The Lancaster news. (Lancaster, S.C.) 1905-current, September 14, 1915, Page 2, Image 2
o
Farmers, Merchai
Should Fight For
"Twelve-Cent Prices are Jus
mands, by the Crop Outloo
tion of the Country and by
forded by the Federal Res<
paign to Save $250,000,000
By Clarence Poe, -Editor of The Progressive
Farmer.
I beg space in your columns. Miss
Editor, to present a subject of the
utmost importance to all our Southern
country. There is no doubt in
most thoughtful minds but that the
South's cotton crop is going to bo
worth $750,000,000 to the men who
own it next spring, but it is worth 1
only $500,000,000 to the producers
at oresent nrices?and it is to save '
to Southern growers anil to our !
Southern country this extra quarter '
of a billion dollars that the united
energies of press and people should !
now be directed. The fundamental '
factB seem to me to be clear. (
1. Cotton, even though the new '
crop of 1915 has started coming on
the market. Is still selling on the 3
basis of prices fixed by last year's 1
17.000.000-bale crop.
2. These prices must soon he adjusted,
however, to fit the conditions ,
of a 12,000,000-bale crop (or proba- '
bly only a 10.000.000 or 11.000,000bale
crop.) and this adjusted price
ought at the very least to reach 12
cents a pound for middling.
As briefly now, as clear argument
will permit. 1 wish to point out and (
emphasize the truth of these statements.
'
1.?The World's Demands Justify
Twelve Cents.
Assuming even a 12,00ft.000-hale }
yield of Southern cotton this year ,,
land it will probably be less.) this t
year's world production will he j,
.'1.000,000 bales short of the world's s
conservatively estimated consump- r
on during the coming twelve r
months. That Is to say, the worlo j,
will consume every pound of this
year's crop and 3,000.000 bales of
the present surplus.
Secretary Hester of the New Or- 0
Jeans cotton exchange estimates last rj
year's Southern production (not the p
commercial crop I at 17.004,000 bales. fo
The United States government esti- n
mate (16,134,030 plus 791,464 lint- ft
ers) is 16.926,304?practically 17,- j,
ooo,000 bales. Tbis was over 2,000,000
bales in excess of the 1913 crop,
Now what happened with this \
bumper 17,000,000-bale crop in ,,
spite of all the demoralized condi- y
flons of trade and finance?the crop ,,
of which it was said last fall we p
should not export 4.000,ooo bales' t]
The facts are that the world used jj
so much of it that the total world's <
visible supply of all cotton in mid
summer this year was only 5,435,
163 bales against 3,522,276 bales a ?
rear before. In other words, with p
.r 17.000.000-bale Southern crop to
handle, the world's visible supply in- j.,
( reused only 1.906.000 bales. What p
is going to happen this year then. J
with the South offering 5,000,000 or
ft.000,000 bales leas?and the pro- p
duction of other countries also de- c
rreased? And this query brings me ei
to unother point: q
II.?The World's Crop Prospects t?i
Justify Twelve Cents. p
Mr. W. P. G. Harding of the fed- g
eral reserve board early in the sum- n
nier secured reports from consular s<
oflleials all over the wo-ld indicat- b
ing a total cut in the world's cotton l,
erop this year of 5,000,000 bales. t|
Kevnt and India reporting "radical
reductions in acreage." Since th.'.t p
time 'iia prospects have further de o
dined. )<
But even if we accept this early o
over-estimate of the crop we see that it
if last year's crop, being 5,One.000
bales bigger than tliis year's, vet e
increased the surplus only 2,000 000 n
hales, then this year's crop will ^
leave a 3,000,000 bale deficit?to n
he drawn from the surplus. a
The facts are, however, that even e
a 12,000.000 bale estimate for the
3onth now seems too high. This is v
not simply my view, but the view of
many experts, including so conserva- I a
tive and competent an authority as r
The New York Journal of Commerce, ^
which has just declared that in view I
of present conditions, "the yield ^
seems likely to be nearer 10,000,000
than 12.000,000 bales." And now <
tomes The Wall Street Journal itself ?
mooting William S. Halliburton, of i
Daniel O'Deli & Co., as saying: "The i
current season's crop may be an low f
as 10,500,000 bales. It is entirely f
W?Mn the reach of present condi- r
ttona that we shall see 12 Mi-cent j
rI
nts and Bankers 5
OIK
12-cent Cotton E
i
Mr
las
sto
tified by the World's De- '*c
* ed
k, by the Financial Condithe
Opportunities Now Af- y.erve
System"?A Cam ^
to Southern Growers. can
; flsc
cotton before the end of the sea-' 242
son." por
These twc authorities base their tha
estimates chiefly on condition re-1 we
ports irom an over me nouiu, out aoi
might have added th? further testi-! mui
mony that the South cut its ferti- Get
lizer consumption this year from this
4,431.000 tons to 2,636,000 tons? oth
almost in half?and the effect of | tier
this cut will probably make itself j if I
most evident from now on as closer sat<
scrutiny is given the fruiting of the fan
L-rop. 1 any
The reader can easily see for him- ! ord
self therefore, that if we have only ' crej
i 10.000,000 bale crop, the factories , pur
it the world would utterly drain | for
:he market dry. leaving it subject ! nen
:o such conditions as occurred a few trac
rears ago when speculators carried mill
>ricee to 17 and 20 cents a pound. thai
And now having pointed out that I and
welvp-cent prices are justified be- Am
ause the 1015 crop is certainly, re-c
i.000.000 and poslbly 5,000,000 ban
>a!es short of the world's demands, i twe
ncaning that factories and munition fled
actories will consume all the present Eur
ield with the greater part if not 14 (
11 the world's visible surplus, I also A
vish to call attention to the fact *??i
bat? onci
II.? Xinerican Prosperity Justifies ma*
Twelve Cents. dan
The American Hunkers' Associn-i 1 ro1
ion has just been meeting in Seat- <onl
le. Washington, and what was the [amr
a ess a go that the president of this amf
;reatest organization of financiers j Gry
iroaght the country? Tie predicted, Ia'1,
ays a press dispatch, that "an al- I
nost unbelievable prosperity is lane
ashing on the nation." or to quote rule
is exact words: inju
"When the bank reserves, which mar
re greater now than they have ever SPtt
eon in tlie history of the nation will :;!ou,
njoy almost unbelievable prosperity. (,oni
'he volume of nionev on Vmnri to I"4 )
reat iliat it cannot And a natural 11S N
utlet. The movement of the tre- in"t
tendon? crops with '.he attendant T
naneial activity, will still further' hy |
acrease hank reserves." VI.And
manufacturers are no less op- T\\
imistic than hankers. The Factorv
lagazine of Chicago recently took a ;
oil of 11?3 Eastern and Middle | Hon
Western manufacturers as to the ton
rospects for business in the fall, pect
'ortv, or practically one-fourth of! v-alu
te total number, declared condi- ' 'iar
ions "exceptional." 2P> "fine," or1 '
above normal," <*>< "good." 18 l>e a
fair" and "fairly good." only seven ftric
dull and poor." and only one T1
much below normal and very ever
oor." torir
Another point not to he overlooked tege
t ue
V. Tlie New federal Iteserve Art local
Insures lletter Prices. war
President Hirscli of the Texas ty o
ankers' Association told the big ''"d
otton States Conference of South- <>rs <
i*n hankers in Galveston: "For tliei
rst time in the history of the South,
entlemen. the Southern bankers
ave the financial ability to market
radually this crop. It would altost
appear as if the federal resrve
act had been drafted for the
enoflt of Southern producers." Just
ecause the reserve act doesn't give i
10 farmnso ell ? *
.*. o mi me neip they need j
?just berause it doesn't take the I II
lace, nor profess to take the place. II
f the much-needed rural credits, II
?gislatlon?is no reason for denying II
r minimizing the great advantages 1
does offer. I
The federal reserve system does I
nable the banks in the South where ||
"lonev is needed, to draw upon the I]
reat reserves In other sections for I
taking loans on the cotton crop; or I
s Mr. W. P. (J. Harding of the fed- j I
ral reserve board officially says: I
"Hanks now have ample facilities j
ihich they have never before enjoy-| 3
d for rediscounting the notes taken |
gainst such loans, and it is for them a
nore than for any other agency, to J
leterm'"<? *"? T?r?ii/*v nf the South i
*"gard U the mafketing of th I
resent cotton crop." I
And President Woodrow Wi'son I
n a letter to Mr. Harding, writes \
'It is e?'d?nt tronri what von te'- B
lie, that the conntry banks with
vhom the farmer and other pro
liicers directly deal can get money at
r >m four to four and a half per 1
e^t. I think tb*t we ran con- ^
ideally expect that the banks in the
i IK j.ANCASTKK NEWS, j-iKPTKMBKK
ton states and in the agricultural that be said this y
ions generally will couteut them- keep the crop fron
ves with a rate not moro than to market at preset
5 or two per cent above the rate that means that Tarn
ich they themselves pay." It ts themselves of all the
to the banks to Justify this faith forded by banks?fo'
tressed by the head of the nation, must have advances <>
\nd the crop can be warehoused, pressing obligations.
. Harding points out that even farmer remember
t fall the South had facilities for prices just as much
ring 11.677,465 bales, and these bor's crop to be rusht
illties have been greatly increas- for your own crop 1
since then. 1 quently we should hav
The next thing I probably ought to action everywhere, wl
Is? farmers and piautatk
-Twelve-Cent Price* are Justified, |ng to help the weakt
Contraband or No Contraband. grade, warehouse ant
If the 8,543,000 bales of Amerl- Only by the most
i cotton shipped to Europe In the co-operation of all
al year ending July 31, 1915, only save to the South the
S.0J0 bales went to German a billion dollars o
ts. Of course, there was more wealth that will oth
t went Indirectly to Germany, but the hands of speculat
must remember that a consider- interests. Nor must wt
e part of Germany's normal de- that the worst and t
ud for cotton was exported to "bear" of all, the mai
many's foreign trade and that to dread right now, I
? trade will now be supplied b> street speculator-devil
er countries. The contraband or- 80 often cursed and <
may almost be termed Infamous the "bear" farmer rl*
England does nothing to compen- South who Is willing 1
5 us for trying to make Southern to the cause by offerlr
iiers bear her burdens, but In the crop at present
case to offset the contraband "bear" merchant or
er we have (1) the greatly In- who forces him to s
ised demand for cotton for war morning's report of
poses, (2) the increased demand cotton exchange, for
American, English, and contl- nounced that prices w
tal factories that must supply the higher the day befoi
le formerly supplied by German fact that?
Is, together with the fact (3) "Some of the report
t Germany Is almost sure to buy Georgia and Alabama
store up cotton right here in farmers would sell
erica to hold until sea trade is cents."
>pened. Even with the contra- An(j again In the
d order In effect, therefore, 0f the New York ci
lve-cent prices are amply justi- jUSt two days ago we
, whereas with open seas to all prjceR would have gc
ope, cotton would likely bring "there was more Sou
ir 16 cents. Four 1 inal Sug
n able and eminent committee nio conclude thl
arbitration ought to bo named at twelve-cent prices wit
e by England and America, to suggestions:
to a fair and just estimate of the j l,Pt press and
lage in price per pound resulting the news that the
n those "orders in council" and short certainly S.ftOt
traband order, and England Kibly 5,000,000 bales
>unt per pound as a bonus to ev- world's needs.
Hint per pound as a bonus t oev- ? M0id for twelve
American cotton producer this borrowing if you c
member "it is comm
confidently believe that if Eng- suicide" to refuse to
1 should change her contraband ,.an thereby hold your
s so as to inflict corresponding 3. Not only shoul
rv upon any strong American twelve cents but cot
iiifacturing interest, some such should break all rect
lement would be required; and port trade in cotto
thorn farmers should rise up and jumped over sixty pc
1% ?\ r\ * U - i- At
uimi nit* same recognition year?from 192,000,<
?lven an agricultural industry oftO.OOO pounds. And
vould be given a manufacturing vvore pa|d for seed ol
istry. crop, what sort of pri
be practical lesson clearly taught not demand for seed
present conditions then is? of only 10,000,00ft <
?Farmers Should Hold for bales
elve Cents and Bankers Should 4 With $500,000,0
Help Them Hold. cotton crop, the Sout
f course we must be reasonable, "pay out." With $7E
t expect bankers to lend on cot- whole section will hi
not stored or insured, nor ex- an(j abounding prosj
them to lend the full market Prs, merchants, and all
e. Land-owning farmers of good i fore> should join our I
acter who have been depositors I (jR|,t for twelve cent p
tanks, however, will frequently for a state warehouse
ble to borrow without such re- ery alato to help insti
tions. in future years.
:ie tiling to do is for farmers in
y neighborhood to organize, \s Always
lally or ir.fi rmally, for standing Now, watch Old Kin
ther in holding and marketing keer o' heself.?Sparta
crop, and fnd out jus' what the
I hanks * ill do. I.:.a year tt. That Would Be Som
reneated,y stated by the miirri- "The secretary of a;
f biuk<*is who were wi'l'ng to that the skunk is one
,i. . ??... e friends" "We can stan
money on cotton, that few farm.
. . as the skn: 1; do; i ii
applied for such loans. Let not onp ^ t . iir
0??(DDS} SQQtfftsi?
Function, or
if Shopping, Iflg
don't forget to have
DR. MILES' kK* TC^ |J
- Anti j
PAIN PILLS T BRINO DESIRED R
"I have used Dr. MM
with you. They are in- ^^*STr2S;S
valuable for Headache S'
and all other Pains.
_ never wit hoot tlK>m ami
25 Doses, 25 Cents. for all atuinku of pall
__? ._ oat-i . thjif they will not dUap
IF FIRST BOX 18 NOT SATIo- M.R8 W II f
FACTORY, YOUR MONEY WILL ' wut Ha
BE REFUNDED. l__
_'rT ^SBtv^Sv " '"V i~ 5SW sjf>i^5fwr-,?i
14, 1915.
ear. We must
a being rushed
it prices, and
tors must
co-operation
many owners
order to meet jj^Er
every
hurts 'jd
for your
;d to market as
Conse- B?
e neighborhood 99^
the stronger ?^9^jjl^^^E?^fj9B
m owners Join- , r!M
>r ones to hold, j
i sell together. ^9;/ Thf* 4
thoroughgoing <* * "
^^9. ^Ai . ML
forces can we ?^~L.
full quarter of wilCTV
f hard-earned
or wise go into ftVET*
ors and foreign , ^^BL.
e fail to realize
nost dangerous
1 we have most
s not the Wall '
[ who has been __ *
denounced, but ^*Tl^>WA7
fht here in the!
:o prove traitor
,g to give away | c i 1.
prices?or the inc fi l l
"bear" banker cent at all the bet
ell. Yesterday I
the New York W WWT1 A Dr"
example, an- [ fm.
ould have gone
e but for the I I ?n
fli % ? C
s received from
predicted that ? ? ? ?
freely at eight CcXTl.^
TT #
earlier reports P H T1 O" C
itton exchange 11 Ig ?
also read that * J
mo higher but shaped, wi
thorn selling." ^ .
r:.,,- flavor of 1
h mJnt yQU (
people spread 1 * ) 1
crop is really ailCl 1 C S V/ft
1,000 and pos- ?
?h,,rt ?f iin' you cnew.
. nontu leill^e.
Get "Bofes"
borrow if you
crop.
rl cotton bring 1 n??
tonsced prices
^ds. ^Our exll
/ f ffiffil
nburg Herald. S 1/ / / wWlft 1
^wisTo
Ml) 5 For All T
) * I
PEPSI-COLA Com
m\ /' 1
ii | ever!
so ! gc
y^tacr ^ in tttts
\ Good Beef Cattle g
* f .^tall-fed with good grai
elikf. j f experts; prepared for
' flnd' tbmH C Orders' filled RIGHT ]
r heada.j.e. z tors: and when it goes <
at ph-uHura J
i :? KNOW]
ip ! f CATAWBA IK
veil, Conn. v.
, ? Pho
^ j %
A^A A^A A^AA^A A^A V
'HPHJ
^Cobs"
>r two "Bobs" for a
:ter stands and stores.
riLY yours
Sobs." The
dy-covered
fum. Heartth
the finest
fresh pepperiver
tasted?
lolesome r:?m
W
of anv Dealer
/ ?
say I'
/ "That's what I want,
= Mother?Daddy drinks
it when he's hot and thirsty"
For every member of the
family there's nothing half
as invigorating, refreshing,
delicious as a glass of
Pepsi-Cola.
Satisfies the thirsty?refreshes
the weary ? and just bracing
enough to make you "feel like
action" the rest of the day.
S Buy it at all founts
?carbonated in
bottles, too, at your "tj
grocer's.
hirsts?Pepsi-Cola
ipany, Lancaster. S.C.
<?
rHING'S I
)OD |
\ MARKET. X
fitiiti j A
razed on good pastures or Y
?i .mA P? U-J.-1 * *
i iiiiu uutciierea Dy x
sale by men who know. Y
^OW by experienced cut- ?
>n your table you *f
:t's good. x
IEAT MARKET i
>ne 210. ^