The Pensacola journal. (Pensacola, Fla.) 1898-1985, 1919-11-17
Association Head Attributes Re-
cent Raid on Market to Ma
nipulators Who Have Large
Orders to Fill.
HIGHER PRICES ARE
BELIEVED ASSURED
Careful Canvass Said to Reveal
Less Than Two Million Bales
of Available Cotton in Sight
Against Heavy Settings.

Columbia, Nov. 16.-Discussing the
recent break in the cotton market, il
Skottowe Wannamaker, president of
the American Cotton Association, has
declared in statement that "a raid
on the cotton market was engineered
by manipulators who realized the des-
perate predicament that they were in
with an enormous amount of cotton
sold through the exchanges, delivery
date fast approaching and no possi-
bility of their being able to fill those
contracts with spot cotton, which is
certain to be demanded Members of
the American Cotton Association are
urged in the statement not to sell
their cotton.
1--WE find" says Mr.. Wannamaker,
that an enormous amount OF spot cot
ton has been purchased through the
New York and New ORLEANS exchanges
for December and January alone. All
of this cotton will be demanded by the
buyers on account of the enormous
shortage not only of cotton, but es-
pecia1ly of good grade cotton. In their
desperation the manipulators have
used every known means to extricate
themselves from their predicament.
They attempted to have bank loans
called. Failing in this, they have
brought every pressure possible to
bear to have ruling put through
limiting or prohibiting speculation.
They sold something they did not own,
and now cannot secure, and wish. as
is customary. to shoulder the losses
upon the producer. why not ask that
a ruling be issued prohibiting the sale
of something you do not own? On
every occasion for the last sixty years
when cotton has been carried to some
thing like a fair value, manipulation
has been used for the purpose Of de-
pressing the price. Men have been
called into court and prosecuted for
hulling the price of cotton. There is
not single record of a prosecution
for beating the price downs
This is simply an attempt to force
the producer to part with his cotton
so as to enable the manipulation to
secure spot cotton with which to fill
his contract and save his hide. Do not
sell your spot cotton. Let them drive
paper cotton down as low as they like.
With a world demand far in excess
of the possible supply of raw cotton,
with the manufactured product selling
at fabulous profit, with a demand
for manufactured goods which is inn
possible to fill, higher prices are alb
certain.
"a careful canvass of the entire |
cotton belt reveals the startling fact |
that there is not two million bales of
good grade cotton in the cotton belt |
today, and there is only TWENTY-FIVE |
thousand (22.0o0) bales of certified |
cotton on the New York exchange. |
With sales on the exchanges for De- |
,ember and January around a million |
bales, with the largest amount Of cot |
ton already purchased through the New /
York and New Orleans exchanges by /
The actual consumers of raw cotton. |
we are facing the absolute certainty |
IF the manipulators being placed in |
/ predicament. Their only possibility |
IF relief is to force the producer to
part with his cotton. To sell cotton |
under these conditions is worse than ,
Jolly. The fact that the manufactured |
product is bringing a profit of from |
800 to $3.50 per bale, basis middling.J
10 the manufacturer, that we have the !
shortest crop in a decade, the short
est supply of good grade cotton in pro- |
portion to the crop ever produced in /
The last sixty years, the unheard OF
of the bear spectators
On the exchanges, having sold an [
amount of cotton far in excess of the |
possible supply, and the startling fact |
that a canvass of the entire cotton /
belt shows that there are not two |
million bales of good grade cotton in
sight today, all bring to light the abb
solute certainty of much higher prices.
Il call on the members of the Amer
can Cotton Association to protect
themselves by absolutely refusing to |
sell bale of cotton during this abso-
utely unjustifiable manipulated pre-
lrranged drive which was put in force I
,or the purpose of beating down the
prices. This will not only stabilize the
market but will force prices up The
absolute certainty of far higher prices
We find are assured as result Of care
ul investigation throughout the cot
on industrial world.
1T was the understanding when
prices were set by the American Cot
on Association that these prices were 1
'et based upon market without COM
petition. and that higher prices would
,e recommended as soon as peace was /
or condition changes Today
We have the most active competition
or the buying of cotton which has 1
.xisted sinSs 1914. and competition will
,e increased to an unthinkable degree
~ the time the treaty is signed