Atlanta semi-weekly journal. (Atlanta, Ga.) 1898-1920, 1920-01-23
ASSOCIATION TAKES
OFFER FOR LOWER
. GRADES OF COTTON
Wannamaker Says 100000
Bales Involved Are Being
Assembled and viii Be
Sold to Europe

That the American Cotton associa-
rounced offer by foreign spinners to
buy through the association 100000
bales of lower grades of cotton at
prices ranging from 80 to IL cents a
pound, and is getting the cotton to-
gether and soon will distribute op-
tions to the farmers of the several
lanta Thursday by J. S. Wanna
maker, president of the association,
wso passed through the city on his
way to New Orleans and conferred
with ]. J, Brown, commissioner of
agriculture, and L. B. Jackson, d.
rector of the, market bureau of the
department of agriculture.
"Soon after I announced the offer
by. spinners of a certain foreign coun-
try to buy this cotton" said Mr..
Wannamaker, "a report was put in
circulation that the offer came from
the Bolsheviki in Russia. The pur-
pose of the report was to break up
the deal. 1t has failed because the
report was false. I am not at lib
erty to name the country from which
the offer comes, but I can say that
it is a friendly country.
IF we had in the cotton belt a.
uniform system of warehouses and
warehouse receipts, as contemplated
by the federal bonded warehouse act,
but not yet obtained because of the
failure of warehouse owners to bond
themselves by complying with the re-
quirements of the act, we could have
closed the deal for this 100000 bales
OF cotton in less than a week after
the offer was announced. Several
times 100000 bales of cotton have
been rendered to me, but it is not
Immediately available because some
is stacked in farmers yards, some is
stored in barns, some is stored in
local warehouses of all kinds.
In spite of the delay, however, we
are going to get the cotton and sell
1t and the price we will get is going
TO have a most wholesome effect
upon the cotton market. We are
now preparing the options. They will
De sent to the commissioners of agri-
culture Of the several cotton states
Tor distribution among their farmers.
The local bankers will certify that
they are options which will hold.
Explains Options
AS FAST as the options are signed
py the farmers and certified by their
local bankers they will be sent-bacJ1
to- the. commissioners of agriculture.
and we win deliver them to our for |
etgn buyers. The options will run
for sufficient period to get the
cotton graded, and the grading viii
be done under supervision of fed
eral government agents in strict &C
cordance with the grades established
by the federal government.
So far as the financial responst-
bility of our foreign buyers is con-
eerned, it will be scrutinized care
fully and there will be no hesitation
about dealing with them. The federal
authorities in Washington will assist
US in that matter also.
Il am at liberty to say that when
we close this deal there will be
others we can handle at good prices.
The fact that foreign spinners have
come to the American Cotton asso-
citation to deal through it directly
with the growers is the most signifi-
cant thing that ever happened in the
cotton industry. 1t shows that the
association is recognized abroad as
well as at home as the official Or
ganization of growers and allied
business interests. There is going
to be more and more direct dealing
between growers and spinners, and
the growers are going to get better
prices as a consequence"
Commissioner Brown and Director
Jackson Of the market bureau went
thoroughly into detail with Mr.. Wan |
namaker regarding the big deal, |
which is hte largest ever made d.
rectly between growers and spin
ners, and Commissioner Brown
stated that the options would be dis
tributed to farmers in Georgia |
through the market bureau. Thou |
sands of bales of Georgia cotton al |
ready have been rendered to Com |
missioner Brown.
Mr.. Wnnamaker is on his way to
New Orleans to attend a meeting of
the Louisiana division of the asso- |
citation. He will be accompanied by |
Harvie Jordan, national campaign d.
rector of the association, and Thomas
J. Shackleford, of Athens. They will |
go from New Orleans to Dallas to |
attend a Texas meeting.