DECLINE OF COTTON PRICES HEARINGS BEFORE THE COMMITTEE ON AGRICULTURE AND FORESTRY UNITED STATES SENATE SEVENTY-FOURTH CONGRESS SECOND SESSION PURSUANT TO S. Res. Nos. 103, 125, 172, and 182 RESOLUTIONS TO INVESTIGATE THE CAUSES OF THE RAPID DECLINE IN THE PRICE OF COTTON ON THE COTTON EXCHANGES BEFORE, ON, OR SUBSEQUENT TO MARCH 11, 1935 PART 2 APRIL 1 TO 30, 1936 Printed for the use of the Committee on Agriculture and Forestry COMMITTEE ON AGRICULTURE AND FORESTRY ELLISON D. SMITH, South Carolina, Chairman BURTON K. WHEELER, Montana CARL A. HATCH, New Mexico A. HARRY MOORE, New Jersey LEWIS B. SCHWELLENBACH, Washington GEORGE W. NORRIS, Nebraska CHARLES L. MCNARY, Oregon ARTHUR CAPPER, Kansas PETER NORBECK, South Dakota LYNN J. FRAZIER, North Dakota HENRIK SHIPSTEAD, Minnesota CHARLES A. LAWTON, Clerk II TO INVESTIGATE THE CAUSES OF THE DECLINE OF COTTON PRICES WEDNESDAY, APRIL 1, 1936 UNITED STATES SENATE, COMMITTEE ON AGRICULTURE AND FORESTRY, Washington, D. C. The committee met, pursuant to adjournment, in the committee room, 324 Senate Office Building, at 10:30 a. m., Hon. Ellison D. Smith (chairman) presiding. The CHAIRMAN. The committee will come to order. Mr. Wyllie, you may proceed. TESTIMONY OF ROBERT M. HARRISS (Mr. Harriss was duly sworn by the chairman.) The CHAIRMAN. Mr. Harriss, will you give your name? Mr. HARRISS. Robert M. Harriss, and my address is 60 Beaver Street, New York. Mr. WYLLIE. Now, I would like Mr. Harriss to give the date and place of his birth, and just a brief history of his connection with the cotton business. Mr. HARRISS. I was born in Dallas, Tex., September 5, 1890. I have been engaged in the cotton business since 1907. I am interested in cotton farming in Texas, Oklahoma, and Louisiana. I am also interested in a cotton merchants business, and a partner in Harriss & Vose, commodity brokers of New York. Mr. WYLLIE. What is the cotton merchandising business you are connected with? Mr. HARRISS. Frierson & Co., of Dallas, Tex., and New Orleans, La. I am a minority stockholder in this firm. Mr. WYLLIE. That is an incorporated company? Mr. HARRISS. Yes, sir. Mr. WYLLIE. Mr. Harriss, as you understand, this investigation was begun under a resolution called for an inquiry into the causes for the rapid decline of cotton on the cotton exchanges, that is the prices of cotton, on March 11, 1935? Mr. HARISS. Yes, sir. Mr. WYLLIE. Now, will you please state to the committee what in your opinion brought about this rather drastic break? Mr. HARRISS. If you will permit, Mr. Chairman, I would like to make a brief statement on that, and then any further questions that you wish to ask, Mr. Wyllie, to follow that up, I can try to answer. I don't think that I will take over 5 or 10 minutes on my statement. |