The watchman and southron. [volume] (Sumter, S.C.) 1881-1930, 1911-08-26
HOLD FOR THIRTEEN CENTS.
ADVICE AS TO COTTON BY CON.
GRESSNIEN.
Committee Appointed Sy Conference
of Southern Members Reports.
Urging Banks To Unite Against the
Bears.

washington, Aug. 23.-"HOld cot
ton for 1S cents" Is the advice to be
formally given to farmers organic
| ations. by a committee consisting of
Senator'S Williams Of Mississippi and
Owen Of oklahoma and Representa-
tive Burleson Of Texas representing
a conference Of senators and repre-
ing States.
"A committee will urge the State
banking associations to cooperate
against 1.-The bearish movement of the
speculators."
What was referred to generally as
the threatening condition Of the cot
ton market" was discussed at meet
ings today and last night. Among the
participants were Senators Williams
and owens. Representatives Under
wood Of Alabama, Democratic leader
OF the house; Heflin Of Alabama,
Brantley and Hughes Of Georgia, Bur-
leson and Bealle Of Texas, Garrett Of
Tennessee. Humphreys Of Mississippi
and Small Of North Carolina. A num-
Der of them are large cotton planters.
The committee Issued statement,
which read:
1t seems to be the opinion of all
that there was preconcerted effor;
being made. principally through the
instrumentality Of the speculative
element OF the New York cotton en-
change to break down the price Of
cotton. 1t was the opinion of all that
the present statistical condition OF cot
ton did not justify the lowness of
present quotations and that the esti-
mate of 100000 bales was unjusti-
fled by any facts upon which pre-
diction could be sanely based. And
moreover. even II a 10000 bale
crop were In sight, the worlds SUD-
plies still probably would fall short
or the worlds demand for cotton. to
the extent Of more than 100000
bales because Of the exhaustion OF
The recent visible supply of carried
over spot cotton. In other words.
with a 100000 American crop the
worlds crop for 1911 would be 25.-
100000, with 35.00O,0OO spindles Gre
ating a demand for 26,OOO,OOO This
statement is based on latest advices
from Egypt. India and other cotton
producing countries"
The statement refers 20. the appoint
ment Of the committee TO write. In the
rame OF those present a letter 10 the
president Of the Farmers Union and
to other cotton farmers organizations.
asking them to advise their local un-
ions and other subordinate bodies TO
advise the farmers generally to hold
cotton for 13 cents, and to continue to
demand that price. until by con-
vsntion or agreement, arrived at in
some way. a different one shall be
suggested"
The conference expressed the view
hat IL cents was seemingly less than
that justified by the existing statisti-
cal condition. This committee" the
statement reads, was also requested
to communicate in some way with the
president OF the several State bank
ing associations in the cotton States.
asking them to throw as far as possi-
BILE their moral and financial support
behind the effort to counteract the
bearish movement of the spectators.
with the view OF obtaining a fair
price for the farmers cotton.
Information was given at the in
formal conference that assurances
would be given to President Barrett
or 20 Southern banks that ample
funds from banks outside Of the
south could he had, through the in
strumentality of Southern financial in
stitutions. to be lent, at the rate OF 6
per cent per annum. tn those who did
not wish 10 dispose OF their cotton at
sacrifice. upon cotton warehouse
certificates. This committee subse-
cuently met In the office Of Senator
williams OF Mississippi and conclud-
"a that the best way To carry out the
ideas suggested and agreed upon was
to give this statement TO the Assoc
ciated Press.
(Stgncd- Robert s. Owens.
Iobn Sbarp yy.;Itto