Word: andersons
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Dates: during 1930-1939
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...hand, like the world's lesser cotton men, for the Government's estimate. Lamar Fleming Jr., his young partner, who is rated the firm's No. 2 man, saw the figures soon after he debarked from the Enropa in Manhattan. Presumably the partners of Anderson, Clayton & Co. were pleased because a big crop means more cotton to handle. In the seven seasons through 1935 the firm sold more than $1,000,000,000 worth of cotton, yet its total profit was only $13,000,000. Testifying before a Senate committee Will Clayton declared: "We made those profits...
...worked nights, sent money to his mother, put up with a miserable French boarding house in Manhattan to learn another language. Shortly before the company he worked for failed, he went west to Oklahoma City to set himself up as a cotton merchant at 24 under the name Anderson, Clayton & Co. There were two Andersons in the firm-his brother-in-law, Frank E. Anderson, who died in 1924, and his brother-in-law's brother, M. D. Anderson, who is still a partner. Not long after the firm was founded, Will Clayton's own Brother...
...Anderson, Clayton & Co. grew rapidly, taking over gins, branches and business from the defunct firm with which Will Clayton got his start. The firm promoted the round bale (250 Ib.) of uniform consistency which requires only one man to handle it and particularly pleases foreign buyers who deplore the shabby wrapping of the rest of U. S. cotton. Today Anderson, Clayton operate traveling gins in sparsely-settled areas of Mexico, compresses to reduce the size of ordinary gin bales for overseas shipment, warehouses with a capacity of 2,000,000 bales, a barge line on the Ouachita, Mississippi and Warrior...
Like any big cotton merchant, Anderson, Clayton & Co. is always operating on the New York Cotton Exchange. Its operations are so tremendous that it has its own separate member firm, Anderson, Clayton & Fleming. But these operations are solely confined to hedging, which is the reverse of speculation...
Hedging is insurance against price changes. When its warehouses are bulging, a 1?-per-lb. drop in cotton would mean a $10,000,000 loss to Anderson, Clayton if its holdings were not hedged...