The Birmingham age-herald., 1910-07-03
URGES FARMERS ID
 HOLD ON ID COTTON Sale for Future Delivery Would
 Be Suicidal CROP IS NOT EXCESSIVE Commissioner of Agriculture Wilkin- son Gives Views Concerning New
 Cotton Crop-Every Bale
 will Be Needed
CROP IS NOT EXCESSIVE

Montgomery, July clal.)-f1Oldlng
 to the view that there will be no more
 cotton made this year than will be need
 ed and that IA to 15 cents is not too
 high a price, as 1t costs almost that much to make the staple, Commissioner of Agriculture Wilkinson is out in an appeal to the farmers of the state not to sell any cotton for future delivery, saying It will be suicidal. He gives no heed to the assertions that at the high prices cotton will be sought in other cimes, and urges the farmers that the time Is upon them not to sell for future delivery, rather than to hold next fall when the spinners will have enough cot ton to supply them and make it possible for them to make the farmer wait.
 The injury to the crop by the heavy rains, following upon the fact that it is already ten days late. is basis for the belief, coupled with the fact that there
 is no increase in acreage, that every bale
 made is going to be needed this fall at a good price.
 | The commissioner says
 1 From the Cotton Record of recent date we find the statement that more than l 500,00O bales of cotton all told are at ports and interior towns of this country, and | the same authority assumes there may be 100000 bales of cotton in the hands of producers and unaccounted for These l figures indicate less than 100000 bales Of cotton from which spinners can draw and supply their mills until the new crop comes to market. or until about Septem- Der 15 next. The minimum demand for American cotton Is not less than l,o0OOOO bales per month, and we are informed that there is very little cotton in the hands of the spinners, and they must now buy or shut down. They will buy, as shutting down is not profitable prop osition. The soo,ooo bales of cotton above referred to will all be exhausted before the next crop comes to market
 Should the 1910-11 crop be as much as IA 100000 bales of cotton it will all be needed, in fact will scarcely be suffi- cient to supply the worlds oemands' There are many arguments being set forth to persuade the producer that cot ton is now too high In price, That the American cotton will be supplanted by the production in foreign countries; that India, Africa, Brazil, Egypt and the ls- lands of the seas will supply the worlc demand unless the south produces cheap CT cotton, and we are often-times fright ened by announcements that our south ern spinners are buying Egyptian and other foreign cottonsA and bringing the same here for consumption. Thls would answer it's purpose if our people were less posted.
 "The government at Washington also
 +nE a against higher and legitimate prices, say legitimate because cotton can not now be produced at a reasonable profit for less than IA to Is cents per pound and this year it will cost the farmers more than usual to make it. The con dition of the cotton crop Of July l, as issued by the experts at Washington, show an average of S0.7 per cent as against 79.5 per cent for ten years aver age. but this includes California, where they are only just beginning to experl- ment or at least are making very little cotton, and which state is esti- mated at a condition of 95 per cent. Eliminating California from the esti- mate then the prospect for crop Tor 1910, based on June 25th estimates, will be 79.7 per cent, or about the same as the ten years average.
 "The crop this year is about ten days
  rain and the continued wet weather that we are now having have caused and will cause the crop to deteriora te many points The acreage Is not in creased and thF price should be good for our next crop.
 Do not sell your cotton for future delivery. This is suicidal. Should the consumers of our staple crop be able to buy for September delivery 1000, 900 no1a Nouen1har ha 1000, 900 bales each, and the distressed cotton, which will have to be sold add ed to this already purchased, 1t vii. give the bears all they want and they will be sure to hammer down prices and you may expect the message to come back to you this winter that they have been sending you In the past hold your cotton and pay storage on the same as the spinners are supplied and we will buy only as we need it.'" 
 fore, did not indicate that cotton had not been shipped or delivered
 "A checking of the records in the ship ping department. in connection with the ledger cotton account" discloses the fact that invoices were made and drafts negotiated against cotton that was not shipped This fact is disclosed by records in the shipping office, but does not show on the cash book, journal or ledger, and such record would have to be properly entered into the ledger accounts before the books" of Knight, Yancey & Co., ness.
 "The statement of the auditors for the receivers of Knight, Yancey & Co. were | accurately kept is true only when the | records are brought together. It is doubt less true tbat from all the books and l records. the true condition of the firm S affairs are ascertainable, but the auditors | statements are misleading In implying | that the general bookkeepers books con tained all the records of the business.
 "The trial balance of the face of the | ledger, taken March 31 1910, shows the | firm to be solvent and in plenty of funds | and does not show as creditors for as much as s100,000, in total the firms who have proven claims against Knight, Van. cey & Go. in this court for more than 5000, ,0Oo
 Statements of Previous Years "Statements furnished me of the busi- | ness of Knight Yancey x Co. show that
 in 19O3-04 we made a profit and 1904-05 a profit, which amounts were distributed to l the credit of partners accounts In 1904 l 05 the books were audited by Brown & | Hunter of Atlanta, and they made a re- port June 30, 1905, showing earnings for 1 lWO ytdIs Ol pol,ouv, anu Sottoi HdHulcu | lS1, ,735 bales In 1905-06 we made loss that when finally checked up and entered into the books showed in June, 1907, liabil- ities to exceed assets by s43.Ss7. Prior tc | taking this statement the books had been checked thoroughly by Mir J. H. Jun. german. On December 15, 1906, MT. Jun, german started checking the books for the two previous years. He remained in our offices from December, 1906, to June 1907 and checked every transaction and bal anced the books to August 31. 1906 and