The Bamberg herald. [volume] (Bamberg, S.C.) 1891-1972, 1906-02-15
CORNERInC COTTON !
New York Syndicate Will Buy
Half Million Bales.
TO PAY THIRTEEN CENTS
snot Holders Have the option Of Re-
leasing at That Figure or Await
ing Advance to IS Cents-The
Plan as Outlined.

Plan as Outlined.
BY the announcement that the
Southern Cotton Association has COM
pieted arrangements with an eastern
syndicate to turn over to the latter
before July l of this year half
million bales of cotton from southern
planters at minimum price of Is
cents, one of the most magnificent
steps in the history of the association,
was made public.
The step, if successfully carried out.
and elaborated in the future, Will
practically complete the scheme OF
the Southern Cotton Association, that
of restraining the supply of staple
and SO, controlling it's appearance on
, the market that the planters will be
enabled to secure a good profit bear
ing price for their product.
E. R. Thomas Of New York, well
known as a banker and fnancier, is
at the head of the syndicate to take
the 100000 bales this spring.
This agreement farther carries pre-
vision for the syndicate's taking all
cotton ready for maraet in August
and September of this year at the
market price then obtaining, 70 be not
less than the minimum fixed by the
Southern Cotton Association. The
agreement is not to affect those who
are holding their staple for Is cents.
It is stated by President Jordan
that the New York bankers are fully
prepared to finance southern bankers
in assisting the holders for higher
prices.
Following is the official statement
prepared and submitted Monday by
President Harvie Jordan:
II have secured an agreement with
a syndicate of eastern capitalists,
headed by Mr.. E. R. Thomas, the
well known banker and fnancier Of
New York, to take 100000 bales OF
naiddling cotton from southern plant
ers at a minimum price of 13 cents
per pound, deliverable at interior
points or the ports BY or before July
l, 1906, the deal to be closed so soon
as options on the 'syndicate's require
ments have been secured. The agree
ment further provides for the taking
of all cotton ready for market next
August and September from the crop
of 1906, at the then market prices,
to be not less than the minimum price
fixed by the Southern Cotton Associa-
ton. This agreement is not intend
ed to affect holders who are demand
ing maximum of Is cents at the
present time. New Pork bankers are
also prepared to fully finance all
southern bankers in assisting holders
of cotton for higher prices. Option
contracts will be at once forwarded,
upon application, to all cotton grow
ers whose addresses are not already
in my possession"
"I agree to sell to the order OF
Harvie Jordan of the Southern Cot
ton Association for the e. R. Thomas
Syndicate of New York City, -
bales middling cotton at IL cents per
pound at interior points, and further
agree to ship same on demand On or
before July 1, 1906. The title to and
possession of said cotton to remain
with owner until purchase money Is
paid.
Following is the form of contract
agreed upon by Thomas, his associates
and President Jordan:
'T also agree to sell to said syn
dicate all cotton made by me during
the months of August and September
at the then market price, to be not
less than the minimum price % be
fixed for the new crop by the South.
ern Cotton Association.
"Thc essence of this contract is the
securing from the planters OF tne
south not less than 100000 bales OF
cotton of the present crop at the above
mentioned price.
Name. ......... ........
"P. O. Address NEUTRALITY-SUSPICIOUS..
"I also retain - bales Of cotton,
which will pledge to hold for
maximum price of Is cents.
acceptance of this proposition will
be mailed you Immediately upon the
completion of the syndicate require.
ment of 100000 of spot cotton
Alice is Twenty Two Years Old.
President and Mrs. Roosevelt enter.