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r JLYPECT FURTHER ADVANCE
FARMER'S UNION MEN SAY
I>oes Not in Terms Advise Holding;
Movement Now, hat Suggests
^ i'Watching Trend Closely and
Using Federal Reserve
Under Farmers' 11111011 auspices, a
number of cotton growers held a conference
in Columbia yesterday, to
canvas the market situation, and the 1
outcome was the drafting of an address
to producers, not explieity recommending
a holding movement now,
k. nor suggesting <3.- minimum price, but
m predicting "much higher prices'" and
f urging farmers to watch the trend
of events and utilize at need the facilities
of the federal reserve and
public warehouse systems.
After the conference, the following
statement was made public.
In response to a call by President j
Morrison of tne State i^rmers' union,
there was a meeting yesterday of representative
farmers in the parlors of
the Jerome hotel to consider the
trend of cotton prices and to consult
what should be done so that the farmers
might secure their just share in
such Ihigher prices as might prevail.
In the absence of Mr. Morrison J.
Frank Williams vice president, presided.
After a -thorough discussin R. M.
Cooper, E. W. Dabbs and W. A.
t Stuck ey were appointed to draw up
and issue an address to the farmers
and business men of the State. They
presented the folowing paper, which
wa6 unanimously adopted:
"Your committee begs leave to report:
* "First: That after a careful review
ol the cotton situation, both as
regards crop yield and demand, we
look for much higher prices, for at
the present rate of consumption this
fcrop and all surplus will be used before
another crop can be grown and
there will be a cotton famine.
"Second: That, furthermore, while
present prices of cotton and cotton
seed look high by comparison with
prices of former years, in reality,
compared with the purchasing power
/Irvlloiw yv/vfi/vn 1 * /*onfc a I
vi uic uvuai, vwiwu cn. xv
- pound and seed at $50 a ton are no
higher than cotton at 20 cents and
seed at $33 a year ago; nor than
I a savings ba]
| Life Insurance.
[\ R. M.
I Volunteer Ste
I R M. TIDMAF
I Please fui
^9 ] I ISIarrsip
cotton at 7 cents a pound and seed at
$20 a ton in the fateful season of
1914, when we all know liow disastrous
those prices were to the business
interests of the South.
. W7r\ tfieh u'irh all ffiTPP
111UU. ? C ? ion mvu uu Wiv ?<
at our command to present this phase
of this economic question to the careful
consideration of the farmers and
business men of the State. We wisn i
them to see that even vith a normal j
crop of cotton the prices now- j
p?:;1 would only put cotton and cot
;nn seed on a caritv with mrnufac-|
tured goods and other world commodities.
That with the greater demand
for cotton and cotton seed
products, to supply the world's needs
and with the admitted shortage of the
XK'iCk cimniri hp sellins: at orices I
50 to 100 per cent, higher.
Position of Cotton Mills:
"Fourth: We are reliably informed
that in this State there are mills that
have sold their products at a handsome
profit biased on 22 cents a pound
for short cotton and. other mills at
from 30 to 40 cents a pound for long
staple cotton and that these prices
can be paid if the farmers and business
men will hut join in demanding
them, and refuse to sell for less.
"Fifth: How much higher prices
may go we would not like to predice.
JWe have heard well informed men
who look for 30 cents for short cotton
per pound and $90 a ton for seed?the
high winter mark depending -upon two
things, namely: The further increase
of money in circulation and full information
to the farmers and business
men ol the State of the true value of
cotton and cotton seed compared "with
the cheapness 01 money ana me swan
supply of cotton.
"Sixth: That these comparisons
have not received the attention their
importance warrants and t&at tne
business men and farmers of 'South
Carolina, if no other State, shall
see them and act upon them now,
while action will mean so much, to
the producers of cotton, is the reason
#/1? ? mAaHno" nnrl for this I
IV/i UU1 JUUWlug -
appeal to the people of the State.
' Use Federal Keserve.
"Seventh: In conclusion it is just
as important that the facts he known
and intelligently acted upon now as
at any past period in our historynay
verily, we believe more so, be
1 f_. 31._ ^
cause our people nave niairuiy <* wmi
conception of how they will lose out
in the fierce competition of the time
I Policy *P?
, , I policy w
[ail Coupon Today t<
ite Life Insurant
lSH, Special Agent
pnicl* mn navfini]
L IllOll 111^ [/ui iivui
wmmmamm?am g???? ??wi it h ?i i^sa??
because of their lack of understanding
of values. The remedy is in the hands
of the farmers, businesse men and
bankers of the State. Give the information
upon which to base right
prices, use the federal reserve banks
and State und private warehouses to,
market the crop as the demand calls'
for it and get our share of the pros- j
pei ity that has come to the Amerirun
Willi rei'erence to the price of cotton,
past, present and future, John
L. McLaurin, State warehouse com- j
misioner, read ia. paper to the farm- i
ers' meeting. This paper is published ;
at the committee's request.
Addressed by McLaurin.
Mr. McLaurin said:
"Gentlemen if the iCotton Conference:
What I shall have to say relates;
more particularly to the financial I
situation. Never in the history of
the world has there been such a
period of paper inflation, and added
to this world wide paper inflation, is j
the tremendous influx of gold into
the United States. Cotton is synonymous
with gold. There is no prod+-V,/-n
ic un iritArTVOVPn
UUL, UiC pi \JI n utw* ?
with international finance as cotton. I
Its use is world wide, while its pro- j
duction is limited largely to the Southern
States. It is taken just like
gold in settlement of trade. balances
witn oiner nauuus.
"For a generation the world has
used gold exclusively as a medium of
exchange. The amount and distribution
of gold measures the prosperity
of a nation. A plentiful supply
of gold makes credits easy and prices j
high, while a decreasing supply of
gold mems depression and hard times.
It is remarkable how unable our
wisest financiers were to forecast the
'1 " ? - fty ic fho TTm*t_
reSUlT-S OI me wai au Ao-i ww ,
ed States was concerned. It has cer- |
tainly distributed the gold of the world
in a totally unexpected manner and!
furthermore has put us upon a. paper
basis. The idea prevalent when war
was declared was that England would
drain this country of its gold. Those of
you who have kept up with the his?
- ?t j.
tory of the war will remember wnai
a panic occurred when England ell- J
ed for only $80,000,000 in gold. The
stock exchange was closed up and' bus- i
iness paralyzed. The secretary of the
treasury formed a $100,000,000 gold,
pool, which, so far as I know, was;
never -used because Europe bought
goods so rapidly here that the pool i
(ESS HAN! |
cial Whole Life
ill protect your
at a very low
ze Company, j
wkAfrv. .S P.
IT MWA * J J
ars of your
v.'i.is never needed. Instead of depleting
us of gold, within the past year
our gold supply has increased nearly
Expansion of Credit.
"Consider for a moment what a'
tremendous expansion of money and j
ciedit this means. One dollar in gold)
under our currency ^system is thej
oasis tor an issue 01 $o 01 paper.,
Here is an expansion of $.~),r>00,000,- .
?00 due to -the increase in the gold
supplv in this country. There can
br no doubt about this being a legitimate
and solid foundation for the
great business boom in the North and
West just now beginning to be felt
in tile isOUtll. All Ol 11115 irenienuuuo
amount of money seems to be at
work. It is not piled up in the banks
doing nobody any good as in 1914,
when the surplus reserves of the !New
York banks alone were $225,000,000.
The reserve is now only $69,000,000,
while the loans have bten increased
$626,000,000 over what they were in
"The second species of inflation is
not on a solid, healthy foundation like
this, but is of a speculative character,
capable of taking, cotton, or any other
' product, to very high ground. The
first thing the allies did after war begin
was to declare a moratorium,
which means a suspension of specie
payments. Its imediate effect was to
cause great disturbance in foreign exchange,
which is as true an index of
1 J- ?Q+i'Ano 9Q. flTl P
necULLiy Li ttUt; UCk n CVU iiui.tvuu WW |
nation buys lanything and sells the i
other nothing the rates of exchange
soon prevent trade as effectually as
the . blockade by warships. Great;
Britain first tried to maintain these!
rrtes by sending American securities
home, but this absolutely ftoiled, and
resort was had to large loans in this
country Jo England and France. These;
loans did not consist of money, but.
in the extension of credit for the pur- j
chase of supplies.
ProspectlYe Cotton Prices.
"Now then, I assert that we not
40 H. P.
since the announcer
present series of car
months ago, Studeba
tablished itself as t
grade, medium pricei
In the last fourtei
Studebaker has mad
more 7-passenger F<
were ever made bef
riod of Hme.
In the last fourteen n
debaker has increase
ness over 100 per cei
production of 37,000
it has increased to a
nf 75 ooo cars a veai
V* * ~ -
These records are far
nificantthan any rc
track record. They
established by publi
They mean that the
buy motor cars have
the value, quality an
Studebaker cars and
orders for more cars
were placed before t(
of cars in the same c
Remember that Studi
npss is not merely loc
When Studebaker lea
in cities like Detioit,
Minneapolis, San Fr;
leadership has been
in a far more natural
We have a few cars
range ior yours Deioi
MORE THAN 263,0;
only have inflation from the influx of
gold, but that the moment that we
sell supplies on credit we participate
to that extent in the inflation caused
by the paper currency issued by the
allies. I do not believe that this in
nation nas anyining line reacnou us
height, and so long as it continues,
cotton and all other products will
continue to rise in price to meet the
cheapening of money and credit. This
is irrespective of the supply of cotton
itself. Xov.-, t ke this inflation
and the admittedly short crop, in the
face of a constantly increasing world's
demand for coton, and who woul undertake
to say where speculation will
not carry cotton before this period
"The advance that has been mude
in cotton up to the present time is
groilnded entirely upon its statistical
position. "vMith Steel common running
up last '.Saturday to 117, when it has
been down to $10, after a while these
speculators will see the big chance
tliere is to boom cotton and then tfiere
will be a stompede the like of which
the world has never seen. I have
tl: ought that the greatest advance in
cotton would come when the war was
over, 'but I am not so sure of this, because
already wise men are becoming
alarmed at the inflation of the currency,
and just as soon as the war is over
these moneyed people are in control
of all governments, including this, and ,
they will seek to make this cheap
money, dear money, by increasing the
purchasing power oft a dollar through
cntracting the amount in circulation.
This war caused the panic of 1873, after
the War Between the 'States, when
silver "was demonetized. If this thing
goes on, you will see them talk about
the demonetization of gold, just as
they did solvtr. I notice in the public
prints the influx of gold into Denmark
has made money so cheap that the
government is refusing to coin any
For Holding Movement.
"Before that time comes, however,
nent of its debaker Cars
s, fourteen ly satisfactor
1 ~ rv/\lifor> rtftnfw
Ker IlctS Cfi>- pun tan
;he world's appearance ai
;r of high great farminj
d cars. die west whei
511 months, try roads is
e and sold mountainous
VTIOI -J TTrUrtMrt lrv/VTITAW
ctllU Wiicic [www
3URS than Pacific Coast
ore by any on hard, fas
a like pe- good roads, is
lonths, Stu- been used the
sd its busi- met every i
it. From a thus at an avi
cars a year, tion and ma
production car, so low tl
believe the fi|
'rti/-* +- frv U/M1
inure ovy j\J\.?.?
>ad or race They have in<
are records of the Goldei
ic demand. public of the
people who accordingly p
recognized ker Car the n
J r\? Iltfl "fVlClf it"
,U &C1 V1LC U1 liiub xv vu
have placed car?orders f<
than ever If you wish tc
>r any make that you are
lass. value for th
ebaker busi- guarantee of
;al, it is na- for durability
service, buy t
,ds in sales it has been
St. Louis, stamp of natic
ancisco, its Such a car is
established an experimen
way. Stu- en and sure h
rHE CAR OE THE GOLDEN CHASSIS
5 for immediate delivery. Y(
*e the p. ice is higher.
>1 STUDE3A.KER CARS PRODU(
we cotton planters should lay u&
something for a rainy day. A holding
movement one-tenth, the size of the
one we put into operation in 1914
would put cotton to 25 cents a pound
within ten days. I think that after
the October report we should take
definite action in furnishing our people
with the information and urging
them to hold. Technically, in spite of
the high price, there was never a more
favorable time to inaugurate a hold?
"It is hard to Keep up a farmers'
organization with cotton above 15
cents. You can't do anything with a
farmer until he gets into a bad humor,
and he can't help smiling at the
world when prices are high.
"It is the glory of the farmer that
of all men he alone has the divine
power to create. Standing close to
nature, he wrings from the earth
* - - ? J - 1 _ J. 1-.! -C_ _ ~11
ickkl anu ciuuuug itu <xu uic lo^c.
Thnt which was not, he causes to be.
He creates for others, and yet is denied
a voice in fixing the price of his
products. His day is eight it' its before
dinner and eight hours ,*ter dinner
and will continue to be until he
learns the secret that only o~T&niza- .
tion and continuity of purpose caa
give him equal rights. Intelligence
organize, fellow feeling to unite, and
then the manhood to stand firm, is all
he needs to rule the "world. As a
matter of fact, he shouM rule the
world, because the farmer is the only
class in society c le of meeting
organized evil with organized good;
of combating organized greed with organized
Platinum In Colombia.
r[annum tnrown away Dy early Spanish
explorers. Ignorant of Its value, often
Is found in excavating foundations
for new buildings In Colombia sometimes
in sufficient quantities to pay the
cost of a building.
It's the things we shouldn't do at all
that we never put off till tomorrow if
we can do them today.
" L ,
V - r>
. ' '
50 H. P.
SIX $10 85
have proven equaly
in great metrois
where style and
re necessary, in the *
- ? n
I states of the mictservice
is necessary, on the
: where* endurance
st, long drives on
3 necessary. '
idebaker Cars have
sy have apparently
notoring need and
erage repair, irperaintenance
iiat you would not
pares if we quoted
ieed proven the car
i Chassis and the
United States has
oirl 1-A fVio StnHpha
U1U tv l/uv Kyuvtuwv.
ighest possible tribn
pay to any motor
or more cars.
> be absolutely sure
i buying the best
e money with the
the national public
, dependability and
he Studebaker Car;
stamped with the
>nal public approval.
not a gamoie, not
t, it is a tried, provivestment.
)u had better ar\
:ed ang sold