The dispatch-news. [volume] (Lexington, S.C.) 1919-2001, March 23, 1921, Image 7
I Hold Y
Iio uw Yafiuud i
Interests of the!
* The situation today
commodity may best be
that has no turning." '
Believing that a bri
.. there are already signs 1
e*^d^rs%ned cotton inter
this page. It contains j
which should strengthen
- present enteral period,
the necessity of putting
stereage, as the economic
ing this movement, v Re]
^gaining a headway and
along this line must be 1
solutely assured.
~ Oh the other hand,
throw up the sponge ?at
Dixie, and another perio
w hich foiiowedvthe Civil
By standing your g
ing your nerve and holdi
large crop for the new s
things.
WEST: You will s
will, in turn, encourage
? for the unsold balance
/SECOND: You wil
season, and offset the be
nvaOAmfaaaortn
t/tvovuK ocaovru*
I THIRD: You will
\ I which it can be profitab]
I this part of the country.
S ' I Spinners have suffe
I the producers, because i
1% ] a working profit. The}
? II Pro^UC
^ I I the spot holder in that i
II demand for the spinners
; 11 spinner, as a class, is bul
gfeM with any improvement i
|| Drastic Redactior
?? Year Absolutely I
* '
? ?l *n view of the fact t
IJ cotton at the close of this
' to lie in making drastic
. should be fully one-half,
lion bales would force v
tY this year.
If the Southern plan
bales ?there is every indie
double the present price
tt an sustain a severe los
If the surplus land \
the farmer and the worlc
As a" concrete illustration
f [ * owns a hundred acres of land v
ahehd and plant practically all
likewise, what would happen?
large carry-over from the pre;
ruinously low levels. In that c
find Ijimself in a desperate pli
With an unprofitable cotton cr
v would* probably depreciate 50 ]
vantage, therefore, to plant fo(
/ land out of cultivation entirely
is true, but his land would then
| that he might have realized bi
II this problem out for himself, a
I makes only one bale of cotton g
I problem in the South, but is s
I -Advices from the interior a
I are determined to materially re
I backed by merchants ai^d ban
I If the} South persists, how
I ''conditions and the market dec!
I but himself.
I A Statement Compiled
Orleans Cotton Exchai
I * The following figures, base
I of the states shown, represent
| the months of August and Fe
speak fbr themselves and indie
with favor in all producing sta
Georgia
South Carolina
Alabama
.! Mississippi
Arkansas *:
Louisiana
T^xas
Total 7 states
I Per cent of deere
North Carolina does not r
cent compared with last year.
j Oklahoma reports that for
! tnnc 1
CipjJI UAlIIhlLCiV TVVV VV.4W low
prices of crops. the use of
reduced.
SAM p. & w. p. roof,
#
; -v npm - -k&r* - .
'V ? * : * *'i-~ ' - i-A-' ^bkctSW > '
arket Cond
our Cotton
? " ?
lotton
Sooth:
as regards the price of cotton and 1
described by two familiar quotation*
The other: "The darkest hour is tha
ghter day in the cotton market is ab
that the end of the lane of price d<
ests of the city of New Orleans urgi
tacts and many hopeful indications
i you in: your determination to hold
At the saml time, we wish to urge u
into effect tfie Memphis plan for a
: welfare of the entire South depend
ports coming to hand already indica
momentum that is certainly encour
kept up until the success of the acfe
if the spot holders generally of th(
this critical juncture, economic ru
3 n-f Tk/Yirtvrfv H onression will CO!
U VA V w V* VJ MAAVt "I
War.
fround, cotton growers and spot, ho
ing the cotton that vou have?by r
reason now at hand, you will acco:
itimulate buying of clry goods in the
the spinners to come into the cott<
of the present crop.
11 automatically reduce the available
arish effort of even a large carry-o^
do your part toward bringing cotto
ly grown and thus materially aid ii
red as much through the great shr
t has forced them to reduce the pr
j realize, as never before, that thei
ir. A ris$ in values would benefit t
t would revive business. A revival
' out put and a greatly enlarged au
llish, and will come into the market 2
in trade conditions.
a
/ *
! in Acreage This(ecessary
hat present indications are for a larg
\ season, the salvation of the Southe
reductions in cotton acreage this
as even, a moderate production of a
alues to a level next season even 1
iters will make a crop totaling app
:ation that they would receive for
of the staple and would thereby et
s. as has been the case this year,
vere planted in food and feed crop;
1 at large would profit.
of xthe acreage reduction question, let us su
alued, under normal conditions, at $5000. I
of Lis land in cotton, but if any number of c
Another large crop would be produced, an<
sent season would give such a huge supply t
:ase the farmer who had planted nearly a h
ight. Land values depend upon the profitab
op on his hands, he would find that the valu
per cent or drop from $5000 to $2500. Wot
>d crops even for a mere subsistence, and, i;
? A small acreage in cotton might not bring
have a hundred per cent valuation, .which vi
r producing more cotton. Let every planter a
md we h%ve no doubt that he will come tc
rro\V where two grew before is not only help
ilso putting money in his own pocket.
Lre to the effect that producers realize the se
duce their acreage this season. In this mo\
tkers.
ever, in planting a full acreage of cotton th
lines to a hew low level next season, the fan
by Secretary Hester of New
ige oo Fertilizer Situation
d upon reports by commissioners of agricultu
: the tonnage of fertilizer purchased betwe<
bruary?for the past two years. The figur
ate that the acreage reduction plan is meetii
tes.
1921 1920 Decrease
TONS TONS TONS
. . 197,995 651,968 453,973
. . 283,412 765,780 482,368
. . 57,633 178,109 120,476
, . 21,786 75,550 53,764.
. 20,7;i0 48.930 28,220
. . 28,003 51,480 23,477
. . 15,420 33,956 18,536
. . 624,959 1,805,773 1,180.814
ase in 7 states, 65.39.
eport tonnage, but reports decrease of 71 p
the 7 months ending February 28th last yen
jsed. but owing to high prices of fertilizers at
fertilizers for this year's crop has been great
i
This Ad copied froi
JR. LEXINGTON COT
. ? rn ? ^
:rince
itions Are Gi
?Cut Yrmr J
Spot Pi
Pre-Wa
;he demand for this great WAniA V
3. One: "It is a long lane VI OHIO I (
,t before the dawn."
out to dawn and that
Bpression is in sight, the
e your careful reading of
of better times ahead
your cotton through the
pon the growers of cotton
drastic reduction of the
s upon the success attendee
that this movement is
aging, but the good work
age reduction plan is ab- * .
j Sopth weaken now and
in wil be the portion of :
me on us as bad as that . i
X <
i
Iders of the South, keep- efusinc
to nlant another
mplish three necessary
i primary market^ which
mi market and compete
supply of cotton for next Demand
vev at the &nd of the n t
n back to price level at BSiCK tO
i restoring prosperity in A11 repor
* . back to a non
inkage in values as have ?r01)0rti0nS ir
ice of their output below x wired t0 frien
ir prosperity is bound up from a miI1 p(
hem as much as it would
in trade means increased A rromin
tlet for the actual. The <The stoc
is an eager buyer of spots improvement
pleted stocks.:
Total spii
8,816,000 last
1 American mill
to the corresp
The takin
j* . . yeaV. Stocks
e carry-over of Amencan
jj .1. . the amount a
rn cotton industry seems
spring. This reduction
pproximately eleven mil- Tlmrn A
ower than that reached IDClC il
roximately eight million |n f
their cotton practically 111 IflC I
irn a living profit rather
sr. ir, i
V/UltVH 1HI
s for home consumption lowing genera
ippose that a cotton farmer
le may, as in past seasons, go
otton farmers in the South did Speak f
i this added to the indicated
:hat prices would sink to more adequate cred.
undred acres in cotton would necessary inte:
leness of crops grown thereon. and for more
e of his hundred acres of land ness of the hu
aid it not be greatly to his ad- ^lth the purn(
f necessary, throw part of his
him much monetary return, it ^Ir -yiarm
'ould oifset any possible profit *
nd farmer in the South reason garding the pr
the conclusion that he who ' the condition <
ting to solve a great economic time since Sep
^ Pai(i UP its
riousness of the situation and
:ement the growers are being pared \\ ith ot
dent that the 1
is year in the face of present obligations to >t
ner will have no one to blame
The Natio
"No Further Government
If- J Jf* Says New Secretar
MCflullD^ of Agriculture
es
ng By far the most important event affe<
cotton situation in the South is the fact th
administration has now taken hold in Wa
Under President Harding, who has been r
the gospel of optimism, constructive forces :
cies will be the order of the day.
Some idea of what this will mean to the
tural interests of the country may be gained
ing a recent statement by the incoming Sec
Agriculture, Wallace, who is quoted as folio
"There will be no further meddling on
of the Government with the prices of farm
and no further government drives for the pi
beating down farm prices.. .It benefits the c
ir? but little, and only serves to impoverish the
1(1
. of those products.
n the Columbia State of March 18 and pa
TON & FERTILIZER CO.
Y our C(
1 i
adually Impro>
Vcreage Fifty
ices Are Below
M T /? * a! n
i Levels
)u Know What DEFLATION Means? 1
Comparative Spot Values:
Grade? Mar. 2, 1921 Mar. 2, 11
' e _____
Low Ordinary ...Nom. 3.25 Nom. 23.50
Ordinary Nom. 4.25 Nom. 25.25
Good Ordinary 5.25 27.25
Strict Good Ordinary 6.75 29.50
Low Middling 7.75 32.75
Strict Low Middling.. 9.50 37.25
Middling 11.00 40.25
Strict Middling 12.00 41.50
Good Middling 13.00 42.25
Strict Good Middling.. 13.75 42.75
Middling Fair Nom. 14.00 Nom. 43.00
Middling Fair to Fair Nom. 14.25 Nom. 43.25
Pair : Nom. 14.50 Nom. 43.50
\
for Cotton Goods Is Coming
Normal and Prices Mnst Rise.
ts coming to hand indicate that mills and manufacturing
nal mitrmt nnd it is renorted that the distrihutinn rsf vorn
t excess of this time last year. One of the largest mill
ds here recently that his entire chain of mills was startin
^int of view was brighter.
ent spot brokerage firm writes from New Bedford, Mass.
:k of cotton in the East is smaller than it has been for y
in the present conditions all of the Eastern mills will be
i
liners' takings thus far this season have amounted to (
year, or a decrease of 2,596,000 bales. This decrease, ho
Is, which. North and South, have taken only 3.0S4.000 b
onding date last year.
gs to date by foreign spinners have been 3,166,000 bales,
of cotton held by spinners in America are the smallest i
float for Liverpool, are 500,000 bales less than last vear
\ * ,
re Many Bright Spots -.
)otton Situation:erests
of the South will see by the foregoing that the sit
I information should serve to strengthen their optimism.
President Harding Says in His Inangun
or administrative efficiency, for lightened tax burdens, fo
it facilities, for sympathetic concern for all agricultural
rference of government with busihess, for an end to go^
pffioipnt hiisin p<5<5 in fftvprnmont aHrniniotrntinn TVitVi c
o- - ~ v* ??.*** c
man side of all activities, so that social, industrial and <
>ses of a righteous people." >
is Walker, head of the Federal Reserve Bank of New O
esent condition of financial affairs here in the South ant
the Federal Reserve Banks shows that financial affair
tembef, 1919. Every Federal Reserve Bank, with the e:
Is and quit discounting. Moreover their losses have be
ier sections due to the fact that very few of their membe
ralue of the crops now in the farmers' hands is more thj
he banks."
nal City Bank of New York in one of its recent bulletin
hmmmi ''The general business situation .is ma
was manifest in the last weeks of 1920, an
improvement. The apprehensions and run
are always a demoralizing influence when tl
have been largely cleared away. The irres]
been silenced. The epidemic of business fai
y year did not come. The number of repo
but has not been alarming, vand the cases
cerns of mushroom growth, who extended '
3ting the capital while prices were rising and did n
* ? meet the losses that were inevitable when
at a new . ? ,
business- structure of the country is unsha
shington. may have been upon that score has been r
^reaching
W. P. G. Harding, governor of the Feder;
and poli- annual report: "It is generally recognized
f and that the country has gained a more n
first importance in working back to the nor
a&ricul" future. A spirit of greater confidence prev
by read- rpjie United States Chamber of Commer
retary of statement: "The most convincing evide
ws: to recovery is found in the universal report
of steadily growing sentiment that business
*! ?<"? ? ?!! ft
products Interested Co-operatii
lrposc ol *
onsumer OptillliSIll IS Nl
producer * ,
In the opinion ol the undersigned su<
bankers, cotton men, public officials and J
? raw material or finished product market.
id for by the following firms:
DuPRE AUTO CO. BANK OF W
jmg ||
Per Cent
Chen Study Tins TaMe of
? " .?
)20 Mar. 2, 1914 j
Nom. 8 3-16c
Nom. 9c
10 1116c j
11 3-16c '
12 3-16c
12 3-4c ' | P
13c *
13 7-16c
13 13-16c
14c ' '
14 7-16c . i f, '
14 13-16c .
15 3-16c ;
\
4' ( W
establishments are again getting
s and cloths is gradually assuming U
owners and operators in Georgia I
g on full time and that the outlook S
, under date of February 25th: S
ears, and unquestionably with any I
compelled to replenish their de- I
>,250,000 bales as compared with
wever, is chiefly on the part of the
ales as compared with 5,166,000
or only 514,000 bales under last
n years. English stocks, including
\ ;
/ ' f ;
i
nation is encouraging and the folil
Address?
r sound commercial practices, for
problems, for the omission of un- r.
:ernment's experiment in business
ill of this must attend a mindful?conomic
justice will be squared
rleans ,is quoted as follows: "Rei
the outlook for future business. r
s are in better shape than at any
xception of one, in the South has '
en comparatively small as com- :
r banks,.have failed. I am confi- *
an sufficient to take care of their :
s issued the following statement: v
?
rked \>y greater confidence than
d there are tangible evidences of
aors of impending trouble which
le credit situation is under strain,
ponsible talk about a "panic" has
ilures predicted for the end of the
rted bankruptcies has increased, '<
have been mainly of small con- |
their business rapidly upon small p
ot have the reserve resources to
reverses came. The substantial >
ken, and whatever anxiety there
elieved."
al Reserve Board, has said in hi^
that the crisis has been passed I
ormal state of mind, which is of I
mal conditions and looking to the I
ails." I
ce has recently issued the follow- I
;nce that we are on the high road .1
from every section of the country
will be better in the soring."on
and Unified
Bcessary
:h action seems now assured by
ill those interested in either the
ESTERN CAROLINA f