The Birmingham age-herald. [volume] (Birmingham, Ala.) 1902-1950, 1906-03-14
PRESIDENT JORDAN
SPEAKS AT OPELIKA
Is Given Close Attention by
Large Audience
EVILS OF SPECULATION
This Tendency, He Says, Is the Great
est Single Evil Confronting the
South at the Present
Time.
EVILS OF SPECULATION

South at the Present
Time.
opelika, March -(special-President
Harvie Jordan of the Southern Cotton as
sociation, spoke 10 large audience here
today and was given close attention.
President Jordan was accompanied by W,
II. Seymour, president of the Alabama
division. and Dixon Armstrong; auditor
| and assistant secretary of the Southern
| Cotton association In the course of his
speech today President Jordan said;
"The south is now enjoying an UNI
precedented era of prosperity This is due
largely to the fact that cotton the basis
of southern prosperity. has commanded
fairly remunerative prices during the
past five years. A short period of de-
preston in prices one year ago caused
by the production of an enormous crop
in 1904. eliminated in the organization of
the Southern Cotton association and the
cementng together of the farmers mer-
| chants and bankers for cooperation in
the staple from the disastrous influences
of speculation and depression The his
tory of the work accomplished by the as
ISOLATION during its short period of exist
ence is one of the marvels of the age.
The wide agitation of the cotton situation
| in its relation to the legitimate laws OF
supply and demand the heroic efforts of
the growers to resist the unrighteous DOM
nation Of the spinners, buyers and spec
ulators last year resulted in one OF the
greatest financial achievements of modern
times. In the fact of a supply of practi-
calIy 100000 bales of cotton, exceeding
the demands of consumption by fully q
$4,000 bales, the growers entered into
persistent holding movement while at the
same time largely curtailing the acreage
| for 1905 under that of 1904 and succeeded
in advancing the market from ga cents in
January to 1O1h cents in July. The pro-
ductlon of 1905 will not exceed 1o,25ooOO
standard bales. which curtails the yield
under that of 1904 fully S5OO,OOO bales.
Evils Of Speculation.
The greatest single evil confronting the
south and indeed the whole country at
| the present time is the rapidly growing
| tenoeney toward speculation in cotton tu-
lures. The price of this magnificent sta
| pie crop, the most valuable of all agrl-
cultural products, is daily kicked about
| like a football on cotton exchanges of the
world. The rottenness of the New York
cotton exchange is known to all dealers
\ in cotton and has been roundly condemned
| by its own members. The tentacles from
| this giant octopus of iniquity reaches out
| through the entire territory of the cotton
| belt and daily feasts upon the thousands
of victims that hourly become its prey,
while millions of honest yoemanry are
made to suffer the devastating influences
that follow in the wake of paper con-
| tracts and chalk marks.
The entire business interests of the
country should either insist upon the
| adoption of such rules in the New York
| cotton exchange as will permit the estab-
| lishment and maintenance of legitimate
| transactions or there should be enacted
stringent laws throughout every cotton
state that will heavily penalize every per-
son who is not in position to deliver the
actual product which he sells or who Will
receive the product that he buys. In
other words dealing in cotton futures ex-
cept by those legltmately engaged IN
| handling the staple should be suppressed
| by law. and every bucHer shop in the
| In cotton futures is not suppressed 1t will
ultimately demoralize and jeopardize the
entire business interests of the south. and
especially Will it be ruinous to farmers.
curtailing Production.
! The slogan to be preached from the
| valleys and hilltops of the entire cotton
| belt during the next three months Is
| the curtailment of the cotton acreage Tor
| 1906 and an Increase of the food supply
crops. Independence in cotton production
can only come to those engaged in its cul-
ture through system of self-sustaining
farming This is the first great lesson to
| be learned in the business, ana the second
| is that of systematic and profitable mar
keting Fill your corn cribs and smoke
| houses from the products of your farms
and thereby be in position to maintain
| the price of your cotton on fair ana
profitable basis.
If the world has more cotton than 1t
needs at this time curtail production and
reduce the yield of the staple to the
actual needs of consumption. The cotton
acreage must not be increased this year.
Every man who did not decrease his
acreage fully % per cent last year should
do SO this year. Cotton is today the
cheapest product ON the market. The
cotton growers receive less compensation
for their labor than any other people in
the United States, notwithstanding they
| enjoy an absolute monopoly of its pro-
duction, while two-thirds of the civilized
world depend upon the staple for cloth
| ing Let me appeal to you now, while 1t
| is vet time, to pause and reflect and not
| rush head1ong to fatal destruction by
! planting an increased acreage in cotton
| this year. A short crop will pay you good
profits: a large crop will mean not only
disaster for you personally, but for the
| whole south. Let us act with wisdom and
| discretion and let the consuming world
| understand that we can and will manage
| the cotton crop of the south on profit
| able basis to the producers.
Work of Organization.
| In conclusion. let me impress upon you
| the high Importance of extending and
! perfecting the organization of the South
| ern Cotton association to the end that
| every man in your township or precinct
| will speedily become loyal and patriotic
| member of this great movement Moth
| ing can be accomplished without sys-
| tematic effort and thorough organization.
| The forces with which we have to con-
| tend have been organized for fifty years
| and have unlimited resources of both
| brains and money. Learn to have conf
| dence in your association and its leaders.
| Determine to contribute to its support,
| that its efforts in your behalf may not
| he handicapped for the want Of friends.
| Combine with your locai merchants and
| bankers to safeguard and protect the
value of your great staple crop from thc
whitening and blghtng hands of Its enc
mics Cut down your cotton acreage. in