The Dillon herald. [volume] (Dillon, S.C.) 1894-????, 1919-09-25
DILLON FARMERS
BACK CORPORATION
LITERALLY TO
FIGHT SPECTATORS.
More Than 100000 Subscribed at Fri
days Meeting to Buy Dis
treSS Cotton.

If other cotton movements in Dill
Ion and elsewhere have been failures,
there is no indication that the pres
ent movement to organize a huge
cotton holding corporation to keep
distress cotton off the market will
fail. On the other hand there is every
indication that it is going to be the
biggest success in the history of the
farming industry in the south.
L. D. Jennings, well-known cotton
man, farmer and lawyer of Sumter,
addressed a large and representative
audience at the court house last Fri
day, and at the conclusion of his talk
more than 100000 was subscribed
in few minutes to organize a cot
ton holding association in the county.
The cotton holding association in
each county in the cotton belt is the
outgrowth Of the plans put into effect
by leading cotton men throughout the
south many months ago to protect the
cotton producer against the manipu-
lations of the bear speculator in the
north, The plan is for each county to
raise enough money to buy up all the
cotton offered at less than the price
fixed by the Cotton Association. Many
counties in the south already have
the plan in operation. Sumter has
buyers on every market in the county
and not bale of cotton us selling
in Sumter for less than 30 cents.
Last Friday Florence county put its
buyers on the market and it is said
that cotton cannot be bought in that
county for 80 cents. Not bale is be-
ing offered.
Mr.. Jennings says it will take
100000 to handle Dillon county's
crop Of surplus cotton and up to Sat-
urday last $4,000 of that amount
had been subscribed. Committees are
canvassing the county this week and
it is expected that Dillon's quota
will be raised by Saturday night. Mr..
T. L. Manning, county secretary, says
the farmers are responding literally
and there is much enthusiasm over
the movement
Cotton jumped to 80 cents and
slightly over on the Dillon market
Monday, but none was offered. Buy
ers for export houses and mills are
taking holiday, so to speak, until
the cotton world can get its bearings.
That spinners and exporters are very
much interested in the movement is
evidenced by the fact that Special
agents sent out by the various asso-
sociations in the north are keeping
in close touch with the situation, and
are securing and sending in daily re-,
ports on the progress of the buying
up movement. There is no question
ing the fact that the cotton goods
world and the bear element particu-
larlyis very much concerned over the
movement.
Many movements have been start
ed in the past with the object of
helping the farmer to get better
price for cotton, but they failed be-
cause the farmer was not financially
able to back them up. But times have
changed. The past three years have
enabled the farmers not only to get
even with the world but to lay aside
surplus money and they are amply
able to back the present holding
movement.
1t is not iextravagant to say that
cotton should be selling around 40
cents a pound. The greatest obstacle
to high prices, so it is claimed by
economists, is that Europe has no
credit and exporters are not willing
to pay hard cash for cotton and send
it across the water on 60 and 80
paper of a doubtful value. Another
obstacle is the high rate of exchange.
Europe has nothing to sell and when
she pays for what we send her the
rate Of exchange is so high that it
more than eats up the profits on the
transaction. The European govern
ments want to keep what money they
have at home, and will make no at
tempt to reduce the rate of exchange.
This condition of affairs prevents the
exporter from becoming an active
buyer on the American markets. The
bear element, it is claimed, is taking
advantage of this condition of affairs
to hammer the price of cotton down,
and the only way the south can meet
the situation is to organize huge
holding company composed of county
units and buy distressed cotton.
President Wannamaker has appeal
ed to President Wilson to assist the
European nations in establishing
credit for American cotton, but the
president has his hands full with the
peace treaty, and it is not likely that
he will be able to give the cotton sit
uation his attention until congress has
ratified the treaty. In the meantime
the southern farmer must help him
self by lenling his means to keep
surplus cotton off the market. Every
dollar he puts into the holding move
ment helps him to get better price
for what cotton he has on hand.