Pine Bluff daily graphic., 1920-10-21
SOUTH DOES NOT
 NEED ASSISTANCE
 WITH COTTON CROP
(Continued from Page One)

31st, the census said mills north and south held 1,20e,O00 bales of American lint cotton, while on Oc- tober 1st. the same authority gave them total of only 773,000 bales. In September, in face of the panicky feeling that was spreading in the spot market, the southern mills con sumed 281 900 bales line cotton and they held remaining but 283000 bales or about one months supply.
 Comparing the situation now with July 31st, the showing is:
 "Stocks, American mills, north and south, of America lint cotton July 31, 1920, (per census) 1,209,000 bales.
 European mill stocks July 31st. 1920, 410,000.
 European port stocks and afloat for Europe July, 31st. 1,293,000.
 Total July 31st. 2, 912,000.
 "American mill stocks north and south, of lint cotton October, 1, 1920, 773 ,000.
 European mill stocks October, 1, 1920, approximate 350,O00.
 European port stocks and afloat, October 1st. 1,O001 ,000.
 Totals 2,212,000.
 "Decrease lint cotton since July 31st, bales, 778,000.
 "In other words, there was a shrinkage in mill stocks at home and abroad and in European supply of about S00,00O bales of lint cotton-a- vacum that must and will be filled when the market is permitted to set tie down to normal conditions.
 "In considering these figures we are dealing with the present, not with the past. The upset, due in a large part to the scares of holders | which have reacted upon consumers unsettling both ends of the line cannot be otherwise than temporary and will hardly affect the years consumption as whole. The mills are quite as anxious as the producers for the resumption of normal func- tions, and while confidence has been shaken, it by no means follows that resumption of normal trading in raw manufactured goods must be long delayed. The remedy lies with the southern producer and who should be quite able to cope with the situation.
 "Last year I made consumption in bales 12,735 bales including 335,0OO bales of linters, or 12,4O0O,OO0 bales of lint cotton.
 "The agricultural department es- inmates this years production of lint cotton, in round figures, at 12,- 100000 or, less than last years con sumption by 30O,0OO.
 Replenish Stocks Soon "The retail trade, which is the real foundation, is we are told by the best authorities, proceeding on nearly normal basis so far as vol tune is concerned, even if values in dollars have shrunk somewhat. Stocks are being constantly depleted and are approaching the time when replenisment becomes a necessity
 "Confidence must be restored from the producers end The wave of buying orders for the replenshment of shelves awaits only knowledge that the room is at the top and not at the bottom that the danger of further shrinkage has ceased If that time has not arrived, it is near at hand and the revulsion may easily carry the years consumption of lint cotton, Cor say, exclusive of llnters) to 13,00O,000 bales. Whether it will be so, depends on reversal of tactics that are forcing the staple on purchasers at many cents below the cost of production and many cents below its intrinsic value.
 "There is nothing the matter with the south beyond unreasoning scare in cotton. Our institutions are solid, our banks are in splendid -better than ever even known-and they have been made so by the peo- ples money, resultant from the prosperity of the past few years. Their interests are the peoples in- terest and we need not be forced to seek, outside of our own section for the solving of our problem. The world wants our cotton, the like of which cannot be obtained elsewhere. The world must supply it's needs from our supplies and people who would throw overheard their pro- ducts at less than cost under ex- | iStiNy conditions ,yo,1J .1 .,