The Fayette falcon. (Somerville, Tenn.) 190?-current, 1915-09-24
Farmers, Merchants and Bank
erS Urged to Take Up
the Fight.
SAVE $25O,oOO,OOO TO SOUTH
Twelve-cent Prices Justified by
WorldHs Demands, Crop Outlook,
Financial Conditions and OPP
portunities Afforded by Fed
eral Reserve System.
BY CLARENCE POE, Editor The
Progressive Farmer

Progressive Farmer
There is no doubt In most thought
full minds but that the South's cotton
crop is going to be worth s75O.OOO, 900
to the men who own 1t next spring,
but II is worth only s50e,O0O,00O to
the producers at present prices-and
1t is to save to southern growers and
to our southern country this extra
quarter OF a billion dollars that the
united energies of press and people
should now be directed. The funda-
mental facts seem to me to be clear:
I. Cotton, even though the new
crop of 1915 has started coming on
the market, 10 still selling on the basis
Of prices fixed by last years 17,ooo,-
o0o-bale crop.
2. These prices must soon be adj
lusted, however, to fit the conditions
Of = $4,000, ooo-bale crop Tor probably
only a 100000 or 1900, ooo-bale
CROP, and this adjusted price ought
at the very least to reach IL cents
pound for mlddllna.
AS briefly now, as clear argument
will permit, wish to point out and
emphasize the truth of these state
ments.
Tho Worlds Demands Justify Twelve
Cents.
Assuming even 12,000,000-
yield of southern cotton this year
land It will probably be less). this
years woSld production will be g.
100000 bales short OF the worlds con-
servatively estimated consumption
during the coming twelve months.
That Is to say, the world will con-
sumo every pound Of this years crop
and 100000 bales of the present
surplus.
Secretary Hester OF the New Or
leans Cotton exchange estimates last
years southern production mot the
commercial CROP at 17O04,000 bales.
The United States government esti-
mate (16.134.930 plus 791.4 linters)
is 1G,92G,349-practically 100000
bales This was over 100000 bales in
excess Of the 1918 crop.
Now what happened with this
bumper 17,00o.000-bale crop in spite
OF all the demoralized conditions of
trade and finance-the crop OF which
1t was said last fall we should not ex-
port 100000 bales? The facts are
that the world used so much of 1t that
the total worlds visible supply Of all
cotton in midsummer this year was
only 5.435,16S bales against S.522.27
bales q year before. In other words.
with 17,O00,000-bale southern crop
to handle. the worlds visible supply
increased only 100000 bales. What
IL going to happen this year then,
with the South offering 100000 or
6,000, 10000 bales less-and the produc-
ton OF other countries also decreased?
And this query brings me to another
point:
The Worlds Crop Prospects Justify
Twelve Cents.
Mr.. W. p. @. Harding OF the fed.
eral reserve board early In the sum-
mer secured reports from consular
oficials all over the world indicating
q total cut In the worlds cotton crop
this year Of 100000 bales. Egypt and
India reporting radical reductions In
acreage" Since that time the pros
poets have further declined.
But even IL We accept this early |
overestimate Of the srop We see that
II last years crop. being 100000
bales bigger than this years. yet In
creased the surplus only 100000 |
bales. then this years crop will
leave a 100000 bale defcit--to be !
drawn from the surplus.
The facts are, however. that even |
a 12,0OO.0OO bale estimate for the |
South now seems too high. This Is
not simply my view. but the view Of
many experts. including so conserva-
tive and competent an authority as
the New York Journal OF Commerce.
which has Just declared that, in view |
of present conditions. the yield |
seems likely to be nearer 100000 |
than 100000 bales" And now |
comes the Wall Street Journal itself. |
quoting William s. Halliburton OF
Daniel O'Dell & Co. as saying; The |
current seasons crop may be as low |
as 10.50o,00o bales. II is entirely |
within the reach Of present condi- |
lions that we shall see l2s-cent cot
ton before the end of the season"
These two authorities base their |