The herald and news. [volume] (Newberry S.C.) 1903-1937, 1911-08-25
HOLD FOR Is CENTS
SAY THE CONCRESSMEN
SOUTHERN MEMBERS HELD A
CONFERENCE.
Committee Which Was Then Appoint
ed Reports, Urging Banks to Unite
Against the Bears.

Washington, Aug. 13.-"Hold cotton
for 13 cents is the advice to be for
mally given to farmers organizations,
by a committee consisting Of Senators
Williams of Mississippi and Owen OF
Oklahoma and Representative Burle-
son of Texas, representing confer
ence of senators and representatives
from seven cotton-growing States.
A committee will urge the State
banking associations to cooperate
against "the bearish movement Of the
spectators" ...... g..
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; Hefin of Alabama,
Brantley and Hughes Of Georgia, Bur
Lesson and Bealle Of Texas, Garrett OF
Tennessee, Humphreys OF MISSISSIPPI
and Small of North Carolina. A num-
! ber of them are large cotton planters.
The committee issued statement
which reads: r.. ~ .>:s
"1t seems to be the opinion Of all
that there was a preconcerted effort
being made, principally through the
instrumentality of the speculative
element Of the New York cotton ex-
change to break down the price OF
cotton. It was the opinion of all that:
the present statistical condition of cot
ton did not justify the loWness OF
present quotations and that the e -.
mate of 100000 bales was unJusu-
fed by any facts upon which a pre-
diction could be sanely based. Anu
moreover, even if, 100000 nale ale
cron were in sight, the worlds sup
plies still probably would fall SNORT
of the worlds demand for cotton, ts
the extent of more than l,0O0,ooo
bales, because of the exhaustion Oh
the recent visible supply OF carried
over spot cotton. In other Woros'
with a 100000 American crop tne
! worlds crop for 1911 would be zo'-
100000, with 35,Ooo,ooo spindles Gre
atine q demand for 26,O0e>coo. This
statement is based on latest adVlces
from Egypt, India and other co1'on
producing countries ,-..'. '.* !
The statement refers to the appoint
ment of the committee to WRITE IN tne
name of those present, letter 70 tne
president of the Farmers union and 10
other cotton farmers organizations
asking them to advise their local un-
ions and other subordinate booles 10
advise the farmers generally to hold
cotton for 1@cents, and to continue 10
demand that price, until by conVen-
tion or agreement, arrived at In soine
way. a different one shall be suggest
ed"
The conference expressed the view
that 1s cents was seemingly less tnan
that justified by the existing stausu-
cal condition. 'This committee ene
statement reads, 'was also reques1eo
to communicate in some way WITH tne
presidents of the several State bank
ing associations in the cotton s1a1es'
asking them to throw as far as posi-
hle their moral and financial support
behind the effort to counteract the
bearish movement Of the SPECTATORS
with the view Of obtaining fair pr1ce
for the farmers cotton.
Information was given at the III
formal conference that assurances
would be given to President Barret1
or to Southern banks that ample funds
from banks outside Of the South couio
be had, through the instrumentahty Oh
Southern financial institutions, to be
lent at the rate Of per cent per an
MIN. to those who did not wish 10
dispose of their cotton at a sacrlnce'
UPON cotton warehouse certificates
This committee subsequently met IN
the Office Of Senator Williams OF MIS-
sissippi and concluded that the best
way to carry out the ideas suggested
and agreed upon was to give this
statement to the Associated Press
! (signed) Robert S. Owen
/ John Sharp Williams