The Springfield herald., 1913-01-03
LAUDs FARMERS UNION PLAN
Only Institution or Organization That
Can Hold Cotton Without Re-
fraction Of Law.

The farmers union is the only In.
stitution or organization that can hold
cotton without a refraction Of the
Sherman antitrust law, such az would
% subject to prosecution. said Pc
ter Radford, president Of the Farmers
union Of Texas. Mr.. Radford made
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
r. Brown are charged with . conspir-
acy to run a $10.o0o. 900 corner on
tho market says the Texas stockman
and Farmer.
Mr.. Radford says there are numer-
Gus brokerage concerns and individ-
uais 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 20 that spinners
VIII DO compelled to pay the price
necessary to bring the product on the
market. This makes the price Of the
manufactured products cost the con-
sumner more without the benefits going
where 1t 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 1t may be supplied as the de-
mand juatihes. 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
cotton on the market, but at the same
time makes 1t possible for him to
hold it as long as he desires to do SO.
by enabling him to procure loan
on 1t 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
house system provides him with 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.
tn, mistake made in early selling Is
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-
Der as result of the reaction caused
by the early marketing in the spring
of 1912 the price again went up.
reaching as the highest point 1910.
This year 1911 and August market
was Inc 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. am con-
fident that those who hold till next
spring will realize loo, which would
well Justify them to pay the 6 per
cent VI mOucy IL ueCeS6hIy " euduio
them to- hold. A further reason in
connection with these comparative
figures for expecting cotton to go
sven higher next spring than last. Is
in the fact that the total crop will not
exceed that Of last year. While 1t is
true that the foreign crop is heavier.
the American crop is about LOCO, 900
bales short of last year. taking the
country In it's entirety.