The leader., 1905-10-04
AN ADDRESS.
To Cotton Planters, Merchants and
Bankers, by Haryie Jordan, Pres
ident Southern Cotton ASsO.
Ciati0n.

At a meeting of the executive
committee of the Southern Cotton
Association, held at Asheville, N.
c., September 6-8, 1905, where
representatives from each cotton
producing State and Territory
were present, report on the con-
dition of the cotton crop made up
to August 25th, was carefully
compiled from returns of more
than $4,000 correspondents show
ing a condition of 73 per cent. as
compared with a condition of 81
per cent for a corresponding pc
riod of 1904. An estimate of The
crop for this season based on re-
ports from the same corresponds
ents indicated a yield of 8, $685.
333 bales of cotton. Taking this
information as guide in connec-
tion with the present enormous
demand for spot cotton by the
spinners of the world, the present
high prices of cotton goods, and
the heavy cost to the producers
for cultivating and harvesting this
crop, the committee agreed that
eleven cents as minimum price,
basis middIing at all interior
points, would be a reasonable ard
conservative price to be asked by
the producers this season for their
staple. 1t has been generally re-
ported, and not publicly denied,
that spinners can pay twelve cents
per pound for middIing 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 Ja-
pan. The whole civilized world
is iii most prosperous condition
and the spindIes in all the cotton
mills of Europe and America are
running night and day to supply
the tremendous demands for cot
ton goods.
CONSUMPTION UNPRECE-
DENTED.
The enormous crop of American
cotton reaching the unprecedented
figures of nearly IA, 100000 bales
has been easily absorbed bV the
spinners at an average price of
nine cents per pound. Of this
crop there was only a small re-
serve stock of little more than a
million bales to be carried into the
season of 1866 on the first day
of September. If no more than
ten million bales of cotton are
harvested this season to be added
to the small reserve stock carried
over from the crop of 1904, the
mills of the world, at the present
rate of consumption, will face a
famine in raw cotton before an
other crop can be planted, cuIti-
vated and placed upon the market.
The mills have contracted for
many months ahead for the deliv-
cry of goods to be manufactured
out of cotton yet to be bought
from the producers. The Export
ers have sold 10 the spinners cot
tor to be delivered in the future
months which is yet to be bought
from the producers. The spin
ners and the Exporters are heavi-
ly short, with nothing but paper
contracts IN their possession.
while the farmers of the South
hold the spot cotton in their hands
and control absolutely the key to
the situation. Will the farmers
take advantage of the splendid po-
sition they occupy, and like men,
assert their rights to demand a
fair price for this crop at the
hands Of the buyers? Will net
the merchants and local bankers
throughout the South line up sol
idly in unbroken ranks with the
farmers against the combinations
that are so actively at work to de-
press and defeat the will of the
people?
MUST DO OUR DUTY.
Every man in the South, no
matter what his avocation, is ex-
pected to do his duty during the
coming months and to throw their
full moral and financial ability in
the great fight that we have en-
gagged in. The Bear specula-
tors Of Wall Street and London
are using every device known to
human ingenuity to depress
prices. The international Cotton
Spinners of Great Britain have
combined to crush the present
efforts of the farmers to maintain
fair prices, and Exporters are do
ing all in their power TO hammer
down the market. The solution
OF the problem is easy and simple.
The ability of the farmers TO win
this fight is unquestioned. Stand
together as brothers, battling for
the protection Of your fresides
and your homes, your wives,
children and your country. Stop
selling cotton at present prices.
Call upon your merchants and
bankers to aid you In The heroic
struggle that lies ahead. Store