The Neshoba Democrat., 1913-01-02
LAUDs farmers UNION PLAN
-nIy Institution or Organization ha
Can Hold Cotton Without Re-
fraction Of Law.

The farmers union IS the only In
| stitution or organization that can holo
| cotton. without refractton. OF the
Sherman antitrust law, such as Wouio
be subject to prosecution, SAID re-
ter Radford. president of the Farmers
union of Texas. Mr. Radford mace
| this statement in reference to the case
on trial before the federal Supreme
court, in which James Patton, Eugene
Scales, Frank B. Hayne and William
P Brown are charged with conspir
acy to run a $10,000,000 corner on
the market says the Texas Stockman
and Farmer.
Mr.. Radford says there are numer
GUS brokerage concerns and indivld.
uals handling cotton In violation OF the
antitrust law, owing to the fact that
they hold cotton for the expressed
purpose of running the market up by
limiting the supply SO that spinners
will be compelled to pay the price
necessary to bring the product on tho
market. This makes the price OF the
manufactured products cost the con-
sumer more without the benefits going
where it belongs, to the producer Of
the raw material, but instead the bro
ker is the man who reaps the har-
vest
The Farmers union plan Of holding
cotton contemplates entirely another
| purpose. We hold our product in or.
der that there will not be an over
| supply thrust upon the market and
that it may be supplied as the de-
mand justifies. Under the warehouse
| plan of the Farmers union each man
is privileged to sell whenever he
pleases to do SO, or hold his cotton
until he gets his price. The organic
/ alton has no voice in his placing his
Gotten on the market, but at the same
| time makes it possible for him to
| hold 1t as long as he desires to do SO,
by enabling him to procure loan
| Oh it at low rate Of interest in the
| event he needs money to meet his
| demands before the market goes to
where he cares to sell. Or II he does
not need the money our local ware
| ECuse system provides him with a de-
sirable place to store his cotton as
| long as he desires to hold 1t.
Many Of our farmers made a mis-
take by selling their cotton early in
| the season. This was done mainly
| by those who were not able to hold,
and at the same time did not care to
pay the six per cent. on the money to
| be had as loan on the cotton when
handled through our warehouses.
Th, mistake made in early selling 10
very evident, taking as basis for
| consideration the market conditions
of last year. In August, 1911, cotton
sold at 10Ac. dropping to &c In octo-
ber as a result of the reaction caused
by the early marketing in the spring
Of 1912 the price again went up
reaching az the highest point 131ac
This year 1911 and August market
was 11Bc at the time most of the
crop was marketed and dropped to
the present price, lie for middling
which is &c above the October price
last year. Taking into consideration
the extent to which prices have held
up as compared with 1911, l am con
fident that those who hold till next
spring will realize 15c, which woult
we'll justify them to pay the pei
cent. on money if necessary to enable
them to hold. A further reason II
connection with these comparative
figures for expecting cotton to ge
even higher next spring than last, is
in the fact that the total crop will no
exceed that Of last year. While it II
true that the foreign crop is heavier
the American crop is about 1000, 0O(
bales short Of last year, taking the
| country in its entirety