Show COTTON PRICE PRICEr r PROBE OPENS WASHINGTON Feb 17 UP- UP Opening testimony in the tho senate I Agriculture l committees committee's futures exchanges tl n of cotton V. W. 7 L. L Clayton of ot Houston Texas taday blamed government tinkerIng tinkerIng tinker tinker- Ing for th the cent 2 price break o on March 11 1935 1 I Clayton head of or Anderson Clayton Clayton Clay Clay- ton tan Co one of the world words largest larges cotton merchandising firms said fo for forr forthe r the past six years there has been no no cotton market in the traditional sense senO that thit prices are normally cs es- es b by competitive buying and elling whole th the theu I During that period u t influence has ha I j jI T I f been pi tho hand and voice of th the government he said I I The market has gone up and down not because of changing coni con con- i of ot supply and demand bui but bu butIn buti i i in response to governmental moves in cotton and to statements of ot gov gov- t- t eminent officials or rumors thereof i regarding the loan policy or the cotton control policy I The merchant said experience t judgment and discretion in fixing merchandising and manufacturing policies i-policies polIcies of oC cotton have havo given way I 1 to a guessing contest as to what I the next governmental move will be No Noone one wants to trade in a commodity com com- the price of which is in influenced in- in by government buying anc and jelling government value above-value loans control of production and so forth Clayton said Every trader wants a free and andopen andopen andopen open market responding to the law of of supply and demand Sad experience expert expert- ence has taught them that they cannot canot can- can not ot safely trade on guesses as to what the next government move will be |