Atlanta tri-weekly journal. [volume] (Atlanta, Ga.) 1920-19??, 1920-09-30
STRONG PROTEST ON
FARM CREDITS PLAN
WILL BE SUGGESTED
Continued from Page -

steps should be taken to obtain a
modification of the policy enunciat-
ed by Secretary Houston. The Sec
ond was the question as to what
steps should be taken to finance ex-
ports Of cotton. Answering the lat
ter question, Governor Dorsey sent
the following telegram to Mr.. Wan
namaker:
I'm re: Telegram September
twen atyos f5 IL I have heretofore
of the southern cotton growing
states should establish banking in
stitutions and that each of these
should then, under federal laws. take
stock In export corporation as sug-
gested by Governor Harding.
We are organizing here Georgia
Cotton Bank & Trust Corporation
Stock subscribed will be called in
November l, and at stated periods
thereafter. Feel that, we will have
this organization perfected early in
the first months of next year. Sug-
gestS that American Cotton associa-
ton get back Of this. enterprise in
georgia and then proceed with SIM
Lar organizations in other states.
ion of nearly. every well-informed
cotton man with whom l have talk
ed offers the only opportunity for
relief.
Il can't believe that you can hope
lutions and conferences"
Jordan Issues Statement
HarVle Jordan, national secretary
of the American Cotton association,
whose office is in Atlanta, on Tues
Day issued the following statement
In regard to the cotton market stu
alton:
"The present drive against the
price Of spot cotton is totally un-
warranted from any legitimate stand
point. There can arise no legitimate
urgency for forcing the price of spot
cotton below the cost of production,
which present prices so forcibly in
dictate.
"The south cannot afford to see the
cotton crop sacrificed with it's inev-
liable result of financial depression
on the commercial and agricultural
life of the cotton belt The organ
lied efforts of spectators and spin
nerss to; secure reduction in the
price of cotton fabrics by this mer-
CHESS hammering of the spot market
should be resisted to the utmost. The
American Cotton association and ev-
cry state division of the organiza
ton is arousing the people to every
possible resistance. The federal re-
oOA SC bcllIAo 1lA I1IC IOSIOAA OCAI GIL
fully prepared to make loans through
member banks on agricultural paper
secured by cotton warehouse re-
CeiptS.
1.-The intensive campaign of the
association for warehouse construc-
ton in the past twelve months has
honeycombed the cotton counties
with warehouse facilities for storing
the crop and marketing the staple
slowly to meet only the needs OF le-
gitimate consumption.
THE production Of American cot
ton cannot be continued at prices
which do not cover cost, plus rea-
sonable profit. The association Is
standing firmly for a price to the
growers Of 40 cents per pound, basis
middling, and will not recede from
this position. A price less than that
means financial ruin to the cotton
growing interests. Plans to plant
but one-third of the farming area in
cotton in 1921 and the other two
thirds in food and feed crops will be
put into actual operation. The man
ufacturers can materially cut the
present price of cotton goods with
out heavy loss to the enormous dlV1-
dends they have made for the past
few years.
1.-THE price of spot cotton is now
far below the actual cost of produc-
ton and will not be sold by the
growers at such prices"