The Bamberg herald. [volume] (Bamberg, S.C.) 1891-1972, 1907-05-02
TOO MUCH WALL STREET
Psrmeates Plans for Dealing In Cot.
ton and Farmers Union Will
Hold Aloof.

That the Farmers Union does not
endorse the movement begun at Bir-
mingham, Ala, to organize a plan OF
cotton warehouses and guarantee
company, is stated emphatically by
J. G. Eubanks, Georgia state bus
ness agent of the Farmers Union.
President f. +. Duckworth of the
Georgia division OF the Farmers
Union, endorsed Mr. Eubanks state
MentS.
I'VE were invited to this meeting"
stated Alr. Eubanks, in order that
We might hear this question discuss
ed. Our Alabama state business agent,
Mr.. P. F. Parker, was there, and also
a few other Farmers Union repre-
sentatives.
The announcement has gone out,
continued Mr.. Eubanks, that plan
was agreed upon at this meeting, and
that it had the endorsement OF both
the Farmers Union and the Southern
Cotton Association. Nothing could be
further from the truth. Alabama State
Agent Parker has already sent out a
denial of the statement published in
an Atlanta paper and making it clear
that the Farmers Union has not en-
dorsed the plan promulgated.
Il may as well be frank" said State
Agent Eubanks, "and say that as soon
as We got to Birmingham We found
that the meeting was all cooked and
primed by the Southern Cotton Asso-
citation. The invitation We received
came not from it, but from others, the
Southern Cotton Association evidently
fearing to take the lead in the move
ment on account of its odorous con-
nection with Mr.. Hoadley of Wall
street. So we were invited by others,
but we did not take the bait. From
all we could see, one end OF the hsn-
ing pole was in Wall street, and we
have no doubt that Spectator Hoad-
ley was eagerly feeling for tremors
at the handle end to see whether or
not the nibblers at the other end OF
the line meant business.
I'VE must make 1t plain now that
we cannot, and will not, cooperate
with the Southern Cotton Association
as long as it is of1cered by men as
close to Wall street as are some or
it's present head officers. Less than
six months ago Mr.. Hoadley in all
interview boldly made the statement
that he was kept constantly in touch
with cotton development in the south
by almost daily communication with
President Harvie. Jordan-that Mr.
Jordan let him know just what was
going on That came only a short
while after the time when the South
ern Cotton Association endeavored to
force the Farmers Union to make
a stand for 1O-cent cotton for last
season. We would not do it, but
made a straightout fight for 11-cent
cotton, and largely as the results OF
our efforts most of the last years
crop has sold at nearer IL cents than
10 cents. If we had agreed to 1O-cent
cotton, not one bale of cotton in the
south would have brought more than
that figure.
.sAs to the Birmingham warehouse
movement, plan was proposed by
this convention to establish a cotton
exchange for handling warehouse re-
ceipts, closing contracts on them in
stead of spot cotton. Our plan is for
the Farmers Union to deal only In
spot cotton and to sell direct to the
spinner. We are establishing ware
houses throughout the south and at
the present rate of increase it will
not be long before our warehouses
are available to the entire cotton
belt. But we propose to retain the
identity of a bale of cotton from the
gin to the spinner, giving the pro-
ducer the benefit to be so derived.