The Bamberg herald. [volume] (Bamberg, S.C.) 1891-1972, 1907-05-02
By Chattanooga Tradesman
in Ca|oriC Article
ON WAREHOUSE SCHEME
Well Known Journal Alleges That
President OF Southern Cotton Ac-
sociation is in Hands OF Ma
n;puIators.

commenting upon lu2 reilO'dl u
the headquarters Of the Southern
Cotton Association from Atlanta to
Birmingham, the Tradesman, (Cnatta.
nooga), the best known industrial pub
lication south of Baltimore, says that
Mr.. Harvie Jordan has been playing
Birmingham against Atlanta, and this
is so transparent that it is astCnish-
ing the fact seems 10 be overlooked
at the Birmingham end. Some or
the methods which this modern mosul
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 holo Ill
check those promptings OF his inner
consciousness that are so constantly
leading him into the mcst glarlng In
consistencies 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 Harvie 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
sociation for which Mr.. Jordan was
presumed to be acting? Oh, no-for
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 Birmi25-
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 CT the mcst promi-
nent of his followers that they are
trying to form a great southern cotton
exchange to deal in these warrants.
The Tradesman endorsed in 1905
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 d.
rect if he wishes. That plan is we'll
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.