The Chickasha daily express. (Chickasha, Indian Territory [Okla.]) 1899-current, 1914-08-12
RELIEF PLANS ARE
BEFORE CONGRESS-
Methods Of Financing Storing Of
Staple are Considered at House
Committee Hearing Vast
Sum Required

win Oklahoma facing the prospect
of a crop which many well posted
men estimate will reach a million
bales, and with the props knocked
from under the price of the staple by
the European war which has closed
all the exchanges, cotton planters are
confronted by most serious problem
in the marketing of their product.
In spite of reduced acreage, / be-
lieved Grady county will produce more
cotton than it did last year" said
local cotton man, "and | estimate that
the production for the state will ex-
ceed last year by 25 per cent. Pros
poets were never finer at this sea
SON."
Why cotton says in price while
foodstuffs advance was explained by
a Chickasha cotton man as follows
First of ALL is the stoppage of ocean
transportation on account of the dan
ger of seizure of vessels and cargo
by hostile fleets. and second the sell
ing Of foreign exchange is knocked
out, This practically makes impossi
Bile any export business. The coun-
tries al war consume about 81 per
cent of our cotton. American mills
use 3S per cent Of our crop. Great
Britain 35 per cent, while the remain
der goes principally to French and
German mills. With their supply of
raw material shut off and labor supply
crippled by the call to arms foreign
mills must soon shut down and con-
sequently the demand for cotton is
confined to the capacity of American
mills. In the case of foodstuffs, our
meat, flour, etc, are ready for con
sumption when they reach Europe and
with the food producing capacity Of
those countries largely reduced, they
command high prices. In short the
production Of raw cotton is not af-
fected by the war but the production
of foodstuffs is reduced and at the
same time the demand for cotton is
reduced by the causes / have men
toned"
Plans for storing cotton, holding It
Till the export trade is re-opened and
European mills can take it are being
discussed throughout the cotton states
and congress has under consideration
proposals for advancing money on cot
ton held in warehouses.
press dispatch from Washington.
dated August IL, says:
How to finance the storing of three
or four million bales of cotton to be
held for next years market because
of the closing of the cotton markets
of Europe by war was taken up AT
hearings Tuesday before the house
agricultural committee Cotton grow
ers, dealers and bankers of the south
began presentation of their views on
the situation
While the house committee was list
| cning to statements of the cotton
men, southern senators We're confer.
| ring on further means of relieving
threatned financial stringeney in the
south. AS a result OF their delibera-
tons, amendments to Aldrich-Vree-
| land section of the currency laws were
| introduced to increase from 30 per
cent to rs per cent the amount ol
currency that may be issued on com
| mercial paper; to recognize cotton
and other staple receipts, drafts, etc.
as commercial paper upon which ii
per cent of currency may be issued
and to assure state banks joining the
reserve associations of participation
in emergency currency in the banks
The amendments we're referred to the
banking committee for early consider
alton.
Before the house committee Jame
+. Hunter, a Memphis banker, salt
the extension of emergency currenc,
and government funds to cottcl
growers with their product as seeui
ity would finance the situation. W
, G. Turner Of the Memphis Terminn
corporation, a warehouse concern, ea