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

obliged to pay an urgent debt, sell
enough to meet your needs but hold on
to the balance of It, letting it go
month by month until the entire crop
is sold"
Mr.. Harding gave # as his opinion
that It would be difficult for banks in
the larger cities to aid directly in the
holding back Of the cotton crop and
gave good reasons, but declared the
merchants local banks must do their
part.
"They are the ones to whom the
farmers debts are nearly all DUE" he
said, "and they are the ones who can
best secure accommodations from the
larger banks. Almost every town of
500 people throughout the south has its
banks and towns and cities of larger
size have many banks. Many of the
stockholders of these banks. thousands
in number, are farmers, and many are
merchants and almost all CT them are
directly interested in the price Of cot
ton upon which the money supply of
their community SO largely depends.
Their interests are Identical with
yours. Your prosperity last year and
in previous years has made them pros
porous, you are able to help your
selves, you are able to give good Sc
curity; they are able to help you and
they will"
Mr.. Harding advised of the adoption
of cooperative methods, even If they
be trust" methods of producing and
marketing crops.
st have heard some intimation that
the officers of your farmers organiza
ton may run risk of prosecution I'M
der the Sherman law, when they ask
you to organize, to limit your produc-
ton, to diversity your crop, to hold
back portion of your products, and to
n
manner. but I do not believe you are
violating any law of God or man when
you combine in an attempt to secure
full value for the products which your
soil has yielded as a result of your
Drawn and muscle, and the sweat of
your brow. No law can stand that
seeks to deprive an honest man of the
fruits of his labor which enriches not
himself alone, but his state, his Sec
ton, and his country"
THE CROP ESTIMATE.
Estimate Of this years cotton crop,
recommended by the committee on sta
tistics, and adopted by the Southern
Cotton Growers Convention at the
morning session Wednesday is ap-
proximately 12,250,000 bales.
This estimate was reached on figures
presented to the committee by the call
of states, each state being represented
by its agricultural commissioner or
his authorized assistant and by figures
furnished by the National Farmers
Union from It's recent convention at
Shawnee, Okla. and by revised figures
submitted Wednesday here by Presi-
dent Charles s. Barrett, of the farmers
union.
On the call Of states. the estimate
arrived at reached only II .217, 900 bales.
The estimate as made by the farmers
union at Shawnee, Okla. was 11,747, 900
bales and revised estimate by President
Barrett was 12,052. 900 bales. An aver
age was made of these three estimates
and a percentage added for increased
acreage, improved conditions, etc, and
general estimate of 1920, 900 bales
made.
The committee in formulating its es-
innate was extremely DESTROYS of being
conservative, OF giving out as near as
possible an accurate estimate from the
reports before it, of giving out an es-
innate that would be honest and not
discredited by the world, so in order to
do this, the real figures were increased
to allow for any inaccuracy.
On the call by states, the following
figures were submitted:
Observation-Disclosures crop LOO, 900
bales, 10 per cent less than last year
Arkansas-Estimate crop 900,0OO
bales. a slight increase over last.
F1orida-Estimated crop sc, 900 bales.
slight increase over last.
Georgia-Estimated crop 1900. 900
bales, % per cent deterioration
ACCOMPLISHMENTS crop LOO, 600
bales, per cent less than last year.