The Waterbury Democrat. [volume] (Waterbury, Conn.) 1917-1946, 1946-05-09
By DresO Pearson

Investigation shows that the Harriss and Vose
firm was trading in cotton-and very heavily--be-
tween the dates Of March and z, between March
20 and April and between April and IL Harriss
and Vose trading at this time was largely for its
customers and the firm was careful to break no
market regulations
If you compare the dates Of the Harriss and
Vose coton-trading and the dates of speeches made
by Senator Thomas, Senator Bankhead plus other
members Of the Cotton Bloc in Washington the
similarity is significant.
For instance on March T. cotton futures were
selling follows: March q. 20 cents; July a.
20 cents; October q, is cents March is the date
when the Harriss and vose trading became active
Then, on March 6, two days later, Senator BANK
head made a public statement charging Chester
Bcwles with trying to put price ceiling on cotton
Immediately dropped 1925 a bale and recovered TO
close of aoout rs points On March prices snapped
back sharply by $1.1O bale.
The next heavy operations by Harriss and vose
were between March 20 and April a. On March %,
cotton futures selling for about 2740 cents, at
which time, according to the Wall Street Journal.
cotton futures $1.35 to $1.85 bale late
rush OF buying orders stimulated by the possibility
that the Pace Bill would be adopted by the Senate
The rally was touched off by the plea of Senator
Thomas Cd, Okla) for higher farm prices in sup
porting lacking Of the Pace measure to the Min
imum Wage Bill All futures made 22-year highs"
On March %, the cotton market rose again $245
bale result of Senate statements by members
of the Cotton Bloc Again the Wall Street journal
Pace Parity Bill that the Senate would approve it
an amendment the Minimum Wage de-
Yeloped broad buying in cotton futures"
Again April l, cotton scared again, as a re-
suit OF cotton Spokesmen operations in Washington
New maneuvers by the cotton Congressman" re-
marked the Wall Street Journal, Ito assure passage
OF the Pace Parity Raising measure provided the
structure for sharp rally in the cotton futures
market"
On April 8, cotton still soaring; but on
April 4, the Harrss and Vose operation got out of
the market. simultaneously the price of cotton
dropped
The next Harriss and VOse operation was be-
tween April and H. The date April is significant
because next day. Congressman Stephen Pace pressed
for early action his bill in the House of Repre-
sentativeS The cotton market scared. Then on
April H. Congressman Pace announced that he would
not attach his amendment to other legislation but
that it must stand its merit. This meant, of
course, that it would not pass; the cotton market
dropped. simultaneously the Harrss and Vose oper-
ators got out of the market.
While it is not illegal for Senator or his fam
lily to speculate on the cotton market for him to-
give tips to his friends it only fair that the
public should have the right to know about his oper
ations and be able to form its judgment to
what may influence his speeches and his votes for
or against price control on any other subject.
That is why Secretary of Agriculture Clinton P.
Anderson is being urged to investigate the cotton
futures market.