The Birmingham age-herald. [volume] (Birmingham, Ala.) 1902-1950, 1905-01-20
BURNING COTTON
IS DISASTROUS
New York Banker Points Out
Bad Effect
SOUTH IS RESPONSIBLE
Speculative Practices of Southern Men
Support the Blood-S Suckers of
New ork-Wants 1t
Stopped BY Law.
SOUTH is RESPONSIBLE

Stopped BY Law.
Montgomery, January 19.-(Special) D
That the foolishness of burning cotton
has had very bad effect in the east
Is beginning to become known and the
hope Is freely expressed that there will
be no more of it. "a banker in New YORK
writing Mr.. w. Il. Holloway, head of
fifteen small oanks in Alabama, de
plores the mistakes that have been made
along this line and intimates that the
south is going to suffer from 1t. He also
says that the speculative practices of the
southern men and their losses support the
blood suckers of New York, and If they
would quit 1t there would be very little
fluetuation in the cotton market, and fu-
ture traoing would De reduced to almost
nothing.
Mr.. W. e. Holloway, whose home is
in Montgomery, Is a believer In the plan
for holding and storing cotton advanced
by w. s. Witham of Georgia and sew
eraI days ago gave the correspondent OF
this paper an interview endorsing 1t.
When seen in his office and asked about
the outlook he replied Il am going to the
New Orleans meeting. The farmers OF my
old home county have elected me del
eRdIe TO the COllO- tOlfGhlAOh NAeA ~
l am not only willing but anxious to see
the great forces the press and an aroused
people have put in motion crystallized
into a systematic, definite and energetic
movement to materially help the south.
Cotton is king and must not be de-
throned by the bears.
Costly Foolishness.
Mr.. Holloway is especially DESTROYS to
have Ii known that the little burnings
have not been of any consequence and do
not have the sympathy of the business
men in any sense. THE cotton conflagra-
lions have been greatly misunderstood
by many people at the north, he said.
Some think we have gone crazy; others
think the south is involved and ready TO
attempt heroic measures. The little Fort
Gaines affair has uone TINS secllon Oh
the country a great deal of harm. am
told they burned very poor 'dog-tall
bale of cotton and that 1t was ratfled
off, the chances being placed at oo cents
EACH this being used as way 10 decioe
who would have the honor OF burning
the cotton. There was also great COTTON
burning at Brantley in this state gen
tleman who travels out of Atlanta MT
r r. Chalker, told me that at Brantley
the crowd gathered up some old waste
cotton around a gin and packed 1t In neat
bagging and ties, after which IL was
burned with great gusto. He says the
whole thing did not represent value oil
50. 90.
Very Poor Joke.
Such foolishness as this is markedly
harmful to the country and l wish the
press would present them for what they
are. very poor jokes, and without the
sympathy of the business men OF theli
towns | have here a letter when mas
Just come from a banker friend OF mine
in New York. He is a southern man
with connection with leading institution
which does business in generous way
with this part of the country. See wha'
he says, and remember that 1t comes
from a writer who is not only posted
on all features of the trade but Is very
solieitous about the welfare of the
south"
Some Plain Talk.
The writer jumped at once into his sub
ject: THE enclosed slip is taken from
the New York times of even date" he
said. what does it mean? Can 1t be
so? Is it true? If true, there Is appar-
antly but one explanation, and that that
the south Is so heavily involved on the
bull side of futures that she hopes by
destroying the spot cotton to raise the
price and thereby save the futures II
such Is true then the south has sown the
wind and is reaping the whirlwind
which sooner or later will send her ia
destruction. Let me give you a text
The south is her own worst enemy. The
south must stay out of futures. 1t Il
her gambling which Is the cause of such
destructive price fluctuations. Specula-
ton gambling is a business Of itself, and
the south, with a few exceptions, is
totally ignorant OF its first principles. II
is her losses that support the blood
suckers of this town and IL she would
quit the cotton market would have few
fluctuations and the future trading would
be reduced to almost nothing.
Drive Out "Blood Shops"
IF the south raises a crop of 100000 oO
bales she will buy at once probably $4,000,
600 million additional bales in futures and
then she must find a market not only
for the 100000 grown but the 5O,OOODC
imaginary, for every purchase necessarily
calls for sale. Is 1t a wonder that
prices fall? That those who attempt to
bull get 1T In the neck sooner or later.
Instead of burning cotton the south
should tar and feather and drive out of
every town the representatives OF those
blood shops in New York and elsewhere.
The subject Is one worthy OF the strongest
and best supporters and should be
spread broadcast in every southern paper,
for the south to keep out of cotton flu
lures and for the entire country to keep
its money away from speculative Wall
street.
The FOOL People.
Someone has asserted. and ! suppose
with authority, that the railroads of the
country are already bonded for three
times enough to build them all over again
new. and vet they keep on issuing addi-
tional bonds, at the same time saying the
country is prosperous ana rrs railroads
making money. The people. IN fool peo-
pie, continue to play the sucker. | guess
YOU think I have gotten excited but |
have not. 1 repeat 1T calmly and DELHI
erately 1t Is a case of the people allow
ing themselves to be Systematically
robbed"
Commenting on the letter OF his friend.
Mr. Holloway said: Let the people and
the press take up the question OF futures
and have the legislature place prahibitive
licenses on all gambling and bucket