The watchman and southron. [volume] (Sumter, S.C.) 1881-1930, 1906-09-19
SYNDICATE TO BUY COTTON.
SOUTHERN ASSOCIATION TAKES
IMPORTANT STEPS AT
MEETING.
Statement By Mr.. Smith-Advan-
tages of Plan to Control Market at
Fixed Price Explained-Crop Out
look.

sociation has returned from the
Injecting Of the executive committee
Erecently held at Hot Springs. AS a
Eresult of the investigations made by
t3the committee and his personal OBJ
|5serva tions, Mr.. Smith is very en-
Enthusiastic over the outlook for the
iSfarmers this year and believes that
the prices will remain firm. True,
fthe farmers Of this State have Suf-
sfered greatly, but there are short
Eages in other States. In reference to
tthe endorsement of Richard Cheat
! fham, the Atlanta official who was
charged with speculating with the in
| formation at his command, Mr.. Smith
admitted that he went to the meet
ing prejudiced against Cheatham. All
| Of the others, however, were iuny
| satisfied with the evidence as it was
bought out and as a result the COM
| mittee decided to endorse the man.
It has not satisfied all Of the men,
| ters, however.
s Mr.. Smith gave out a very inpor-
tant statement concerning the meet
ing and the organization Of syndi-
cate with a capital OF s6O,000,00o, to
| Ebuy up all cotton offered for less than
| the fixed price. Mention was made Of
this some time ago in The State and
| it was Mr. Smiths own plan which
| the committee adopted. Mr.. Smith
| urges cooperation as the only way to
win the fight and his statement is
fsworth careful consideration. He says:
I have just returned from the
| meeting of the executive committee
at Hot Springs, Ark, which convened
kSept. 6, and adjourned on the even
ing of Sept 9.
Matters of great Importance came
up, for consideration before this meet
ing and we're considered deliberately
and entirely with reference to the
good that might be done to those in
interested in cotton growing in the
South and in the prosperity that has
resulted from the two years of the
remuneratiye return for cotton.
All the States were represented, and
in spite of the fact that some serious
blunders had been made, every man
was enthusiastic as to the principles
of the organization and its ultimate
power to win the fight for Southern
independence of the domination Of
foreign spectators and foreign eapi-
tai The committee after due delib-
a.ion. decided tc tx the de41-i!ne,
tf,t: line below which no cotto.1, weak
or strong. should br sold in the Seutt.
at ten cents per pound. This was
dSre facauee of the seatic-e'lt
throughoa.a the South that this was
the lowest possible price under ex-
listing conditions as to labor, and the
increased prices of all other COM
modities necessary for the growing
of the crop, that would enable the
grower to mee his obligations. 1t had
no reference whatever to the present
crop or any other condition. We did
not say, nor did We mean to say. that
cotton is not or will not be worth
more than thas per pound, based up
on the law Of supply and demand.
There were consumed this year, from
September to September 1, 12,2O0,-
600 bales which brought an average
of III cents per pound; $4,000 bales
of this amount were taken from the
crop Of 1904, which was brought over
from that year into the cotton year
of 1sO5-O6.
According 70 the consumption. as
reported from the mills, and The new
snindles that are added, the prospec- |
tive demands for the spinning world |
will be 12,5O0,0O0 bales for 1906 and |
1907, of the present cotton year.
AS to- the outlook for the yield OF
the present year, we had an aggre-
gate of several thousand reports from
different States, taken from observa-
tions made since September l. These
reports from the several States were
read in open committee and comment
ed upon by the members of the ex-
ecutive committee and the State
presidents from the several States.
From North Carolina, ]. P. Allison OF
Concord and c. C. Moore from Char
lotte, corroborated the returns from
ten to fifteen per cent. less yield than
last year. They stated that unless
the price of cotton exceeded ten cents
per pound. the cotton growers OF
their State would suffer. From Ala
Of oo-I- |