The Brunswick news. [volume] (Brunswick, Ga.) 1906-2016, 1911-08-24
FARMERS TOLD
TOH0E9C COTTON
-
CENTS
CONFERENCE AT WASHINGTON
TO WAIT
'~&AE<
FOR PRICE.
Headed by Uohn Sharpe Williams,
N3te5 Congressna1 AMI Gotten
Planters Start Fight Against Bears
in Speculation.

Washington, Aug. 23.-"Hold cot
ton for 13 cents" is the advice to
be formally given to farmers organ
izations by a committee, consisting
of Senator Williams, of Mississippi; !;
Senator Owen of Oklahoma, and Rep
0esentative Burlessen of Texas, rep
resenting a conference of senators and
representatives from seven cotton
growing states.
The committee will urge the state
against the "bearish movement of the
banking associations to cooperate
spectators"
Cotton Planters Conferences.
The conference discussed the
threatening condition of the cotton
market" Among the participants
were Senators Williams and Owens.
and Representative Underwood, Haf-
lin. Brantley and Hughes of Georgia.
Burleson and Beall of Texas; Garrett
of Tennessee; Humphreys of Missis-
sippi, and Small of North Carolina. A
number Of them are large cotton
planters.
Committee Statement.
The committee issued a statement
which read:
1T seemed the opinion of all that
there was precOncerted effort be-
ing made, principally through the in
strumentality Of the speculative ele-
ment of the New York cotton ex-
change, to break down the price of
cotton. 1t was the opinion of all pres
ent that the statistical condition of
cotton did not justify the lowness of
present quotations and the estimate Of
100000 bales was unjustified by any
facts upon which a prediction could
be safely based and, moreover. even
If a 100000 bales crop were in
sight, the worlds supply still prob
ably would fall short Of the worlds
demand for cotton to the extent of
more than 100000 bales, because Of
exhaustion of the present visible sun
ply of carried-over spot cotton. In
other words, that with $4,000 900
American crop, the worlds supply for
1911 would sum up only 25,000 900,
with 14O,OO0,OO0 of spindles creating
an active demand for 100000 bales.
Egyptian Conditions.
This opinion is based upon latest
advices from Egypt, India, China and
other cotton producing countries.
The statement refers to the appoint
ment of a committee to write in the
| name of those present a letter to the
president of the Farmers Union and
the officials Of other cotton farmers
organizations, asking them to advise
their local unions and other subordi-
nate bodies to advise farmers gen
orally to hold cotton for thirteen cents
and continue to demand that price
Unit by convention or agreement ar
rived at in some way, different
method shall be suggested.
Price is Justified.
The conference expressed the view
that IL cents was seemingly justified
| by existing statistical conditions. The
statement continues:
THE information was given at the
informal conference that assurances
would be given President Barrett. or
TO Southern banks, that ample funds
from banks outside of the South could
be had through the instrumentality of
Southern financial institutions, to be
lent at 6 per cent. per annum to those
! who did not wish to dispose of their
cotton at sacrifice upon cotton ware
house statistics. This committee sub
sequently met in the office of Senator
Williams, Of Mississippi, and conclud
ed that the best way to carry out the
ideas suggested and agreed upon was
to give this statement to the Asscci
ated Press. Signed,
ROBERT s. OWENS,
JOHN SHARP WILLIAMS,
A. S. BURLESON."