RISKS OF THE COTTON MAEKET 145 



great staple crop. For a hundred years the South has been 

 producing cotton and during this period there has been no 

 systematic general method for marketing this crop on which 

 the welfare and prosperity of the South rest. 



The time has come when the business interests of the South, 

 not only for the protection of the farmer but the welfare 

 of the general business of the South must, through organized 

 effort, come to the realization of the situation. 58 



Governor Whitfield closed by suggesting five items for 

 discussion: 



1. Formation of pools in every state to take off the market 



a sufficient number of bales to equalize supply and 

 demand. 



2. Definite steps to reduce cotton acreage proportionately 



throughout the Cotton Belt. 



3. Utilization of governmental and cooperative growers' 



agencies toward these ends. 



4. Development of new attitudes in southern business to- 



ward the marketing of cotton. 



5. Suggestion of other plans. 



At the meeting of the convention a campaign was 

 launched to reduce acreage and to form cotton-holding 

 pools. The latter met with more success. Credit organi- 

 zations were arranged to assist those who wished to hold 

 their cotton off a ten-cent market. A voluntary pool, 

 financed by bankers and merchants, was proposed to take 

 four million bales off the market and hold it for two 

 years if necessary. The effect on the stock exchange was 

 apparent the next day when the price rose half a cent. 



In acreage restriction the convention was unable to 



58 Proceedings of Cotton Convention held at Memphis, Tennessee, 

 Oct. 13, 1926. 



