The Manning times. [volume] (Manning, Clarendon County, S.C.) 1884-current, 1909-04-07
Tile Southern Farmers Fight the
Middle Cotton Man
SULLY HAS A PLAN
To Remove Cotton From Domina-
ton Of Speculative Dealers-Pro-
ject Contemplates Chain of Ware
houses by Which One-third of the
Crop Can be Held.

Atlanta, Ca, April 5.-When the
farmers Of the South and the busi-
ness men of the South say the word,
funds will be Immediately available
in sufficient volume to forever place
the great industry of cotton produc-
ton upon a stable foundation, free
from the chance fluctuations of the
market, relieved of the attack of
manipulation and leaving the gi-
gantic crop monopoly of this section
to respond, unembarrassed and un-
restricted, to the legitimate laws of
supply and demand. The result
should mean to the South an an
nual saving ranging from s150,000,-
900 to s25O,ooo,0Oo."
In these plain terms Daniel J.
Sully, the man who drove cotton to
it's highest market price since the
Civil war, Friday outlined the pur-
pose of his visit to Atlanta and the
South.
Continuing, Mr.. Sully said his plan
contemplates "the creation of an
| impregnable business system which
shall do away with the annual ne
cessity of the farmer sacrificing mil
lions of bales Of cotton for pressing
debt, congesting the market, ham
mering down prices, upsetting the
regulations of supply and demand
and losing to this section the tre-
mendous sums that are its due in
return for the crop indispensable to
the needs of civilization.
ct do not ask one penny from the
Southern people. do not ask the
pledging of one bale of cotton until
l have given ample good faith OF
sufficient financial backing, from
| sources that are unquestionable, to
, carry every detail Of the plan into
effect to safeguard the interest OF
every farmer in the South, from the
man who raises one bale to the man
! who raises 1000 bales.
5 "a minimum fund Of $40, 100000
: subscribed by the most conservative
f fnanciers of the United States, is
: available to be invested in such iron
5 clad securities as shall insure the
ability and the responsibility Of the
I plans promoters to redeem theil
! promises and obligations to the las
+ detail
: 'The people of the South will be
! given first opportunity to invest il
this project, if, upon receiving it
: it commends itself to their judg
! ment.
!. t'The backbone of the plan is {
: chain of bonded warehouses through
out the South, sufficient in numbel
f and character to house one-third o.
the crop, and that one-third, as ha:
: been demonstrated, will be the bal
/ ance of power which will render
r market congestion impossible anc
2 insure the disposal of the crop II
strict conformity with the laws o.
S supply and demand
In borrowing money on his ware
] house certificate, Mr.. SuI!y said, the
farmer does not surrender the equity
: in his cotton. cit is his to sci
? whenever he pleases or to hold as
I long as he pleases, with the plair
business exception that the certificate
!. he may have used as collateral fol
the loan is a prior lean upon the
bale, which must be satisfied out Of
4 the sale of the bale when that cul
+ nlination is reached"
The company would be paid {
nominal fee for each bale of cot
ton handled and in this way, Mr.
Sully fgrues, fair profit will be
realized on the investment