The Abbeville press and banner. [volume] (Abbeville, S.C.) 1869-1924, 1906-02-14
THOMAS WILL BUY 500, 900
BALES i CENTS AT POUND.
President Harvle Jordan Closes syndi'
cate Deal with New York Financiers
Contracts Being Mailed,

President Harvie Jordan, of the
Southern Cotton association, returned
to Atlanta Sunday night from New.
York. and announced that a deal had
been closed with E. r. Thomas and
others of. New York, whereby a syndi-
cate. composed of those capitals,
would buy 500, 600 bales of middling
cotton at Is cents.
Mr.. Jordan is now sending out the
contract forms to holders of cotton
He announces. and this is specified in
the contract. that the direct sale Of cot
ton for 10 cents does not affect those
who are holding for Is cents. They
are given the privilege of holding back
as many bales as they please for the
price.
The contract also includes cotton
made in August and September. 1t
Is estimated that there are now $4,000
bales sold. and Judging by the rate OF
consumption of the mills. they will
require 1900, 900 bales for their need
between now and October lst,
FORM OF CONTRACT.
Following is the form ofthe con-
tract agreed upon by Thomas, his as
sociates and President Jordan:
IT agree to sell to the order of Har-
vie Jordan, of the Southern Cotton as
ISOLATION, for the E. R.. Thomas syn
dictate of New York bales of
middling cotton at Is cents per pound
at interior points. and further agree to
ship same on demand on or before
July lst, 1906. The title and possession
of such cotton to remain with the own
er until the purchase money is paid
II also agree to sell to the syndicate
all cotton made by me during August
and September at the then market
price to BIZ not less than the minimum
price to be fixed for the crop by the
Southern Cotton association.
1.-THE essence of this contract is the
securing from the planters of the
south not less than 500, 900 bales of
cotton of the present crop at the above
mentioned price.
q. Name. NEUTRALITY-SUSPICIOUS..
P. o.
II also retain. .... bales of cotton
which I will pledge 10 hold for a max
imum price of Is cents"
.THOMAsa BANKER.
E. r. Thomas is at the head of sew
eral New York banks, and Is widely
interested in financial undertakings.
He has S12, 000, $50 in his own right in
this deal, in addition to the cooper
alton of several other fnanciers.
Mr.. Jordan declares that New York
bankers are ready at any time to fin
ance southern banks in assisting hold
ers of cotton for higher prices.
MI. Jordan is confident that this
move will assist in putting up the
price, and it now remains only for the
farmers to sell their cotton at the price
mentioned in the contract.
"They may sell it outright at this
price," said Mr.. Jordan. Tor they
may hold for Is cents. In either event
they are made safe. You will notice
that the contract specifies not only the
cotton now on hand, but also that of
the new crop in August and Septem-
Der. Now if the mills take ut all the
they need at their present rate
CO0Sum pClOn, luey VIII ielulio -
900, 900 bales by October lst.
.sPINNERs CAN PAY IA CENTS.
1.-THE yarn and cloth print spinners
are quite able to pay IA cents a pound
for cotton.n Mr.. Jordan resumed.
"Cotton print cloths advanced Is of a
cent a yard last week. The Fall River
mills not only paid a dividend on
their investment, but also 7 per cent on
the wage earnings of their employees.
"You can see by this that the mills
are plenty able to pay for cotton at a
rearOnable price. 1t is not a question
of working a hardship on them. They
wish to keep the prices down
30 that they can make more money"
w Jordan added that option con-
[. acts wo uld be mailed 10 any holder
of cotton whose address the association
did not have, As soon as the contracts
are accepted for 100000 bales, then
Thomas and his associates will take
the cOtton.
The amount of money involved IN
this deal is approximately S25, OOo, ooo.