The watchman and southron. [volume] (Sumter, S.C.) 1881-1930, 1906-02-07
FIFTEEN CENTS coTTcN.

The Fight is Now on to o. Finish Be-
tween Spot Holders and Friends OF
Higher Prices.
Atlanta, Ca, January 31.-The
mammorth Cotton Convention held at
New Orleans JanuaGy 11-13, 1906,
without a single dissenting voice,
unanimously endorsed the resolution
! to hold the balance of the unsold por-
ton of the present crop for Is cents
per pound, basis middling. at the
ports.
The executive committee Of the
Southern Cotton Association, in an
nual session at New Orleans, January
Is, 1906, also unanimously endorsed
the action Of the convention relative
to the fifteen cents resolution. Rep
resentativest of Southrn Bankers, who
assembled at New Orleans during the
|Cotton Convention, passed strong res
olutions guaranteeing the moral and
financial support of the Southern COT
ton Association to secure fifteen cents
for the balance Of the crop. The
fight is now on to finish between
the spot holders and friends Of higher
prices. backed by Southern bankers,
and the Bear specultors, spinners
and enemies to fair and equitable
prices. The line are plainly drawn,
and friend or foe, will be quickly rec
ognized by the voice, pen or position
taken
We are dealing with product
worth many hundreds OF millions OF
dollars annually, distributed, in its
raw and manufacture form, through
out the entire civilized world. The
producers of this most valuable pro-
duct of southern soils have been the
laves and serfs Of the commercial and
consuming world for nearly half a
century. Southern cotton growers,
financed by their local banks, are
gradually working revolution in the
old system of marketing their staple.
Short crops and fairly good prices
from 1890 to 1904, freed the southern
growers generally from the lash Of
mortgages and credit. Increasing
the food supply crops, has been an
important factor in developing that
independence and thrift which should
characterize every farm. For these
reasons, it made possible the handling
Of the great crop Of 1904, on a profit
able basis to the growers against the
combined organized brain and money
Of the world It is for these reasons,
together with advanced thought,
study. and a better knowledge Of le-
gitimate supply and demand Of cotton,
that will enable the spot holders Of
cotton in the South 70 demand and
enforce higher pric@5 1or the balance
of this crop than are at present pre-
vailing. It has not been denied that
spinners could have paid u cents to
the farmers, for the entire crop OF
1905, and declared good dividends on
their investment, at the prevailing
high prices Of yarns and dry goods. 1t
cannot be denied that Bear specul-
ators, backed by the spinners, took
advantage of the necessities Of the
farmers in September and October,
and forced prices down to 9 IL cent.
per pound, buying in fully one-half o
the crop around. 10 cents If the bal
ance of the crop now held, and which
does not exceed 1900, 600 bales is sold
at Is cents per pound, the whole crop
will go to the buyers and spinners at
an average price to the farmers, un-
der - cents per pound. Where is
the exhorbitant demand of the farm
ers? If the cotton is worth it, why
should not the producer be entitled to
receive its full value? Those gentle
men who are raising such howl
about 12 cent cotton, were as silent as
the grave when cotton was selling It.
6 cents.
Stand firm for Is cents. Sell your
cotton at that price, and do not un-
dertake to force the market still
higher. Our position is based upon
equity and fairness, and no effort
should be made to go beyond that. Let
US be fair with the spinners; and IN
making sales let it be distinctly un-
derstood that the buyer Will ship the
cotton direct to the manufacturers.
and that the cotton is not being
bought for the purpose of tenders on
speculative contracts in the cotton ex-
changes Of the country Notify your
cotton factors that this rule must be
strictly adhered to. Let the specula-
tors who have been bearing --e