew ule" VI
the South who insisted, In spite OF onai'n""
Baruch's statements Of purpose, that the con'eih.
plation of the war industries board WIS u e"u's
n price to be fixed, and who assumed ina IL "
price were fixed It would be lower than the mar
ket price. Msrket ~gossipers naturally have mhue
tho most of such n state Of mind. Ar~'aer huf'
full influence has been the effort in some quarters
to magnify the cost Of producing cotton. III
this connection. there ae those VINO remember
Tint when the fixing of Il wheat price was uhder
consideration some protested spokesman OK 'he
producers sought to have the cotton price hSed
~ o, cents. though the market at that time was
considerably below 25 cents. These men nave
created the impression that the South desired
price.fxing upward, but was unwilling TO nave
thc facts as to real value ascertnlned. as mas
often been the case. much harm has been done
nv the oyerzealous. the suspicious and the selfish
All such fnctors must be discounted In truly up
pralsins the situation.
"Whether Intentionally or not, 'oVes"o
Comer.s article In the New York Journal Of Com
mercc mlsrepresents the departments relation &
this whole problem. The United States depart
mont of agriculture enforCes the provisions or IN
United States cotton futures act. except mos
nortions which relatc to the collection OF 'aAe
on contracts. and these portions are ehlorcea y
The treasury department. The department oi ~
ricilt,lrc, however, does not 'estaDlIsh ui"erci
,l,ls. for grades nf cotton other than mlddling, Il
one might infer from reading Governors conner
article. The section s contract, which Is the co.
,ract used on the two exchanges IS n nas'
,nidd,,nc' contract. Cotton Of grades other tina
mlddling nny be delivered. and the difference
on or or middling ut which such grades ne q
liyercd are determined by the difference preval
ing In spot markets designated ior .n"t pulpos
by the secretary Of agriculture uhoer 'ne 'e'n
Of the act. ..A.
"Th,s department has no authority to say wh!
differences shall be quoted by the spot parkets.
. fact, tho New York aud New Orleans exchange
!, ret their quotations direct from the spot ma