Atlanta semi-weekly journal. (Atlanta, Ga.) 1898-1920, 1911-08-25
HOLD FOR THIRTEEN CENTS
IS ADVICE TO FARMERS
Committee Will Urge Banks to
Cooperate Against Bear
Movement

ly given to farmers organizations by
committee consisting Of Senators VIII
liams. OF Mississippi. and Owen, OF Okla
hon1a, and Representative Burlesons Of
Texas, representing a conference Of
senators and representatives from seven
cotton growing states. A committee will
urge the state banking associations to
cooperate against the bearish move
ment Of the spectators"
What was referred to generally as the
threatening condition of the cotton
market was thoroughly discussed at
meetings to-day. and last night. Among
the participants were Senators Williams
ana Owen. Representatives Underwood
and Heflin., of Alabama; Brantley and
Hughes. Of Georgia; Burleson and Beall,
of Texas: Carrot. OF Tennessee; Hum
phreys.. of Mississippi and Small, Of
North Carolina, "A number Of them are
large cotton planters. The committee
issued a statement which read:
ut seemed to be the opinion of all
that there was a preconcerted effort be-
ing made. principally through the in
strumentality Of the speculative element
of the New York cotton exchange, 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 estimate of
5.000,0 900 OF bales was unjustified by
any facts upon which a prediction could
be sanely based and that. moreover. even
a 100000 bale crop was in sight. the
worlds supply probably wouls faIt
short OF the worlds demand for cotton
to the extent of more than 100000
bales because Of the exhaustion of pres
ent visible supply OF carried-over spot
cotton.
In other words that with a 10000
600 crop the worlds crop for 1911
would sum up only 25.00O.0OO with 14O,
100000 OF spindles, creating an active
demand for 100000 bales This opin-
ion was based upon the latest advices
from Egypt. India. China anu other cot
ton producing countries"
The statement refers to the appoint
ment of the committee to write in the
president of the Farmers union and to
officials of other cotton farmers or
CARNATIONS. asking them to advise their
local unions and other subordinate
bodies to ADVISE the farmers generally
TO held their cotton for IS cents and TO
continue TO demano' that price until
by convention or agreement arrived
at in some way a different one shall be
suggested upon which prediction
could be sanely based and that, more
over, even IL a $4,000. 900 bale crop were
in sight the worlds supplies stin prob
ably wound fan short of the WORLDS
demand for cotton to the extent of more
than 100000 bales, because of the ex-
haustion Of the present. visible supply
OF carried-overa spot cotton In other
words, that with a $1,000, 900 American
crop. the worlds crop for 1911 would
sum up only 25,000.000 with lao, 900 900
fspindles creating an acuve demand
for 26,000,000 bales. This opinion was
based upon the latest advices from
Egypt India, China and other cotton
producing countries"
The statement refers to the appoint-
ment Of the committee to write. in. the
name of those present a letter TO the
president of the farmers union and to
officials of other cotton farmers organ
izations asking them to advise their
local unions and other subordinate bodies
to advise the farmers generally to hold
their cotton for Is cents and continue
to demand that price until by a con-
vention of agreement arrived at in
some way a different one shall be sug-
sested." the conference expressed tine
view that ID cents was seemingly less
than that justified by the existing sta
tistical condition.
This committee the statement reads
has also agreed 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 the bearish movement
Of the spectators with, the view Of OH
tanning fair price for the farmers
cotton ~
Information was given. at the infor-
NAL 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 fundamentally of south
ern financial institutions to be lent at
the rate OF 6 per cent per annum to
those who did not wish to dispose of
their cotton at a sacrifice upon cotton
warehouse statistics. This committee
subsequently met in the office of Sena-
tor Williams. Of Mississippi. and con-
cluded that the best way to carry out
the ideas suggested and agreed upon was
to give this statement to the Associat ted
Press.
CSigned)
ROBERT S. OWEN.
JOHN SHARP WILLIAMS.
"A. S, BURLESON."