New-York tribune., 1910-07-30
TO HELP COTTON TRADE PATTEN CUP TO HARTMAN
Hammond, SuIIy and Oalglelsh
Plan Warehouses.
CAPITAL OF S1Oo, 900, 900
Not TO Corner Product, but to
Aid Raisers by Marketing
Whole Year.

Boston. July 2s-Haying for its purpose
the revolutionizing OF the cotton industry
Of the United States. conference was held
to-day at the home OF John Hays Ham
nond at Gloucester. at which there were
present in addition TO Mr.. Hammond,
Daniel J. Sully the New York cotton
operator. and Scott Dalgleish, OF Cairo.
Egvps. the representative Of the Hirsch
Syndicate. OF London
Briefly. the proposition IS one 10 estao-
lish warehouses in all parts of the cotton
producing district OF this country, as wen
ss in the manufacturing centres. Tor the
storing OF the cotton crop. so that instead
Of selling 81 from hand 10 mouth, as has
been the practice heretofore, it Will be
marketed through the entire year when de
sirsbje. II is believed that economies Will
he effected in the marketing OF cotton
which will result in 2 saving OF not less
1flan S5o.ueO.e ea0 annually.
The General Cotton Securities Company
of which Mr. Hammond is president ana
Nj sully vice-president and general man
ase-. Is TO be the organization through
which this economy is 10 be erected IL Is
IN have caniral ot slt0. t0.0eo1s9, il Is said
The Eirsch Syndicate. il is understood, has
already underwritten the project
Any formal statement OF our plans
would be prema rure, as we have met To-
dsx only for al informal discussion OF the
possibilities OF the plan to establish cotton
warehouses" was the reply which Johh
Favs Hammond, Daniel J. Sully and Scott
DslrIeish made at Gloucester tonight
when asked concerning the results OF thelr
conference to-day The conferrees wished
n make il plain. they said, that their OBJ
sect in considering such q plan was not 10
get znv corner in cotton, but was TO help
The cotton raiser Should their plan be
corsur3mate6 they said. they hoped TO
hiring ahoI.t the Standardization OF cotton
s-6 20 assist the grower In selecting the
proper seeds No definite steps were taken
today. and probably none would De Tor
eor1e tine. they said. Mr.. Sully and MI
l,alrleish came here tonight from
Gloucester.
Atlanta Ga. July 2a-The project Of
Daniel J sully and associates 10 establish
handed cotton warehouses throughout the
South and al various manufacturing cen
f-es throughout the country, the tentative
plans Of which already have been laid be-
fore bankers and cotton factors OF Ihe
South by Mr. Sully in person, has met Win
favorable reception throughout the cotton
growing states
The Atlanta Chamber OF Commerce yes
1erdav adopted q resolution favoring the
establishment OF a chain of warehouses
such as Nr- Sully proposed. President
Frederick ). Paxson Of the chamber SAID
tie successful operation of the Sully plan
would greatly aid the South in financing
the cotton crop and believed IL would result
in the saving OF millions OF dollars yearly
TO the cotton growers
During the recent visit here Of Messrs-
sulIy and Dalsleish Il was announced that
the warehouses. which il was planned to
buy or build throughout the South IN time
for handling much Of the 1910 crop. would
be bonded bv the Hirsch syndicate OF Lon
don On the cotton stored in the ware
houses negotiated certificates are TO be is
sued intended 70 be available collateral
IN either this country or Europe.