The New York herald. [volume] (New York, N.Y.) 1920-1924, 1920-10-25

with the high price OF labor. provi-
sons. implements and costs of cultivat-
ing and marketing the crop. present
prices of cotton are much below the cost
OF production. Cotton Is one of the
agricultural commodities which does not
injure by keeping. My Arm has sold
cotton held for thirty-two years. with no
depreciation In either grade or staple
Three short crops show the world
urgently needs cotton. and with ex-
tremely low prices for cotton and cotton
seed. farmers face bankruptcy and will
be unable TO raise a new crop unless
conditions materially change.
STANDARD warehouse receipts with
insurance policies are the finest possible
collateral for a commodity which is not
injured by being held in storage, and
is certain to advance at least to the
cost of production. which is about 80
cents under present conditions. 1t is
absurd for the national Government to
say that cotton must DO Immediately
sold regardless of cost and TO indorse
the decision by declining to make loans
to those who are earnestly assisting III
the storage and warehousing OF this
great commodity and having it sold to
consumers as needed.
Cotton is not local problem, but
world wide necessity, and II the source
OF supply Is shut off by ruinous flnan-
cial policy the people OF the world will
ultimately have TO pay fearful bill
or the deliberate attempt on the part
of the powers that be will compel the
marketing OF our crops regardless OF
consequences TO agriculture, which Is
the backbone OF American prosperity.
The driving OF thousands from the fields
to the cities Is already forcing prices
up and necessarily the high cost OF
living and a continuation Of that policy
threatens even q higher cost and conse-
quent menace to the national welfare. to
nv mind to-day more than ever before.
Appeal to Reserve Bank.
Use your influence to have the Fed
eral Reserve Bank forget the gambler
and Spectator and pay heed to the
real producers OF American prosperity"
Gov. Parker Is backed up by The cot
ton associations of his own State. II
is predicted that at least 100000 bales
of Louisiana cotton is being held for
increased prices. Cotton warehouses al
ready are full and others are being
built. The gins are closing down gen.
orally by common consent. The night
riders have done no burning In Louis
lana. but the einners and the planters
have entered into combination.
However: the farmers in Louisiana
have seen many lean years. They are
poor men. they contend. They need
money. Many are being forced to sell
a part Of their cotton for what they can
get for it. But the bulk Of the cotton
is being held back. The richer farmer
Is beseeching the poorer one to hold on
until Christmas, when, 1t is predicted
the consumers will be compelled to pay
the thirty cents the farmers demand.
Where the farmers appear to weaken
they are prevented from selling cotton
by the ginners, who refuse to Gin H.
Georgia admits that the night riders
have done much damage there At least
10000 bales OF cotton have been de-
stroyed within the last six weeks. The
bulk of il was already IN storage. and,
as is the case in most places. 1t is not
possible to prove that the burning
was of criminal origin. II may have
been accidental, although the burnings
were rather too mysterious and much
too frequent And all happened about
the same time at night.
Llttle GeOrgH COTTON - redCHlnB tne
market. Georgia correspondents insist
that the only cotton being sold is dis
trcss cotton which they describe as
cotton the producers are forced to sell
TO escape lawsuits.
Virginia reports that she has been the
victim OF no cotton burnings and that
she has $4,000 bales of cotton for sale.
Furthermore. the Old Dominion editors
say that there is not yet any organized
move TO store cotton for an advance, al
though thirty cents a pound would be
much appreciated.
From Little Rock 20 THE NEW YORK
HERALD comes sound information that
between 1000 and 5000 bales of cot
ton have been burned In Arkansas
However. less than half OF this was de-
stroyed by night riders. they say. Ar
kansas has 100000 bales tucked away
in insured warehouses and feels pretty
certain that this is going to restore cot
ton to thirty cents.