Americus times-recorder. [volume] (Americus, Ga.) 1891-current, 1906-02-09
SYNDICATE WILL
UNDERWRITE COTTON
President Jordon to Confer
With Syndicate Heads.
WILL NOT AFFECT THE HOLDERS

New York Financier, With Powerful
Backing, Will UnderwrIte 100000
Bales of the FIeecy Staple for 13
Cents Per Pound.
Atlanta, Feb. 8.-President Harvie
Jordan, of the Southern Cotton asso-
citation, said Wednesday that he had
been uennitely assured that an under
writing syndicate, headed by E. R.
Thomas, of New York, and backed by
powerful interests, would underwrite
100000 bales of cotton at 13 cents.
President Jordan left at noon for
New York, when he will see Thomas
and his hackers, and give them all the
information possible about the true
situation in the south. The associa-
ton, however, is not interested in
the deal directly, except that it will
cooperate with any movement which
VIII boost the price of cotton, and op-
crate against the destructive campaign
by the bears and spinners.
Will Not Affect Holders.
Such a syndicate, Mr.. Jordan says,
will not interfere in any way with
those holders who are standing pat for
Is cents. The syndicate will proba,
bly, carry the price much higher than
13 cents.
Before he left for New York on last
Wednesday, Mr.. Jordan said:
Yes, have been definitely assured
that an underwriting syndicate headed
by E. r. Thomas and backed by the
York, will underwrite 100000 bales of
cotton at 13 cents.
This proposition, however, will in
no way interfere with those spot hold
ers who WISH TO hold for Is cents. The
details of the syndicate will be fur
nished the public within 4S hours.
But little spot cotton is offering
east of the Mississippi riI r.. Sup
plies in Texas are practically exhaust
ed, so heavy receipts there cannot con-
tinue much longer.
With the organization, then, of a
powerful syndicate to protect the spot
situation against the unwarranted bear
raid, practically every bale of cotton
remaining. unsold can be tied up Sup
plies will run short from now on as
compared with one year ago, and there
will be no necessity for marketing any
of the new crop before next October"
Personnel of Syndicate.
e. r. Thomas, the head of the syndi-
cate, is in the class with John w.
Gates, J. PierpOnt Morgan, the Goulds
and a few others who control finan-
cial situations. There can be no
doubt about the amount of money that
is behind the movement.
President Jordan has contended all
along that the decline in the price OF
cotton was unwarranted, and that 1t
was deliberate plan Of the bears ag
gressively and Systematically waged
The spinners were selling their prod
the raw products and still the price
went down They assisted the bears
in the campaign.
Secretary Cheatham Talks.
1t is believed that the bare announce
ment of the syndicate formation in it
self will have it's effect in starting the
price up.
Secretary Richard Cheatham, of the
Southern Cotton association, said last
Wednesday that President Jordan's Wis
it to New York was for the purpose of
comforting with Mr.. Thomas, and put
ting at his disposal all information
affecting the true situation in the
south.
No" said Mr.. Cheatham, ''the asso-
citation has no direct interest in the
syndicate in the sense that it has
subscribed to it. We shall cooperate
with it, as we would with any move.
ment that would tend to check the un-
warranted campaign of bears and spin
ners that has been carried on recently.
LAS Mr. Jordan intimates, those who
are holding for Is cents would not be
interfered with by the syndicate ar,
rangement In fact, the syndicate may
carry the price much higher. Mr.
Jordan will give Mr.. Thomas all the
correct information about the cotton
situation in the south