Atlanta semi-weekly journal. (Atlanta, Ga.) 1898-1920, 1918-12-17
HOLD YOUR COTTON.
NAME YOUR PRICE,
SAYS Ed \. INMAI0

"The price of cotton is in the
farmers own hands. If he holds it
and markets it carefully and doesn't
plant it over the face of the earth
this coming season, he can get his
own price next summer and for the
following crop"
This is the opinion of Edward Il.
Inman, of Inman, Howard & lnman,
who has just returned to Atlanta
after three months in Washing ton
as Il member OF the cotton dlStrlbu-
ton committee, appointed by Presl-
dent Wilson.
This committee, which has re-
signed. following the completion OF
it's work. is said to have done more
for the cotton trade before and after
the signing OF the armistiCe than
any other agency Ill the country.
The three biggest things accom-
plished by the committee were:
l. 1t stopped speculative selling
on the New York and the New Or
leans exchanges when the market
was helpless.
2. 1t got the war trade board II
remove the restrictions on the eX-
port of cotton, which had prohibited
any cotton being shipped without a
license from the war trade board toI
every shipment.
8. 1t has been largely instrumental
in obtaining the release of betweeI
500 600 and 100000 tons of ship
ming, of which about zoo, 900 tons
capable of carrying 100000 Dales al
a trip. will be available for cotton
News that the board had resigned
after completing its work. reached
Atlanta Friday afternoon in dis
patches from Washington. But the
90 NH hoard has
done and the effect of its efforts on
the cotton trade today is told tol
the first time in the following inter
view with Mr.. lnman, one OF the leau
ing cotton men of the south; Whc
has devoted himself wholly during
the last three months to the AFFAIRS
of the committee.
Restriction on Shorts
The restrictions on short selling
he pointed out Saturday morning,
were put into effect by the board on
November IS. at a time When theLtt
was a general feeling that the emo OF
the war meant inevitable detlatlon
and that everything had TO go doWn
in price. The buying power OF the
American mills was temporarily ap-
sent. because there were no turtneI
government contracts, and the ely CIV
liam demand hadn't begun to be teIt.
"The market was in helpless
condition and l believe the price
would have gone to 20 cents if we
hadn't nut in effect the restrictions
on selling" said Mr.. Inman.
The wisdom of the committee,
course was shown by the remarka-
BILE change the market underwent IN
a month. The mills found that the
government was bent on showing
them all consideration in cancellln%
orders and that the civilian trade
was beginning to enter the markeI'
The result was a return OF conn
dence. and on December > the re-
strictions imposed by the committee
were removed. .
The next big work of the commit
tee was to get the war board TO re-
move restrictions on the export OF
cotton. Under wartime condluons,
nothing could be exported without
a license on every shipment. But
now all restrictions have been re-
moved from the expectation OF COT
ton to Great Britain, France, ltaly
and Japan, and cotton can be shipped
TO Snain without limitation as TO
quantity, but licenses are still re-
duired, other neutral countries are
permitted to purchase at once ana
to hold in America cotton up 10 the
full quantity specified in agree
ments entered into with the United
States. The result of this has been
to stimulate demand and improve
the market generally.
Release of Tonnage
The third big accomplishment OF
the board was to secure the release
"After conferences with the War
Trade Board, our understanding,
said MIR. Inman. was that about l.
600, 900 tons would be released ana
that 200, 900 would be available for
cotton. With that amount of ton
mage about 100000 bales could be
shipped across at a trip.
Europe, as you know. has no COT
ton. 1t is very anxious to get botn
cotton and cotton goods: and with
restrictions removed and tonnage
available, exports are already in
creasing considerably. England. for
instance. was getting 100000. bales
in November: in December she re-
leased tonnage enough for 2SO.OOO
bales: and it is reported that in jan
uary she will furnish shipping enough
for $4,000 bales"
The members of the cotton distri-
button committee were: Charles j.
Rrand. chief OF the bureau of mar
ISets. chairman; w. l.. Clayton, OF
Houston: ]. Temple Gwathmey, of
New York. and Mr.. Inman.