The patriot. (Glenmora, La.) 1918-1955, 1918-12-06


speak from accurate and frst-hand information
In making the statement that there has not been
from the beginning, nor Is there now any set
purpose or desire to fix cotton prices There has
not been from the beginning, nor is there now, the
belief among those In responsibility that price
liking VIII be necessary as war measure-cer-
tainly IT neveE was contemplated nor could it be
justified on any other basis. 1t has been con-
sidered only as possible necessity, dependent
upon the information to be gathered.
But there are several reasons for a cotton In
CURRY.
I'm the first place, there have been marked
fluctuations many times during the last few
months, and more or less since the beginning of
the European war, without justifyng economic
reasons. Repeatedly the market has risen more
than hundred points and reacted as much or
more within few hours. There have been vio-
lent Breaks reminding one Of the slump at the
outbreak Of the war, and in no single case has
the movement been justified by any real fact of
trade Importance. All such irrational fluctuations
are extremely hurtful to producers and legitimate
traders and manufacturers.
"In the second place, often and almost con-
tnuously during the last few months contract
quotations have been out of normal relation to
spot quotations-and generally have tended to de-
press TO discount the trade value of real cotton
ssIn the third place, the prices of cotton goods
have been advancing for four years out Of all
popular impression outside of the cotton belt. cot
ton prices are not out of line with prices of other
staple commodities. For instance, on July l. 1914,
the average price of wheat to the farmer was
76.9 cents; on September l. 1918, under govern
ment control, II was $2O5-an increase Of 167 per
cent On the same dates the prices of cotton were
12.4 and 322 cents-an increase of 100 per cent.
The average increase on farm products has not
been so great but the average of manufactured
products (except those regulated under war pow
ers) has been as great or greater. One of the
most interesting comparisons is found in the price
4 Of cotton goods quote from Bradstreets.
WhoIesals Prices Of Cotton Goods
KIND A iss' = A isi1. : A .sIs. !
rriat cloths egs tgcstonl toos.s soos SCI
ssinsRans Aaoassas staple iBosioni.. os7s is as
aHere are increases Of from 261 to 1888 per cent
an the fourth place. It developed few weeks
ago that there Is rather scant supply of cot
ton Of the grade of n1iddling OF 1-inch TO Lilo
inch staple and an abundance of low-grade cotton
on the one hand and extra staple (such as Ari-
xona. Georgia and Florida Sea Island) on the
other. The European countries were In the mar
kef for the small supply OF middling and the
Spectators were contracting for It while the
producers OF low-grade and extra-stapie cottons
found few buyers The cotton market was out Of
Joint. Several months ago the department OF az
ricuiture foressw this precise situation and urged
che modification Of war goods specifications In
order TO increase consumption OF low-grade cot
tons but It takes q long time to readjust COM
mercial and manufacturing customs, because all
men are prone TO maintain habits. and spinners
are averse 10 mourning trouble reducing profits
aBut when the new crop began to come to
market the war Industries board deemed il neces-
6ary to take some action for adjustment.
'Chairman Baruch OF the war industries board
did me the honor to consult me, In the absence
OF Secretary Houston, about the details of the
plnn he had decided to adopt by constituting
eoynmttee OF Inquiry and a committee Of distribu-
ton. For quarter OF century have given
more Or less study to the economic aspects Of cot
tom and cannot recall time when the cotton
farmer wes injured by the revelation Of the
whole trntffAb cotton supply end demand. He