The sun. [volume] (New York [N.Y.]) 1833-1916, 1914-10-06
HOLDING OF COTTON
HAS LITTLE EFFECT
Fear That Accruing Obligations
May Soon start Re-
newed Selling.
PLANS TO CUT ACREAGE

In the absence Of any important de-
velopments in the local contract situation.
members OF the Cotton Exchange yester-
day turned their attention more to South
ern spot conditions and the efforts which
the South is making to extricate tho pro-
Queer from his plight
Letters which came TO local brokers
yesterday did not take very hopeful
view OF tho outlook from the standpoint
OF the grower. Nearly all tho correspond
ence was In agreement on tho point that
the holding movement seemed as strong
~ ever. but the time Is nearly at hand
when many obligations come due--octo-
Der 15--and this Ia likely to bring some
forced selling Ono Alabama spot frm
wrote as follows 20 a local brokerage
concern:
Conditions are topsy-turvy. Merchants
arc in a tight place themselves and II
they forcc customers TO sell their cotton
at present prices II would not como near
paying them out. II there Is any general
insistence on cleaning UP accounts large
volume OF cotton will be thrown upon the
market and further marked depression
in prices will onsue. II the creditors Of
the merchants insist on their money and
~ the merchants push the farmer to pay
UP, It be only at such "a sacrifice that
ruin would he entailed for both farmer
and merchant"
In discussing tho effort to solve the
South's problem tho Wilmington. y. c..
Morning Star makes the following perti-
mont comment: The trouble with every
one OF these cotton relief plans which
have been more or less approved l. that
thar, xt-aa mn ptzed emOrf In the States
TO carry them out The one practical
business like plan was that agreed upon
az the conference with Secretary Nc
Adoo IN Washington. But everybody
went home and began 10 discuss other
plans and buy rnilroad tickets 10 every
bodys conference. Different plans have
only confused tho situation, but cornmu-
mites which went ahead and followed tho
suggestions OF tho McAdoo conference now
have no crisis on their hands
Some very timely observations are
made by the Galveston Dallas Ne,rs In
regards 20 the efforts now being made
10 cause a reduction IN tho cotton acreage
Of the South next season. At the con-
ference uf the Southern Cotton Associa-
ton In New Orleans last week opinion
Was divided as to whether this reduction
was TO ne voluntary or as n result OF
compulsory legislation. The News takes
the stand that the acreage should be
reduced DN cooperative voluntary
action and that there ie no other prac-
ticable method OF accomplishing this end.
In commenting on the assumption that the
failure OF previous efforts along this line
presages another failure the Netos says:
Never before have the reasons com
manding reduction OF the cotton acre
age been so clear and imperative 81 they
are now and a. they will he at cotton
planting time. To suppose that the aver
ago farmer is unable to perceive these
reasons and likewise unable 10 appre-
clate their imperativeness IL TO ascribe
munh less intelligence 20 him than he
Possesses BY next March II will be
clear 10 the dullest comprehension that
normal acreage IN cotton can only
have the consequence of bringing prices
down 20 a level that will be pauper-
| izing So far. indeed. from having rea-
son 10 suppose that cooperative and volun-
tsry measures will not suffice, there Is
more reason TO doubt whether X even
those measures viii be necessary The
! N~,c7 is Inclined 70 believe We
may pretty safely rely on the unprorptsd
| Judgments OF the individual farmers 10
| bring about reduction Of the cotton
| acreage. About the most beneftcent re
suit to he expected from organized action
.s that Il will tend to support the present
market"
Southern spot markets yesterday were
generally unchanged: Savannah, FAC
Norfolk, TIC: Augusta. 7ac. Exports
yesterday 1855 bales all TO Great Brit
an. Total exports for the season are
I51 500 bales. against i,So6,s54 last year