The Southern members of the Farm Bloc were on the warpath last week. They were out for: 1) higher cotton prices, and 2) the scalp of the New York Cotton Exchange.
The lobby braves were led by William Garrard, of Greenwood, Miss., general manager of the Staple Cotton Cooperative Association. He protested that because December cotton futures were quoted at $9 a bale under March prices, the Exchange was "offering price destruction instead of price insurance." The Senate braves were led by cotton-loving Senator James Oliver Eastland of Mississippi, 38, colleague of the pecan-growers' friend Theodore ("The Man") Bilbo. "Cotton Jim"...
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