Judsonia weekly advance., 1915-09-29
Farmers, Merchants and Bank CTS Urged to Take Up
 the Fight.
SAVE s25o,ooo,ooo TO SOUTH
TWelve-Cent Prices Justified by Worlds Demands, Crop Outlook, Financial Conditions and Op- portunties Afforded by Fed
 eral Reserve System.
By CLARENCE POE, Editor The
 Progressive Farmer.

Progressive Farmer.
 There is no doubt in most thought 1 ful minds but that the South's cotton crop is going to be worth o,000.000 to the men who own it next spring. but it is worth only $500,000,000 to the producers at present priees-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:
 1. Cotton, even though the new srop of 1915 has started coming on the market, is still selling on the basis of prices fixed by last years 17,ooo,- 0oo-bale crop.
 2. These prices must soon be ad- iusted, however, to fit the conditions of a 12,0oo,ooo-bale crop Cor probably only a 1o,ooo,ooo or 11,0oo,o o,ooo-bale crop), and this adjusted price ought at the very least to reach 12 cents a pound for mddling.
 i~ As briefly now, as clear argument will permit, I wish to point out and emphasize the truth of these state ments.
 The Worlds Demands Justify Twelve
 Gents.
 l Assuming even 12000, ,000-bale yield of southern cotton this year (and 1t will probably be less), this years world production will be B. 900, 1000 bales short of the worlds con- servatively estimated consumption during the coming twelve months. That is to say, the world will con- sume every pound of this years crop and 3,000,000 bales of the present surplus
 Secretary Hester of the New Or leans Cotton exchange estimates last years southern production (not the commercial crop) at 17,004,000 bales. The United States government esti- mate Q6,134,93O plus 791, ASA linters) is 16,926, 100000 | bales This was over 100000 bales in excess of the 1913 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 it that the total worlds visible supply of all cotton in midsummer this year was only 5,435,16S bales against 3,522, ,276 bales year before. In other words. with a 0,000-bale southern crop to handle, the worlds visible supply increased only 100000 bales. What is going to happen this year then, with the South offering 5,0o0000 or 6,0000000 bales less-and the produc- tion of other countries also decreased? And this query brings me to another point
 The Worlds Crop Prospects Justify
 Twelve Gents.
 MT. W. P. G. Harding Of the fed eral reserve board early in the sum- mer secured reports from consular officials all over the world indicating a total cut in the worlds cotton crop this year of 5,000,000 bales, Egypt and India reporting radical reductions in acreage" Since that time the pros poets have further declined.
 But even if we accept this early overestimate of the crop we see that if last years crop, being 5,000,0O0 bales bigger than this years, yet in creased the surplus >only 100000 bales, then this yeaf's crop will leave a 3,0O0,0O0 bale deficit-to be drawn from the surplus.
 The facts are, however, that even a 12,000,000 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, waich has just declared that. in view Of present conditions, 'the yield seems likely to be nearer 10,000,O0O than 12,000,000 bales" And now comes the Wall Street Journal itself quoting William S. Halliburton of Daniel O'Dell & Co. as saying: "The 1 current seasons crop may be as low as 10,500,000 bales. It is entirely within the reach of present condi- tions that we shall see 12A-cent cot ton before the end of the season"
 These two authorities base their estimates chiefly on condition reports