Woodruff County news. [volume] (McCrory, Ark.) 1901-1910, 1908-12-17
Farmers Educational
AND
Co-OperativeUnion
Of America
The Two Conventions.

'"o Two conventions
Ihe two cotton conventions-ono o.
new Orleans by the Farmers TTn,oD
and the other by the Southern Co+to-
association at Memphis-have passod
into history and the question natural
~ arises, what has been accom-.
plished? ni'
Neither convention carried To ~,
turity any definite plan for boIdina
the cotton crop for satisfactorv
prices because of the many dif3cri
ties In the way of taking care of that
part OF it which is under MORTGAGE
Tor the supplies on which 1t was mad
But both did much to- overcome tbaso
difficulties by bringing forcibly before
the business world the fact that whom
This fraction of the cotton is forced
upon the market In advance Of tho
demand for 1t, the price on the entire
crop Is depressed and the South ,osos
millions of dollars which should flow
through all her channels of trade
AND not only did they bring these con.
d1t1ons clearly before the businecs
world, but representative bankers and
business men expressed a willing.
ness to cooperate along safe and
sound methods of improving them
The Farmers Union needs a campaign
OF education among business men as
we'll as among farmers, and the New
orleans convention was worth all II
cost for what it accomplished in this
respect alone.
In the matter Of marketing that
part OF the crop not under the neces-
sity of immediate sale, the work of
both conventions is calculated to have
very beneficial effect The SUM-
port of the holding and gradual mark.
citing movement by leading flnanciers
and large planters should be a power.
full stimulus to those who have hest
tated as to what they should do, and
where one bale has been held back be.
fore, two should be held since these.
conventions.
1t is too early to say what NAV be
expected from the great warehouse
scheme of the New Orleans conven.
ton, the committee in whose charge
1t was placed has not given a definite
outline of the plan. Some such ar
rangement at New Orleans as that
made at Galveston by the Farmers
Union OF Texas would materially help,
and 1t seems quite probable that this
much will be accomplished AS to the.
organization of great cotton hold
ing company, that is another question.
Evidently the Farmers Union is not
ready for such move, and we do not
believe the time will ever come when
It can be made successful. Our opin-
ION Is that the remedy does not lie In
that direction.
The one damaging result, in our
opinion. of both conventions was the
disposition to compromise with the
cotton exchanges. At Memphis, gam
bling In cotton futures on the ex
changes was boldly defended and the
claim was made that anti-bucket shop
legislation in the Southern states had
helped to depress prices to the present
low level Of course, bucket shops
were condemned, although the speak
ers did not show why gambling on
exchanges is any more beneficial to
the cotton growers than on bucket
shops, but the spurious claim was ad-
vanced that buyers of futures on the
exchanges supports the spot market
At New Orleans no defender OF fu-
ture gambling raised his voice on the
floor of the convention, but in some
way press reports went out to the ef'
feet that a strong sentiment had de-
veloped. or was developing, in the I'M
ion In favor of amending our anu
bucket shop legislation so as to per-
NIT gambling on Legitimate ex-
changes" whatever they are. This
ought not to have been, because there
Is no such change of sentiment IN
the union and the spreading OF such
reports will strengthen the specula-
tors and gamblers In their war upon
these laws, which will be rene"eu
before the next legislatures.
AS a whole, however, we believe tne
New Orleans convention has greauy
strengthened the holding and graduai
movement; has strengtn
ened confidence In the final outcome
for better prices, and we conf1denly
expect to see more cotton held for oeV
ter prices and a gradual advance ID
the market.-Nationa CoOperator'