Atlanta semi-weekly journal. (Atlanta, Ga.) 1898-1920, 1911-10-13
GREAT COTTON CONGRESS
URGED BY HARVIE JORDAN
Strong Financial Backing Is
the Most Necessary Thing,
He Declares
Edltor Atlanta journal:

note that Governor .Colquitt, of Tex
as, is issuing a call for a meeting OF
the governors and agricultural commits
sioners of all the cotton growing states
to consider ways and means to check
the present depressed condition Of this
cotton market. Georgia, as the second
largest cotton producing state, should be
vitality interested in any movement which
will tend to advance prices to higher
and more legitimate level of values. The
contemplated conference of governors
and commissioners, followed by, a proc
lamation or statement to the general
public. will not, in my opinion, have any
perceptible fleet upon the present bear
ish'' sentiment controlling the market
What is needed now, most of all, is
strong financial backing and encourage
ment of cotton growers by southern
banks. / think If the governors in each
state would actively aid Governor Col
quit in securing a very large confer
ence of southern bankers, supply mer-
chants and cotton growers at some CEN
trally located city in the cotton belt, e.
fective results would soon be acom-
plished.
There is but one method to pursue at
this time which will check the continued
stampede of lower prices, and that is to
check the heavy marketing of the crop.
To do this will require the active CO.
operation of the bankers, merchants and
growers,
The press of the south should be urged
to give such a movement their full sup
port 1 believe the railroads would grant
a very low rate for such a conference, as
their interests are as vitality affected as
those of any other. Cotton is now selling
at an average of $40 per bale less than
it brought one year ago. This means a
loss in the expectancy of the growers
from this crop of not less than $3.50, Co.,
900. The proportionate part of the state
of Georgia in this heavy loss will be at
least $4,000, 0O0; and every interest in the
state will be eorrespondingly affected
This heavy depreciation in prices for
cotton is all the more serious because
continued high prices prevail in the mar
ket values of al other commodities and
articles which enter into the production
of the crop.
1t is likewise unfortunate that the
American speculative interests are the
strongest "bearishr factors in depressing
the most valuable monetary staple crop
in the nation. European spinners did
not anticipate that the Americo cotton
crop could be purchased at the present
low prices prevailing and they purchased
great quantity of the crop this sum-
13 cents per pound.
The crop has matured more rapidly
this season than ever before, hence
the ginning and marketing of the staple
has been unprecedented. This does not
indicate the enormous contemplated yleio
which the ''bearish" interests are uslng
with such telling effect to hammer
down prices. The world wants large
crop of American cotton, and consump-
ton will easily absorb every bale pro-
duced this season within the next IL
months. Raw cotton cannot be prorita>
bly, produced by the growers at the pres
net market values
AS the purchasing power of the crop
is reduced, every department OF busl-
ness in the south will be correspondlngfy
affected. Real estate values, bank bal
ances, merchandise and every depart,
ment of industrial enterprises in this
section of the union will feel the de-
pressing effect of the present contrae'
ton of our circulating medium which rs
based so largely upon the price of spot
cotton. A great many farmers are nj
ready holding a portion of their crop as
a result of the Shawnee and Montgom-
cry meetings in September. But rns
movement is not yet general enough &c
check heavy receipts. Much of the cot
ton now D0lHB HcAd ID gyms Va
the ground exposed to the weather ane
consequent heavy damage by the actor
Of rain, wind and sunshine. Every hold
er of spot cotton should be urged I,
store it under good shelter on the farm
or place it in a local warehouse where
the staple can be protected from the
weather and insured against loss by fire
Country damage is one of the heav'
lest burdens the farmers have to bear
and the crop, when baled, should be as
carefully housed until delivered to the
consumer as wheat or corn.
If a strong, united and systematic
cooperative movement all over th'
south is not made to check the present
''bearish" effect of the speculative in
terests, prices are very likely to be de
pressed to lower levels. Southern bank
ers and business interests cannot arrorc
to sit idly by and not render all coop
erative an financial assistance posi-
BILE to the farmers in perilous times like
the present. The price of cotton is al
ready below the cost of production anC
| it will be suicidal to await panicky con
ditions before a general cooperative
movement is inaugurated to protect oul
great staple crop from the disaster o.
ruinous prices.
Yours truly,
HARVIE JORDAN.