A 1907 article in Moody's Magazine on the dispute between the Southern Cotton Association and the New York Cotton Exchange. The author argues that speculation, and short selling in particular, does not depress cotton prices, and that overtrading by Southern speculators buying on margin has done the most harm. He concedes that the Exchange's grading methods have some flaws, argues that supply and demand ultimately set prices, and says 10 cents a pound is a fair price.

A 1906 magazine article by financial writer Thomas Gibson analyzing ten years of American cotton prices (1896 to 1905) for speculators. It presents tables of seasonal high, low and average prices and of crop sizes in bales, plus a circle chart of yearly price fluctuations. Gibson argues that cotton prices have risen steadily despite normal or large crops, attributing this to a general rise in commodity prices and a declining purchasing power of the dollar rather than to supply and demand.