The Abbeville press and banner. [volume] (Abbeville, S.C.) 1869-1924, 1920-10-20
HARRIS BULLISH ~.
DESPITE PRICES
Commissioner Says Cotton Famine
At Hand-Closing Down Mills
Means Gain For Farmers
Talks of Bankers

Means Gain r or Farmers
Talks of Bankers
"I am more bullish on the cotton
market than I have been in the last
ten years." said Commissioner Harris
yesterday. 81 hope that the cotton
farmers of the South will be bulls
from now on. Some Of them have
been helping the bears too much. The
sooner will cotton 60 up if the farm
ers stick to the bull side. No matter
how much the interests juggle with
the futures market just remember
they can't spin contracts.
"I maintain that, according to the
law of supply and demand, we face
law Of supply and demand, we face
the most acute famine in spinnable
cotton in all history of cotton. The
law of supply and demand can not be
ignored Indefinitely. 1t is the natural
law and should govern the prices of
all commodities. Now, spots holders,
don't get scared when you hear Of a
cotton mill shutting down or curtail-
ing. If they are not making money
now ont of manufacturing, God pity
them, for cotton is going higher.
"By the way, twondersif the pres
ent status of marketing is what Mr..
Harding of the federal reserve board
and Secretary Houston call orderly
marketings..' / would fear to see the
market when it becomes disorderly,
according to their Judgment. z,.'%
'1n many ways I consider conditions
worse now than at this time in 1914,
when our people were the innocent
sufferers, of a financial crisis brought
en- by var in; Europe. find that
some are placing the blame upon the
secretary of the treasury and the gov
ernor of the federal reserve board. I
believe that there was no provocation
for such radical defation Of values
as we have seen. No one seems to be
willing to admit responsibility but I
claim this, it was not brought about
by natural causes. 4;
Farmer Great Producer.
"The farmer is in the vast majori-
ty in this country, and yet he, has the
least to say about the making Of the
laws under which he lives. The
wealth of the world is produced form
the soil, in agriculture, mining, etc.
The manufacturer takes the raw ma
terial and adds few dollars to its
value. There is not a bank in the
world that has produced new dollar
Money that is produced goes through
the. bank and it charges percentage
and interest and creates wealth for
the bank. .5., yr.ss,;s
) 'The merchant does not produce a
new dollar. He buys his goods, puts
them on the shelf and sells them for
a profit. That profit is not a new dol
lar made, but dollar turned over
"The new dollar is the only thing
that counts, Why, at this time, should
this great defation come when pro-
ducers have produced their new crop,
ready for sale, at their own expense?
/ would like to exonerate the bankers
of this state, as far as / can. 1t seems
that Mr.. Houston's and Mr.. Hardings
idea of orderly marketing is to pick
the crop and sell it as fast as you can,
matters not whether there is profit.
GAS a matter of fact, very little
money can be had to keep it off the
market. Even in California and Ari-
zona, they have their difficulties. a
delegate from Arizona in Washington
last week made this statement. He
produces long staple, selling for
$1.5O per pound last year. He had 200
bales; put them in a warehouse, went
over to banker and applied for
$25, 900. The banker asked him if it
was for an acceptance or if the own
er wished to hold his cotton. When
informed that the owner wished to
store his cotton, the banker said,
You cam hold it off the marekt.' All
the money that is needed to buy cot
ton is reported to be available, but
STATE OF SOUTH CAROLINA,