Evening times-Republican. [volume] (Marshalltown, Iowa) 1890-1923, 1904-12-29
BURN 1HE COTTON
TO maintain PRICE
Southern Farmers Plan to De-
stroy Large Amount to Pre-
vent Slump
WOULD CHECK THE DECLINE
Large Amount Of the Crop May be
Sacrificed to Prevent Further De.
cIines in tho Market-First Bales are
Fired at Fort Gaines - Mammoth
Crop.

Atlanta, Ga, Dec. 29.--Farmers and
merchants thruout the cotton produce
ing states, stirred up by the tremend-
Gus slump in prices to the lowest point
in three years, have entered into an
agreement to burn 100000 bales of
cotton rather than see the prices
pounded further down because of a
surplus OF the commodity.
The farmers are indignant at the
slump and announce their readiness
and willingness to sacrifice hundreds
of thousands Of bales for the benefit
of the masses. The first bonfire yes
terday was started at Fort Gaines,
where 800 bales were carted to one of
the principal streets Of the town, and
as the torch was applied a large crowd
paraded with much spectacular cere-
mony.
Farmers Greatly Wrought Up.
In several other towns similar scenes
were enacted, and 1t is estimated that
more than 100000 worth of cotton was
destroyed thruout the state yesterday.
Farmers are greatly worked up over
the situation, and 1t Is impossible to
predict where the movement will stop.
The proposition to burn 2,OOO,0OO
bales, with view to prevent further
9, H. tl,o ,,,ino ond make IF rOSSf.
Bile an advance, is no hasty act on the
part Of the farmers. They have con-
sidered the matter and have fully de-
termined on the plan. The 2.0O0,Ooo
bales. with 500 pounds to the bale and
at 81 per 100 pounds, would amount TO
a sacrifice of $70,0O0,O0o.
Cotton Exchange Excited.
New York, Dec. 29.-The publication
of the government ginning report.
showing that 11,S4S,113 commercial
bales of cotton had been ginned up TO
December 13, caused tremendous ex-
citement on the Cotton Exchange yes
terday and a break in prices to the
lowest point in nearly three years. UP
To the same period last year only o.
Theodore Price, who is leading the
bear factor, has proved to be closest 10
the government figures, and ne anu
his friends are supposed to have maoe
much money yesterday.
The traders got an early notlon tnae
the government report would be pear
ish and began to sell March right ana
laft after the opening. BY 1880 sell
ing orders were pouring into the mar
Lat from every source, pr1nclpally'
however from New Orleans, where an
almost panicky condition was reported.
On this break January dropped to 6.ooc'
March to 6.6Sc, May to $500 ana july
~ ee5c. These are all low records Tor
three years.
The report Yesterday was from only
7s7 counties in the cotton producing
states: there are still eighty-tWo coun-
ties to hear from. 1t is caiculateo'
therefore, that the actual cotton pro-
duced for the market will be well over
12,OOO,000 bales.
After the close of the market Theo-
dore II. Price issued a letter giving ms
views of and deductions from the GIN
ming report:
"I believe that this seasons crop OF
American cotton to be 13,5O0,Ooo pales
or over" said Mr.. Price. The census
returns show that up to December 10
1877 cotton producing counties hao GIN
ned 11,S48,113 bales. The census de-
partment further states that the re-
naming unreported counties had GIN
ned this season prior to Nov. H. SS'zol
bales
"A very conservative estimate OF the
total quantity they have ginned TINS
season up to Dec. 13, is loO,OOo pales'
on which basis estimate, therefore,
that all the counties in the cotton pelt
had ginned up to Dec. 13, this year,
11,94S,113, or practically l2,0Oo,ooo
bales.
ITO this must be added the cotton
picked and unpicked. but not g1nned'
on Dec. 13. Last season there were gin.
ned after December 13, l,324,SS5 oales
and the season before last 1,72b,442
bales. believe that much more re-
mains to be ginned this year, than IN
either of the two previous seasons,
hence my estimate of 13,50O,O0O bales
or more.
"On. December 13, the indicated
quantity ginned was Gas above) H.
100000 bales. There were ginned, but
not in sight. therefore, 5,155,66S bales
in farmers hands invisible and unsold
on Dec. 13.
such a situation is without a pre-
cedent in the trade. 1t cannot but re-
suit in prolonged and acute depres-
sion to probably the lowest prices ever
reached"