The Birmingham age-herald., 1906-12-10
HISTORY OF MOVEMENT
 TO HOLD COTTON CROP
BY B. DIXON ARMSTRONG.

hold the balance or the l9D5 crop for b cents per pound. as explained by him to the convention in New Orleans on Janu- ary II, 1905, and in public utterances made by him later was concisely stated as fol- lows: (Just here it may be we'll to re- mark that without a single dissenting voice, his position was approved by the convention delegates, a splendid body of men. who heard his case. and agreed to back him in his position to the limit of their capacity):
 Investigation disclosed the fact that at prevailing prices of manufactured pro- ducts from our cotton, spinners could easi- ly have paid us F cents per pound for the entire crop and declared good divi- dends on their investment. On this basis a crop of ten million bales should have brought the producers $500, 100000
 'If we demand and receive b cents for the balance of the unused portion of the crop, basis middling at interior points, we will still be unable to average the whole crop at 12 cents. due to the un- warranted low prices at which more than half the crop has been sold"
 It was his idea to average the entire crop to the spinners at a fraction per pound over the Il cents minimum. The fraction over the minimum was to be a penalty for daring to fight the minimum price of the association in their future dealings with us. If the spinners could be made to pay a penalty for fighting a price they could easily afford to pay and still pay good dividends upon their stock, they would hesitate in the future to antagonize conservative price fixed by the growers.
 This call upon the spot holders of cot ton was not made by him until by per sonal investigation he ascertained that a majority of the cotton then held by the south was in the hands of those who were strong enough financially to hold what they then had, for at least three months, without inconvenience, and he was assured by many business interests all over the belt that the weak holders would be carried
 Before he asked that cotton then held by us. should be tied up for 15 cents for three months, an investigation was made into the possibility of curtailing consump- tion. With one voice the brokers, who handle the output of the mills, declared that question of price was not being considered There was such an unprece- dented demand throughout the civilized world. that the cry was "give me the goods.' Their difficulty was inability, at any price, to supply the demand. This condition of affairs made certain the pro- lection of all those who depended upon the mills running full time for their sup port and the maintainanee of their fami- lies.
 Illustrating the strong condition of the spinners, the following was cited in an- swer to the print cloth manufacturers of New England, who were the most vigor- ous 'lsiclSers' at President Jordan's 15 cents holding movement. When New Eng land got our cotton for cents per pound wages paid the operatives in New Eng land were sligtly higher than on Janu- ary II. 1905 She sold her prints to job bers at cents per yard. In the manu- fracture of print cloth, the average, &C., cepted by experts is. one pound of raw cotton produces seven yards of cloth. hence seven yards of print cloth at ? cents per yard, equals IA cents-one pound of raw cotton, cents-a difference of 9 cents between price of raw cotton and the finished product or cents to pay the cost of manufacture and declare dividend on the investment. These were the figures when cents was paid for our cotton
 Print cloth had not sold for months before President. Jordans call. for less than 3s4 cents per yard. and these figures have been maintained until now. So the following problem in mathematics must be considered conclusive in MT. Jordan's favor, so far as this branch of the cotton
  ton still makes seven yards Of print cloth, at 3s4 cents per yard. it equals 26A cents. Suppose that we had received 15 cents for every pound of the 1905 crop, the margin for manufacture and payment of divi- dends is the difference between 15 cents for raw cotton and 16I4 cents for print cloth. or 11A cents against cents, when we were forced to sell our cotton for , cents per pound.
 New England is always advocating } cents cotton and no one doubts that she knows what she wants and only demands what she thinks to her interest But figures can't lie. The above figures are from the census report of our govern ment. How then is New England hurt?
 MT. Jordan did not blindly rush into this proposition. Its success did not mean ruin to a single legitimate cotton industry. many said it would be. He informed himself as follows:
 l. Manufacturers interests were carefully investigated. They would pay dividends.
 ?. Employees of mills would work full time at fair wages.
 3. Consumption would not be curtailed.
 4. Unsold cotton was either in strong hands or offers were numerous to aid weak holders.
 D. The south seemed to be in sympathy, even enthusiastic, over the proposition.
 
 a personal tour of the cotton states was made by President Jordan with the sole purpose of informing himself as to this condition.
 Having satisfied himself on each of the phases above outlined, President Jordan was convinced that 1t was 8 sound busi- ness proposition. That it was right. That cotton intrinsicaly was worth b cents. Like the honest fearless man that he is, he took the step. called for a hold ing movement for 15 cents for the bal ance of the unsold crop for ninety days. Assumed full responsibility for his ac- tons and presented it for individual con- sideraton and the action of each spot holder.
 The 15 cent holding movement as such, failed, but there is no shadow of doubt in the minds of any man, who studied that situation but that great good did result from 1t and greater good may result to the south by needing the les sons taught in that failure. A few les sons taught which should never be fer gotten by us and if remembered can be made of more profit, a thousand fold, than the securing of that price for any one crop.
 These conclusions are personal and may be erroneous, but I give them for what they are worth, as l see it. The lessons taught In this failure can be made the very foundation stone of an organization and we could win, from now until the end of time by accepting them as knowl- edge gained by actual experience, and act accordingly.
 A few facts proven by the 15 cent hold ing movement are as follows: