Wheat & Cotton

Tumbling almost steadily downward, last week the price of wheat touched the lowest levels on the present crop and cotton crashed to the worst prices since 1927. In wheat the situation seemed a natural one of supply and demand. In cotton the decline was somewhat justified by cold which is said to have killed the boll weevil in large areas. But what caused cotton to drop precipitately was apparently "an unfortunate misunderstanding." Briefly, the "unfortunate misunderstanding" seems to have taken place as follows:

An editor to a reporter: Find out from Alexander Legge if it's true that the Farm Board's plan for buying cotton will send the price up $20 or $25 a bale.

The reporter to Mr. Legge: Is it true the Federal Farm Board is buying cotton $20 and $25 a bale" above the market?

Mr. Legge: The Farm Board or its agencies would do nothing as foolish as that.

The Reporter to the editor: Mr. Legge says he wouldn't do anything as foolish as buy cotton.

Cotton dealers (as the price falls): Mr.

Legge has just said the Farm Board won't buy cotton at any foolish price like this.

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