The watchman and southron. [volume] (Sumter, S.C.) 1881-1930, 1918-07-24
THE PRICE OF COTTON.
Prospects of Surplus OF 5000, 900
Bales.

! Il. III. Moss of Orangeburg. renre-
senting the bankers, and myself. rep
resenting the farmers, attended the
Washington cotton meeting, July II
and Is. We met representatives from
all the cotton States. There was mi
versal agreement that in some way'
the price of cotton should be stabiliz-
ed. 1t was the opinion that this crop
VIII pile up surplus Of from $780,
900 to 7,00O.0 600 bales which will ha, g
to be financed and carried. 1t was af
teer but that all we asked was for
cost plus reasonable profit. Senti-
ment was unanimous that the South
was willing for the president to name
price on cotton which he thought
fair and that without murmur we
would accept it, We had many views
expressed as. to how the price could
he fixed. After a two days session
the meeting finally reaflirmed the
resolution adopted i'm New Orleans:
BE it resolved, That this meeting
petition the president and the con-
gress of the United States to create n
corporation to be known as the United
States Cotton Corporation with pow
er TO buy for the account of the Unit
ed States government such cotton as
may be offered for sale without other
available buyers at price to be now
fixed by the president of the United
States.
THAT concurrently Herewith ar
rangements be made whereby there
cotton fabrics Il price consistent with
the price'~t raw material, allowing to
the manufactures satc and reason
able return for his operations"
During, the meeting it developed that
this plan had the sanction of some
high officials i'm Washington.
The following suggestions were con-
sidered:
Il. We made an effort to secure in
creased shipment of cotton to foreign
countries. our principal encourage
ment \along this line was that if our
congresses could make the bales
smaller, we might be allowed the
same space for cotton shipments the
coming season as i'm the season now
closing. We We're told that it is pos
:ible for congresses now built to
modify their machinery so as to COM
press the cotton for export into bales
20 per cent. smaller. This season w,
sent in round NUMBERS 4, 900, 900 bales
of cotton to foreign countries. With
better compression we may be able to
send 100000 bales from this coming
crop. This would dispose of 1000, ,O0O
bales of our surplus crop.
"2. We made an effort to secure
from the reserve banks their fulles,
cooperation. We found i'm Mr.. Hard
ing sympathetic friend and believ,
that he will do all in his power to rem
der financial help.
"3. We believe that every cotton
warehouse coming up to requirements
should secure n license from the ma
tional government. our own Mr. Lev
or secured the adoption of this ware.
house law. Cotton receipts issued D,
licensed warehouses will command
money i'm any banking center of tn,
Ration.
-. We indorse a propaganda for
holding cotton and for slow market
ing
We found our representatives in
congress opposed to price fixing by
congress. They say the enemies OF
cotton are anxious to fix a price ana
If we spring the question the price
will be fixed at a ruinously low figure
! think one and all will favor price
fixing if it can be done by the pres
ident or the war Industries board.
The following suggestion was made
by the writer but not favorably con
sidcred Get the president to fix =
fair price for cotton and ask that the
allies buy at this price any surplus
which can not be sold to other pur.
chasers at or above this price. If the
unmanageable surplus should prove
to be 100000 bales, let them buy
| this amount with money loaned them
| by our government. This cotton 10
he stored i'm warehouses in this coun
| try and held until the close of thc
war. AT the same time this agree
| ment is made with the allied nations
| let the war industries board Iicens.,
every cotton mill i'm America provided