Atlanta tri-weekly journal. [volume] (Atlanta, Ga.) 1920-19??, 1920-12-09
DRASTIC REDUCTION
IN COTTON ACREAGE
URGED At MEETING
Revival of War Finance Cor
poration Is Recommended
Also at Meeting of Gov
errors

MEMPHIS. Tenn. Dec S-The
task Of enforcing a reduction in the
1921 acreage of cotton will be put
in the hands of the state banking
associations Of the various cotton
states. This was decided at the
opening session Of the south-wide
cotton acreage reduction conference,
which began a two-day session here
Tuesday.
The 1000 merchants, bankers, plan
ters and cotton men attending unani-
mously elected Governor J. NJ. Park
er, of Louisiana, ash chairman of the
conference. Leon Sternburger, of
Memphis, was elected secretary.
Each cotton growing state will be
organized for the purpose of assist
ing bankers in reducing cotton acre
age. A banker. merchant and farm
| er will be selected from each state
to direct the work. Colonel w. B.
Thompson, of New Orleans. was
named chairman Of the committee to
pick these committees.
! Though the conference was called
to discuss reduction of acreage, it
|
time to discussing means Of finan-
| ing cotton now on hand.
| Governor Parker surprised the con-
ference by barely mentioning acreage
reduction in the opening address. Col
onel Thompson, however, declared
that so per cent reduction in 1921
acreage alone can save the south.
He advocated holding the next crop
to 100000 bales.
| Some opposition is developing to a
| cd I(aa1 inY1
nor Parker indicates that he favors
expansion of credits rather than a
reduced crop.
Governor Parker again sprang a
surprise by his emphatic demand for
protective tariff sufficient to
other nations"
Credit must be given Europe so
it can take over the surplus prod
ucts of this country" Governor
Parker said. This credit should not
be for but ninety days; year should
be given the European buyer in
| which to pay.
"The Federal Reserve bank, in
working with member banks, must
solve the problem of relieving the
IF local banks will guarantee ex--
change for exporters and the federal
reserve system will back them up,
the south viii, again be on the road
to prosperity"
A reduction of at least so per cent
| crop not more than 100000 bales
was predicted by w. B. Thompson,
former president of the New Orleans
Cotton Exchange.
1.-THE south is determined to re-
duce the cotton acreage in 1921 to
at least one-half of that of last
year." Colonel Thompson said. "This
will mean that the coming crop will
be reduced to 100000 bales or less.
The convention here is called for
| termination and serving notice on the
world that the cotton producing
south will no longer permit it's CHIEF
agricultural asset to be slaughtered
and it's producers impoverished by
any combination of circumstances or
| interests whatsoever"
After outlining the course of the
market in recent months. Colonel
| Thompson declared the reduction
| movement was made necessary by
''the appalling decline in prices. due,
we are told by apologists for the
ruthless deflation campaign, to over
production
'In spite of the fact that in the
spring the farmers were urged and
encouraged by financial authorities
ton possible" Colonel Thompson con-
tinued, 1--WE are, after the price has
declined to figures which represent
less than one-half actual cost of pro-
duction, told that we have produced
| too much and must stand the conse-
quences of such overproduction.
"The answer to this is that we
will hold tight to every bale of the
so-called surplus and that we will
reduce the next crop to proportions
which will stagger those who would
reduce the cotton produced to con-
dition of restitution.
1.-THE bankers. merchants and
| farmers of this section understand
the situation and it's remedy perfect
ly. Even if the farmers were able
and willing to plant a full acreage.
| the bankers and merchants will NOT
supply the necessary means. This is
not a matter of mere resolution by
| farmers to reduce acreage, but an
issue of vital necessity for which
| the whole financial south is taking
up it's arms.