Tensas gazette. [volume] (St. Joseph, La.) 1886-current, 1918-12-13

I speak from accurate and first-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, is there now. the
belief among those In responsibility that price
fixing Will be necessary as a war measure-cer-
tainy 1t never was contemplated, nor could 1t be
justified, on any other basis. 1t has been con-
sidered only as a possible necessity, dependent
upon the information to be gathered.
But there are several reasons for a cotton in
quiry.
"In 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 justifying economic
reasons. Repeatedly the market has risen more
than a hundred points and reacted as much or
more within a 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
I'm the second place. often and almost con-
tinuously during the last few months contract
quotations have been out of normal relation to
spot quotations-and generally have tended to de-
press or discount the trade value of real cotton
TN 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 j. 1914,
the average price of wheat to the farmer was
769 cents; on September 1, 1913 under govern
ment control, II was $2.O6-an increase OF 167 per
cent On the same dates the prices Of cotton were
124 and 32.2 cents-an increase OF 16O per cent.
The average increase on farm products has not
been no 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
of cotton goods. I quote from Bradstreets.
Wholesale Prices Of Cotton Goods.
A SS,a l. A is,,l T. 1 SSis l.
Print cloths. e4s Bosonl; soSsIs so9s so5 5s7s
s,..S:%. 1ss1s ssp. oss is
"Bere are increases Of from 261 to 3s3 per cent.
"In the fourth place, 1t developed few weeks
ago that there Is rather a scant supply OF cot
ton of the grade Of middng Of 1-inch to lilo
inch staple and an abundance Of low-grade cotton
on the one hand and extra staple (such as Ar
iona, Georgia and Florida Sea lsland) on the
other. The European countries were in the mar
ket for the small supply of middling and the
sneculators were contracting for 1t. while the
producers Of lOw-grade and extra-staple cott0ns
found few buyers. The cotton market was out OF
Joint Several months ago the department OF az
rculture foresaw this precise situation and urged
the modification Of war goods specifications In
order to increase consumption Of low-grade cot
TONS but 1t takes a long time to readjust COM
mercial and manufacturing customs. because all
men are prone to maintain habits, and spinners
are ayerse to mourning trouble or reducing profits.
"But when the new crop began to come IN
mn rket the war Industries board deemed IT neces-
sary to take some action for adjustment
"Chairman Baruch Of the war industries board
did me the honor to consult me. In IL absence
of Secretary Houston, about the details OF the
plan he had decided to adopt by constituting
committee of inquiry and a committee of distr1bu-
tion For a quarter Of a century ] have given
more or less study to the economic aspects OF cot
ton. and ] cannot recall time when the cotton
for.ner was injured by the revelation of the
whole ruth about cotton supply and demand He