The Dillon herald. [volume] (Dillon, S.C.) 1894-????, 1919-04-03
COTTON BANKS NECESSARY.
Business Men Giving Thought 4
System Of Finance for Cotton
Crop islss

! Columbia, March 1s-Goyernor ~
P, G. Harding Of the Federal Re-
serve Board, Hon. Robert F. Mod 7
dox, Of. Atlanta, president Of The
American Bankers Association an&
other speakers OF national reputs-
(! ton will probably deliver addresses
at the big Statewide cotton rally -
be held in Craven Hall, this city. on
April beginning at noon. It bad
lbeen planned to hold this meeting IN
the hall Of the house OF repfesenfa--
tives but the indications point b
such a large attendance thst II hns
been decided to hold it in q larger
hall.
! Governor Harding Is expected 70
speak On the exporting and market
ing of cotton. Mr.. Maddox's address
will be on banking. financing and
lstabilizing the price Of cotton.
] 1t was stated at the office Of the
South Carolina Cotton Association ii
this city today that definite steps are
now being taken In every section Of
the, cotton belt locking to the forma-
tion of plans that win result In o.
banking system for properly finane-
ling and stabilising the price Of cotton.
a corporation for the exporting ana
marketing of cotton along the lines
suggested by Governor Harding.
! Definite plans are also being form
ed, It was said. for the organizations
Ioe Southern Cotton Association,
tie membership to be composed Of
Farmers, bankers, merchants and bus
mess men. The idea Is to have this
association represent practically AL
of the business interests Of the South.
absolutely controlled by the cotton
interests. This would, in no wise.
conflict with the bankers associa-
ton, the Farmers Union and other
organizations, but will have their CO.
operation. Special charters will be Sc
cured for the association. ~
The following statement was given
out today by the South Carolina Cot
| ton Association: S2
! '"As an Illustration OF the propa-
gahda now being sent out by the cot
ton bears, the following is cited:
"The movement for reduction in
acreage In this section of the country
Eaay have some effect but there is No
such movement on hand in the West
where they have had good season4
and expect to plant q full CROP
tThis propaganda in the SoutherH
states reads that there will be no re-
ldrction in the West and IN the West
Iers States II reads that there will be
70 reduction in the South.
another big cotton firm sends out
the following: I'VE are glad to- note
that you have been successful In
youI campaign to bring about a gem
leral reduction in acreage, but az
written before, we are sorry to see II
because we do not think 1t will be
necessary and If we are right in our
views Of the market, we believe that
the prices prevailing around plant
Ilag time will induce farmers to put q
much larger acreage in cotton than
originally contemplated.
"As an illustration Of information
sent by the New York firms the
following was sent aleading business
man and planter in South Carolina1
+" AN opinion has been given by the
attorneys for the Bureau of Markets
of the United States government that
all transactions in old style con-
tracts (those trades made prior TO
March A. must be liquidated before
Nay /, 1919. All trades on hand al
ter that date must be in new style
contracts. We are ordered to report TO
the cotton future attorney all old
styie' contracts liquidated by our Gus
toners. 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.. Bran
OF the department Of markets. As !
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
I Fave shown remarkable high level
before il would have been possible
lfol the bears to have stopped the ad-
vance.
II appears that some people IN
the State are making fight on the
cotton association. The following let
ter has been received from one. man:
~ have asked several men to pledge
themselves to cut the acreage and
showd the letter, they say they won't
pay anything for some big man %
live without work and smoke his
cigars on"
The South Carolina Cotton Asso-
citation has 1,6O0 men who are giving