The commonwealth. (Greenwood, Miss.) 1896-1923, 1915-10-01

Farmers, Merchants and Bank
ers Urged to Take Up
the Fight.
SAVE s25o,ooo,ooo TO SOUTH

SAVE s25o,ooo,ooo TO SOUTH
Twelve-cent Prices Justified BY
Worries Demands, Crop Outlook,
Financial Conditions and OPP
portunitiss Afforded by Fed
erai Reserve System.
BY CLARENCE POE, Editor The
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. 900
to the men who own 1t next spring.
but 1t Is worth only $500. 900 900 to
the producers at present prices-and
1t IL 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
crop Of 1915 has started coming on
the market, 10 still selling IN the basis
Of prices fixed by last years 1900,
ooo-bale crop.
2. These prices must room be id.
Justed, however, 70 1T the conditions
Of 4 12,ooo,0o0-bale crop Cor probably
only 4 100000 or 11,ooo,ooo-bale
erop), and this adjusted price oush,
At the very least to reach IL cents Z
pound for mlddiin0.
AS briefly now, al clear argument
viii permit. I wish to point OUT and
emphasize the truth of these state
ments.
The WORLDS Demands Justify Twelve
Cents.
Assuming even a 2 1000. 00O-bale
yield of southern cotton this year
land it will probably be less). this
years world production will be 3.
O00, 900 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 croI
and 5000, 900 bales of the present
surplus.
Secretary Hester Of the New Or
leans Cotton exchange estimates last
years southern production mot the
commercial cropl at 100000 bales
The United States government est
mate u6.134,9 $50 plus 791,464 linters)
is 1926, 349-practically 100000
bales. This was v e 1000. 900 bales II
excess Of the 1913 crop.
Now what happened with thil
bumper 1900. 000-bale crop in spite
Of all the demoralized conditions o.
trade and fnance-the crop of which
1t was said last fall we should not ex
port 1900. 900 bales? The facts arr
that the world used so much Of It thai
the total worlds visible supply of al
cotton In midsummer this year was
only 5,435,168 bales against 3,522.2 7t
bales a. year before. In other words
with a. 1900. OOO-bale southern croI
to handle. the worlds visible supply
increased only 1900, 900 bales. Wha,
is going to happen this yea then
with the South offering 10000 OF
5000, 5000 bales less-and the produc
ton Of other countries also decreased
And this query brings me to another
point:
The World's Crop Prospects Justif,
Twelve Cents.
Mr.. w. P. G.. 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 croI
this year Of 100000 bales. Egypt ant
India reporting radical reductions il
acreage" Since that time the pros
poets have further declined.
But sven II we accept this early
overestimate Of the crop we see thai
II last years crop. being 5000. 00t
bales bigger than this years. yet in
creased the surplus only 1000. 00'
bales. then this years crop viii
leave = 5000. 900 bale deficit-to b,
drawn from the surplus.
The facts are, however, that ever
q 12,OOO.O 900 bale estimate for tn,
South now seems too high. This /,
not simply my view. but the view o
many experts. including SO conserve
tive and competent an authority a
the New York Journal Of Commerce
which has just declared that. In view
Of present conditions. the yielt
seems likely to be. nearer 10000. 90,
than $4,000. 900 bales" And nov
comes the Wall Street Journal itself
! quoting William s. Halliburton o
Daniel O'Dell & Co. az saying: "Th,
c,,vrnr% ooaaonso crou NAV ho a. Low