The Montgomery advertiser., 1908-11-20
JOIN ALL COT
 TON INTERESTS
IS PURPOSE OF THE COTTON AssO-
 CAPTION. ~f''

Full Text of the Report and the ResO-
 gmtions Adopted at Mem- phis Looking to
 That End.
 Memphis Commercial Appeal
 The report of the general commit tee was read, covering the saliant fea- lures of the conference, and received the hearty endorsement of all in att tendance. This report is given as fol- lows:
 General Committee Report,
 We, your committee. to whom have been referred the reports of the vari- ous committees. beg leave to submit the following:
 Holding and Selling.
 Every interest in our fair Southland is vitally concerned with the cotton growers in securing a fair remunera- ton for their labor and for their in- vested capital. The prosperity of every one in the cotton growing States is measured almost directly by the pros perity of the farmer, and therefore we feel no hesitancy in calling upon the business and professional men Of the country to cooperate in every pos sibie manner with the producers of cot ton in securing price that will give a profitable remuneration for. the cot ton crop. To this end we ask the ass StSIAHCS OI every Iudus ia business engaged, in successfully car rying out the recommendations of his committee as to marketing cotton. c most earnestly recommend to the cot ton growers of this country, and would like to have this recommendation un- derstood as applying individually to every person who grows cotton, that, so far as may be possible in each individ- uai case. none of the crop of 1908, still in the ownership of the producer, be sold below the meat and bread line of 10 cents per pound for short staple cot ton. .es,t
 We urge that after the markets shall reach this price. the cotton growers shall sell the product slowly, so as to prevent selling in excess of one-tenth per month of the remaining crop of 1908. We urge that in future all cot ton growers avoid as far as they can. incurring indebtedness to be paid at time of gathering their crops, in order that they may be better able to hold their products for a fair price, and that, where farmers do not have obli- gations that must be met, though a fair price may be secured that will more than pay the cost of production, they use the same methods of other business men and market their cotton throughout the year. instead of dumping 1t all on the market whether needed or not, during the few months of gathering season.
 Financing Cotton in Storage.
 We favor the prompt payment of debts when due. and for the purpose debtors should borrow money. if not otherwise able to pay them.
 To effect thia, we urge upon cotton growers the policy of applying to their local banks for loans secured by ware house receipts representing cotton to be held for the purpose of being mar keted only when demanded for actual consumption.
 We earnestly request Southern bank CTS to accept such warehouse receipts as collateral for loanS with the de- clared policy Of extending each loan from time to time, so long as the loan is safe.
 TO effect this. Southern bankers are most respectfully urged to devise some general plan for rediscounting in do- mestic and foreign money centres. farmers paper secured by cotton ware- house receipts.
 Such a policy would encourage prompt payment Of debts, gin compress sion. Yarehousing the crop until mark eted slowly, as demanded for actual consumption, keeping at home money heretofore spent abroad, and charged against the price of cotton, such as in- terest, insurance and foreign ware house charges, and saving money lost through country damage, city crop and other unbusinesslike waste.
 The suggestions offered to this con- vention for the organization of a hold ing corporation are referred to a com mittee, composed of President Harvte Jordan, F. L. Maxwell and H.H. Rogers, with the recommendation that they take such action as in their opinion may be deemed hest. with full power to act in cooperation with any commit tee appointed by any other organiza- tion.
 We recommend to the immediate at- tention of Southern bankers and fnan- ciers the inauguration of a great cot ton bank at some leading centre in the South for the purpose of establishing a clearing house to aid i nfnancing and marketing the cotton crop each season. and to become the medium of financing the local banks of the South, in order that the financial interests of the South may be gradually divorced from the control of foreign influences.
 Gotten Factories.
 While there has been a gratifying increase of about 70 per cent. in the nuuber of cotton spindles in the South in inc past eight years. and a cores nonding increase in the cotton used in these Southern mills, we believe that the interests of the cotton growers de- n,and A cotton mill in close reach of ev- arv cotton farm in the South, and we ,ree A continuation of the agitation for '1cotton factories enough in the South to manufacture our cotton" We com mend the efforts made by the States of CeorRia, Texas and Mississippi in the establishment of textile depart ments in their agricultural colleges, and we urge that more government and state aid be given to this important branch of industrial education. the buildinR of more factories e the suc- cessful management of many. now built beine greatly retarded by the lack of men properly educated and trained in inc technical and business knowledge pertaining to this great manufacturing industry.
 Our system of continuous cotton growing upon the same land is not only impoverishing our people, but 1t threat ems to exhaust our soils to such an extent that it will pauperize the next generatton unless 1t is speedily stop-- ned and efforts made to restore the Iand This can only be brought about bv scientific study of the soil, and prac- tical rotation of the crops, resulting from proper diversifieatiOn. We urge that in every county and precinct con cereed efforts be put forth to induce every farmer to plant enough of his lands to other crops to at least make enough of the things that can be grown on the land to supply the people of their communities, as well as them selves, with what they need. And we : s.Ia att rAxy