The Monroe journal., 1921-05-31
SHORTEST COTTON CROP
IN N YEARS PREDICTED
Still Greater Shortage VIII Exist Tn
less Market L. Created. Prom
inent Speakers Warn
TWO BILLION LOSS To FARMERS

New York, May S0.-Ways and
means of rehabilitating the cotton
industry and putting il on pre-war
basis were discussed today al the
opening of national consultation OF
American cotton growers, manufae-
turers and affiliated interests.
Leading cotton growers and gov
ernment officials warned that the
country faced the shortest cotton
crop in the last % years and that.
unless immediate steps were taken
to create a market and restore the
staple to a profitable price. a greater
shortage would result in the next
few years.
Figures represented by the various
speakers showed that the reduction
in cotton acreage this year ranged
from 80 to 35 per cent. due to the
acreage reduction campaign OF the
American Cotton association. the
ravages OF the boil weevil and un-
favorable weather conditions.
The government recognizes that
the industry faces a critical situation.
President Harding declared In tele-
phone message to the conference. and
he assured the cotton growers that
the administration desired in every
possible way to cooperate with those
seeking to improve conditions.
Two three-year-old daughters OF
cotton men replied to the Presidents
message thanking him on behalf OF
the north and the south.
Acreage Reduction.
United effort by government and
business is necessary II the cotton
industry is to regain its feet, declared
]. S. Wannamaker of st. Matthews,
S. c., president Of the American Cot
ton association. Artificial imitation
Ia values must be overcome, he said,
and the channels of commerce opened
and exports of raw cotton stimulated.
He defended the acreage reduction
campaign. declaring il would nave
been nothing short of suicidal to
produce more than half a crop OF cot
ton in 1921
Senator Joseph +. Ransdell OF
Louisiana. a cotton planter, estimated
that cotton producers had lost ap-
proximately s2,00G000. goo in 1920,
due to adverse market conditions.
Senator Z. d. Smith of South Caro-
lima, said that, with group OF sena-
tors from the agricultural states ot
the south and west. he believed they
had a solution OF the situation In
view. He explained that II was pro-
posed TO modify the federal reserve
act so that the farmer would have
some fixed and dependable financial
arrangements. He added that II was
proposed to make II mandatory upon
the home banks and the regional
banks TO accept the farmers paper
at fixed discount rates. and that this
paper should be good as long as the
banks assets permitted. Cotton at
no time. he said should sell below
thirty cents.
Abolish Exchanges.
Abolition of cotton exchanges If
they cannot be regulated adequately
by law, was advocated by United
States Senator j. Thomas Heflin, OF
Alabama.
Consideration Is being given law
concerning cotton futures, he as
serted, but he expressed doubt as to
the possibility of framing a measure
that the exchanges could not find a
way TO evade.
eff the cotton exchanges cannot be
regulated Senator Hefiin declared,
81 am in favor Of killing them. SAY,
give them another chance. However,
we don't have to have exchanges to
sell cotton any more than We have
to have exchanges to sell mules.
LET us regulate the exchanges
further IL we can, But, II not. let us
out the axe to the tree. They ought
to have been closed last fall. Some
of the people In Washington who
have been In favor OF regulation. are
coming around to think II better to
close them.
Warns Those Feasting.
LET those who are feasting take
warning. We tell these bear specu-
lators to get their house In order
Congress passed grain exchange bill
In a jiffy and Southerners supported
1t.
1.-The price Of cotton will go up
again. We will survive II. Let US
go back like crusaders and preach
to our people to 20 back to pre-wN
prices. Cotton cannot be produced
at twelve or fourteen cents pound
under present conditions"
Senator Hehin favored amending
the federal reserve law so that the
federal reserve board would be CON-
PEELED to recognize staple cotton as
a basis for credit. He urged that
President Harding be petitioned to
call upon that board to reduce the
rediscount rate to 4h%.