The St. Mary banner. (Franklin, Parish of St. Mary, La.) 1889-1931, 1915-11-27
Farmers, Merchants and Bank
ers Urged to Take Up
the Fight.
SAVE s25O,O0O,O0O TO SOUTH
TweIve-Cent Prices Justified by
Worlds Demands, Crop Outlook,
Financial Conditions and Op-
portunities Afforded by Fed
eral 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 $3.50, 100000
to the men who own it next spring.
but it is worth only s500,000.000 to
the producers at present prices-and
it is to save to southern growers and
tC 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:
/. Cotton, even though the new
crop of 1915 has started coming on
the market, is still selling on the basis
of prices fixed by last years 17,OoO,-
0OO-baie crop.
2. These prices must soon be ad-
justed, however. to fit the conditions
Of 10000, ooo-ba!e crop Tor probably
only 100000 or 11,Ooo,ooo-baie
CROP, and this adjusted price ought
at the very least to reach II cents
pound for mddIing.
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 10000, 00Obale
yield Of southern cotton this year
land it will probably be less), this
years world 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 1900 900 bales.
The United States government esti-
mate 16,134,93O plus 791,464 linters)
is 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 |
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 5.435,1G8 bales against 3.522.276 |
bales year before. In other words, |
with a 17.000,000-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 100000 or
s 600, 0o00 bales !ess-and the. nr0diuo-
ton of other countries also decreased?
And this query brings me to another
point:
The Worlds Crop Prospects Justify
Twelve Cents.
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 100000 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
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 dehcit-to be
drawn from the surplus.
The facts are, however. that even
a 100000 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
rs 10.50O.O00 bales. 1t is entirely
within the reach Of present condi-
lions that we shall see 12h-cent cot
ton before the end OF the season"
These two authorities base their