Word: cottone
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Dates: during 1940-1949
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...Sounds. As the panic spread, the South's cotton patriots howled for the Government to do something about cotton as loudly as they had once howled to leave it alone. To Southern Congressmen, a free market was fine as long as prices were rising and consumers were paying the freight, intolerable when prices were falling. Cried Oklahoma's Elmer Thomas: The Commodity Credit Corp. should buy up a million bales at parity to 1) create an artificial shortage and 2) force up the price. Others demanded that OPA lift its 120-day limit on mill pricing of finished...
...uproar, the exchanges opened again. To everyone's relief, cotton started up again as manufacturers, buoyed by prospects of decontrol, bought heavily. OPA gave support to their confidence by taking off its 120-day rule. There were more gladsome rumors that cotton might soon be decontrolled completely at the manufacturing level...
...Tune. There was some chance it might be, if the drop in prices brought out enough hoarded cotton goods. There was little doubt that large quantities (one estimate was 1,000,000,000 yards) had been held back in hope of higher prices. OPA had been required to adjust the price of cotton goods upward every month, in line with the rise in raw cotton. This month, for the first time in months, OPA has not had to raise the price. Now, in fear that the peak had been passed, manufacturers were disgorging...
...still too early to tell whether raw cotton prices had stabilized. But the wild gyrations had taught businessmen what many had almost forgotten in the years of controlled markets. In a free market, prices can go down, as well...
Lifesaver. In San Antonio he worked by day and studied English at night school. He picked cotton, herded sheep, stuck pigs. The pig smell was a drawback at Saturday night dances, so Indio went to work in a foundry...