The Birmingham age-herald. [volume] (Birmingham, Ala.) 1902-1950, 1906-09-09
ASSOCIATION MAY
BECOME A FACTOR
Southern Cotton Growers May
Become Staple Buyers
PLAN is NOW UNDER WAY
The Idea of the Association Is to Take
Care of Distress Cotton Forced
On the Market to Meet
Obligations.

Hot Springs, Ark. September S.-The
executive committee of the Southern Cot
ton association concluded its sessions and
adjourned subject to call of the president
of the association. The business trans
acted at today's session was the consid.
GRAFTON of a resolution looking to the
formation of corporation with capt.
talization of one hundred million dollars
for the purpose of taking care of the dis
tressed'' cotton in the south. The resolu-
ton follows:
Whereas, after two years in experience
in attempting to maintain fair price for
cotton and realizing that we are in our
present status an advisory board; in or
der to put ourselves in position to enforce
our minimum, be it
Resolved, That we organize the South
ern Cotton association into a chartered
corporation for the purpose of buying.
selling and warehousing cotton, and open
books for subscriptions of capital stock of
s100,000000, the shares to be S. EACH
THAT a president and board of directors
be appointed, and that each state county
and state president be furnished bank
certificates and books of subscription, and
that we Immediately begin campaign to
raise this capital stock"
Resolution Passed Over,
This resolution was passed over as UNI
finished business and a committee of five,
consisting of John P, Allison of North
| Carolina, e. D. Smith of South Carolina,
S. A. Witherspoon of Mississippi, f. M.
Maxwell of Louisiana and j. c. Hickey of
Texas was appointed to prepare detailed
plans for the purpose of Incorporating
| the association as outlined in the resola-
ton and report at the next meeting of the
executive committee. President Harvle
Jordan gave the following explanation of
the resolution:
1T is for the purpose of taking care of
distressed cotton, and by distressed cot
ton, l mean cotton that is forced on the
market by people who are unable to
finance cotton and are unable to liquidate
maturing obligations The corporation
proposes to go into the markets and buy
up this class of cotton when it is being
offered at prices below the minimum
fixed by the association, and will be held
by the corporation until the market adj
vances to the minimum price. The cotton
will be stored in various warehouses
throughout the cotton belt, wherever
bought and can be used to margin the
purchase of additional cotton whenever 1t
becomes necessary. Under this plan the
cotton froced upon the market can be
kept out of the hands of exporters and
spinners and will regulate the price of
cotton by the legitimate laws of supply
and demand. 1t will also give the asso-
cation a strong financial standing in the
| eyes of the business world, and more par
! ticularly with the cotton trade generally
and will at all times defend and protect
the cotton growers of the south in main
tanning fair and profitable minimum
price for their staple
With reference to the unwillingness of
the committee to make an estimate of the
crop, Mr.. Jordan said:
Mr.. Jordan Talks.
1.-The reports that are being sent out
over the country with reference to any
! forecast of the yield of the present crop
| by the committee are very misleading.
The committee did not make up any sta
| tistical crop report because 1t regarded 1t
as too early in the season to undertake
/ to make an estimate on the yield. The
committee, however. was thoroughly sat
isfied from the information submitted by
different committeeman from the various
states, based upon fairly accurate data,
which they had gathered that a heavy
deteriora ton has taken place in the fruit
age of the crop throughout the belt dur
| ing the past two weeks, and the COM
mttee was we'll satisfied that the yield of
the crop this season would be under the
private estimates which are now being
issued later in the season the association
will gather full and complete data with
reference to the probable yield of the
| crop and issue 1t for the benefit of the
members of the association. The only
| thing the committee is thoroughly agreed
on at the present is that no cotton. basis
middling, should be placed on the mar
|
pound, and the entire cotton growers of
the south are appealed to for the purpose
of moving the crop slowly and thereby
reducing the supply to such an extent in
| the near future that the demands of the
mills Will advance to the minimum price
of 10 cents, as fixed by the committee"
To Hold Meetings.
| In order that the people may be reached
| and the resolution fixing. the minimum
price at 10 cents may be thoroughly can
vassed and that an appeal may be made
directly to the cotton growers, the COM
mittee decided to hold meetings In the
different cotton raising states at which
President Harvie Jordan, Field Agent
Smith and Executive Committeeman
Witherspoon of Mississippi. will speak.
The itinerary arranged for the speakers
follows:
Jackson Tenn. September 20; Mont
gomery, Ala, september 70, shreveport,
La. September q; Palestine. Tex, Sep
TENDER Is; Taylor, Tex, September %;
Waco, Tex, October 1; Dallas, October 2;
Sherman, October 8: Oklahoma City. Oc-
tober 4; FIT Smith. Ark, October 5; Pine
Bluff Ark, October 6; Orangeburg, s.
c.. October s; Raleigh. N c., October 9.
Among other business transacted by the
committee at its concluding session was
the adoption of a resolution endorsing
and approving the holding Of an inter-
national convention between the South
ern Cotton Association and American and
foreign spinners and manufacturers of
American cotton.
A resolution was also adopted author
izing the committee appointed to take
steps for the Incorporation Of the assocla-
ton to prepare a charter and proceed
to the Incorporation of the association.
The committee is composed of s. a.
| Witherspoon. J. Mac c. Martin, J. L.
Boynton, W. F. Vandiver and Harvle
| Jordan.
BRYAN INVITED.