The New Orleans Cotton Exchange last week issued its annual report which concluded: "It is an inescapable conclusion that governmental policies, attempting to hold cotton prices above the world's ideas of values, are the principal and constantly accelerating cause of decreased consumption of the American staple."
Not a word of this would Secretary of Agriculture Wallace publicly admit. Nevertheless decreased consumption sharpened to a painful point the first estimate of the U. S. cotton crop for 1935 given out the following day by Secretary Wallace's department. Forecast was a production of 11,800,000...
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