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THURSDAY, MARCH 24, 1921. Don’t Sacrifice Your Cotton Market Conditions Are Gradually Improving Hold Your Cotton—Cut Your Acreage 50 Per Cent TO THE VARIOUS COTTON INTERESTS OF THE SOUTH. i The situation today as regards the price of cotton and the demand for this great, commodity may be described by two familiar quotations. One. ‘‘lt is a long lane that has no turning.” The other: “The darkest hour is that before the dawn.” Believing that a brighter day in the cotton market is about to dawn and there are already signs that the end of the lane of price depression is in sight, the undersigned cotton interests of the city of New Orleans urge your careful reading of this page. It contains facts and many hopeful indications of better times ahead which should strengthen you in your determination to hold your cotton through the present crucial period. At the same time, we wish to urge the growers of cotton the necessity of putting into effect the Memphis plan for a drastic reduction of the acreage, as the economic welfare af the entire South upon the success attending this movement. Reports coining to hand already indicate that this movement is gaining a headway and momentum that is certainly encouraging, but the good work along this line mufct be kept up until the success of the acreage reduction plan is absolutely assured. On the other hand, if the spot holders generally of the South weaken now and throw up the sponge at this critica juncture, economic ruin will be the portion of Dixie, and another! period of poverty and depression will come on us as bad as that which followed the Civil War. By standing your ground, cotton growers and spot holders of the South, keeping your nerve and holding the cotton that you have— !by refusing to plant another large crop for the new season now at hand, you will accomplish three necessary things. FIRST: You will stimulate buying of dry goods in the primary markets, which will, in turn, encourage the spinners to come into the cotton market and compete for the unsold balance of the present crop. SECOND You will automatically reduce the available supply of cotton for next season, and offset the bearish effect of even a large carry-over at the end of the present THIRD. You will do your part toward bringing cotton back to a price level at which it can be profitably grown andthus materially aid in restoring prosperity in this part ° f 1 Spinner ha ve suffered as much through the great shrinkage in values as have the producers, because it has forced them to reduce the price of their output helow working profit. They realize, as never Indore, that their prosperity is bound up with that of the producer A rise in values would benefit them as much as it would the spot holder in that it would revive busines. A revival in trade means increased demand for the spin ners’ output and a greatly enlarged outlet for the actual. The spinner, as a class, is bullish, and will come into the market as an eager buyer of spots with any improvement in trade conditions. DRASTIC REDUCTION IN ACREAGE THIS YEAR IS ABSOLUTELY NECESSARY In view of the fact that present indications are for a large carry-over of American cotton at the else of this season, the salvation of the Southern cotton industry seems to He in making drastic reductions in cotton acreage this season. This reduction should fullv one-half, as even a moderate production of approximately 11 million bales ould force values to a level next season even lower than that reached this year. If the Southern planters will make a crop totaling approximately eight mi ion > • there is every indication that they would receive for their dotton practically double the present price of the staple and would thereby earn a living profit rather than sustain a severe pTanted'hi Sand feed crops for home consumption the far m‘r A ‘° d , reduction quClon. let . cotton farmer owns a hundred acres of land valued, under normal conditions, at so,ooo. He maav al in i seasons go ahead and plant practically all of his land in cotton, but if an’v number of cotton farmers in the South did likewise, what would happen ( Anotllr urge crop would he produced, and this added to the indicated urge carry-over from the present season would give such a huge supply that prices would sink to more in cntt<m would find himself in a desperate plight. Laiiu values depend upon tin. ... i ... lnvcU In that case the farmer who had planted nearly a hundred acres of clops grown tCeon With an unprofitable cotton crop on his hands ho would find that the value of his hundred acres of land would probably depreciate M ? drjp" Cafe “rolwhiTtwo grew ’before I* u, only helping tolve a great economic farmer will hahe no one to blame but himself. A STATEMENT COMPILED BY SECRETARY HESTER O FNEW ORLEANS COTTON EX CHANGE ON FERTILIZER SITUATION The following figures, based upon report. by *en'ihe'^SE ol !u° states shown, represent the tonnage of ferti P k f themselves and indi sr,!S SBS tons 1921 1920 Decrease 197,995 651,968 453.973 Georgia ’ 283,412 765,780 482,368 South Carolina 57.633 178,109 120,47 b Alabama 21.786 75,550 53,764 Mississippi 20,710 48,930 28,220 Arkansas 28,003 51,480 23,477 Louisiana 15,420 33,956 18,536 Texas •. retSSrge, but report, decrease of 71 per rent com ’“isssir.ss. • xs cwts been great,y reduced. This Announcement Sponsored by the Undersigned New Orleans Cotton Exchange: lhtpAßD E &GLScK A JNO A F Y CLA^K O & Cos. IRnO^D&WHITE Wisner & Cos., Levy, Arnold & White, Atkinson & Cos. The above page is paid for by J. W. Summerour, Dry Goods; Athens St. Grocery Cos., & The Winder News THE WINDER NEWB Demand for Cotton Goods Is Coming Back to Normal and Prices Must Rise. All reports coming to hand indicate that mills and manufacturing establishments are again getting back to a normal output, and it is reported that the distribution of yarns and cloths is gradually assuming proportions in excess of this time last year. One of the largest mill owners and operators in Georgia wired to friends here recently that his entire chain of mills was starting on full time and that the outlook from a mill point of view was brighter. A prominent spot broker firm writes from New Bedford, Mass., under date of Feb ruary 25th: “The stock of cotton in the East is smaller than it has been for y< ars, and unques tionably with any improvement in the present conditions all of the Eastern mills will be compelled to replenish their depleted stocks.” Total spinners’ takings thus far this season huve amounted to 02250,000 bales as ever, Is chiefly on the part of American mills, which, North and South, have taken only compared with 8,K40,000 last year, or a decrease of 2,590,000 bales. This decrease, how -3,084,000 bales as compared with 5,100,0(H) to the correspomiir*- date last year. The takings to date by foreign spinners have been 3,100,000 bales, or only 514,000 bales under last year. Stocks of cotton held by spinners in America are the smallest in years. English stocks, including the amount afloat for Liverpool, are 500,000 bales less than last year. There Are Many Bright Spots in the Cotton Situation— Cotton interests of the South will see by the foregoing that the situation is encour aging and the following general information should serve to strengthen their optimism. President Harding Says in His Inaugural Address “ I speak for administrative efficiency, for lightened tax burdens, for B*>uud commercial practices, for adequate facilities, for sympathetic concern for all agricultural problems, for the omission of unnecessary interference of government with business, for an end to government's experiment in business and for more efficient business in government ad ministration. With all of this must attend a mindfulness of the human side of all ac tivities, so that social, industrial and economic justice will be squared with the purpose of a righteous people.” Mr. Marcus Walker, head of the Federal Reserve Hank of New Orleans, is quoted, as follows: “Regarding the present condition of financial affairs here in the South and the outlook for future business, the condition of the Federal Reserve Banks shows that financial affairs are in bettor shape than at any time since September, 1919. Every Federal Reserve Bank with the exception of one, in the South has paid up its bill's and quit discounting. Moreover their losses have been comparatively small as compared with other sections due to the fact that very few of their member banks failed. 1 am confi dent. ttiut the value of the crops now in the farmers hands is more than, sufficient to take care of their obligations to the bank. The National City Hank of New York in one of its recent bulletins issued the fol lowing statement: “The general business situation is marked by greater confidence than was manifest in the last weeks fo of 1920, and there are tangible evidences of improvement;. The apprehensions and rumors of impending trouble which are always a demoralizing in fluence when the credit situation is under strain, have been largely cleared away. The irresponsible talk about a “panic” lias been silenced. The epidemic fo business failures predicted for the end of the year did not come. The number of reported bankruptcies has increased, but has not been alarming, and the cases have been muiuly of small con cerns of mushroom growth, who extended their business rapidly upon small capital while prices were rising and did not have the resources to meet the losses that were inevitable when reverses came. The substantial business structure of the country is unshaken, and whatever anxiety there may have been upon that score lias been relieved.” W. P. Harding, governor of the Federal Reserve Board, has said of his annual rehort: “It is generally recognized that the crisis has been passed and that the country lias gained a more normal state ofiniml, which is of first importance in working back to the normal conditions and looking to the future. A spirit of greater confidence prevails.” The United States Chamber of Commerce has recently Issued the following statement: “The most convincing evidence that we are on the high road to recovery is found in tne universal report from every section of the country of 'steadily growing sentiment thut business will be better in the Spring.” Interested Co-operation and Unified Optimism In the opinion of the undersigned such action seems now assured by bankers, cotton men, public officials and all those interested in either the raw material or finished market “No Further Government Meddling,” Says New Secretary of Agriculture. By far the most important event affecting the cotton situation in the South is the fact that anew administration lias now taken hold in Washington. Under President Harding, who has been preaching the gospel of optimism, constructive forces and policies will be the order of the day. Home idea of what this will mean bo the agricultural interests of the country may be gained by reading a recentstatement by the incoming Secretary of Agri culture, Wallace, who is quoted as follows: ‘ There will be no further meddling: on the part of the Government with the prices of farm products and no further government drives for the purpose of beating down farm prices. It benefits the consumer but little, and only serves to impoverish the producer of those products.” SUBSCRIPTION: *l.*) A YEAR