The Birmingham age-herald., 1920-11-21
Consumption Exceeds Produc- ton and Need Exceeds Both. Could Name Price If Held
 Three Months

DASo III tue ON cart or a0YerSftY. A year ago cotton was the acknowledged king of the agricultural universe today this king suffers the humiliation of having been, so to speak, set as medicant on the curbstone of distant and hostile Babyion. l refer of course, to the un- successful effort to get assistance from Washington some six weeks ago, when the American Cotton association chiefs assembled there to get funds not to stabilize or speculate in cotton, but to assist in holding it so the pro- ducers could at least realize the cost of production"
 Continuing his remarks on the cot ton situation he said:
 All the friends of cotton meant well, but carrying the fight to Washington, asking the gins to stop ginning and a seeking drastic reduction in acreage at the time was instantly seized on by the bears as weakness and confession of an excessive crop. Such is not the ease. The south is loaded with money and resources far in excess of any period in it's history, and more able to carry the crop than ever before. Sec retary of the Treasury Houston's un- fortunate remarks have done more to shatter confidence and break the cot ton market than all other agencies combined.
 CkEDlIOk IN AIlON
 The business men of the south should have realized that we are now a creditor nation and that the burden of the crop must be carried by the producer, or the monied interests of the south fully nine months aft CT the crop begins to move. I ap- pealed editorially to the producer to carry at least half the burden till Jan uary l. Unfortunately Southern Texas, which made a large crop, the first in three years was forced to sell. This started the toboggan. MT. Houston did the rest.
 'Tf the south would close up and sell no cotton for 60 days the market would catch up with itself and the de- mand would come again. This year or in previous years, except in 1918 and 1919. the trade has been called on to absorb six-months' supply of cot ton in less than 90 days. It is really amazing that the market has held up as well as it has.
 NO EXCUSE
 There is no excuse for the sacri- flee of cotton. The south has the means and the courage to prevent it. Three months ago rice was selling at 4c. It was all withdrawn from the market, so today it is selling at 61s c per pound. Many other countries, too, outside the United States, grow rice; very few grow cotton.
 With the organization at New Orleans of the Foreign Credit association, which will begin functioning about January 1, the uncertainties of the election past and conditions bound to improve in Europe, long time individual credits being off, fered on low-grade cottons, and, as our European advices indicate, being ac- cepted eagerly, I am absolutely positive 4L~ ~f f& r-ic st
 Texas has ginned far more cotton than at this period last year. Simply because we have had the prettiest fall to pick ever known The ginnery in Texas from now on will show precipitate decline. The world can have no adequate concep- ton of how near the Texas crop is lpicked or hcw great will be the abandon. nent. Three hundred thousand bales will rot in the fields west of Fort Worth
 "Why, I think cotton will advance while labor and other commodities go down? Because cotton has been, and is now selling for 50 per cent less than the cost of production, and labor necessary to produce cotton will be re- .duced but little, for the reason that there is no surplus of 1t, and no relief from immigration or from the surplus iof idle labor in the north present or prospective. If you don't think so, just go out and try to hire a negro or other
  The demand for railroad, highway and other common labor is so great, and will continue all over the south to such an extent that none will be available at but little recessions from present prices with which to make the 1921 crop Labor lis the factor which will make crop the size of the present one even, did we not have wholesale reduction in the ever- growing hazard of the ooll weevil as well as pink boil worm. Moreover, the cost of cotton goods production has been re- duced approximately 20 per cent, and even at the big reduction in same, there lis big money in middling cotton at 40 cents per pound.
 COTTON FAMINE
 My opinion that the world will face an acute famine in spinnable cotton in- side the next twelve months is "sus- tained by the ablest cotton statisticians in the world, for the simple reason that we are now proceeding on basis of con- sumption which is overtakinE produc- ton at the amazing ratio of ten to one Proof? The nAtpral growth of man. kind is 31a per cent per year. Tn 20 years this would be an in- creased consumption of 70 per cent Let us deduct 20 per cent for the great Hun tragedy, and we have net 50 per cent left, with about five per cent in- crease III production in twenty years, 
 ling more uncertain, and the dost thereof greater every year. Only the one-idea bear can fail to see the danger that turks in the amazingly short supply, and ever-increasing demand Recently the largest export of cotton cleared from Galveston for Europe ever leaving that port in a single day.
 "Of course the American mills are not expected to do anything but keep out of the market till it gets about 10 cents per pound higher than they will buy any thing with bagging and ties around it, just as they were doing exactly one year ago.
 A''while other commodities have de- clined some, cotton has suffered the most. and that. too. without any excuse except that south Texas selling and Sec retary Houston's unfortunate remarks which scared spot holders to death All countries produce some grain, some steel, some oil. some meat, some flax. some silk, or some wool, but very few coun- tries produce much cotton. Russia as a cotton-rroducing country is an incense quential factor. The crop in Mexico is one-fifth of last years, and all the bal ance do not amount to much in the az gregate. but we have not heard of bumper production in any of the other countries.
 ''In the very nature of things cotton is the rainment of the poor. The deflation that is taking place will certainly have its effect in quickening the demand for cotton goods.
 BEARS SHORT