Deseret evening news. [volume] (Great Salt Lake City [Utah]) 1867-1920, 1894-12-07
GIGANTIC COTTON TRUST.
Farmers Excited by the PiOpOSed
Scheme Of a Broker.
ITO wants 60 10 Away with middle
Men and secure Larger Front to
the Producer.

NEW YORK, Dec. IA special 10
a morning paper from Yorlville, $. g.,
says:
The farmers Of York county are In q
high pitch Of excitement over n
scheme OF John 4. Roddsy, New
York cotton broker, 10 organize the
cotton producers VI the South into a
gigantic trust. Mt. Roddoy IL a ma
tive Of this county, but for the last few
years has been dong business In New
York. During the last ten days he has
Teen here preaching his scheme 10 his
old acquaintance ana former 1850
ciattB hnd has succeeded ia working
up u wonderful degree OF enthusiasm.
In an interview he saiJ:
"Ihe pfice VI cotton ia now con.
trollrd almost absolutely by the pro-
frssi0nal BpcculatOfg VI Liverpool, New
York AMI New Orleans. These specu.
latoIB handled on future delivery hun.
druds Of millionR Of bales VI cotton an-
nually.
"rhese transactions in imaginary
cotton are ~ vast a. 10 make the trAns.
aotious Ia real cotton OF secondary im.
portnuce, They have succeeded In
suspending tue laws Of supply and do.
maud. The purchase anu sale Of hun.
dreds Of millions OF bales VI imaginary
cotton tend to Tx the price Of tho
eight or nine million bales OF actual
cotton as mere incident And the 10.
sult 10 n Tremendous disadvantage 10
tue men who actually produce the
cotton.
by proper organization tho pro.
duceru OF cotton eau TO an extent put
q stop TO speculation, restore the opera.
ton OF tho laws VI supply aud demand
and themselves realize most OF the
rich profits that are sucked on, Of the
raw material on lie way 10 tho manu-.
iaetutcrs. And the problem Of organ
izttiOn IL not 30 difficult us those who
have not considered tho matter have
supposed.
"rhroughout the South thore are
already enough warehouses 10 store
the entire crop, These warehouses
were built ~ profits made out Of cotton
aud are suBtalued by such profile.
There are six times as many local
buyers on are necessary TO handle the
crop aud all get fairly good incomes.
As result Of thorough organization
We can scoop In all the private ware
houses for certificates Of stock anu also
dispense with nvo.sixths OF the local
buyers. THIS will enable us to use the
warehouses ON the basis OF fair rate
Of interest and tU nave TO the farmers
the amount now paid 10 the support OF
supeiiluOuH local buyers.
"With large per cent Of the cotton
crop absolutely under QUE manage.
munt anu control, We can let cotton on
the market only ne u 10 needed, aud, ~
necessary, hold back one.fourlh or one.
ffth OF the crop altogether. In case
the mills should try TO freeze us out,
there would bo n constantly increasing
demand ior cotton gODds, which would
advance the price. The price Of cotton
would follow. Cotton IN always n good
security, anu when stored In ware.
houses we could borrow for It's owners
enough money TO enable them TO keep
| going until this mills would be willing
/ 20 pay the price asked, Even n We
should receive no benefits from any
other source, we would certainly eE.
perience rise IN price on account Of
| the eliminate IN OF the local buyer aud
the thousands Oi middle men, aud the
rlse Ia price would more than pay all
the expenses Of the organization.
81 have received more than 1000
letters from prominent cotton produc.
eru Ia different sections Of tho South
ern states, aud with one accord they
promise me their hearty support. Start
the ball. they say, 'and wo are with
you.'"
This county has population o.
80, 900 and produces annually $1,000
bales Of cotton. The cotton producers
have simply gone wild over Mr.. Rod
| iey,s schume. They are holding
township meetings ut every township
In the county and have elected dele
gatea to county convention TO be- hoid
In Yorkvillo next Saturday. The out
look ~ that the trust idea VIII be adopt
ed lust as proposed by Mr.. Roddey.
ami active steps VIII be- taken TO fur
| ther the work " organization in this
state aud throughout the south,