Keowee courier. [volume] (Pickens Court House, S.C.) 1849-current, 1911-08-30
SAY TO HOLD FOR IS CENTS.
Committee Of Southern Senator'S and
Representatives Report.

Washington, Aug. 23.---"Hold cot
ton for 13 cents" Is the advice to be
formally given to farmers organiza-
tions, by committee consisting Of
Senators Williams of Mississippi,
Owen Of Oklahoma, and Representa-
tive Burleson Of Texas, representing
conference Of Senators and Repre-
sentatives from sveen cotton-grow-
ing States.
A committee will urge the State
banking associations to cooperate
against "the bearish movement Of
the spectators"
What was referred to generally as
the threatening condition of tho cot
ton market" was discussed at meet
ings to-day and last night. Among
the participants were Senator'S Will
liams and Owen, Representatives
Underwood OF Alabama, Democratic
leader of the House; Hef1in OF Ala
bama, Brantley and Hughes Of Geor-
gia, Burleson and Bealle Of Texas,
Garrett of Tennessee, Humphreys Of
Mississippi, and Small of North Caro-
lima. A number Of them are large
cotton planters.
Statement Issued.
The committee issued a statement,
which read:
at seems to be the opinion Of all
that there was preconcerted effort
being made, principally through the
instrumentality Of the speculative
element Of the New York cotton eX-
change to break down the price Of
cotton. 1t was the opinion of all that
the present statistical condition OF
cotton did not justify the lowness OF
present quotations, and that the esti-
mate of 15,00O,0 900 bales was unjus-
titled by any facts upon which a pre-
diction could be sanely based. And
| moreover even if 100000 bale
| crop were in sight, the worlds sup
! plies still probably would fall short
Of the worlds demand for cotton, to
the extent Of more than 100000
bales, because Of the exhaustion Of
the recent visible supply Of carried
over spot cotton. In other words,
with a 100000 American crop the
worlds crop for 1911 would be 25,-
100000, with 35,O00,00O spindles
creating a demand for 26,00O,0OO.
This statement is based on latest ad-
vices from Egypt, India and other
cotton producing countries"
Function OF Committee.
The statement refers to the ap-
pointment of the committee to write,
in the name Of those present, let
ter to the president of the Farmers
Union and to other cotton farmers
organizations, asking them to advise
their local unions and other subordi-
nate bodies to advise the farmers
generally to hold cotton for 8 cents,
and to continue to demand that price
until by a convention of agreement,
arrived at in some way, different
one shall be suggested"
The Price Fixed.
The conference expressed the view
that 3 cents was seemingly less than
that justified by the existing statisti-
cal condition. "This committee" the
statement reads, was also requested
to communicate in some way with
the presidents Of the several State
banking associations in the cotton
States, asking them to throw, as far
| as possible, their moral and financial
support behind the effort to counter
act the bearish movement OF the
| spectators, with the view Of obtain
| ing a fair price for the farmers cot
| ton.
Ample Funds.
Information was given at the in
formal conference that assurances
would be given to President Barrett,
or to Southern banks, that ample
funds from banks outside OF the
South could be had, through the in
strumcntality of Southern financial
institutions, to be lent, at the rate of
per cent per annum, to those who
did not wish to dispose Of their cot
ton at a sacrifice, upon cotton ware
house certificates. This committee
subsequently met in the Office OF
Senator Williams, Of Mississippi, and
concluded that the best way to carry
out the ideas suggested and agreed
upon was to give this statement to
tho Associated Press. Signed: