The news & observer. [volume] (Raleigh, N.C.) 1894-current, 1905-10-07
Harvie Jordan Issues an
Address.
HOLD YOUR COTTON
Banks Have Plenty of Money to AZ.
vance. Government Report Bearish.
Farmers Must Remain Firm or
The Market Will
Break.

Hon. Harvie Jordan, president of
the Southern Cotton Association, to-
day issues an address to every cot
ton grower in the South. He declares
that the fight of the farmers for IL
cents for their cotton is fight for
the whole South, and its future pros
perity. he says, is dependent upon the
success of this struggle.
The full text of President Jordan's
address to the farmers is as follows:
There is now a big rift in the
clouds that hung so dark and threat
ening over the South six or eight
months ago, and the sunshine of a
new era is bursting through, bringing
with it renewed hope and bright pros
poets for better times in finances and
general industrial activities. Since
July 3rd no cotton OF middling grade
has been sold in the South for less
than ten cents per pound. Fully two
and a half million bales of the new
crop have already been ginned and
heavy marketing by the farmers has
been done at prices above ten cents
and maturing obligations have been
rapidly liquidated.
THE much prated about heavy sur
plus from the big crop of 1904 has
failed to materialiZe as a consequential
factor in the markets and up to Octo-
Der LIST the mills of the world had Ia
ken a quarter of a million bales of
new crop more than for the same pc
riod one year ago. The spinners have
been, and are, actively in the market
for spot cotton notwithstanding the
recent threatened attitude of the Mas
tel Cotton SpinnerS' Association of
Europe to remain out Of the market
during September and October. South
ern farmers called the foreign spin
rerS bluff when. they absolutely re-
fused to market their cotton on the
several recent attempts of the bear
ish' elements to depress prices under
ten cents. The definite and fixed pur-
pose of the cotton producers cooper
ating under the broad and liberal
policy OF the Southern Cotton Asso-
Ciat, n. to regulate production through
the cotton acreage and to demand fair
prices at the hands OF the buyers
has won for them the respect and
confidence of the financial interests
OF the whole country.
Sentiment FavOrs Good Prices.
believing that the farmers will
stand firm for good prices sentiment
is rapidly crystalzing in their favor,
and thus we find majority of the
big operators in cotton are giving their
support and influence toward main
tanning the markets. Theodore Price
and his followers are doing all they
can to hammer the market and using
every ingenious argument and care
fully disguised statistics to weaken as
many people as possible. The strength
of the situation is found in the very
remarkable fact that while futures and
paper contracts are depressed the spot
situation largely remains unchanged,
the latter due entirely to the determi-
nation of planters not to sell their
cotton on a depressed market. The
spot situation is growing stronger each
day. Farmers have rapidly paid up
their debts due to early maturity of
the crop and fairly good prices.
Lot Nc Man Weaken.
1.-THE Southern Cotton Association.
the Farmers Educational and Co
operative union, the American Society
of Equity. the Farmers Alliance Of
North Carolina, representing as they
do all of the leading farmers organi-
cations in the South, have agreed on
a minimum price of II cents per pound
for this crop and every man is ex-
pected to stand firm with every bale
that he can hold or finance. The banks
have plenty of money to advance on
cotton. All the money that is needed
can be easily secured. We are now
up against a hard fight, as the recent
government bureau report has been
considered as bearish and has given
the bears renewed hope and an adj
ditional weapon to fight the market
with. The whole South knows that
the crop is a short one, far shorter
than that of last year, and that the
spinners will need every pound that
we can raise. Let the slogan be IL
cents from every hilltop and valley
throughout the entire South. If the
farmers weaken the market will break
and the cause we have fought so hard
to sustain will be greatly jeopardized.
Pay no attention to paper contracts
or bearish literature flooding the coun-
try and stand firm for your rights in
the face of all obstacles and the fight
will soon be whipped.
GAS president of the Southern Cot
ton Association l ask the earnest and
active cooperation of the entire
Southern press in calling upon the
farmers TO stand firm and refuse to
give an inch of ground in the face
of those who are making such des-
perate efforts to depress the markets
for purely speculative purposes. This
is a fight for the whole South and our
future prosperity depends upon win
ming the great struggle in which we
are now engaged.
Very truly,
"HARVIE JORDAN,
president Southern Cotton Associa-
ton