The semi-weekly messenger. [volume] (Wilmington, N.C.) 1897-1908, 1905-11-24
stand steady. Cotton growers.

ca AIC1S H AAtSA@ o8o AK NIaLL
deprecated his call upon the farmers
1t was issued last week, and subse-
cuent explanations OF that call do not
relieve the situation.
In u nutshell the case is this: When
the crop was estimated at 9.5OO.OO0
bales the cotton association set IL cents
as a fair and just price for that crop,
although thousands OF the Producers
were satisfied with 10 cents and will
ingly sold for 10 cents. Now, when the
yield is admittedly not less than TO-
100000 bales, President Jordan urges
the formation Of the closest kind of
trust L force cotton $50 a bale above
what his association admitted-and
still adNits-is a fair reasonable and
satisfactory price.
The argument for this move which
places Mr. Jordan in an indefensible
pisition is that Theodore Price has
jumped on the market with all his
bear feet, and is attempting to trample
it down. 1t is contended that Price
is the American representative of for
eign spinners and if he succeeds in
controlling the market, those Spinners
will continue dealing with him instead
of with the association. But in the
effort to break Prices strength the Of
ticers of the association weaken them
selves by taking a position in which
they cannO be sustained by many
conscientious cotton growers and
which exposes the association to the
danger of disastrous defeat.
An analysis of the reasons affecting
the recent course of the market would
have shown that Theodore Price should
be credited with no effective strength.
The Price advertisements reach only
the eyes of the most sophisticated cot
ton growers. Why should these follow
him who 90 days ago urged farmers to
sell for : and 6 cents, predicting a drop
to 5 cents? What faith should intelli-
gent producers put in the predictions
of q professional SPECTATOR and manip-
ulatOr, one month bear, another month
bull? The fact is that natural causes
are responsible for the momentary re-
action. The State has several times
pointed out that the real problem for
the producer was to keep the market
steady at any price accepted by the
farmers as satisfactory, for when that
point was reached, offerings would be
free and general and, as a natural re-
suit, prices would sag. \ general sys-
tenn of warehouses with more thorough
organization of producers seems to be
the best solution Of that problem. But
the other day, when II cents was paid
offerings were large. KnOwfng the in
evitable tendency would TO a decline,
the bears, led by Price, sang their big
drOp-lOw-price song in chorus; and
they are given the credit for a condi-
ton which has resulted from the
southern farmers offering enormous
quantities Of cotton simultaneously,
for II cents and for 10 1-2 and 10 81
cents.
To offset this alleged victory, to
break a power which Price does not
possess, and to fight the spectators,
President Jordan carries the farmers
association into untenable ground,
forces it, by name at least, into the big
gest speculative scheme of the year,
shakes the faith Of the manufacturers
of Europe and America in the good
faith of the cotton association which
has been asking for "just and stable
prices" and asSume the unnecessary
risk of defeat which would undermine
Tile StE0uStu Ol lHS oISuulLdtIoA. IL
field of sound business principles, on
which the southerners wished to see
cotton growers established, has been
abandoned for that of speculative
greed: and additional incentive is given
to foreign manufacturers to exploit
cotton production in their W terri
tory.
Why this late. and tremendous ac-
tivity to pledge the holders of 100000
bales to stand for Is cents per pound?
Why were they not pledged to hold for
II cents? Why were the pledges not
taken two months ago to hold 100000
Or S,OOO,O 900 bales for II cents? Where
has the money come from to make a
personal anvas of 800 counties in the
interest of this move? If this CAM
paign by Jordan should succeed, the
bull spectators will make ten dollars
where the cotton producers make one:
and on the ebbing tide it will be found
that the bulls of today will be the
bears Of tomorrow, helping drag the
prices to the very bottom. We hope
President Jordan has kept clear of all
in New York or New Orleans. He was
PUT At Itc hCdu vi q DIollIGSS dSSo-
citation.
The farmers, the press and every
other southern influence must now
mite more closely in protecting the
association against the errors of lead
ership. The cotton growers must not
he weakened. In view of a demand
which will be large if prices for the
raw material are within reason. TO-
100000 bales of cotton is a moderately
short crop. The unsold balance is
worth IL cents; and II cents from the
standpoint of the producer is a good
and satisfactory price. Thousands OF
cotton growers will refuse to go with
Jordan, but these, from North Carolina
to Texas, should be urged to sustain
the cotton association and to demon
strate to the spinners us strength, by
holding their cotton for II cents. The
good results of such action will be
manifold. The farmers will. get the
value of their product, they will prove
'their ability to resist speculative in