New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1911-11-01
SOUTH MAY HOLD COTTON
Governors Call Upon Growers to
Stop Selling.
Urge REDUCED ACREAGE
conference Devises Plan to
Check Price Depression
Wants Bears Prosecuted.


Check Price Depression
Wants Bears Prosecuted.
Nav orleans. oct. Sl--The farmers Of
,,s South will withhold from the market
.rv remaining bale Of the present sea-
,,e crop OF cotton and follow this with
s,,d,ng agreement TO reduce next seasons
oo,ton acreage at least Is per cent II they
lent the plan adopted by the conference
:, Southern governors at its concluding
session to-day. This plan is expected 10
SECURE immediate relief from the depression
IN the price OF the staple.
As a means Of providing permanent re-
We, and 10 guar ntee the cotton farmer in
,os future against the necessity Of quitting
the market with hts supplies in the opening
- the season. the conference adopted reso-
iutious favoring the establishment IN, evcry
cotton growing state Of state controlled
zarshouses. and the collection and periodi-
csl publication of statistics bearing upon
the worlds demand for and consumption Of
American cotton.
..s proposal Of foreign banking interests
20 finance a holding movement covering
two million bales OF the present crop was
referred 20 a special committee for futre
action.
Urge Crop Diversifeation.
The recommendations of the conference
= How:
we earnestly recommend to the planters
Of the Southern states 10 follow the *
ample Of Louisiana and so diversity their
crops as 10 produce everything for con-
sumption on the farm and let cotton be
raised shall be p per cent less than the
present crop, as then they will get just
as much in return for much less labor
than this years crop will Weld at pres
ent prices, will soon free themselves from
debt and be IN condition, without any IMAM
cial aid. 10 sell their crops gradually, as
the demand snail exist, and not market 51S.s
the work Of year in sixty or ninety DAYS
as they have been accustomed to do
We call upon our Representatives. In con-
eress 10 have the present crop reporting
system so amended as 70 report the period.
ical publication Of reliable statistics Of
cotton consumption, manufacturing ana
trade information gathered from all cotton
consuming countries. and We recommend
also and for ourselves agree, that the COM
missioners of agriculture in the cotton
states gather and publish like Information.
and we suggest 20 the Legislatures OF the
cotton states adequate appropriations 10
This end, uniform legislation enabling the
agricultural commissioners TO act In con-
cert and 10 constitute bureau of cotton
consuming information. 10 the end That
with the estimates of production which are
now furnished by the federal government
there may also be estimates Of demand
and thus put the planter in position 10 fiN
2 fair price for his product
Want Bears Prosecuted.
The members Of the conference have been
yeliaoly informed that bulls on the cotton
exchanges have been indicted I'm the United
States courts under tho Sherman act Tor
r0nspiring 10 buy cotton and advance ne
price. and, If tins be IN accordance Wiz
lie provisions of that act then we respect
fully insist that the bears on the exchanges
who conspire 10 sell cotton which they 40
not possess, with the expectation or de-
cline in price, or for the purpose OF erect
ing 4 decline, be likewise prosecuted.
a fair and comprehensive s. stem OF nut
IRE trading is accepted by the commercial
world as essential to the proper and adj
vsntageous movement and distribution or
the crop, but IL is urgently recommended
that Congress shall pass such laws as VIII
slate abuses and regulate future contract
usding in exchanges, 10 the end that II
discharge its function as a trade utility
lair alike TO both buyer and seller and 10
the commodity which is the subject of the
future transactions.
Ii. is earnestly recommended that the
several state governments s1ill take APP
prOpriate action 10 bring about such ware
housng system, or systems, as VIII best
serve the interests Of the producer Of cot
ton.
ton during the next thirteen months, we
recommend that the Unsold cotton OF the
present crop be withdrawn from the mar,
let and disposed OF BY system Of sradua
marketing We urge bankers and business
rlen 10 cooperate with farmers in this I'M
Certsbinc.
To Develop Bankers Plan,
We report to the cotton farmers that
tentative and attractive propositions have
been made by responsible tnanGisl inter
eets FOR purchasing some two million bales
OF the present crop This negotiation IS
referred for development into practcal
form 10 q committee.
Reduction of acreage I'm 1912 is urged s
q necessary part Of any plan of holding
and financing the present crop. We rec
orntpend, and for ourselves agree that the
Governor Of each cotton state proceed A.
once 10 appoint a representative IN each
county. who in turn VIII appoint IepIt-
sentative in each school district or Young
rrecinct 10 secure from every farmer q
birding. written pledge 10 reduce his cot
ION acreage IN 1919 - per cent below his
acreage IN 1911 . H..
Without discussing the merits NJ pendlns
proposals for monetary reform We RECON-
mend that i'm any legislation which Con
gress may enact for emergency currency
based Upon commercial paper underWritten
hy banks or association Of banks provision
be made for including IN these acts Tor
such emergency currency commercial paper
representing transactions in cotton as wen
es transactions in cotton goods ana other
manufactured products.
II is our firm opinion that by prompt and
aggressive action under cooperation and
examination the cotton farmers ana Dusl-
neSs men of the Southern states can speedily
rescue the present crop from Impending
sacrifice and can restore the fair prlce
which demonstrated demand warrants and
can insure stable values from year 10 year.
The committee to consider the proposed
financing Of two million bales Of the pres
ent crop is composed Of Governors Col
Quit. Of Texas; Sanders, Of Louisiana;
ONeal, Of Alabama, and Noel. Of Missis-
tippi with four citizens TO be appointed
by the governors named.