The Laws of Texas, 1931-1933 [Volume 28] Page: 361 of 2,111
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FORTY-SECOND LEGISLATURE-THIRD CALLED SESSION. 133
MEMORIALIZING CONGRESS AND SECRETARY OF
AGRICULTURE TO PROPERLY REGULATE AND
CONTROL COTTON EXCHANGES.
SENATE CONCURRENT RESOLUTION NO. 9
WHEREAS, on August 8, 1932 the United States Department
of Agriculture, through its Crop Reporting Service, published
an estimate of the 1932 cotton crop as 11,306,000 bales, which
estimate was based on crop condition obtaining on August 1,
1932; this same authority on September 8, 1932 estimated the
yield of the 1932 cotton crop at 11,310,000 bales, thereby reflecting
the condition of the United States cotton crop as of September
1st, 1932; and
WHEREAS, the forecast of September 8, 1932 indicated an
increase in production of only 4000 bales, an insignificant
amount in world trade, and was in effect a confirmation of the
August 8 crop forecast; and
WHEREAS, the forecast of the Crop Reporting Branch of
the United States Department of Agriculture indicates the
United States cotton production for the year 1932 as being
5,786,000 bales less than the 1931 crop and 3,348,000 bales less
than the average production of the last five years; and
WHEREAS, the August textile statistics show sales of cotton
goods during the month of August to have reached 282 per
cent of production of textiles manufactured during the month
of August and that unfilled orders were 113 per cent larger than
for July, 1932, which report shows a very healthy condition for
the textile industry; and
WHEREAS, the comparably small United States cotton crop
of 11,303,000 bales as forecast by the United States Department
of Agriculture on August 8, 1932, together with the increased
consumption of cotton, acted as a stimulant of confidence and
as a sound and fundamental basis for substantial increase in
the market price of cotton, which, if maintained and applied
on the carryover of cotton from the previous crop and the prospective
production of 1932, would have placed .more than
$200,000,000 in the arteries of trade at a time when confidence
and vigor in the stabilization of business of America is so vital;
but
WHEREAS, vicious and unwarranted manipulation, indulged
in by operators on the New York, New Orleans, and Chicago
Cotton Exchanges, acting in total disregard of supply and demand,
improved conditions in textile industries, and increased
consumption of American cotton, did take advantage of the Government
forecast as of September 8th, increasing its estimate
a mere 4000 bales, and arbitrarily forced down the price of
cotton more than 2 cents per pound or $10.00 per bale; and
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Gammel, Hans Peter Mareus Neilsen. The Laws of Texas, 1931-1933 [Volume 28], book, 1933; Austin, Texas. (https://texashistory.unt.edu/ark:/67531/metapth17293/m1/361/: accessed May 4, 2024), University of North Texas Libraries, The Portal to Texas History, https://texashistory.unt.edu; .