The Montgomery advertiser., 1905-10-11
1l-CENT COTTON DEAL
H0ADLEY SAYS HE HAS COT TO- GETHER 1S0,o00 BALES or
 OCTOBER
And Has Money to Pay for It--You See, the Banks Have Really Lent HIm "Something Like.
 Sl,500, ,000.

NeW IOTk IimeB.
 The financing of the purchase of l30.- 900 bales of cotton for October delivery has introduced into the money market situation an element which had att tracted little attention until yesterday. Most of this cotton, the amount of which is very large in comparison with other years. Is carried by a pool con- ducted by Joseph H. Hoadley and his associates. To carry the cotton the operators must borrow money from the banks.
 It is estimated that the banks have had to lend nearly $1,500,000 to opera tors in October cotton. The require ments of these men have undoubtedly been factor in bringing about the present tightness in the money market.
 There Is no doubt that our opera tions have a temporary effect on the local money market" said MT. Hoadley yesterday. Just what our borrowings amount to, of course. cannot say, but we get good deal of help from the banks"
 MT. Hoadley's attention was called to monly referred to as the "Sully cotton pool"
 That is not the proper term." he said. MT. Sully has no connection with our syndicate. There are i've others in 1t beside myself. They have put me at the head of the syndicate as the visible member. It is not neces- sary for me to mention the other names"
 The shouters for 11-cent cotton are enthusiastic over the prospect of such price. Telegrams from Harvie Jor- dan of the Southern Cotton Growers Association gave assurances yesterday that the growers in the South will hold their cotton for the fixed minimum nAWf fV. 1H need. According to Mir Hoadley, the growers and the spinners are satisfied and the project will work out success fully.
 I am interested in one side just as much as the other," said the head of the 11-cent cotton syndicate, because run the factories that make 70 per cent. of the spinners' machines. The pros- perity of the spinners is just as vital to my interests as the prosperity of the Southern growers, and the prosperity of the pool is essential to all of us. A stable price for cotton will do us all good. A New England spinner told me the other day that he did not mind paying II or 12 cents for his cotton, but what he did mind was to have the price of his raw material huctuating continually, first up, then down; never stable"
 How are the financial resources of this cyndicate?" Mir. Hoadley was asked.
 We will have all the money we need" was his confident reply. There is no trouble in that direction. Every bale of cotton that has been rendered to us we have taken; there has been no transferring of contracts, or any thing like that. If the farmers in the South hold out for II cents, as think they will. we will make a handsome rro1t. Of course, if they let loose their cotton, some of them, the profit will not be so great"
 MT. Hoadley showed a telegram which he had just sent to Harvie Jordan, urg- ing him to keep up the price for spot cotton. Similar messages were sent to Texas, Louisiana, and other points in the South.
 "Mr Jordan" continued Mir. Hoadley, "has done a greater work for the South, for the whole country, in fact, than any statesman or 1nancier in the United States He has saved the Southern farmers ab)It $40.0O1,100 in a year, and his labors have added many millions to this countrys income from cotton ex- port ed to Europe.
 As an indication of the enormous growth of the South in the last six years. Mir Hoadley mentioned the fact that the cotton crops of these six years brought $3.OOO. 100000. as against Sl.- SOC. .000, 900 realized from the combined cbps of the preceding six years, the difte renee. $l,oO0.cc0.0 900, being equiya- lent to the worlds total production of | gold For four years.