THE ECONOMY: First Crack in the Dike

U.S. commodity prices, which have risen sky-high in the last six years, cracked last week. Down, with a resounding crash, tumbled King Cotton. On Tuesday cotton futures fell as much as $2.05 a bale. Next day they flopped $10 a bale, the maximum under exchange rules. In the next two days, prices continued to plummet, $10 a day. On Saturday, the panicky New York Cotton Exchange closed. Chicago and New Orleans followed suit.

What had caused the break from 39.78¢ a lb. to 34.20¢? Senator Elmer Thomas (who, Columnist Drew Pearson said, had been speculating in the market under his wife's...

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