The leader., 1905-10-11
HOLD YOUR COTTON.
PRESIDENT CLARK MAKES ANOTHER
STRONG APPEAL.
Farmers Urged to Prove That They
Are Not a "Set Of Jackasses. :

udy
ITO the Farmers Of Mississippi:
Since the bureau report Of the
End, and its Interpretation by the
bear forces, the cotton market has
shown considerable strength, due
entirely to the belief on the part
of large majority of the cotton
world that the farmers would not
sell their cotton below ten cents.
/ anticipate that an effort will
again be made to depress the price
below 10 cents. Some of the cot
ton men are beginning to say that
the farmers are weakening, and
that they will not hold. | cannot
believe this, and think it would
be rank folly on your part to sell
your cotton at present prices, and
I feel that the conditions justify
you in holding your cotton for II
cents. 1t is admitted that the
world will require this season 12h
million bales, and present prices
are based on II to 111a million
bales.
Now, a careful and thoughtful
review of the crop conditions
ought to convince you that this
crop is a very short one. Last
year the yield and acreage were
both abnormal. There was an
enormous deterioration in the crop
during the months of August and
September last season. A great
many people we're deceived at this
deterioration and cried wolf too
quickly, without carefully consid-
ering the enormous fruitage on
the stalks in the early part of Au-
gust. The conditions were unus-
uaIIy favorable and the fruitage
was so great that the deterioration
was necessarily great. Last year
every pond and slough and the
green woods produced enormous
yields. Now, what has become of
all those Iowlands and newIands
this year? We have had the most
unfavorable conditions for years.
This is universally admitted, and
the unfavorable conditions have
been, with few exceptions, the
same over the entire cotton belt.
This condition is unusual. The
crop to begin with was several
weeks late. The season was un-
favorable for fruiting and the
fruiting was necessarily slow. At
no time during the season have
the conditions been favorable for
any excessive frulting; in fact,
during the month of August there
was considerable deterioration;
during the month of September
the deterioration was light, for
the simple reason that there was
no excess of fruitage, and in fact,
it was so small that there was
nothing to lose.
It is generally admitted that the
crop has made practically nothing
fol the last 80 days, yet it shows
little deterioration. The worms
are now stripping the young cot
ton and it is generally admitted
that the top crop is practically or
will be practically nothing. TAX
ing the conditions as whole, |
predict from a common sense view
the smallest yield per acre for
years. Admit the acreage to be
27, 100000 and the yield per acre
the same as in 1908, we have only
81 million bales. Acreage aban-
doned this year has been enor-
nous, much larger than ever
known, and the wet lands where
enormoas yields were made last
year are either grown up in weeds
or will make no cotton. firmly
believe that the situation warrants
much higher prices. | do not
think you should sell a pound of
your cotton at tine present price.
There should be no distressed cot
ton. There is not banker or
commission merchant in the entire
land who will not make liberal ad-
vances on cotton. / should very
much prefer shipping my cotton
to the commission merchant and
paying $3.50 per bale for storage,
commissions and insurance and
thereby gaining from $12 to SIS
per bale later on. / think this is
good business proposition and
foolish Of you to sell cotton at the
present prices. If you continue
to sell the market will go lower;
the receipts must be stopped even
to maintain the present plices.
Some people advise the selling
of spot cotton and the buying Of
futures. ] beg you not to do this.
You have no show in this game of
futures. When you sell your cot
ton you give the other fellow a
club with which to break your
own head; he has the actual cotton
and this is what he needs. Future
contracts will not make cloth.
You hold all the ammunition and
it would be very foolish to supply
your adversary with war material.
This is a fight to the death and the
matter is entirely in your hands.
The world calls The farmers a set
| of jack asses; show them now that
| you are men and hold your cotton.
WALTER CLARK.