Atlanta semi-weekly journal. (Atlanta, Ga.) 1898-1920, 1911-11-03
STATE warehouses
URGED AS SOLUTION
] OF COTTON PROBLEM
Governors and REPRESENTATIVES
OF Southern States Indorse
Plan of LQuisiana's State
Owned Markets for Holding


aEainst the low prices produced by too
rapid MARKETING OF the crop early In
the season.
The details Of the Louisiana plan were
fully explained to the conference yes
serday ~ W. B. Thompson. president Of
the New Orleans cotton exchange. and
the representatives OF stsleast two Of
the other. southern states emphaticaliy
declared today that they would work dili-
gently TO secure the adoption OF the
louisiana plan in their sta,es-south Car
yIina and Georgia. $50 -
EUROPE WILL AID
sfr, Thompson explained ia .his address
that by reason OF the fact that receipts
for cotton placed IN these state-owned
WAREHOUSES will have the moral backing
OF the state government they VIII be
negotiable in an the money eenters Of
the world Already. be said. he had been
assured that financiers OF Europe Will
as soon as the first of these state-owned
plants is opened. send money here TO
lend "a the farmers. viii these receipts
as collateral. at 4 per cent he even
expressed. the belief today that after
the plan has been Thoroughly inaugurated
European money can be secured on these
receipts for still lower rate of inter-
est
Former uuited states Senator John L
NcLaurfn. Of South Carolina. gave his
hearty Endorsement TO the Louisiana plan
at today's session OF the conferences
T want TO go back. 70 South. Carolina
and ten my people all about this won
derfna plan" he said. "and hope TO
see - adopted In my state No state
ear 40 greater fservice 70 its citizenship
than by aiding all II POSSIBLY can the
arrfcuIturists. aud this plan Is enc tnat
viii appeal strongly 10 the people be
eause OF its simplicity and the compara-
tivelxs small cost In pctting u in work.
ing shape. 49, .s.rs r-s
ENDORSED BY FIELDER.
r s Fielder. attorney general Of Geor-
ala who came 10 the conference as the
personal representative OF GOV. Hoke
smith. commended the Louisiana plan
80 nnaouncea that he would use his, ef-
forts to have Georgia enact similar leg
sslasfor 81 the interest OF the farmers OF
hts state. ~>
At the banquet tendered 1ere- as
night 10 the delegates 20 the cotton con-
ss7s-,-s Frank q Hayne. the welt known
cotton bull~. speculator and meusper OF
ne so-called bull pool Of 1903, now
under indictment in the federal courts
Of New York for alleged violation OF the
arfi-trstss laws stirred the southern rep
,-esentatives when he declared that ne
would gladly go TO Jail II he had ~ any
way aided the enhancement OF the saioe
OF the great staple crop OF the south :.
Mr.. Hayne spoke with marked emolon
ana ts,a Applause which greeted hts re-
marks spoke plainly the feeling klno
regard which those present held Tor
along with William P. Brown. OF
New orleans: Eugene Scales. Of Texas,
and James A. Patten. OF Chicago" -saio
Mr.. Hayne. I was indicted by a fed
eraI grand Jury in New York on the
grave charge Of having unduly added
5000. ooe. Oao 70 the value OF cotton In
,l,s -o,,th IT'S some compensation. TO
note that before an audience of this
Kind the crime with which am charged
does not bring upon me any disgrace
PROUD TO GO TO JAIL
I shall be proud TO 80 to 5an II
have in any way aided in the enhances
meu1f Of the value OF the south's prod
uct. But II what ve did in New York
Is decided 20 be q violation OF the iaw.
then say. God help the southern farm
er. II would mean that the man who
sells ana sells what he has not got is
70 be praised. and that the man who
buys to help the people among whom ne
has lived. Is 70 be condemned govern
fnent tn these United States has come
70 a pretty pass
before this audience l feel that L
viii not be credited with purely selfish
motives nj any OF the campaigns with
which have been associAsed in t.se So
called bulling of the marKet--
Dir. Hayne made IL plain that he be-
iieved in higher prices for cotton tocay
no less than he had last year. or the
near .urarfous
Loss OF szo.OooOOo
The south this year" said Mr.. Hayne.
probably viii receive So. 00c.OO0 less for
its crop OF cotton than she received for
the crop OF the year previous Those
dgures are astounding, yet the press
comment OF the country regarding them
Is meaxre. The press and the public
stand aghast at the announcement OF a
reduction OF so a share in the steer
stock. representing a paper losr Of floo.-
OaO.oo0 yet that less may be only tenn
porary and with n subsequent rise in the
price OF steel win be fully recovered. on
the other hand. every bale OF cotton
which has been marketed TO date this
year az the ridIcuiousiy low prices OBJ
tanning represents q loss to the farmer
and 10 the south which cannot be re-
trieved-
This year the south has lost the gigan-
nc sum OF $50 100 IN that manner and
the world apparently thinks nothing oil
the loss The newspapers of the country.
even the southern papers. print columns
about the decline in the stocks. but We
hear very little OF these far greater. and
per1nanent- losses sustained by the farm
erz OF the south
WORTH MORE NORTH.
Il honestly believe that II this great
cotton crop was grown north. instead Oh
south Of the Mason and Dixon line. 2
cents a pound would be considered cheap
for IT. We can bring that about. and
the whole south must be made 10 fee
that \ should work for the enhancement
OF the value of this crop. Not alone the
south. but the entire country. feels the
effect OF the depression resulting from
the marketing Of this crop for approx
mafely ss50.o0o.00o as against si-OSo 0yeos
for the cotton crop OF the year previous
Through the earnest ico-oueration OF the
varied interests Of the south Mr.. Hayne
said that the effort to restore a normal
price for cotton would be realized
The cotton conference called BY Cow
ernor Coiquitt. OF Texas. TO devise means
for restoring 70 normal price the south 5
great staple crop. after an all days
consideration Monday OF different plans
for relieving the present demnralized
scoasszasd On Page sight, Column q,