Cheraw chronicle. [volume] (Cheraw, S.C.) 1896-2005, 1910-08-04
TO CONSERVE VALUE
OF COTTON CRGP
SCHEME ASSUMING SHAPE.
Would Make for Economy In Handling
and Promoting Interests Of All.

| NOulQ make lOT ECONOMY Ill HdnuiinS
and Promoting Interests Of All.
Boston, July 29.-Having for its
purpose the revolutionizing of the
cotton industry of the United States,
conference was held today at the
home of John Hays Hammond. Daniel
J. Sully, the New York operator, and
Scot Delgeish Of Cairo Egypt, the
Representative of the Hirsch syndi-
cate Of London.
Briefly, the idea is to establis> ware
houses in all parts of the cotton pro-
ducing district of this country as we'll
as in the manufacturing centres for
storing the cotton crop, so that instead
of selling 1t from hand to mouth, as
has been the practice heretofore, 1t
will be marketed tn ough the entire
yea when desirable. 1t is believed
that economies will be effected In the
marketing of cotton, which will result
in a saving of vot less than $50,000,-
900 annually.
The General Cotton Securities COM
pany, Of which Mr.. Hammond Is pres
ident, and MIR. Sully Is vice-president
and general manager, is to be the or
ganization through which this econo-
my Is to be effected. The Hirsch syn
dicate,. it is understood, has already
underwritten the project.
Would Aid South Greatly.
Atlanta, Ca, July 29.-The project
Of Daniel J. Sully and associates to
establish bonded cotton warehouses
Throughout the South and at various
manufacturing centres throughout
the country the tentative plans OF:
which have already been laid before
banksers and cotton factors Of the
South by Mr.. Sully in person, has met
with favorable reception throughout
the cotton growing States.
Following the visit to Atlanta next
week of Messers. Sully and Dalgeish,
the Atlanta chamber Of commeres yes
terday adopted a resolution favoring
the establishment Of chain of ware
houses such as Mr.. Sully proposed.
Mr. Haxton, president of the chamber
of commerce, said the successful oper-
alton Of the Sully plan would greatly
aid the South in financing the cotton
crop and believed it would result in
the saving Of millions of dollars year
ly to the cotton growers.
| During the recent visit of Messers
Sully and Dalgeish to Atlanta it was
announce that the warehouses, which
1t was planned to buy, or build
throughout the South in time for
handling much of the 1910 crop. would
be bonded by the Hirschc syndicate Of
London. On the cotton stored in the
warehouses negotiable certificates are
to be issued, intended to be available
as collateral in either this country Of
Europe.
Plan to Help Farmers
Gloucester, Mass, July 29.-"An!
formal statement Of our plans would
be premature, as We have met today
only for an informal discussion of the
possibilities of the plan to establish
cotton warehouses" was the answe1
that Messrs. Hammand, Sully and Dal-
gleish made tonight when questioneo
concerning the result of their confe:-
ence today. The conferees wished
to make 1t plain that their object in
considering such plan was not to
corner cotton, but to help the cotton
raiser. Should their plan be consum-
mate, they said, they hoped to be about
the Standardization Of cotton and to
assist the grower in selecting the
proper seeds. No definite steps were
taken today and probably none would
- a..