The Montgomery advertiser., 1905-10-21
10 CENTS THE MINIMUM
COTTON WILL NOT BE SOLD FOR
 SMALLER PRICE.
Some Expect to Get IF or IA Cents for Staple Next summer--Average Estimate of Yield
 1O,5OO, 900.

Baltimore, Oct 20.-(Special. )-Near- ly one thousand letters from Southern bankers giving their views on the out look in cotton have been received by this weeks issue devotes thirty pages to their publication. and in summariz- Ing them says:
 Cotton growers of the South have. apparently, fixed upon 10 cents pound as the desirable minimum price TOT this years crop. Their estimates or the size of the crop range from as low IS 100000 bales to as high as l2.ooo,- goo bales. though the general consen- ts is the yield will be between lo'- 0,000 and 10.500.000 bales.
 These broad impressions appear in rly thousand letters to The Man rs cturers' Record from bankers In ssrs States and Territories of the cot @3 belt.
 ne fact is prominent throughout the realization by the growers that they must work out their own salvation and their determination to do it, Another significant fact is that Southern fnan- rial institutions are ready and willing to sustain their determination and are succeeding in their desires. Though immediate circumstances have largely influenced this years action of the growers as to the acreage planted. the treatment of that acreage and the price at which their cotton has gone to market, 1t is impossible to escape conviction of the far-reaching effect for good of the organization last win ter of the Southern Cotton Association and the wise and practical course which it has followed as a general rule, its benefits being shared even by men who have not personally joined in the cam paign which it inaugurated.
 Tt would be difficult to state at this writing the definite weight in the final outcome of the fixing a few weeks ago of the minimum price of Il cents by the Executive Committee of the Associa- are observers who believe that such action might prove to be against the continued success of the organization, which, by conservatism, will continue to enjoy the support and cooperation
 spjnners and bankers, and will be
 ,otent factor in increasing the pros 3erfty of Southern farmers and conse- quently advancing the welfare of the South and the whole country.
 That irreducible minimum in all probability tended to strengthen the backbone of many who are anxious for prompt returns from their crop, and was in part responsible for the wide- spread selection of 10 cents as the price at which cotton will freely move. It Is not that much cotton has not all ready gone forward or will not go for ward below that price. Some growers, still living from cotton to cotton, have been obliged to sell at prevailing mar ket rates to meet their obligations.
 Others have come under the misfor- tune of bad weather, injuring their crops of cotton and foodstuffs. On the other hand, many. having met their obligations with the proceeds of early picking. are now able to wait for their own price and are hauling back their cotton from the gin and storing it in barns or at congresses. Not few of these are resolved to hold. even If 1t takes all next summer. They are de- scribed as sitting down on their re- maining cotton, not having needed dollar of advancement for supplies this year, and are laughing at the bellowings of the bulls and the roars of the bears among the coty cotton raisers."
 Such are responsible for a falling of in receipts at gins at divers points to such an extent that in some cases where usually at this time the plants are running full tilt, the phrase gin ming days has come into use. A few farmers have not yet let go their cot ton of the season of 1904-1905. They are of the class which are expecting 12 and 14 cents before next summer, and not especially interested in 10 cents; they have their own supplies and to spare, with money in bank or in loans to less fortunate ones.
 Little trouble is experienced by others in obtaining reasonable rates oi insurance and liberal advances from Dsaks bulging with money, but they ~iving local markets a Sunday s as cotton falls below 1t ~uected to turn 1t loose above that amount rH t+{ Cor themselves ls i.sacol ea Sat the re- FtrcE w4" tl '1 the Fsy f.ff .-a Itf, ioarE.t keeT e.-1 ...4a. .Iua n