The Birmingham age-herald., 1907-05-12
TAKE $1OO,OOO OF S25O,0OO IN STOCK Bonded Warehouse Plan is
 Nearing Realization IS NOT A LOCAL PROJECT w. R. Sawyer Of Montgomery County Tells of Benefits That Have AL
 ready Come From
 Organization.
IS NOT A LOCAL PROJECT

Definite progress was made yesterday afternoon toward the consummation of plans for the bonded cotton warehouse corporation which is in process of forma- ton a result of a meeting of promi- nent southern business men held here April 2s
 At yesterdays meeting representatives were present from Atlanta Montgomery and Baltimore and organization was prac- ticaly effected, but some details are yet to be gone over and the bonded cotton warehouse plans are to be fully explained to other business men in several cities who are interested but wish to fully understand the details before becoming actively interested.
 The most important action taken at yesterdays meeting was the agreement by those present to subscribe to S1O0,OOO of the necessary s25O,OOO to be secured before putting the warehouse proposition on an actual footing. President Harvie Jordan of the Southern Cotton associa- tion, representing the association in his endorsement of the warehouse plan, also represented certain financial interests in Georgia who pledged themselves to sub scribe liberaly to this stock.
 Movement Is Not Local.
 The fact was impressed upon the meet ing that this movement is not local, but is of such broad and far-reaching pur- pose that 1t includes the whole south and when once put on a financial footing the benefits of the plan will affect the marketing of the entire cotton crop of the south.
 The meeting adjourned with the un- derstanding that the warehouse plans are to be explained in detail through core spondence with other financial interests in the various southern states and at another meeting to be called later the or ganization will be perfected
 ". D. Nesbltt of this city will go to Montgomery within the next ten days and present the warehouse plans before men there who are interested and secure their subscriptions to stock.
 President Haryie Jordan assured the gentlemen present yesterday that Georgia would take hold of the proposition read fly and aid materially in developing the plan which will make the cotton ware house certificate equivalent to Q bank note.
 Sawyer Discusses Project.
 w. R. Sawyer secretary of the Mont gomery county organization of the South ern Cotton association, was present at the meeting yesterday and heartily endorses the plant outlined and will use his ef- forts in Montgomery to secure the neces- sary financial support in that section. Before leaving yesterday MT. Sawyer discussed the benefits of organization among cotton producers and consumers, giving his views as follows:
 4he bindest man that ever lived Is the man who canont see his own in- terest when 1t is plainly put before his eyes, ir the shape of bright, shining SEQ gold pieces. Such is the condition of every man in the south, especially the farmer, who fails to see the benefits that organi- zation has already brought, and will continue to bring to every line of bus mess in the south, by securing and maintaining a fair price for cotton.
 There are men across the Atlantic
 
 our midst better than these men can. 1 have read the report of the meeting held last June of the International Master Cot ton Spinners' and Manufacturers asso- citation, in Bremen, which Is composed of the shrewdest business men living toe day Speaking of the things to be con sldered by them one said: There Is also the Cotton Growers association to be recxoned with. They have been hold ing out for minimum of II cents q pound, and they will not be slow to force prices still higher If circumstances be- come favorable Then again, speaking of present conditions, one said: Everyone will agree that these conditions are un- satisfactory. An improvement can only be effected by q combination. Spinners and planters must not act as If their in- terests were opposed to each other; and an effort must be made to find means for combined action to obtain a certain au- tomatic regulation of cotton prices. The planter must be able ot reckon on a min linum to cover at least the absolute aver age cost and this will have to be guar anteed to him by the spinner.
 Maintain Stability of Price.
 Speaking further of the means where by stability of price shall be maintained 1t was said: ITO gain these objects, how ever, there are now other methods at our disposal. When this federation was forced two years ago at Zurich, there did not exist a united force amongst the American growers The formation of our interna- tional federation was an object lesson to the growers. They met in New Orleans in June l96 when bumper crop was assured and prices had fallen below cents for mlddling, and decided to hold their cotton for higher prices. Within three weeks we saw an advance of 1 cent per pound, which steadily increased dur ing the summer months. Again in Janu- ary this year, 1t being evident that the crop would be but an average one, we find that the planters decided to hold for 12 cents. We know that the result of this decision has been to steady the price of cotton with a variation in six months of only little over 15 cent. and a daily yari- ation of but or 1 points. We must rec ognize that the growers standing firm together have been the important factor in influencing the price; for when the ! price had fallen below 12 cents they have withheld from selling. and when 1t has gone above that price they have been ready sellers
 "They had been msinformed as to the nd in i'm