The Lee County journal. (Leesburg, Ga.) 1904-19??, 1907-05-03
PLAN SCORED
BY TRADESMAN
Well Known Journal Comes 0ut
Against Warehousing Scheme.
ALSO ATTACKS JORDAN
President of Southern Cotton Association
Alleged to Be in Hands of Schemers.
A Caloric Arrangement.

Commenting upon the removal Of
the headquarters Of the Southern
Cotton Association from Atlanta to
Birmingham, the Tradesman, (Chatta-
nooga), the best known industrial pub
LEGATION south of Baltimore, says that
Mr. Haryie Jordan has been playing
Birmingham against Atlanta, and this
is SO transparent that it is astonish-
ing the fact seems to be overlooked
at the Birmingham end Some or
the methods which this modern mogul
OF finance uses to exploit his schemes
are so patent on their face they would
be extremely ridiculous if they were
not SO dangerous"
Commenting upon the warehouse
receipt system recently promulgated
at the Birmingham meeting, in which
movement the Farmers Union refus-
ed to join, the Tradesman, among
other things, says
1T does not seem possible, how
ever, for Mr. Jordan to keep out OF
the tolls of schemers, or to hoiu In
check those promptings of his inner
consciousness that are so constantly
leading him into the most glazing in
constituencies and paths Of danger and
disaster to his blinded followers.
Just consider for moment those
policies which he aided in fastening
on the cotton farmers that permitted
the marketing Of a large portion OF
the crop Of 1905 at medium prices and
then playing into the hands Of specu-
lators for higher prices when the far
mers had parted with their product.
Why, it was one of the most notorious
OF these spectators, and the very
chief of 'hot-air artists in America,
who boldly and publicly proclaimed
his admiration of Haryie Jordan, so
much so that he said he had given
him $4,000 for his plan to buy up
cotton for higher prices This was
at the meeting Of the Southern Cot
ton Association held in Birmingham
in January last. Does any cotton
farmer know the result Of that 'deal?
Did any OF the profits go into the
treasury of the Southern Cotton AS
ISOLATION for which Mr.. Jordan was
presumed to be acting? Oh, motor
that association was so near bankrupt
that Mr. Jordan would not consent to
accept denomination unless it was bet
ter financed.
AT this writing he is in Birming-
ham for the purpose of establishing
there a great system. Of warehouses;
that would have one parent stock
there with branches all over the
south. The cotton Of the farmers is
to be stored in these warehouses, and
for which they are to be given war
rants, or certificates.
This scheme has been MADE so
attractive to. some OF the most promi-
nent Of his followers that they are
trying to form great southern cotton
exchange to deal in these warrants.
The Tradesman endorsed in 1908
the only warehouse plan that seems
feasible or desirable, and that was
known as the Waco plan, and this
is now in successful operation all over
Texas. Under that plan the farmer
needs no one to help him except his
local banker He puts his cotton In
his own warehouse, under his own con-
troll, and that is the best collateral
he can give for any loans he may
require-better than any kind Of a
'warrant'-and then he can sell as
suits him and to the manufacturer di-
rect If he wishes That plan is well
established. 1t is very simple and
very efficient. The Jordan plan can
not improve or supersede it, because
it is not in the real interest Of the
farmer, but it is another form for pro-
noting gambling, the very thing Mr.
Jordan is fighting.