The Abbeville press and banner. [volume] (Abbeville, S.C.) 1869-1924, 1904-12-14
HOLD TO COTTON
ADVISES JORDAN
South Must Stand Firm During
Depression.
(Atlanta Constitution.)

tective Association, on being e to-
day in reference to the recent sharp
decline in the price Of cotton and the
outlook, declared that cotton is worth
as much today for spinning purposes
as it was at the beginning of the season
and that all farmers should hold their
staple for the inevitable reaction and
not be discouraged by the present un-
favorable state of the market. He de-
clared: .
s'The only salvation CT the south at
this moment is to stand steadfast to-
gether and to absolutely refuse to mar
ket a single bale of cotton at present
prices. Sell no cotton voluntarily and
permit none to be sold by coercion or
intimidation"
He urges all cotton producers to at
tend the sessions of the national cotton
convention to be held at Shreveport,
La, beginning the 18th of the month.
The full statement of Mr.. Jordan
follows:
Shalsthe south quietly surrender to
the Notation of a few Wall street
gamblers in depressing the price of our
great staple crop last week from 93'to
cents per pound /; or will they rise IN
their manhood and refuse to submit to
this ,unholy sacrifice?
The bearish bureau report issued from
the department of agriculture on De
cember 8, indicating a crop of y, l62, OOC
bales, gave tine spectators the oppor'
tunity they had been praying for, and
in less than thirty minutes nearly
$50, 900, 900 in value was struck from
the pockets of southern farmers. The
bureau report exceeded the expecta.
tions of the most extreme bear
spectators, and but few we'll posted
men in the south believe for a momen'
that the yield this season will ever
reach the high estimate placed upon
the. crop by the bureau. That report
was based upon q theoretical acreage
of about $4,000, 900 acres, and indicates
q yield far in excess of that Indicated
by the amount of cotton ginned up &c
November IA in the census report,
Either one or the other of these re-
ports is wrong. The ginners' report
is based upon facts as as%certained 81
the gins, while the bureau report as is'
sued last Saturday is guess work
The recent heavy depression in the
price of spot cotton has beentcaused by
q lot of gamblers and spectators who
neither produce or weave a pound: o
cotton. Every dollar loss on cotton
sold at present prices will 60 into the
pockets of these spectators and 1t re.
mains for the present owners and
holders of at least 100000 bales OF
this crop to say whether this upright,
eous hold-up and high banded robbery
shall be quietly submitted to. .
The mills had already bought Their
supplies for future delivery from these
exporters and spectators at prices
ranging around 10 cents per pound and
the manufacturers will not be able to
share in the heavy slump in prices.
Cotton is worth just as much for spin
ming purposes today as it. was at the
opening Of the season, as yarns have
advanced 5 cents per pound since the
1st of September and no reduction has
been made in the price of cotton goods
since the drop in the price of the raw
product. Nor is there likely to be any
considerable reduction in the price OF
manufactured goods this year or next.
Then why should the south submit to
Wall street gamblers and spectators !
The only salvation of the south at
this moment is to stand steadfast to-
gether and to absolutely refuse to
market a single bale of cotton at
present prices. Sell no cotton volun-
tarily and permit none to be sold by
coercion Or intimidation.
If the spectators want to put down
the price on paper let them do. it to
their hearts, content, but when the
call is made for spots, to fill their con-
tracts within the near future, demand
the full value of the staple, based upon
a minimum of 10 cents per pound for
all middling cotton in the interior.
Wall street gamblers are now telling
the public through the press that they
will teach southern farmers a lesson to
remember and stop them from forever
undertaking to hold any part OF
another crop again.
Will southern farmers surrender
theirmanhood to the lash of Wall street
spectators?
Letters are coming to me from farm
ers all over the south stating that they
will not sell any cotton now in their
possession at present prices and urging
that every farmer take similar action.
Others propose to enter into an iron-clad
agreement to hold all the cotton they
now have until next September and re-
duce their cotton acreage next year %
per cent. Theyl urge me to issue this
call for volunteers on a similar agree
ment and undertake to absolutely tie
up from 1000, 900 to 100000 bales OF
the present crop unless prices go back
to legitimate figures.
- We face q serious condition and not
q theory. 1t may cost US hardship,
but the south has been through much
severer struggles and won out in their
fight for freedom and independence
from the yoke of foreign domination.
The southern bankers and merchants
should, and I believe will, cordial
ly cooperate with the producers in
their present effort to put the price OF
cotton back to its legitimate value.
The whole south is aroused as never
before at the outrageous doings in
Wall street on the Sd instant. The
farmers were led to believe last spring
by cotton experts all over the world
that the manufacturers would use, at
good prices, all the, cotton that could
be raised, and yet by the time half of
the crop is sold, a lot of gamblers get
together, headed by Theodore b. Price,
ofNew York, and force the price down
below the cost of production. l now
call upon every producer who is hold
Ing cotton, and who can possibly do
80, to attend the natinal cotton con-
vention to be held at Shreveport, La,
December IL, Is, IA and Is instant,
there to take definite action looking to
the holding of the balance of this
crop until prices advance, and consid-
er plan for reducing the cotton