The watchman and southron. [volume] (Sumter, S.C.) 1881-1930, 1919-03-22
Cotton Banks
Necessary
Business Men Giving Thought
to System of Finance for
Cotton Crop.

OIAkSi >'t'-S~'>Si'' - VI iitN(iOii<ii IL SoSsN
ton Will probably deliver addresses a
the big Statewide cotton rally TO bs
held in Craven Hall. this city, OF
April beginning at noon. It hat
been planned to hold this meeting il
the hall Of the house Of representa-
tatives but the indications point tc
such 4 large attendance that it has
been decided to hold it in a larger
hail.
speak on the exporting and marketing
of cotton. Mr.. Maddox's address will
be on banking, financing and stabil-
izing the price Of cotton.
1t was stated at the Office Of the
South Carolina Cotton Association il,
this city today that definite steps are
now being taken in every section Of
the cotton belt looking to the forma-
| tion Of plans that will result in a
banking system for properly financ-
! ing and stabiliZinS the price Of cotton.
a corporation for the exporting and
| marketing Of cotton along the lines
suggested by Governor Harding.
Definite plans arc also being form
ed. it was said, for the organization
of a Southern Cotton Association. the
membership to be composed Of farm
ers, bankers, merchants and business
men. The idea is to have this asso-
ciation represent practically all Of the
business interests OF the South. abSO-
lutely controlled by the cotton inter
ests. This would. in no wise, conflict
with the bankers associations. the
Farmers Union and other organiza-
tons, but VIII have their co-opera
ton. Special charters Will be secur
ed for the association.
=. The following statement was given
out today by the South Carolina Cot
ton Association:
LAS an illustration Of the propa-
ganda noy being sent out by the cot
ton bears. the following is cited:
..The movement for reduction in
acreage in this section Of the country
may have some effect but there is no
such movement, on hand in the vest
where they have had good seasons
and expect to plant full crop"
This propaganda in the Southern
States reads that there will be nS re-
duction in the West and in the We'-
tern States it reads that there oill be
no reduction in the South.
another big cotton firm sends out
the following: We are glad to uote
that YOU have been successful in
your campaign to bring about gen.
eral reduction in acreage. but as
,x,;1fo hafn II
because we 90 not think it will be
necessary, and if we are right in our
views OF the market. we believe that
the prices prevailing around planting
| time will induce farmers to put a
much larger acreage in cotton than
originally contemplated
As an illustration of information
sent by the New York firms the
following was sent leading business
man ard planter IN South Carolina:
An opinion has been given by the
attorney for the Bureau of Markets of
the United States government that al
ransa ctions III old style contracts
| tthose trades mace prior TO March
- must Sc licuidated before May l..
1919. All trades on hand after that
date must be in rev style contracts.
1--WE are ordered to report to the cot
! ton future attorney all old style,
contracts liquidated by our customers.
We must therefore request that you
close out your old style contracts IN
/ accordance with the above ruling.
This is absolutely and positively
contrary to the rulings Of Mr.. Brand
Of the department Of markets. AS q
result of such incorrect information
being sent out vast amount of cot
ton was closed out. If such had not
been the case, the market would
have shown a remarkable high level
before il would have been possible
for the bears to have stopped the ad-
vance.
i It appears that some people l.:
the State are making fight on the
cotton association. The following let
ter has been received from one man:
81 have asked several men to pledge
themselves to cut the acreage anu
showed the letter they say they wont
pay anything for some big man to live
without work and smoke his cigars
on
The South Carolina Cotton Asso-
:, citation has 100 men who are givins
untiringly and nnselfshly of theil
: worl, ard services without remunera
ton. Their only compensation j:
' their earnest desire to gain CONNER
! cial freedom for the South and benc
/ fit our State and its citizenship. Th'
: >on:ral ccmmittec members have
: beer overtaxed and overworked. The,
e are paying their own expenses ant
: gladly rendering every effort posslol
to push the work to a successful
termination. In addition they hav
contributed of their own means t
: assist in the financial support. whicl
Il is. OF course. absolutely necessary.
CopenllaScn, March 1S.-The rs