The Lancaster news. [volume] (Lancaster, S.C.) 1905-current, 1919-03-18
Central Committee of South
Carolina Cotton Association
Sets This Date.
PLEDGE DATES EXTENDED
Great Public Meeting in Hall of
House of Representatives in
Columbia To Discuss Cotton
Problem.

SouIn CarOilna Cotton association II
was unanimously decided to adopt
the course pursued by the various
states in the cotton belt and hold a
mammoth public rally meeting in
the hall Of the house of representa-
tives on Thursday, April 3, at 12
O'Clock noon, at which time there
Will be addresses by some of the
leading experts and speakers on cot
ton in the country. This public
meeting will last from IL O'Clock to
o'clock. From to 4 O'Clock in
the afternoon there will be a special
meeting of the committeeman for the
purpose of receiving and tabulating
hnal reports. At this meeting will
be discussed not only the work al
ready touched by the association. but
plans for permanently changing the
handling OF cotton. 1t is realized
not only from one end of the belt to
the other, but by leading friends of
the south in the great business CEN
ters OF the world that 1t is absolutely
necessary to form plans for estah-
fishing and stabilizing price for
cotton, it being the concensus of
opinion that a minimum price. prob
ably 13 1-3 per cent above the cost
of production. should be set on cot
ton each season.
Cotton Belt Conference.
At meeting April twelve dele
gates will be elected for the purpose
OF representing South Carolina at
some central point where each state
will be represented by a like num-
Der Of delegates. The purpose OF
this central meeting will be to not
only receive reports OF the work
done in each state In the cotton belt
but in addition to discuss and for
mulate plans for proper financing
and banking and stabilizing the
price of cotton throughout the belt.
also plans for the exporting and
marketing Of cotton.
Time Extended.
The committee at this meeting
extended the time for the taking Of
pledges until April l. Special fol-
low-up committees will be urged in
each county to give special report IN
to May Is, giving names OF all
pledge-signers who fail to live alb
solutely up to their pledges.
Letters of confidential nature
from men Of great wealth in the
north received careful attention Of
members OF the committee. 1t is the
firm conviction OF the men from
whom these letters were received
that the camDaign now in operation
throughout the cotton belt is bound
to result successfully for the south.
Some Misunderstanding.
AT the meeting of the central
committee OF the South Carolina
Cotton association the following
kilograms received from Charles ].
Brand was read:
South Carolina Cotton Associa-
tion. Columbia, s. c.: Information
from various sources, including
aelegrams. letters and press items.
Indicates misunderstanding regard
Ing concerning liquidation of old
contracts. Our Interpretation OF
law is as follows: Fulfllment of
old style contracts in accordance
with other written terms. namely bv
actual delivery or receipt Of cotton
or by set off or ring out or by cash
settlement in the future month in
which they mature is not prevented
by the recent amendment to Cotton
Futures Act. Ruling referred to in
above mentioned sources of informa-
tion relates to the liquidation OF ex-
listing old style trades by the execu-
tion OF new old style contracts. I'm
der provision OF amendment as
passed, there is serious doubt as to
legality Of permitting the execution
OF any old style contracts whatso-
ever after March 4th, even though
such contracts (were made) before
the purchase OF liquidating existing
old style contracts. However. after
conference with treasury depart
ment is was agreed in order to help
the trade in the situation brought
about by the unexpected passage and
immediate effectiveness OF amend
ment to make no objection TO bona
fide sales or purchasers for sole
purpose OF such liquidation until the
conclusion OF April 3Oth
(Signed) Charles j. Brand. Chief
Bureau Market"
Committees Statement.
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