The Birmingham age-herald., 1906-02-01
SAYS HOLD COTTON
 FUR FIFTEEN CENTS Harvie Jordan Issues Address to Southern Cotton Men PRESENTS SOME FIGURES 
 Says Recent Depression Is Totally Un- warranted From Legitimate Supply
 and Demand-Facts Are
 Misrepresented.
PRESENTS SOME FIGURES

Harvie Jordan, president of the South ern Cotton association. has issued the following address to the people of the south, asking them to hold their cotton for 15 cents:
 The recent heavy depression in the price of future contracts and spot cotton Is to- | tally unwarranted from the standpoint of legitimate supply and demand. The price of cotton should be based on it's intrinsic value and not subject to the whims and fancies of speculation. Let us examine the statistical position of supply and demand. Exports for season ending August S1 1905, were s.745.3l6 bales; taklngs of American mills same period 4 4.565, 733 bales; total for the past season. 13, ,s41 ,Gi9 bales; exports since September to January 20. 9,94S,0G0 bales; American spinners takings for same period. 2'2'2,- 5SS bales. making total of export and domestic talings this season to January %, of 6.220 643 bales, a difference of 1'l2o,- 4Oe bales between the present and past season.
 Assuming that only 6.0o0,000 bales will be required for export and domestic takings for the balance of the present season as 1 against 7120.406 bales last year, after the same date, where is the cotton to come from to supply the demand?
 Allowing for crop of 1O,250,0oO bales, there remains to come into sight only 2,- 6el 69 bales Port and interior stocks are figured at 1.479.000 bales. If the American mills take the entire port and interior stocks and 721,0O0 bales from the crop yet to be sold to fill their demands, il will leave only 1,9i7.OOO bales of cotton for export to satisfy the foreign spinners de- mand for at least 3,500,000 bales, and this figures the foreign demand at fully l5OO'- eco bales less than was taken from that source last year. These are facts based upon actual conditions.
 Yarn splnners are now selling their out put on a basis of IA cents per pound for the raw cotton. This has been going on for months. Every bale of cotton held in the south should easily command a price of not less than 15 cents, basis mid ding The spinners can easily pay b cents for the balance of the unsold DOT ton of this crop and will do so if the spot holders stand firm. Speculative man. ipulation by the bears operating in the future market is no guide to the true value of cotton. Photographic reports re- ceved by the association from all points in the south indieate that spot holders are standing firm and will not sell at declines. Hold firm for 15 cents; the cot ton is worth it, and I challenge any spin ner to show the contrary at the present prices of dry goods. Theodore Price is daily filling the southern press with mis- representations of facts and doing all that money and ingenious manipulation of fig ures can do to break the solid south. Spot holders in the south should show by their frmness that they can and will repudiate such men as Theodore Price and the methods employed by them for purely selfish gain Those who hold will win the battle and get b cents for their holdings. HARyIE JORDAN.
 President Southern Cotton Association.