Atlanta semi-weekly journal. (Atlanta, Ga.) 1898-1920, 1902-08-11
DEPRESSING PRICE OF COTTON

- Gently received from a friend con-
nected with the New York cotton
exchanges. together with the cir
eular referred TO In that letter. II is eVi-
dent upon the face Of the circular that
strenuous, efforts will be made to depress
the prfcs OF our staple early In the sea
son BY painting rosy pictures OF the pres
ent condition Of the crop and estimsuns
heavy Yields therefrom. I have lately ad-
vocated the holding back OF spot COTTON
BY the farmers for the next sixty DAYS,
and II such a course Is pursued there is no
question that prices must advance. STOCKS
~ cotton are low and the mills must have
the staple az high prices II they can
buy Il at low figures. The letter and cir
NEW YORK. July %. 1904.
'sAfr. Harvie Jordan. Monticello. Ca
Dear Sir: Your highly appreciated Ia
vor Of some days ago to hand ana eonten's
carefully noted. am at all times gao
70 give you whatever information may be
Of benefit TO you in accomplishing what
you can for our farmer friends. here
with enclose you letter which Is being
given the widest circulation for no otner
purpose than to depress the price OF cot
ton during the time the farmers are mar
tetfne their crop. Party who is circu-
iaffng this communication Is supposed 10
be heavily short of October and January
contracts in this market, and this circular
IS nothing more than q request 10 the far
uers OF the south, also 10 the millers ana
others as you see 10 help depress the
price OF the product OF their own SOIL
20 enable the speculator TO accomplish
purpose. namely 70 cover short cotton pre-
vfously sold short IN this market at a
much lower price than the contracts were
sold. As have written you before, II the
farmers viii hold their cotton on OK the
market for 90 days they viii control the
prfce for q considerable length OF time. as
the world Is now bare OF cotton and the
English and American spinners are impa-
tiently waiting for the great action OF the
farmers crop 70 begin. Should this be
delayed for q few weeks. the advance In
price which win follow will be surprise
20 the cotton world. In my opinion, there
has never been a time when you would
Be more accurate in advising your con-
stituency through all OF the southern pa
pers to hold their cotton on OF the mar
ket in large quantities for at least two
months. at which time the price VIII De
much higher than II now is II this course
IS pursued Think II would be well 70
call attention 20 the circulars which are
being given wide circulation and the pur-
nose for which Il is done az once.
i am with kindest regards.
Yours very truly"
Mr.. Theodore H Price last evening
addressed the following letter regarding
the cotton situation 70 the spinners OF the
United States and Europe:
It Is my confident convictions that the
condition OF the cotton crop at present
Is the most brilliant ever known at this
time in the season While, OF course. IL
IS possible that this condition may deter
forafe between now and its maturity, 1
am convinced that large yield Is already
assured II conditions continue favorable
until the LIST OF September and frost Is not
abnormally early. i shall hesitate 20 set
q limit upon the possible production IN
der these conditions Il seems 70 me that
spInners viii consult their own best inter
ests BY pOstpon.ng purchases for the pres
ent. as I am confident there viii be an
abundant supply 70 draw from later on.
While the present statistical position Is
undoubtedly strong, the new crop viii
soon be available and producers viii IN
doubtedly be disposed promptly 70 meet
the market IN view Of the probabilities OF
a large production. Although rich man
may have only few shillings IN his
pocket he Is not necessarily impoverished
II he Is where he can get a check cashed,
and this Is somewhat the position Of the
simmer at present. Light stocks, unless
they involve a stOppage OF machinery be-
fore shipments Of new cotton, can reach
Europe need not necessarily result in any
embarrassment Ny purpose In cOnnec-
ton with the cotton crop is TO present
the facts and the truth as I see IL. In
view OF the present publication of state
rnents that I was aiming 10 advance the
price Of cotton. I take this opportunity OF
saying that as far as my influence shall
AFFECT the price Of the article have no
desire 20 force an extreme In either direc-
ton 1 should be very sorry TO influence
consumers into paying a high price for a
IN urhar hand Il
should be sorry TO persuade producers TO
part with a small crop az below its value.
During the coming year I expect cotton
viii be IN liberal supply at moderate
prices. a condition which in the long run
Is TO the best interests OF all concerned.
I submit the following specimens from a
large number OF crop advices received by
me to-day:
Galveston, Texas, July A.-Crop in
ulaguihcent condition. but further rains
needed 20 assure full yield. -Four million
not improbable.
san Antonio. Texas, July M.-Crop
greatly improved; increase Texas three
quarter million minimum.
I" Houston. Texas, July A-CrOp pros
pscts very good extreme southwest, but
are having showery weather over greater
portion OF state; dry weather wanted now,
as the worms have appeared in some sec
tons.
aTupeIo. Miss. July 24.-Prospects best
ever known. Twelve million seems as
sured.
" Shreveport. La. July ~ have been
lately over Texas. Louisiana and Ark
ansss driving through the country much
Of the time. Ny idea OF the cotton outlook
there may be Of interest TO you The
stands obtained. as you know. were per-
feet. and the first OF June found the crop
clean and well worked. The dry June has
given the plant splendid tap root. some
thing It has not had in three Years, which