The watchman and southron. [volume] (Sumter, S.C.) 1881-1930, 1920-09-11
Plan BY Which Southern Men
of Large and Small Means Co
operate to Buy Distress
Cotton
FIGHT MILLS FOR
CONTROL OF CROP
The South h Now in o Position
to Make Winning Fight For
Independence

Queett0n which South Carolinians and
the cotton belt interests have to
face. II 81. not question which con-
cerna the farmers only. IL concerns
every interest In the nouth, difectiy,
and less directly the financial status
\. 81 the whole United States. For half
of that $500, 900. 900 loss will be lost
20 the nation through the export OF
half the cotton produced The Unit
\ I'd states a. a nation will receive
9300.o00. .O00 less for the cotton sold
than q fair price would SrlnG;.
WhalA steps then shall we take TO
prevent this loss? The cotton asso-
ctation Is putting In motion ma
chipery which Il hopes will ultimate
" check the loss; but meantime the
bpnks OF the south have all loaned
heavily many to the limit OF their
ability to obtain funds, The banks OF
tlse sonth are not blind to the mean
ing 10 them OF $4,000, 900 saved In
the state of South Carolina. or $780,
otS.oo0 to the southu IN the way or
Increased deposits. ana may be ex-
pected to do all in their power. But
many have done all they can.
Warehousing and holding will help
m, stem the downward tide OF prices,
difocf export arrangements' to middle
fHuPooean countries will help. reduc-
tIon o. 1921 acreage and evidencing
the reduction by q large fan-sown
nrsiu crop will help: bur these meth
ODE % not relieve the strained finan-
ciNt conditions OF the banks nor pre-
vent the ptagnation OF business re-
pulting lrom that condition, and we
yAuBt look for still other measures.
Huy 40 the Gotten That Must he Sold
Iyooll1e that some cotton Is going
70 b sold at whatsyer price can be
obtaiue4 for Il. In order that this
luol,tA Gh1if not kIut the market and
No>IAot from the effectiveness OF the
oihts sneasurss being taken to pro-
tect the intervsts OF the south, want
e nppeal' TO the people OF the state
who are In position to do so. to buy
up this Distress cotton and keep II
from reaching the mills In sufficient
dunntity' TO break the marke; And
thia n not any "bny bale plea. but
= business proposition that offers
more profit than any legitimate In
.veatment \ know OF. tt
The records show that for the ten
year period ending August 81, 1914
the average cotton prices for the Sep
tember-November period were &C per
pound below the average prices for
the Aay-July period. This refects
the pressure or the cotton on the
market dnriDg the rush seasons. and
IA the natural result OF selling more
cotton Tn the fal period than the
mills are la position 10 finance. Few
mills can AFFORD TO buy UP years
supply or cotton In the fail months
they simply haven't got the funds,
and leave the market To the specula-
tors.
Four cents prior to 1914 is proper.
tlonate To 10c now so that proper
tionate variation now would mean 10c
dfnsrence between the probable Sep
ternber 20 November prices and the
probable May TO July prices-35O a
bale. Ian't $50 pretty good interest
on t126 TO $3.50 for eight months?
Thai is how the probabilities figure
out. OF course this will no. help the
farmer who has To sell at once on the
portion OF his crop he now sells. but
n viii help him on SO much OF II ~
he can hold. and help all others
who are holding. 1t will also keep
this profit in South Carolina and the
south--where IL Is entitled 20 be--and
not let II go 10 New York, New Eng
lind. and Europe.
know OF no better or more I'M
mediate way OF protecting the inter-
ests OF the cotton belt Lett thou
Aands who make their money I'm
South Carolina invest I'm a south Car
oltaa commodity which In sure To hold
its value. and thereby help to- add
these s75,e00.0O0 To- the wealth OF
the state. Any reputable cotton
buyer will buy the cotton on the open
market for YOU. The indicated Weld
for 1920 is less than 200 pounds lint
cotton per acre and u yield as low as
this cannot be produced at less than
asc per pound. and certainly 25 per
cent Ls none too much profit for the
farmer who has risked his all and
waited n whole year for one turn.
over. To get as pront. I say therefore
that minimum fair price for cotton
OF the 1880 crop Is 35c per pound.
Conditions Justify Higher Prices.
am aware that the Southern Cot
ton association has Fixed minimum
price OF tOc., and that was undoubt.
edly the price most farmers OF the
south hoped for ip making the 102O
crop. Indeed many crops were pro-
duced on basis so expensive that no
price below i0c win leave fair re-
turn for the time OF the producer and
his family and the amount OF capital
risked. have merely tried to be
conservative In my estimates
For the four,year period ending
August 4, 1915, the worlds consump-