The Birmingham age-herald., 1911-11-01

who by their speculation help to depress the price of cotton.
 The proposal submitted to the confer ence yesterday at an executive session by representatives of foreign bankers to finance a holding movement covering 2,000,O00 bales of the present crop of cot ton will be considered privately by the governors and financial advisers
 Following the adjournment of the aft ernoon session the visitors in conference were taken aboard the city fire tug Sam son for an inspection of the harbor and terminal facilities of New Orleans.
 Endorsement was given today to the Louisiana plan of state owned cotton warehouses as a means of permanently protecting the cotton planter against the low prices produced by a too rapid mar keting of the crop early in the season.
 The details of the Louisiana plan were fully explained to the conference yester- day by W. B. Thompson, president of the New Orleans cotton exchange, and the representa- tives of at least two of the other southern states emphatically declared today that they would work diligently to sectse the adoption of the Louisiana plan in their states-South Car Clina and Georgia.
 Thompson Speaks Further
 MT. l IHOuFSOL fApidllleQ III HIS duuItSS that by reason of the fact that the re- ceipts for cotton placed in these state owned warehouses will have the nor mai backing of the state government; they will be negotiable in all the money centers of the world. Already he said, Re had been assured that financiers of Europe will, as soon as the first of these state owned plants is opened, send money here to lend to the farmer, with these receipts as collateral, at four per cent He even expressed the belief today that after the plan has been thoroughly in augurated European money can be se- cured on these receipts for a still lower rate of interest.
 Former United States Senator John L.. McLaurin. of South Carolina, gave his hearty indorsement to the Louisiana plan at todayss session of the conference.
 q want to go back to South Caro- lima and tell my people all about this wonderful plan," he said, and I hope to see it adopted in my state No state can do greater service to It's citizenship than by aiding all it possibly can the az ricultursts, and this plan is one that will appeal strongly to the people because of it's simplicity and the comparatively small cost required in putting it into working shape.'
 J. S. Fielder, attorney general of Geor- sia, who came to the conference as the personal representative of Gov Hoke Smith, commended the Louisiana plan and announced that he would use his eff forts to have Georgia enact similar legis- latioi in the interest of farmers of his state
 Colquitt's Statistics
 At today's session Governor Coluuitt submitted the following statistics relating to the worlds demands for American cot ton in the present crop. These figures were obtained through the state depart ment at Washington from consular repre- sentatives of this government, except for the demand of the mills of this country. the figures for which are based on last years consumption. The totals compiled show that the spindles of the world will require a total of 3739,916 bales of the present American crop. or approximately the same number of bales shown by the governments estimates 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 show ing the demand for cotton have ever been complied and presented for the benefit of the producer.
 Accepting the government estimate of 13,SOOCOO bale crop this season. Governor Coluuitt declared that the demonstration of a world demand for 13,739,00O bales proves conclusively that cotton today is worth 13 cents per pound or more. The average price for last years crop was 1460 cents per pound.
 with these figures before him." said Governor Colquitt. 'the farmer should not hesitate to hold every remaining bale of the present crop until the spinner comes across with what he considers remuner- ativc price. These figures are reliable and were compiled by foreign representatives of the United States government from au- thentic sources of information. This fact should give confidence to the banker and business man of the south and cause them to lend every encouragement to the farmer who shows disposition to hold.
 Bales.
 American. Tinted States ................. 4,696,31s Great Britain ...,................ BOO. 900 Germany ........................ 1893, 500 France ......................... l. 13O. 900 Russia ......................... 100000 Austria a-Hunpary ..,....,,. 6O0 GOO