The Newberry herald and news. (Newberry, S.C.) 1884-1903, 1894-11-28
CORNERING COTTON.
Mr.. Roddey's Plan for the Producer TO DO
This-An Important Meeting-The Plan
to Form Cotton Syndicate Among
the Producers Fully Discussed.
1Atlanta Constitution, %.

1Atlanta Constitution, %
A meeting of the cotton men held a
the Kim ball house yesterday afternoon
recommended Mr.. J. It. Roddey's plar
for controlling the price Of cotton by
the formation Of a trust.
| This action, however, was taken
only as Individuals and was opposed by
some of those present.. This opposition
was from no absolute hostility to Mr..
Roddey's scheme, but was due to the
fact that the idea was new had that not
been fully Investigated.
Following this recommendation there
was appointed a committee of three,
consisting of John T. Roddey, chair
man; H. S. Lipscomb, of South Caro-
lima, aud J. Z. Nunnally, of Georgia,
to call county and State conventions to
elect delegates, one for each Con-
gressiopal district and one at large, to
an interstate convention. -
There were about fifty present at the
meeting, among whom were Commis-
sioner of Agriculture of Alabama Hec-
tor D. Lane, Com missioner f.. T.
Nesbitt, of Georgia; w. L. Roddey,
Rock HILL S. c.; J. s. Blalock,
Laurens, S. c.; J. It. Duncan, New
berry, S. c.; Representatives.. J. +: Nc
Elmurray, Waynesboro, Ga; 81. S
Lipscomb, Spartanbnrg, S. C.; John
Bostwick, Morgan County, Georgia; j.
l.. Moore, Rock Hill, S. c.; w. J.
Moore, Abbeville, s. c.; J. R. Black,
Menroe, Ca; B. N. Moore, York Coun-
|. ty, South Carolina, and Representative
J.. P. Brown, Of Pulaski County.
4GommissionerLane, of Alabama, was
made. chairman of the meeting and Mr.
J.T. Duncan secretary.
Commissioner Lane, on taking the
chair, made an interesting address,
heartily endorsing plan that would
control the price of cotton. He thought
that the time for action in the matter
was at hand and believed that con-
certed and well organized effort on the
part of the farmers would bring about
the desired results.
Mr.. J. T. Roddey, who is South
Carolinian, doing a cotton brokerage
business IN New York, was called upon
and outlined the details of his plans to
the meeting.
Mr.. Roddey is an interesting talker,
and his enthusiasm evidenced deep
interest in the work he has under
taken.
He prefaced bis remarks by showing
the way cotton values are manipulated
by spectators and their system of
robbing the producer OF his legitimate
profits.
"It's all mistake about our produc.
ton being the cause Of -low-priced cot
ton. It's because the crop is mani
pulated by spectators. Now, my idea
is to make the crop control the price.
This can be done by foraing gigantic
combination or company with capital
of S50,OOO0, 900 or S1O0,0O0,OO0. To form
this company I would suggest that the
! producers contribute one bale of cotton
out of every five they make. In this
-way-the stock can-be subscribed, and
the producer will not be out a dollar.
ssThis seems, absurd, bat say that IL
| a crop of 5000, 900 for every five bales a
farmer grows be take stock to the
extent of one bale. That would leave
a crop of {, 100000 to be marketed, the
100000 being set aside as capital stock
for the company and taken out of the
| available supply. Now I verify be.
lieve that 6, 400, 900 bales Of cotton will
bring in value fully as much as 9,OOO,'
OUO-the difference which has gone tc
SPECTATORS and manufacturers will be
SET aside for the producer in stock the
first year. In case of crop failure be
has his stock in the company to fall
back on, and the company can sell part
or all Of their cotton provided the
price is high enough, but in no case
permit the market TO be flooded with
! cotton.
ITO perfect the system Of operations
| it would be advisable to have the gins
in each county listed and the number
of bales ginned reported to the general
Office. If possible it would be good
idea to control the gins. If cotton then
comes in too freely we could notify the
1 ginners and have them suspend
operations until the demand increased.
| MANY farmers would probably be
willing for the trust to handle more
than one bale out of every five, as you
will see from q letter, the Hatcher
Manufacturing Company, Of Columbus,
Ca, offers to subscribe 200 bales at the
start.
s.The affairs of the trust would be
kept as secret IS possible from the
spectators and through our branch
offices in all the counties of the cotton
belt we would be in absolute possessio +
| of all facts concerning the state of the
crop at all periods of the year.
The cotton contributed by the pro-
ducer, after being delivered to the
officers of the trust in each county,
would be stored, insured, graded and
weighed and stock to the amount con-
tributed given to the producer.
MY plan would be to have ware
houses at every general receiving point
These could either be purchased ready
built at a legitimate price or arrange
| rrents could be made with warehouse
| owners to store and insure at very
low rate The warehouse receipts could
be made transferable or bill of exchange
| could be used.
Let books of subscription be opened
at every town and city in the South,
In regard to the management of the
company Lave Que SeuSidl VI ueou
! Office, say in New York, New Orleans
or Atlanta, with two general directors
from each. cotton growing State, with
one director from each county in that
State and have subofficers ia all the
principal cities and towns in the diff
| ferent States to coutrol the local cot.
ton, all to be controlled by the general
or head Office.
Let the head ofesi6 6strucs>when tc
lsell. certain lotsg cotton or hold until
g esrtsin priess offered. The farmer
= ! a aould not be forced to sell
bis cosses Arrange so that in case
farmer wishes to sell, say ten or one
hundred bales, with 80 much advanced
on it, he might sell or transfer III:
warehouse receipts to his creditors.
Continuing, Mr.. Roddey said: .
"Messrs. Latham, Alexander d Co.
make an estimate Of the present acre
age at 20. .209,0O0.
"Neil's estimate of l0,25O.OOO bales
would signify a yield of q little more
than half bale per acre, which Is pre-
| DOsterOus