The watchman and southron. [volume] (Sumter, S.C.) 1881-1930, 1905-09-06
WILL CONTROL COTTON PRICES.
wall Street Syndicate to Join With
Growers-Jordan Visit Explained.
Cotton Association President
Leaves With Momensous
Proposition.


Hayie Jordan's mysterious visit to
New York has borne as its fruit what
rumor has promised would prove the
sensation Of the year in the cotton
world. Wall Street stands ready to
ioin forces with the planters OF the
South to force up the price of cotton
and keep it there.
Mr.. Jordan's position as president
Of the Southern Cotton Association
makes his every move Of interest to
the cotton world, and this interest was
intensified a few days ago, when II
was learned that he had left his home
In Atlanta, Ca, for New York with
out having made any announcement
as to the purpose Of his visit.
Market interests were on the qul
yiye for any ;nkling that might AFFECT
the situation. It was an open secret
that a powerful pool had been formed
to advance the price Of the staple
What relation to this had the fact that
Mr.. Jordan hastened to New York on
the eve of an important meeting OF
tbe executive committee of his asso-
citation?
Efforts to learn Mr.. Jordan's err
rand met the sternest silence. In
deed. he seemed to be very anxious to
avoid any publicity. From a private
source the Commercial got it that he
would stop at one Of the hotels on the
upper West Side not frequented by
business transients At the hotel, on
the evening of his arrival, it was said
that he was spending the night with
friends on a private yacht.
Thus, from day to day during Mr..
Jordan's stay, attempts to reach him
were effectually blocked and, taking
into account the Interests with which
he was known to be. in constant co1i>
su1tation, it could only be surmised
that some deal of great importance
vas being worked out.
For some time the well-informed
in the cotton world have understood
that something big was to be sprung
at the meeting Of the executive COM
mittee of the Southern Cotton Asso-
ciation in Asheville, n. c., next week,
the understanding being that Wall
Street interests would agree to take
I'D and hold large quantity Of raw
cotton If the planters Of the South
would bind themselves not to dispose
Of their holdings at below given
price. That this understanding was
not premature was made apparent last
night. when Atwood Violet & Co., a
prominent cotton brokerage firm Of
this city, issued the following state
ment:
president Harvie Jordan, Of the
Southern Cotton Association, left here
last night, with proposition from the
Hoadley Syndicate, to place before the
executive committee Of his associa-
ton, at their next meeting, at Ashe-
vile, n. c., on Sept. next, to take
1,O00, 900 bales Of cotton from the
new crop, at a minimum price to be
fixed by the association at said meet
ing. This, together with the syndi-
Gates holdings Of contracts in the
New York market, would put them in
possession of an amount Of cotton
and contracts of 100000 bales, or
equal to what is now the visible sup
oily, domestic and foreign, Of Ameri-
can cotton, and would insure to the
farmer a proper price for his entire
crop.
"Still further, it will be seen, with
the belief in the South, and now gen
orally accepted elsewhere, that the
yield of the crop of the season begin
ming Sept. i, 1905, will not exceed
100000 bales, and with 100000
| bales Of it practically removed from
the market, through an acceptance Of
the Hoadley Syndicate proposition,
there will remain only 100000 bales
outside Of the syndicate's holdings,
and how much Of these 100000 bales
may be marketed above the minimum
| price to be named on September Z,
| and the extent to which it may be
marketed in each month thereafter,
| remains with those who will have the
cotton for sale and what is to be their
attitude toward the worlds cotton
spinners, with the strength as they
will then see to be theirs, hardly needs
an expression of opinion from us.