The Pensacola journal. (Pensacola, Fla.) 1898-1985, 1911-09-14
BY Associated Press.

BY Associated Press.
Montgomery, Ala, Sept 13.-F1ve
hundred farmers, as many bankers,
congressman, senators and business
men, representing every cotton grow
ing state, declared in convention to-
day that the farmers cotton is worth
fifteen cents per pound, and resolved
the farmer should hold his cotton for
that price. This resolution followed
a committee report that the crop
would not exceed 12.5Oo.o0O bales.
For financing the crop this year
resolution was adopted to the effect
that the farmer should deposit his
cotton in warehouse and use the
receipts as collateral until he could
sell his cotton at a fair price and not
less than fifteen cents. Also a reso>-
luton was adopted that the several
state legislatures provide for system
of bonded warehouses.
A permanent organization. to be
known as the Southern Cotton Con-
gress, was formed today and ad-
journed to meet in Atlanta atNthe call
OF President z. ]. Watson, commits
sioner Of agriculture of South Caro-
lima The meeting here will be fol-
lowed by a similar convention in
every southern state, to be called Dy
the commissioner Of agriculture of
each state. BY these conventions the
action OF the congress will be ratified
and reinforced by further steps to-
ward securing a better price for cot
ton this season first and then for
years to come.
Among the speakers today were
Senator z. d. Smith Of South Caro-
lima, Congressman Hehin OF Alabama,
Congressman Clayton of Alabama,
Dudley M. Hughes, congressman Of
Georgia, and Oscar w. Underwood.
President G.. s. Barrett, of the
Farmers Union, delivered an address
on cooperation and denounced as
baseless the reports Of a bumper cot
ton crop, and asserted there existed
combination. for the purpose Of ham
mering down the price Of cotton w.
p. q. Harding. of Birmingham, Ala,
SPOKE on financing the cotton crop"
and urged the farmers to market
their cotton slowly and gradually.
AS the result Of a conference in
Montgomery yesterday afternoon.
President Barrett, of the Farmers
Union, announced that a French
English syndicate has guaranteed any
amount of money up to $75,000,O00 to
finance the south's cotton crop. The
deal was made with the personal
representative of the syndicate. The
money is to be loaned at per cent
and the cotton is to be put up as
collateral. Details of the plan are to
be perfected by a committee to be
composed Of one southern banker and
two members of. the Farmers Union.
Mr.. Barrett said he will appoint the
committee today.
BANKER HARDING SPEAKS.
Hon. w. P. G. Harding. president of
the First National Bank of Birming-
ham. Ala, was down on the program
for an address on FINANCING the Cot
ton Crop" but he not only touched on
this subject but went deeper. discuss
ing every phase of the situation, in
cluding the Importance of the conven-
tion, opportune time for holding it be-
fore cotton gets out of the hands of
the producers, crop deterioration, etc.
He pointed out the fact that the
governments last estimate of the 1911
crop, made public on August %, re-
duced the size of the crop to 12,900,OOO
bales but emphasized the fact that the
ravages of the cotton worm in this
section of the south have nearly all
been made since that date.
Mr.. Harding declared that this con-
vention should seek to impress upon
the world that the present crop can at
best be only an average one and that
there will be no surplus Of American
cotton this year, just as there has been
none for several seasons past.
In referring to the fixing of prices,
Mr.. Harding said:
It doubt the expediency of attempt
ing to set minimum price at which
cotton must be sold. believe rather
that the slogan of this convention
should be Get All For Your Cotton
That It Is Worth" rather than to hold
for arbitrary prices. Too often a frac-1
tion OF one-eighth or of sixteenth
interferes with sale. One crop of
cotton must be sold before the next
crop comes In. as otherwise we would
be confronted with the problem of mar
keting a double crop, which would be
disastrous, even were 1t possible to hold
over an entire crop, which is a mani
fest impossibiiity."
As to financing the present crop Mr.
Harding said:
MY advice as to the financing Of the
present crop of cotton is to fix no
figure at which you will sell your crop,
but to market 1t gradually. If the
price is not satisfactory and you are
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