Yorkville enquirer. [volume] (Yorkville, S.C.) 1855-2006, 1908-05-08
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acre at that" Considering that 33,000,-
900 acres were planted in 1907 and the
entire crop was q little more than H.
900 900 bales, the net returns would not
have been any better than those receiv-
ed for the 100000 bale crop of 1906.
With the cotton world practically
convinced that 15-cent cotton was a
possible or probable fact, along came
the October gales" wrecking n vast
fleet freighted with sanguine hopes No
need to dwell on all that has happened
since to initiate against high prices
and an eager market. Thousands who
would have kept their promise to hold
cotton for a 15-cent minimum were
forced by the calling Of loans to sell all
Or a part Of ito pay Indebtedness
that could not be rearranged and fl
nanced as usual.
Aid From the Banks.
Early in March a meeting of Far
mers' Union and Southern Cotton as
sociation officials was called in Jack
son, Miss, to consider the future of
the cotton still in the hands Of growers
and the merchants and factors Of the
all southern banks gave hope that the
remnant might be financed and remov-
ed from the distress" column Of no
account. Memphis banks had agreed
InIo lnt
amount of Arkansas cotton, to be ware
housed and insured in that city. There
were signs of an improved demand for
manufactured goods, and gradual re-
storation Of good business conditions
gave hope that a successful stand
might yet be made by those who had
held out in spite Of "a sea Of troubles"
and were willing to hold to the end if
banking favors could be secured.
The matter was again taken up on
April at a meeting Of state presidents
of the Farmers Union in Little Rock.
and it was decided tn renew the fight
of all cotton holders was solicited. The
banks of Little Rock agreed to finance
all of the distress" or loan cotton, in
Arkansas under fair terms and reason
able conditions. This action freed a
large amount Of promised Memphis
capital, which was speedily applied to
loans in Missouri, Tennessee and north
ern Mississippi. Next to fall in line
were nineteen banks of Mississippi, the
largest in the state, and the banks Of
Alabama followed suit, agreeing to care
for all necessary loans on warehoused
cotton in those states.
BY April IL it became certain that
all necessary cotton loans in all the
cotton states would be carried on the
basis of $50, $35 and $40 bale until
September l if desired, and the great
est obstacle to success was removed.
Then began an organized canvass
through the various state departments
of both Farmers Union and Cotton as
SociatiOn.
Owners of many thousand bales
need no financial assistance. and could
carry what they have and the 1908
crop, too, If they deemed it wise. and
they are not disposed to weaken now.
The spontaneous and generous aid eX-
tended by the southern banks has been
a revelation to the farmer. and the
banker views the whole problem in a
vastly different light today than ever
before. As a national bank president,
prominent throughout the south, puts
il:
Heretofore when funds had accu-
mulated, as in recent weeks, we trans
feIred our balances to New York,
where the money was loaned to specu-
lators to depress the price Of cotton.
We ought To use that money to help
out the southern planter
Thus it happens that a very large
proportion of the cotton now in the
south is not being pressed for sale at
a season when ordinarily every plan
ter who has seed in the ground is fig
uring on the next picking and anxious
to clear the decks of all the old stock.