The commonwealth., 1921-03-25
N.C:COTTON Commission
RECOMMENDS DRAS-
TIC CUT
COMMISSION AND BANKERS Re
COMMEND TOBACCO REDUC-
TION ALSO HALIFAX MAN
ON CONFESSION

Washington, March 23.-Decision to
recommend reduction of so per cent
in cotton acreage for the present
year was reached at a conference here
Wednesday Of tile members Of the
y orth Carolina Cotton Commission
and committee of bankers from
that State. After reviewing condi
tions IN the cotton market both for
eign and domestic, the conference
concluded that the present surplus
would be sufficient for year S de-
lnand, even if no cotton were grown
this year. Production of normal
crop on top of the present surplus,
which those attending the conference
said was the largest on record for
this time of year, would force the
price down to 5 or 6 cents, it was pre-
dicted.
The conference agreed unanimous
" to urge farmers, merchants, bank
ers and all others interested i'll the
Icotton growing industry to unite in
!! bringing about the acreage reduction
recommended. The conference agree
4 L
the tobacco industry, also urged re
duetion of acreage in the golden
weed for this year.
The North Carolina Cotton Commits
sion was appointed by Governor Nor
rison under act Of the General Assem-.
oiy, together with a committee OF
balirers of North Carolina to make 3
'e,eifer.44 sarvsy ue business. conditions
with respect to the agricultural sit
uatiorr The cotton commission was
specifically appointed to investigate
cotton conditions and to make sucl
steps, in conjunction with cotton
commissions appointed by others OF
| the cotton growing States, as wou1,
tend to stabilize cotton conditions
The commission is composed Of R. Q
Everett Of Durham chairman, A. w
5 Mclean Of Llmberton, now a mem
ber of the War Finance Corporation
t and l.. J. Baker Of Palmyra, while tn
bankers committee is composed of L
Q G Mcqueen, president of the Murch
b ison National Bank of Wilmington
. W. B. Drake, Jr., president of th
q Merchants National Bank of Raleigh
l. and w. L. Parsons, president of tn
: Bank of Pee Dee. The joint commi
d tee after discussing the situation f6
S the greater part of the day issued
y statement which reads:
II "From the most reliable inform;
= tion obtainable, it appears that thel
e is larger surplus of cotton on hand /;
the present time than at the san
4 time in any year in the past. III
e domestic consumption is greatly r
d duced on account of the unfav ora b
Is conditions in the home markets. II
e. foreign demand is reduced to appro
it imately one-third on account Of Il
5. unsettled conditions and conseque1
V, lack of buying power in foreign cou
ir tries, which, in normal times, co
id sumo about two-thirds Of the Anne
p can crop. AS an evidence OF this co
a dition, it is reliably stated that ]
LII Gently spot COTTON was lower in Live
n pool than in New York, taking III
lie consideration the adverse exchan
conditions.
to ''Those who have studied the ST
on ject most carefully are unanimous
ev Of the opinion that with the preso
he lack of buying power both at hol
MS and abroad, there is cotton enough
IT hand now to supply the actual {
er mand for a year or more even If
re cotton at all were raised during VI
he 1921 In. America. At the present ii
lie the price of cotton is far below
ass cost of production. With anythi
like normal production in 1921 it