Evening star., 1927-09-16
PRICE FORECASTS
HALTED BY JARD|NE
|NcOTTON DISPUTE
Announcement Follows Long
Conference at White
House.
SAME FINDINGS HELD
ISSUED ON AUGUST Is
Legislators Threaten Congress
sional Investigation-Several
Protests Reach Department.
By the Associated Press.

By the Associated Press.
Secretary Jardine has decided that
no more price forecasts such as that
which caused violent reaction yes
terday in the cotton market are to be
issued by the Department Of Agri-
culture.
After a long cabinet meeting and
conference with the President today,
Mr.. Jardine declared he would con-
duct an investigation into the break
in the market in so far as 1t was re-
lated to the report by the department
that lower prices might be expected
In cotton.
Same Report Recently.
The Secretary asserted the same re-
port was made by the department on
August Is. 1t was reiterated yester-
day, he said, in connection with the
usual monthly report on all crops.
"Why did not the spectators make
use of this report in August?" he
asked. Certainly conditions were
more favorable then for fluctuations
of the market If they desired to use
the meager statement given out by
the department"
The Secretary said that 1t had been
the practice of the department for
two or three years to give out state
ments about crop prices in connection
with it's statistical reports, but he in
dicated that IL these reports were to
cause such trouble he would rather
have them stopped.
Senator Sheppard Protests.
Senator Sheppard of Texas an
nounced today that he had made a
formal protest to the Secretary OF
Agriculture over the statement issued
by the Bureau of Agricultural Eco
nomics and had asked for an explana.
ton.
;"I demanded Of the Secretary that
he inform me of the authority under
which the bureau was making its
conjectures as to the future trend of
prices, instead Of confining itself to
actual statistical facts" he stated. II
consider the action entirely without
justification. have received num-
Der of protests from my State and will
advocate that steps be taken by Con-
gress and the Department Of Agricul-
ture to prevent a repetition Of, such
statements"
Cotton Prices Drop.
While Secretary Jardine was In con.
ference with President Coolidge and
other members of the cabinet cotton
prices dropped nearly SO a bale below
yesterdays level in the New York ex
change, December selling at 21.20
cents a pound. The South sold quite
heavily at times. however. and the
market recovered most Of the losses
on covering, prompted by a private
crop estimate indicating yield OF
274, 900 bales less than was predicted
by the Government in its report OF
September s.
Oficials held that although the long.
range indications were helpful to
farmers, they also might be put to
harmful use otherwise in market spec
ulation. and that until the public had
been better educated to the purpose
Of the statement the part Of wisdom
dictated that they be discontinued.
Secretary Jardine was at his Office
early to meet barrage OF protests
from the South on the action OF the
bureau In issuing the report. He
called in men who had part In the
formulation of the document before
going to the White House.
Explanation Demand Arises.
An explanation will be demanded of
the Bureau Of Agricultural Economics
by Southern Senators as to the state.
ment, Senator Caraway Of Arkansas.
Democrat, said today.
1T strikes me that the bureau is al
least inconsiderate." he stated, land
has created a pretty wide feeling OF
distrust among cotton producers-a
sense Of injustice. Every time cotton
threatens to reach something like, the
cost Of production. the bureau is out
with some statement that tends to de
press prices. We should have an ex
planation Of it's conduct and one will
be demanded"
Senator Harris, Democrat, Georgia
said that he proposed to present in
person a protest to the Agriculture
Secretary.
At the same time Senator Harris
and other Southern Representatives
indicated that an Investigation by
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