Atlanta semi-weekly journal. (Atlanta, Ga.) 1898-1920, 1918-11-08
SPEAKERS BLAME WAR
BOARD FOR RECENT
SLUMP I'M COTTON
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Undoubtedly the decline was not caused
by any legitimate condition of the mar
ket There is something plainly wrong
and We want to find the remedy. The
cost of producing cotton has more than
kept pace with the advanced price Of
cotton and the price of cotton manu-
featured goods has gone far beyond the
price of the raw material. The cotton
growing industry is not represented in
the cotton section of the war industries
board. I have called this fact 20 the
attention Of the governors of the cotton
states and most of them have pledged
their cooperation IN attempting to Sc
cure the appointment of man who is
famil liar with the industry from the
standpoint of the producer"
The next speaker was Governor Man
ming, of South Carolina. After touch
ing on the war and declaring that the
south was ready to make any sacrifice
to win the war, Governor Manning said:
Il am not going to call names or be
abusive, but l will say that the time
has come for us to stand upon our
rights and protect what is ours.
I'VE are not crying out when we are
hit. We are simply acting to avert
disaster in great industry which con-
Germs not only the south, but the nation.
1t is not necessary to charge that the
recent violent slump in the cotton mar
ket was caused by manipulation. The
facts speak for themselves. We are
partly to sblame for throwing too muck
cotton on the market. 1 believe we
should act conservatively but we must
serve notice that we must be paid the
cost of production plus a reasonable
profit for our cotton"
Charles s. Barrett, president of the
National Farmers union, said:
co. 4 A.
of cotton downward. The bankers did
not start it downward. The cotton gam
elers did not start it downward. The
sp;nners did not start it downward.
Who did?
81 am not going to say, but the same
power that started it downward can
hold it down."
Colonel William Lawson Peel, of At
lanta, said:
II feel it my duty to give my opin-
ion of the reason for the decline in the
price of cotton. You can accept it for
what you think it is worth. 1t is pure
" question of ship bottoms. If the
war should go on six months there
would be no relief in sight, but the war
is likely to end at any moment. Then
the shipment of munitions will stop.
making room for the expectation of
cotton. There will be tremendous de-
mand for cotton in every country in
Europe. The price will soar. We have
nothing to do but wait and Hold our
cotton.
Royston Man Speaks
L. J. Mcconnell, of Royston, Ga, a
cotton buyer and warehouseman, blamed
the war industries board entirely for
the present slump. He declared that the
board has made it clear that it will
hold down the price if the price goes
up, but has never given any Indication
of uplifting the price should the price
go down below the cost of production.
He said that he would not question the
integrity of the chairman of the war
industries board Barney Baruch), but
the first time the south ever heard Of
that gentleman was in the role of d
great bear Speculator.
Commissioner of Agriculture McRae,
of Florida, heartily Endorsed Mr.. Nc
ConnelPs sentiments. He declared that
the war industries board knows nothing
of the problems involved in cotton pro-
duction and apparently is not anxious
to find out. He said he recently proved
this fact to his own satisfaction, and
compelled the board itself to admit this
fact, in connection with the board
handling Of the sea island cotton situa-
ton.
The first stage of the meeting was in
the nature of an open forum. during
which the various speakers took occa-
sion to express their views on the cot
ton situation. Then the gathering grad
ually got down to the point where reso-
lutions were to be considered.
Calls It "Damocles' Sword"
Pat Gambrell, of Macon. Ga, submit
ted to the conference a copy of a reso-
luton adopted last Monday by a mass
meeting of Cobb county farmers and
business men. He also took occasion to
criticise the war Industries board for
holding over the south the threat CT
price fixing like a sword of Damocles.
At this juncture Chairman j. J, Brown
appointed the following resolutions COM
mittee, to which were referred the Cobb
county resolutions and all others to be
subsequently introduced: E. A. Calvin,
Washington representative of the Cot
ton States Advisory Marketing board
L. B. Jackson, market bureau director
of Georgia; o. B. Ford, of Alabama; 2.
p. Garner, of Mississippi; Commissioner
of Agriculture McRae, of Florida; j.
H. Mills, president of the Georgia
Farmers union.
Just at this point William H. uBr-
we'll, former speaker of the Georgia
house, announced to the conference that
it was reported that Germany had &C
announcement and the blowing of whis-
ties, which began about that time, were
greeted with loud and long applause.
The discussion was closed by e. A.
Calvin, who smoke at length: He made
the unqualified assertion that govern
mental interference caused the recent
slump: t.. p,u,,
est level when Chairman Baruch, CT
the war industries board issued his
statement announcing that the board
would shortly fix the price. That state
ment knocked $50 points off the price
in twenty-four hours. In a recent con-
versation with Chairman Baruch told
him that his statement caused the
slump. He differed with me very en-
nhatically 7 told him that whether
he was responsible or not, the farmers
of the south were charging him and him
alone with the responsibility."
In winding up his remarks, Mr.. Cal
vim emphasized very strongly the need
for a norganized holding movement
among the farmers. He declared that
the battle could be won in this way
and in this way alone
At the close of his speech the con-
ference took a recess until o'clock, at
which time it will receiv ethe report of
the resolutions committee.
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