The watchman and southron. [volume] (Sumter, S.C.) 1881-1930, 1905-09-06

must become, under these c1rc0m-
stances, a matter of very serious mo-
ment.
|. Another element in the cotton mar
ket, whose position, in large measure,
will be dangerous, is that represented
by the enormous short interest in con-
tracts, not only in the New York
market, but at New Orleans and Liv-
erpool, because the basis Of contracts
that is, spot cotton-being removed
from the market, except at much
higher prices than now, will leave
those who have had the temerity to
palce themselves in such a position,
especially those responsible for the
extreme and unwarranted decline of
today in state of 'innocuous deseu-
tude. Atwood Violet & Co.
Interesting in this connection is a
bit of correspondence made public last
night by Theodore II. Price. Under
date Of August 20, Mr.. Price addressed
a letter to Mr.. Jordan, as president Of
the Southern Cotton Association, ''en-
tirely of my own motion, without au-
thority or suggestion etc., in which
he said:
"I assume that your purpose is to
fix a fair price, which will naturally
and properly be as much as the trade
can pay while not so high as to re-
strict consumption and thereby work
injury to those who are in realty your
best friends, j. e., the manufacturers.
'"In consideration Of the problem
which confronts you there are, Of
course, factors which the manufac-
turers do not fully appreciate, which
must enter into your calculations, as
there are factors in their problem
with which the producers cannot be
familiar.
AWhy not then create community
Of interest by inviting them to a
Joint consideration Of the subject
with you? There are in America two
associations of manufacturers, viz:
the American Cotton Manufacturers
Association and the New England
Cotton Manufacturers Association,
who are fairly representative of the
trade. There is in England the Brit
ish Cotton Spinners' Federation, which
includes a very large number of the
English manufacturers.
GA declaration from your associa-
ton as to the value Of this years cot
ton crop, in which these organizations
should acquiesce or join, would be Of
such overwhelming force as to be
practically without appeal and would
secure at once the attention and ac-
ton of practically the entire trade
and establish what is as much to be
desired by the producer as the con-
sumer, namely, stable" price.
But it would do more than this, my
dear sir; it would eliminate by formal
declaration the antagonism supposed
to exist between the producer and
consumer, which often finds active and
acrimonious expression, and it would
leave the speculator, whose profits
and expenses must in the last analysis
be derived from one or the other
branch of the trade without employ
ment.''
Mr.. Jordan's reply, under date Of
August 80, follows:
81 am ready in receipt Of your favor
| of the 29th inst, and beg to thank you
fully for the very satisfactory presen-
tation of the subject discussed. One
| of the principal objects and policies of
the Southern Cotton Association is to
secure, if possible, a full and thorough
understanding with the spinners Of
the world, which will ultimately fix
and maintain the price Of spot cotton
at stable figure, which will be NIL
tually acceptable and profitable to
both the producers and spinners.
eff representatives from the cotton
milling interests will meet with the
executive committee of the Southern
| Cotton Association, which is called at
| Asheville, n. c., September 6, to dis
cuss this most important matter, can
assure you that such committee will
be cordially welcomed and have no
doubt but that a satisfactory agree
| ment can be had which will be mutu-
ally acceptable to both interests
| In making the letters public, Mr..
Price stated that they had been laid
before the executive officials of the
New England Cotton Manufacturers
Association, the American Cotton