McNairy County independent. (Selmer, McNairy County, Tenn.) 1902-1969, 1915-09-24
lucent COTTON
SLOGAN OF SOUTH
Farmers, Merchants and Bank
ers Urged t tee Take Take III. Up
the Fight.
SAVE s25o,0oo,o0o TO SOUTH
Twelve-Cent Prices Justified by
Worlds Demands, Crop Outlook,
Financial Conditions and OPP
portunltles 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 $750,000.000
to the men who own 1t next spring,
but 1t Is worth only $500.00O,000 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 eaergies 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, Is still selling on the basis
Of prlces fixed by last years 17,ooo,-
000-bale crop.
2. These prices must soon be adj
Justed, however, to fit the conditions
Of a 10000, ooo-bale crop Tor probably
only a 100000 or 11,ooo,o oo-baIe
CROP, and this adjusted price ought
at the very least to reach IL cents a
pound for mlddllns.
AS briefly now, as clear argument
will permit. wish to point out and
emphasize the truth Of these state
ments.
The Worlds Demands Justify Twelve
Cents.
Assuming even a 10000, 000-bale
yield of southern cotton this year
(and 1t will probably be less), this
years world production will be s.
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 (not the
commercial CROP at 100000 bales.
The United States government esti-
mate (16.134,930 plus 791.4 AGA linters)
Is 16,926,349-practically 100000
bales. This was over 100000 bales in
excess Of the 1913 crop.
Now what happened with this
bumper 1900, 000-bale crop In spite
of all the demoralized conditions Of
trade and finance--the crop of which
It was said last fall We should not ex-
port 100000 bales? The facts are
that the world used so much of It that
the total worlds visible supply Of all
cotton In midsummer this year was
only 5,435,168 bales against 3,522. 276
bales a year before. In other words,
with 1900, 000-bele southern crop
to handle, the worlds visible supply
increased only 100000 bales. What
is going to happen this year then.
with the South offering 100000 or
5000, 5000 bales less--and the produc.
ton Of other countries also decreased I
And this query brings me to another
point:
The Worid's Crop Prospects justify
Twelve Cents.
Mr.. w. p. q. Harding Of the fed.
eral reserve board early In the SUM
mer secured reports from consular
oficials all over the world indicating
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 II we accept this early
overestimate OF the crop 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 deficit--to be
drawn from the surplus.
The facts are, however. that even
100000 bale estimate for the
South now seems too high. This Ia
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 10000. 000
than 100000 bales" And now
comes the Wall Street Journal itself
quoting William 8. Halliburton Of
Daniel O'Dell & Co. as saying: 1.-THE
current seasons crop may be as low
AZ 10,500.o00 bales. 1t Is entirely
within the reach Of present condi.
tons that we shall see 12h-cent cot
ton before the end OF the season"
These two authorities base their
estimates chiefly on condition reports