Word: jordaning
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...British plan was no retreat. With evacuation of Egypt guaranteed within three years, the Empire needs more room and stability than either Palestine or Trans-Jordan can afford. There would be some barriers-natural and political. In Cairo this week, Egypt's ailing Premier...
King Killer. The man who had helped to topple King Cotton was a speculator, one of the biggest in the U.S., Thomas Jordan of New Orleans. A gambler first and always, he is said to have started with $300 in 1936, built it up by speculation in cotton futures into a paper empire worth millions...
...month ago, Jordan, so the tale went, decided his holdings in cotton futures were too big. He began to liquidate cautiously. Apparently few got wind of it until last week. When the news got out, smaller speculators began to unload, touched off the break. As prices crashed, in spot cotton as well as in futures, Jordan himself was caught in the avalanche and was forced to unload fast. The exchanges, in turn, were forced to close to give dog-tired clerks a chance to catch...
While the exchanges were closed, Jordan's still huge holdings, estimated at 175,000 bales, were taken off his hands by wealthy Anderson, Clayton & Co. to keep the market from chaos. As the exchange opened again this week, Speculator Jordan, groggy from a reported paper loss of some $5,000,000, said: "I'm completely out of the cotton market...
Even with Jordan out, the market continued to fall, although more slowly. Never under control, cotton prices had zoomed up to a 26-year high of 39.78? a lb., thanks to the war and the fact that 1) this year's U.S. crop is the smallest in 25 years and 2) textile mills, in peak production, have been using up cotton at 150% of the peacetime rate. But it was only a question of time till cotton buyers and speculators who had spread themselves too thin realized that the comparatively small U.S. carryover from this year...