The Bamberg herald. [volume] (Bamberg, S.C.) 1891-1972, 1920-09-09
TO HOLD COTTON
OFF THE MARKET
Until FAIR PRICES ARE OFFER
ED FOR THE STAPLE.
Meeting Sept. l, 2 and g.
Mr.. Mcleod Cites Importance OF ac'
ton Taken at Montgomery
Meeting.


tn Association in Montgomery. he
was very much impressed with the
earnestness of the delegates and said
that important measures were ADOPT
ed with respect to the cotton crop.
The convention, Mr.. Mcleod said,
wanted to do the things that were
hest for the entire cotton belt and no
action was taken on any question by
the convention until after the facts
bearing on the subject had been stud
led and analyzed.''
''The meeting of the American Cot
ton Association, Sept. /, and 3, was
bv far the most important that has
ever been held. Many sound, sane and
businesslike measures were adopted
to meet the abnormal economic con-
ditions and plans laid to carry them
out" Mr.. Mcleod said. Il have never
seen a more earnest and determined
set of men in convention assembled.
They wanted to do the things that
were best for the entire cotton belt
and no action was taken on any ques-
ton by the convention until after the
facts bearing on the subject had been
studied and analyzed by committee
composed of strong men.
The following are some of the plans
adopted by the convention: A board
of corporators were appointed to or
ganize the export corporation, the
stock which will be paid off in on
grade cotton; the company will ex-
port cotton and extend credit to Euro
pean countries; 25 per cent. Of the
high-grade 1920 crop will be retired
until the summer of 1921; the repre-
sentatives of the cotton states pledged
that their respective states would re-
duce the acreage in 1921 33 1-3 per
cent; binding reduction pledges will
be signed and hold the 1920 cotton
crop off of the market until the mini
mum price-4O cents is reached.
s'The Texas state division had ar
ranged to hold a convention Sept I
and 2 before they received notice that
the present organization would meet
at that time. Therefore, Texas was
not fully represented at the Montgom-
erv convention. The president of the
Texas division wired that the attend
ance was by far the largest and 1t was
the most enthusiastic meeting ever
held by the Texas division and that
they would carry out the plans adopt
ed by the Montgomery convention. In
conformity with the plans it is eX-
pected that there will be reduction
in the sale of cotton in Texas until
the minimum price is reached.
lone of the greatest economists in
the world said that the cost Of pro-
duction and the need for cotton in the
world justified 40 cents for good
white cotton.
Judge Ramsay, president of the
Regional Bank in Dallas, Tex, urged
in his mastery address before the
convention, that the association lay
the facts before the world relative to
cotton production and the necessity
for the producers to obtain a fair
price for their product. He also urged
that the farmers, merchants and
bankers practice the strictest economy
during this crisis. Immediately after
Ramsay's address 155 bankers, repre-
senting all of the cottOn-producting
states, held meeting to discuss plans
for financing the cotton crop. 1t was
decided at this meeting to send COM
mittee to Washington Sept Is to con-
fer with the Federal Reserve Board
about plans for aiding in financing the
cotton crop. The committee will be
composed of the presidents Of the
bankers association in the several
state divisions of the American Cot
ton Association and five business men.
I'm order not to be hampered in
carrying out the plans adopted by the
convention it decided to raise a spe-
cial fund of $4,000 to supplement
the fund that is being raised in the
several cotton producing states
through the sustaining membership
plan. Subscriptions were called for
and over $4,000 was subscribed for
in short order.
"A number of broad-guage mer-
chants, bankers, and farmers, men
with a vision, offered their services
for the next two Or three weeks to
put into effect the plans adopted by
the sustaining membership drive in
all the cotton producing states. -
News and Courier.