The watchman and southron. [volume] (Sumter, S.C.) 1881-1930, 1921-11-19
COTTON PRICES
DISCUSSED IN
THE SENATE
Senator Smith Pre-
diets Cotton Short
age Before the Next
Crop is Harvested

Washington, Nov. 15.-Predictlon
of a world shortage of cotton next
summer was made in the senate to-
day by Senator Smith (Democrat
of South Carolina in a speech
analyzing the statistics on cotton
consumption for October, made
public by the census bureau.
Should the rate of consumption for
the ensuing months equal or en-
ceed that of October he said there
would be not bale of American
cotton in existence by next August
In the course Of his speech. Mr..
Smith digressed to discuss what he
said was the failure Of congression-
al action intended to aid the farm
ers, asserting that it seemed the
only hope for the agricultural in
terests lay in the formation of their
own cooperative selling agencies
and the ablishment Of their own
banks He added that relief leg
islation thus far had been convert
ed each time into "breastworks be-
hind which the interests opposed to
the farmers entrenched themselves
to destroy the farmers profits
Exports and domestic consump-
ton of cotton for October aSgre-
gated 1,366.o00 bales, which, ac
cording to the senator, constitutes
a record for monthly disposition of
the product.
"At that rate" he continued.
"the exports and consumption be-
tween last August 1 and next Aug
ust l Will be more than 16, 100000
bales, and the best estimate of the
visible supply that can be obtained
showed only about 12,500,00 or
100000 bales
A carry over of about 100000
bales was estimated by Mr.. Smith
while this years crop he believed
would not exceed 100000 bales.
He made his figures liberal. he add
ed, but found no way to bring the
two totals anywhere near togeth
er.
Mr.. Smith reviewed the many
cries which he said had forced
the cotton prices down and told the
senate that all the "menacing things
foreseen by the trade, including
the rail strike" had been put out Of
the way, yet the price remained
low He declared, however. that
the country never would see cotton
sell as low again. expressing the
belief that American cotton crops
hereafter would fall below the ten
year average. which. he said, was
slightly above 10000 900 bales.
Washington. Nov. 15.-Cotton
consumed during October amount
ed to 494,745 bales of lint and 61,-
513 of linters. compared with 401.-
325 of lint and 1864 of linters in
October last year. the census bu-
reau announced today.
Cotton on hand October 81 in
consuming establishments was l.
404.931 bales of lint and 159, 729
bales of linters. compared with
$40, 0,4S0 of lint and 235,063 of lint
crs year ago. and il public stor-
age and at congresses. 1881. .S56
bales Of lint and 211.376 Of Hnters.
compared with 4.132,967 of lint and
340,633 Of iinters a year ago.
Imports were 31.269 bales, COM
pared with 1925 in October last
year.
Exports were S74.510 bales. in
Guiding S,119 bales Of linters. COM
pared with 1925 bales. including
I,709 Of linters in October last year.
Cotton spindles active during Oc-
tober numbered 34,255,522. COM
pared with 33.771.938 "a year ago.
Statistics for cotton growing
states for October are:
Consumed, 297.578 bales. COM
pared with 244,552 in October last
year.
On hand October 81 in consum-
ing establishments. 7S5.54S bales.
compared with 4O7,047 a year ago.
and in public storage and at com
presses 4.674.227 bales, compared
with 3.S0S,G37 a year ago.
Spindles active. 15.433,576, COM
pared with 15,031,S49 q year ago.
Washington, Nov. 15.-With the
supply Of cotton unable to meet the
smith of South Carolina. Heflin of
Alabama and Watson OF Georgia,
delivered speeches in the senate
this afternoon constituting q Joint
inquiry into why the market price
is still far below the cost of pro
duction.
There is no explanation or justi-
fication for the situation, accord
ing to Senator Smith. Senator
Watson proceeded against the
federal reserve board. Senator
Henin urged the 'dccapitation" of
the stock exchanges of New York
and New Orleans and in addition
charged that tn" federal reserve
board vas chiefly responsible for
the plight of the farmer
In connection with the situation,
tn" proposed amendment TO tn"
cotton futures act, introduced by
Senator Dial or South Carolina
which would require tn" exchanges
to deliver the exact grad" Of cot
ton the purchaser had contracted
to buy. and which experts contend
would greatly rebound to the inter
est Of the south. remains hidden IN
committee" Senator Dial stated
today that il" would make inlhc-