The county record. [volume] (Kingstree, S.C.) 1885-1975, 1909-04-08
VOL. XXIII.
WOULD Save The south
MILLIONS OF DOLLARS.
DANIEL ]. SU!LY PROPOSES A SYSTEM
OF BONDED WAREHOUSES FOR PROP
ERLY YNARKETlNG The S0UTH'S STAPLE.

LhLl mhhhLkINu ihL oooA" S. 49,
Atlanta, Ga, April 2:-"When the
farmers of the South and the busl-
ness men of the South say the word e,
funds will be Immediately available
in sufficient volume to forever place
the great industry of cotton produc-
ton upon stable foundation, free
from the chance fluctuations of the
market, relieved of the attacks OF
manipulators and leaving the gigan-
tic crop monopoly of this section to
respond, unembarrassed and unre-
stricted, to the legitimate laws of
supply and demand. The result
should mean to the South an annual
cash saving ranging from sl5o,ooO,.
900 to $3.50, 900, ,OOO."
In these plain terms Daniel J Sui
ly, the man who drove cotton to Its
highest market price since the Civil
war, to-day outlined the purpose OF
his visit to Atlanta and the South.
Coutinuing,M Mr. Sully said his plan
contemplated "the creation of an
impregnable business s7stem' 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,
merlng down prices, upsetting the
reign of supply and demand and los
ing to this section the tremendous
sums that are its due in return for
the one crop indispensable to the
needs of civilization.
81 do not ask one penny from the
Southern people, l do not ask the
pledg,ng of one bale of cotton until
1 have given ample good faith OF
sufficient financial backing from
sources that are unquestiouable to
carry every detail of the plan into
effect, and to safeguard the interest
of every farmer in the South from
the man who raises one bale to the
one who raises thousand.
"a minimum fund of SIC, 100000
subscribed by the most conservative
financiers of the United States Is
available to be invested in such iron
clad securities as insure the ability
and responsibility of the plans pro-
moted to redeem their promises and
obligations to the last detail.
"The people of the South will De
given the first opportunity to invest
in this project, if upon rigid investi-
CATION it commends itself to their
judgment.
"The backbone of the plan is o
chain of bonded warehouses through
out the South, sufficient in namber
and capacity to house one'third of
the crop, and that one.third, as has
been demonstrated, will be the bal
auce of power, which will render
market congestion impossible, and
insure the disposal of the crop in
strict conformity with the laws of
supply and demand
In borrowing money on his ware
house certificates, MIR Sully said the
farmer does not surrender the equity
in his cotton. ':It is his to sell when
ever he pleases, or to hold as long as
he pleases, with the plain business
exception that the certificate he may
have used as collateral for the loan
is prior lien upon the bale, which
must be satisfied out of the sale of
the bale when that elimination IS
reached. )"
The company would be paid a
nominal fee for each bale handled,
and in this way, Mr. Sully figures, a
fair profit will be realized on the in
vestment.