The times and democrat. [volume] (Orangeburg, S.C.) 1881-current, 1910-08-02
WILL HOLD CROP
A Scheme Launched to RsvoIpIionize 8 l The
Cotton Industry.
STAPLE TO BE STORED
In Warehouse to be Established in
the Sections Where the Cotton is
Grown.-The Projectors Count on
Saving s5o,ooo,ooO Year to the
Farmers and Spinners.
Farmers and SpinIners.

Farmers and spinners.
Having for its purpose revolution
izing the cotton Industry Of the
United States, a conference was held
Friday at the home of John Hays
Hammond at Gloucester, Mass, al
which there were present besides
Mr.. Hammond, Daniel j. Sully, the
New York operator, and Scot Del
geish of Cairo, Egypt, the represen-
tative of the Hirsch syndicate OF
! London.
Briefly, the idea is to establish
| warehouses in all parts Of the cotton
producing district of this country
as we'll as in the manufacturing CEN
tres for storing the cotton crop, So
that instead of selling it from hand
to mouth, as has been the practice
heretofore, it will be marketed
through the entire year when deslr-
able. 1t is believed that economies
will be effected in the marketing OF
cotton, which will :esult in saw
| ing of not less than $50,000,000 an.
nualy.
The General Cotton Security COM
pany. of which Mr.. Hammond is the
president, and Mr.. Sully is vice-pres.
ident and general MANAGER, is To
be the organization through which
this economy is to be effected. The
Hirsch syndicate, it is understood
has already underwritten the pro-
ject.
Amy formal statement of our
plans would be premature, as we
have met only for an informal dis
cussion of the possibilities of the
plan to establish warehouses, was
the answer that Messrs. Hammond,
Sully and Del gleish hade when
questioned concerning the results OF
their conference Friday. The con-
ferees wished to make 1t plain that
their object in considering such a
plan was not to corner but to help
the cotton raiser. Should their plan
be consummated, they said, they
hoped to bring about the standards
cation of cotton and to assist the
grower in selecting the proper seed.
No definite steps were taken today
and probably none would be for some
time, they said.
A dispatch from Atlanta says The
project Of Daniel ]. Sully and asso-
ciates to establish bonded cotton
warehouses throughout the South
and at various manufacturing CEN
teres throughout the country, the
tentative plans Of which already
have been laid before bankers and
cotton factors Of the south by MI.
Sully in person, has met with a fat.
orable reception throughout the cot
ton growing states.
Following the visit to Atlanta last
week of Messrs Sully and Del gleleh
the Atlanta Chamber Of Commerce
adopted a resolution favoring the
establishment of chain of ware
houses. such as Mr.. Sully proposed
| Pres,uent Fred j. Paxton of the
Chamber OF Commerce, said the suc.
cessful operation Of the Sully plan
would greatly aid the south in Fl
nancing tie cotton crop and believed
it would result in the saving OF
r,iIlons of dollars yearly to the cot
ton growers.
During the recent visit of :Messrs
Sully and Del gleish to Atlanta 1t
was announced that the warehouses
which it was planed to buy or build
through out the south in time for
handling much of the 1910 croI
would be bonded by the Hirsch syn
dicate Of London. On the cotton
stored in the warehouses negotiable
certificates are to be issued, intend
ed to be available as collateral in
either this country or Europe. y
Dns.> C,rrNDr, r,I-v>N