The Nevada County picayune., 1908-12-03
Farmers Educational
 -AND- o.Operative Of America
The Two Conventions.

The two cotton cOnVentionS-One al
 New Orleans by the Farmers Union
 and the other by the Southern Cotton
 Association at Memphis-have passed
 into history and the question natural
 ly arises, what hes been accom-
 plished?
 Neither convention carried to ma
 urity any definite plan for holding
 the cotton crop for satisfactory
 prices because of the many difficult i lies in the way of taking care of that mart of it which is under mortgage for the supplies on which it was made But both did much to overcome these difficulties by bringing forcibly before the business world the fact that when this fraction of the cotton is forced upon the market in advance of the demand for it, the price on the entire crop is depressed and the South loses
 millions of dollars which should flow
 through all her channels of trade.
 And not only did they bring these con-
 ditions clearly before the business
 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
 well as among farmers, and the New
 Orleans convention was worth all it 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 a very beneficial effect. The sup, port of the holding and gradual mark eting movement by leading financiers and large planters should be power ful stimulus to those who have hesi. tated as to what they should do. and where one bale has been held back be- fore, two should be held since these conventions.
 It is too early to say what may be expected from the great warehouse scheme of the New Orleans cOnyen- tion, the committee in whose charge 1t was placed has not given a definite outline of the plan. Some such ar engagement at New Orleans as that made at Galveston by the Farmers Union of Texas would materially help, and it seems quite probable that this much will be accomplished. As to the organization of a great cotton hold ing company, that is another question. Evidently the Farmers Union is not ready for such a move, and we do not believe the time will ever come when it can be made successful. Our op.n- 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 CTS 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 eff feet that strong sentiment had de- veloped or was developing, in the un- ion in favor of amending our anti bucket shop legislation so as to per init gambling on Legitimate ex- changes" whatever they are. This ought not to have been. because there Is no such change of sentiment in he union and the spreading of such reports will strengthen the specula- tors and gamblers in their war upon these laws, which will be renewed l before the next legislatures.
 As a whole, however we believe the | New Orleans convention has greatly | the holding and gradual | movement; has strength ened confidence in the final outcome | 'or better prices, and we confidently | expect to see more cotton held for bet er prices and a gradual advance in he market. National Co-Operator.