Douglas daily dispatch., 1927-09-16
alas Daily Dispatch Classified and LeoaI Page
OBJECTS
TO U. S. REPORT
COTTON future.

NEW ORLEANS, Sept. Is (H9 - A
vigorous protest against the expressing
by the government OF opinions as to
the future prices of cotton was trans
k1itted to the congressional delegation
from Louisiana today by the board of
directors of the New Orleans cotton
exchange.
NEW YORK, Sept. Is R)-An erron-
eous report intimating that the depart
ment of agriculture predicted de-
cline in cotton prices during the next
few months disrupted the market on
the New York cotton exchange today
and actually forced prices down $3.50
per bale. The market fell to level
lower even than that after the break
of Tuesday, December contracts reach
ing basis of 21.35 cents pound, or
about $3.50 bale below the seasons
high prices of September.
The report, published on news tick
ers attributed to the department the
statement that, should present esti-
mates of production be realized and
past relationships between supply and
price prevail it was likely prices
would decline in the next few months.
The department later explained that
evidently it's statement of a month ago,
suggesting the possibility of reduc-
ton in prices at the end of the season
under certain conditions, had been
misinterpreted and declared there have
been as yet no developments to war
rant such an inference.
"a month ago. it was said, "a
statement by the department of agri-
culture said there might be a reduc-
ton in prices if, at the end of the
season the crop had materialized ir
accordance with the percentage of pro-
duction then apparent There have
been no developments to warrant the
inference that this production ha:
come through"
Cotton merchants expressed TIT
opinion that the statement probably
would have had no such depressing
influence had it not been for the re-
cent favorable weather in the cottor
belt, reports of active picking anC
ginning and a tendency to delay op'
erations in the dry goods market.
The break attracted an influx O.
new buying which brought about
n.rtial recovery, final quotations be-
| ing $3.50 to Sc bale net lower.
WASHINGTON, Sept. is (R-Bom
baroed with protests from the soutl
and kilograms of inquiry concernln
the validity of government opinlo
on the future prices of cotton, Wnlcf
today sent the market down SOB
a bale at New Orleans, the burea
of agricultural economics tonlgh
withheld a statement OF its posltlol
pending a. conference OF its chle1
with Secretary Jardine.
In the meantime southern congress
sional leaders we're flooding the sec
retary with objections to crop pric
forecasts by his department an
criticising the prediction made In
statement released today that "shoul'
the present estimate of production
be realized, and past relationship be
tween supply and price prevail, 1T !
likely that prices will decline in tn
next few months"
Z LLOYD S. Tenny, chief of the bureau
was absent from his office today
as was G. w. Kitchen, acting CHIEF
In their absence j. G. Marquis, di
rector of publicity for the bureau
buffeted the storm with a declaration
that today's statement was containe'
in a publication of limited circulatol
intended primarily for economists AM
field agents, was almost identical will
cotton price review published
month ago, he said, adding that
carried by the press in its entiret
it would not have caused the NeN
Orleans reaction
It was a long range forecast, Mar
quis said, and should not apply t
the present market. The Statement
he explained, was not issued as
regular press release.
Marquis explanation was give
after earlier in the day it had bee
declared at the bureau that ther
was no new prediction regardin
cotton prices which warranted to
days break.
COTTON MARKET