Word: cottons
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Dates: during 1930-1939
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Having been pinched occasionally himself, Will Clayton set out in the 1920's to change this rule. His method was to do his own squeezing but to do it so often, so fast and so hard, that cotton men would rise in arms, force the Exchange to modify the rule. His operations are still referred to by those who got burned as nothing less than "fiendish." In the end he won his point, which was to have certain cities in the South designated as "delivery points" instead of the Port of New York alone. This made it easy...
...Cotton is a complicated subject on a domestic basis. On a world scale it is staggering. Aside from the difficulties introduced by foreign exchange and local preferences, international cotton merchants have to think, deal, quote in terms of a thousand different kinds of cotton. In the U. S. alone official standards specify 37 different grades on quality, 20 grades on staple length, offering in combinations no less than 740 possibilities. Will Clayton s not only an international cotton merchant but a profound student of economics. When he travels, usually by plane, his brief case is always jammed with earned tracts...
...Writing in a special cotton supplement in the New York Journal of Commerce last week, Will Clayton gave he New Deal a hand for the first time in many a season. "The most significant development in cotton in the season just drawing to a close," said he, "is the fact that the Government is rapidly on the way out of the market. Less than a year ago the Government held approximately 6,000,000 bales of spot and future cotton...
...season finds these huge holdings reduced to approximately 3,500,000 bales. . . . Not having been slow to criticize Government entrance into the cotton market, it is a pleasure now to commend the wisdom of decision and the skill of execution in liquidation of Government cotton holdings...
...training, tradition and conviction Will Clayton is a free trader. Any meddling with the economic machine is, to him, the supreme sin. Before the Bankhead Act] before the AAA crop reduction program, before cotton loans were instituted, before the Hoover Farm Board started to thrash around in the futures markets, Will Clay ton's favorite hate was the tariff. Said he, when ploughing-under was rampant: "There is only one means of preserving a correct balance between supply and demand in a great world commodity like cotton, and that is through the corrective influences of competitive price levels established...