The Savannah morning news., 1904-12-08
HOLD COTTON"
JORDAN'S SLOGAN
IN LETTER TO PLANTERS
SAYS SALVATION OF THE SOUTH
DEPENDS ON 1T.

Calls on South Not to Surrender to
DictatiOn of a Few ''WaII Street
GambIers"-Savann Cotton Fac
tors Believe That if Present Hold
ings Are Not Markets Freely
Prices Will Impoverished De-
ponds on Attitude of Country
Banks.
Another appeal for the South to
stand firm in holding it's cotton to the
end that a fair price may be secured
for that portion of it, that is yet I'M
marketed, is made by Hon. Harvie
Jordan, president of the Southern Cot
ton Growers Protective Association, in
a letter that is being sent out all over
the cotton growing territory.
Several local cotton factors who read
the letter yesterday while not inclined
to indorse it as a whole because of its
denunciatory tone in connection with
certain branches of the cotton trade,
yet believe that the advice given to
hold cotton is good advice, inasmuch
as the present time is a critical one in
the cotton trade and if. because of
the recent big break in prices follow
ing the Department of Agriculture,s
report of the estimated yield, the pro-
ducers and interior holders of cotton
should rush their holdings on the mar
ket the prices will go. even, lower. than.
they are tappeseHt, and. preclude the
hope of any rally during the. remain
der of the season.
Views of a Factor.
IF the country will hold its cotton"
said one factor, and refrain from sell
ing freely at these prices the price
can be put UP to cent, possibly 3d.
which, taken in conjunction with the
higher prices paid earlier in the sea-
son would give the producer fair
average price for his entire crop.
Il believe this plan to be the best
course open to planters and those
holding cotton and am pleased to see,
that the country has strengthened
within the last two days. of which an
instance is shown by the effort of
mills to buy supplies at the ports, an
effort probably dictated by the rea-
son that then can't buy at interior
points at present prices"
Analysis of Situation.
Another prominent factor, even
while agreeing that the situation is
critical for those holding cotton does
not think that conditions are as bad
as would ordinarily be inferred from
the prospective size of the crop. The
mills started the season, he says. with
no surplus stock of cotton to spin, and
therefore must supply all their needs
from the present crop, which should
make very material increase in the
amount they will need. Again there
are enough holders of the staple who
will refuse to sell around present
prices to remove probably 100000 bales
from the market so that after all the
available supply of cotton should not
he so greatly in excess of what is or
dinarily needed and may be no more
than Is needed, when consideration is
given to the fact that there was re-
Gently been quite an increase in the
number of spindles for spinning the
cotton crop.
Banks Can Help.
IF the country banks are able and
willing to assist the planters and other
holders in keeping their cotton off the
market for the present." said the same
speaker, the situation will materially
Improve, but nothing can prevent a
decline if the holders become demor-
allied and throw their cotton on the
market at any price" The speaker
was of the opinion that the country
banks are in position to assist in
carrying the cotton and that the en-
TIRE cotton belt is. in fact, in splendid
condition to take care of itself If there
De but some unity of action.
=. One of the dangers in the situation,
I was stated. is that the holders will
Oe influenced by the large and spe-
ciously worded literature that is cir
culated by certain bear interests in
New York. Though figures are given
IN such literature to prove the argu-
nents used TO depress the market they
should not be accepted without reserv-
ATOMS, as conditions this year differ