The watchman and southron. [volume] (Sumter, S.C.) 1881-1930, 1918-06-29

for the policy proposed by DR.. Stack
house. A motion to strike cut the
words ''and that no farmer in 1919
shall plant In cotton an acreage
greater than his average for the years
1915, 1915 and 1917" was carried and
the resolution as amended was passed
unanimously.
E. w. Dabbs Of Mayesville stress
ed the need for concerted action and
said the farmers needed the strong
arm Of the federal government to aid
them in realizing their aims. He took
issue with another delegate who had.
said on the floor that price fixing by
the farmers heretofore had netted
nothing and showed that the efforts
of the Farmers Union had resulted in
higher cotton prices than could have
been gotten by the individual farmers
AT the conclusion of his speech he Of
fered the following resolution, which
was accepted:
Resolved. That we do urge the
holders Of cotton not to sell for less
than 80 cents, and to hold for 35 cents
ii possible"
John T. Duncan said the farmers
should get so cents for their cotton
and provoked much laughter when nc
said they would realize that much OIL
1t IF they got sense enough to get it,"
He recommended b6nded cotton ware.
houses. operating under government,
supervision, not unlike whiskey ware
houses in principle. Confidence in the
intention of the administration to d
the fair thing by the farmer was ex
pressed by Mr.. Duncan.
DR.. Stackhouse offered second
resolution which was accepted with
little debate. 1t provided that con-
gress should investigate the mode OF
operation of the New Orleans and
New York cotton exchanges, and
furthermore to require cotton to be
bought and sold upon grades to be de-
livercd at the principal primary cotton
markets in the South.
Correspondence between David r.
Coker and George j. Seay. governor
Of the federal reserve bank at Rich
mond, with reference to cotton loans
was read by Mr.. Coker. Just after the
seed conference in Charlotte a few
weeks ago, the South Carolina COM
mittee appointed E. w. Dabbs Of the
committee to interview Mr.. Coker, di-
rector of the federal reserve bank Of
Richmond. in reference to the hostile
attitude Of the federal reserve bank
toward cotton loans, as shown by let :
ters of the assistant cashier Of the
said bank to banks in this State. As
the result of this interview the fol-
lowing letter was written by Mr..
Coker in Mr.. Dabbs' presence and for
warded to Mr.. Seay:
Correspondence between Mr..
Thomas Marshal, assistant cashier,
and the - bank with reference to
cotton loans has been brought to my
attention. These letters are dated
May 21. % and 27.
I'VE have just had q decline in the
New York market amounting tc
about 10 cents per pound. This de-
cline has been largely fictitious. What
agencies engineered 1t 1 am unable to
say
THE fact, however, Is that promi-
nent manufacturers told me not more
than three days ago in Washington
that white cotton could not be obtain
ed In any considerable sized quantities
In the South. had private informa-
tion a few days ago tthe source OF
which can not vouch for) that
large lot of cotton was sold in Texas
at 1000 points above the quoted
market in. New York.
I am satisfied that cotton could be
sold II assembled In lots and classed
Il speak of short staple cottor) al
close TO 80 cents in this section. Cot
ton Is being quoted by the larger cot
ton houses at 600 points on the fall
months for fall delivery, which would
mean today about 20 cents.
Notwithstanding these facts, the
most important OF which is that the
New York cotton market has lost all
relation to the price of the actual
staple In the South, the habit of the
trade of looking to the New York
market as a standard of value Is So
strong that the average interior buyer
VIII not offer a farmer with q mod
crate sized lot anything like what cot
a nrfl