The Birmingham age-herald., 1920-09-04
FIX XC0TT0N PRICE
 40 CENTSAPOUND
Dallas Selected as Next Con- vention City of the Ameri-
 can Cotton Association
By FRED II. GORMLEY, Montgomery Bureau Tho Ape- Herald
 22I.2 Eirst NatinnaI Bank RniIdil


 Montgomery. September 3.-(Special) Members of the American Cotton Asso citation were called upon by their price fixing committee Friday to hold their cotton for forty cents pound, basis middling, and to refuse to dispose of ton. The recommendation was made after a session of the committee which began Wednesday morning and con- tinued until Friday.
 It is proposed that the price of cot ton shall be advanced one cent pound each month after November | Prices of better grades than middling will be approximately higher and those of lower grades proportionately lower.
 J. S. Wannamaker, president of the association, appeared before the com mittee Thursday afternoon ana Is re- ported to have favored forty cents as the minimum. The committees report was made after a thorough inquiry into the cost of production in all cotton growing states. Questionnaires were sent to thousands of cotton farmers and information obtained on all expenses of production. l. T. Quinn, who ob- tained the information for Alabama, re- ported that the cost of production in Alabama was 36.2Sc, and that figuring profit at twenty five per cent. the sell ing price should be 44.2Sc. basis mid ding. In addition to the selling of the minimum price, the committee recom mended that one third of all land plant ed in cotton this year be devoted to food crops next year, thus serving the double purpose of reducing the yield of cotton and increasing the harvest of grain crops.
 In making this recommendation, the committee pointed out the great uncer- tainty in the world, the call for grain and the reduction in prices for commod- ities such as cotton. Members of the American Cotton Association declared the recommendation will have an in- portant effect on the cotton market. as the farmers throughout the south are organized in the cotton association. It was claimed that in one southern state alone 20 900 cotton farmers are mem bers of the association All committees of the national association and the Alabama division of the association completed their work Friday afternoon
 Dallas, Tex. will be the next meeting place of the American Cotton Associa- tion It was selected by unanimous vote of the board of directors and other committees of the association Friday after invitations had been received from New York city, Columbia, s. C.; Mont gomery and Dallas.
 New York urged the convention to comS to that city on the ground that It has been advertised throughout the world that 1t was additional organiza- ton and that the selection of New York would be a public demonstration of the fact
 The meeting of prominent bankers and business men for the formation or plans for the organization of large financing and holding corporation capa- ble of withholding twenty-five per cent of this years crop from the market failed to materialize, but the project was explained to the organization with the recommen tion that a special com mittee be named to handle their prop9- sition
 It is proposed to place 1000, 900 bales of cotton in the association as capital which will be sufficient to create new market and, according to members. will have the effect of withholding this amount from the market until the prop CT price is obtained. W. P G. Harding, chairman of the federal reserve board, has expressed sympathy with move nent which can finance the cotton crop and maintain the price at the cost of production.