COTTON: Red Hose In the Sunset

Last week in a hotel at Augusta, Ga., the two top men in the U. S. cotton business spoke their thoughts on cotton's future. They were the tall, urbane Texan Will Clayton, whose Anderson, Clayton & Co. is the world's No. 1 cotton broker; and short, portly Oscar Johnston, No. 1 grower, whose plantation operations in Mississippi—50,000 acres worked by 3,000 farm hands—produce 16,000 bales of cotton a year. Will Clayton is a polished internationalist, a business diplomat who is now a Deputy Loan Administrator for Jesse Jones. Oscar Johnston is rooted in the Delta, a farmer on a vast...