Atlanta semi-weekly journal. (Atlanta, Ga.) 1898-1920, 1911-11-03
STATE WAREHOUSES;
URGED AS SOLUTION
OF COTTON PROBLEM
CONTINUED From rage one.)

/ fedCn an agreement ana duJOuIneu dL
$3.50 until 10 O'Clock Tuesday morning.
Almost every cotton growing state was
J represented at the meeting today The
/ governors of Texas, Alabama, MISSISSIPPI
pi. Louisiana and Virginia were present
and from these and almost all the other
| southern states came the commissioners
of agriculture, bankers and prominent
planters. Charles S. Barrett, president of
the National Farmers union, was also
present. and took an aetive part in the
proceedings.
COMMENDED BY BARRETT.
President Barrett of the Farmers
4 union, stated that the members of this
great organization are almost to a man
| prepared to hold every bale OF this sea-
sons cotton which they have on hand
and will be urged to do so.
Maj. w. A. Graham, commissioner OF
agriculture of North Carolina, favored
state aid to the cotton farmers as a
means of securing an equitable price for
his staple. Nt
THE situation which the cotton farmer
| has now 70 meet" he said, confronted
the tobacco farmer in the early history
of North Carolina. AS a result of to-
bacco being depressed below the actual
cost of production. the state assembly
in I'M enacted a law authorizing each
/ county to build or rent warehouses, APP
1
ceipts therefore.
| These receipts were made transferable
and were received IN payments OF ac-
counts or as securities. II was felony
to counterfeit one of these receipts. and
as they were backed up by the county's
guarantee and had the moral backing at
least of the state government they vir-
tually became legal tender throughout
North Carolina.
| Former United States Senator John J..
McLaurin, Of South Carolina, who is a
large cotton planter. declared that the
southern states may yet be forced to
adopt the valorization plan which has
been empIoyed so successfully by the
Brazilian government in the protection
OF the great coffee industry of that
country. rt II
PLAN OF BANKERS.
The .plan of certain European bank
ers to finance Immediately 100000 bales
of the present crop and thus insure an
early re-establishnient OF the, normal
price for cotton was considered late to-
day in executive session
The names of the American representa-
| tiyes. the foreign financiers and details
of the proposed plan were withheld from
publication. 1t is understood further
consideration of the plan win be had
| AT the banquet rendered last night
1 " TIE utlGsdlCS 10 TIE NOllOn COHlOlOuC0,
John H. Kirby. OF Houtson. Tex. head
of one Of the largest lumber companies
In the south, declared that the present
stagnation of business throughout the
country is due largely to the uncertainty
over the ultimate, Interpretation of the
Sherman antitrust law.
| AS to the criticism OF the United States
SUPREME court by friends of that law
for having written into the law the word
lee.. Io4f t&o
application to the restraint OF trade, Mr.
Kirby offered the suggestion that If 1t had
not been for this action of the court in
judicially Amending" the law 1t would
have been called unconstitutional.
/ <"In order to hold that law constitu-
tional," he declared. "the supreme court
had to read something into it."
DISCUSSES SHERMAN LAW.
Immediately following the supreme
courts decision in the Standard Oil COM
pany and the American Tobacco COM
pany cases he said the business interests
OF the country felt that they could pro-
coed with the further investment Of cap
ital based on final Interpretation Of the
Sherman law.
But he said, 'tne administration at
washington, the law department. takes
another view of the matter and today no.
kbody In the United States has any clear
conception of Just what the Sherman law
provides or what they may do
! Mr.. Kirby appealed TO the governors of
the south to formulate an appeal to the
federal administration to promulgate Its
Interpretation OF the law so that the
business interests may have conception
of the basis, upon which they can law
fully operate.
STATISTICS GIVEN.
At today's session Governor Colquitt
submitted the following statistics relat-
ing to the worlds demands for American
cotton of the present crop. These figures
were obtained through the state depart
ment at washington from consular rep
resentatives Of this government; except
for the demands Of the mills, in this
country, the figures for which are based
on last years consumption. The totals
! comniIed show that the spindles OF the
world will require a total Of 1S,7S9,9l6
bales of the present American crop. or
/ approximately the same number Of bales
| as shown by the governments estimate
4 of this seasons crop.
Governor Colquitt directed attention to
the fact that this is the first time in
the history OF the country that figures
| showing the demand Tor cotton have
ever been complied and presented for the
benefit of the producer. Accepting the
4 governments estimate of a 1880, 000-bale
I crop this season, Governor Colquitt de-
clared that the demonstration of world
1 demand for 12.7S9OOO bales proves con-
clusively that cotton today IS worth 10
cents per pound or more. The average
price for last years crop was 14sO cents
per pound. N
FARMERS MUST HOLD.
with these figures before him." said
Governor Colquitt, the farmer should
not hesitate to hold every remaining
bale of the present crop until the spin
ner comes across with what he consid-
ers remunerative price. The figures are
reliable and were compiled by foreign
/ representatives of the United States gov
eminent form authentic sources Of in
formation. This fact should give conf
dence to the banker and business men
of the south and cause them TO lend evey
1 encouragement TO the farmer who shows
a disposition to hold.
/ Bales
American.
I United States.... 49,. $500. 4soSo' olo
Great Britain.... -. ..S,OOO,OOO
France. ...a..,..... -. -, SOU
I Russia -. -. -, h...fOOOOO
ria-Hungary =. =. 100000
| Italy ..S2o,OO0
Japan ~ -. ..S2o,O0O
Spain =. -. ...SzO,OOO
4 Belgium -. ..lS4sUOO