The commonwealth. (Scotland Neck, N.C.) 1896-1929, 1905-10-12
AN ADDRESS
To COTTON PLANTERS, MERCHANTS AND
BANKERS, BY HARvIE JORDAN, PRES
IDENr OF THE SOUTHERN COTToN
ASSOCIATION.

Mr.. Jordan recently seit cut IRON
| Atlanta the following address to the
cotton farmers OF the SsutIl:
At meeting of the Executive Gem
mittee of the Southern Cotton Asset
ton, held at Ashevl:la, n. c., Septetn
Der 6S, 1908, whe-e representative:
from each cotton Producing State AGO
Territory were present, report on the
condition of the cotton crop made ar
to August IS, was carefully compiled
f1Om returns OF mere than ii, OOO cor
respondents showing condition OF Is
per cent. as ompared with a condition
of 81 per cent. for corresponding
period OF 1901 An estimate OF the
crop for this season based Oh reports
from the same correspondents lrdl'
Gated yield of 9,5SS, 1888 bales OF cot
ton. Taking this information as a
guide in connection with the present
enormous demand fer spot cotton by
the spinners o. the world, the present
high prices of cotton goods, and the
heavy cost to the producers for cult
waiting and harvesting this crop, the
committee agreed that eleven cents as
minimum price, basis middling at
all interior points, would be reasona-
BILE and conservative price to be asked
by the producers this season for their
staple. 1t has been generally report
ed, and not publicly denied, that spin
ners can pay twelve cents per pound
for mlddling cotton at the present
time and still make good profits in
the manufacture OF the raw material
into the finished fabric. Peace has
been recently declared between Russia
and Japan. The whole civilized World
is in most prosperous condition and
the spindles in sill the cotton mills OF
Europe and America ere running night
and day to supply the tremendous de-
msnds for cotton goods.
CONSUMPTION UNPRECEDENTED.
The enormous crop Of American
cotton reaching the unprecedented
figures of nearly 100000 bales has
been easily absorbed by the spinners al
an average price Of nine cents per
pound. OF this crop there was Only a
small reserve stock of little more than
a million bales to be carried into The
season of l9Oo-'6 on the first day OF
September. II nc more than ten mil
lion bales OF cotton are harvested this
season to be added to the small reserve
stock carried over from the crop of
1901, the mills of the world, at the
present rate of consumption, will face
a famine in raw cotton before another
crop can be planted, cultivated and
placed upon the market. The mills
have contracted for many months
ahead Tor the delivery OF goods to be
manufactured out of cotton yet to be
bought from the producers. The ex-
porters have sold to the Spinners cotton
to be delivered In the future months
which is YET to be bought from the
producers. The spinDers and the ex-
porteIs are heavily short, with nothing
but paper contracts In their possession,
while the farmers Of tho South hold
the spot cotton in their hands and
control absolutely the key to the sltu~
alton. VIII the farmers take adyan-
.age OF the splendid position they &C
cupy, and like men, assert their rights
to demand a fair price for this crop at
the hands of the buyers? Will not the
merchants and local bankers through
out the South line up solidIy In I'M
broken ranks with the farmers against
the combinations that are SO actively
at work to depress p:ices and defeat
the will of the people?