Atlanta semi-weekly journal. (Atlanta, Ga.) 1898-1920, 1919-07-25
IN Speech to
General ASSembZNPred1ctS
High Price From Holding

world by 9,O5O,O0O bales of cotton
For the purpose Of ascertaining
the actual value of pound OF raw
cotton, I submitted this question to
a number of leading manufacturers,
drygoods houses and experts: What
is a pound of raw cotton. basis mid
ding, worth after deducting the eX-
pense of manufacturing it into cloth
and after deducting a full allowance
for a fair profit to the manufac-
turer, based on the present selling
! price of the manufactured products?"
Ane reply from a leading expert was
as follows:
Cotton goods have advanced in
the past thirty days eight dollars
per bale, while future contracts
have advanced ten to fifteen dollars
per bale Cotton is worth, basis
middling, seventyfiye cents per
pound
Another reply was this:
Sixty cent cotton would show a
profit today OF fifty dollars per bale,
Cotton is beinS bought on the basis
of the future market, and futures
are forty cents below a parity with
cotton in the goods.~
1T is said that fools rush in
where angels dare not tread. An
| enormous bear clique, backed by
powerful money interests, sold a ire
mendous amount of cotton for July
and October delivery for from TWEEN
ty-two cents down to even under
twenty cents, with fixed deterni-
| nation of breaking the market to
twelve and a half cents per pound:
These gentlemen who have long fat
tened, prospered and profteered on
the miseries of the cotton produc-
ers Of the south by their manipu-
lat.on are responsible for the mise
ries and misfortunes of the south
| By their manipulation they have
made every place in the world that
handles cotton INN enseIy wealthy
except the south. To the south they
! have brought poverty and misery.
Golden Harvest Ahead
,, "A short glimpse into the records
this time. Every man who has ever
bulled the price of cotton to any,
thing like around it's actual value has
been prosecuted or prosecuted. The
very same gentlemen who are today
caught short with an enormous
amount of cotton in their unholy ef-
forts to rob the producer are being
assisted by mutual friends to extri-
cate themselves from their predica-
ment. Several times in the past the
splnners have bought spot cotton far
below the quotations shown on the
New York cotton exchange, stating
that futures and spots were not on
a parity; that the manufactured prod
uct made from the raw cotton was
not selling at price that would
justify their paying for the price
| shown on the New York exchange
"Only a few years ago they bought
spot cotton five to six hundred points
under New York quotations. Today
the manufactured product is selling
at price that would Justify sew
enty-five cents per pound basis
middling, for the raw cotton, and
would still leave the manufacturer
safe, sound profit. Still, cotton
price of the New York cotton ex-
change. If it was bought six hun
dred points under New York when
futures were above spots, why today
should not spot cotton be bought
| around the actual value as confirm
dby experts, manufacturers and
dry goods houses, for seventyfive
cents, instead of the prices shown on
the New York exchange?
THE reason for this is plain: BY
buying at the New York price it
ing from hand to mouth at this
price, helps. him to save the hides
| of his friends, the bear manipulators
| THE man who holds his cotton and
| refuses to be intimidated and fright
ened by bear raids and bear prices
will reap a golden harvest. The break
in the cotton market in the last few
days was due absolutely to manipu-
| latIon. 1t was planned and premedi-
tated and was such fragrant and
| open violation of the law of supply
and demand. of the laws of right
and justice, that if the bulls had
treated the bears in accordance with
have been hauled before the bar of
: justice for prosecution"