The Thibodaux sentinel. (Thibodaux, La.) 1905-1912, 1911-12-09
s5o,oo,ooo COTTON PLAN
OUTLINED BY A REPRESENTA-
TIVE OF NEW YORK BANKERS
To Promote Better Prices for the
FIeecy Staple and Aid Grower -
in Many Ways. ..

Augusta, Ga-Details of the plan o
q New York syndicate to lend cottol
growers $5O,0OO,000 to aid them il
holding the cotton until better price!
THAN. those now prevailing can be oh
tanned were made public Monday b.
w. H. Slayton of New York, who rep
J, resents the syndicate. The statement
was issued at the conclusion Of con
ference between Mr.. Slayton and
President c.. S. Barrett of the Ma
tional Farmers Union, E. J. Watson
of South Carolina, president of the
Southern Cotton Congress; J. w
Whitney Reid, secretary-treasurer OF
the. South Carolina Farmers Union,
and J. G. Anderson of Rock Hill, S. c.
The conference was for the consid-
Grafton of the means for carrying into
execution the plan of the New York
| syndicate. In his statement Mr.. Stay
ton says:
I'm general way my people are
ready to advance $50,000,00O to sup
port plan, the outlines of which are
as follows:
II. The cotton owner will deliver
his cotton to the cotton buyer in his
locality, who will buy the cotton and
take title to 1t Immediately.
60 The owner will receive s25 per
bale in cash on account and will also
receive negotiable certificate setting
forth the interest which the owner
has in whatever prices may thereafter
be received for the cotton:
"3. The cotton owner may at any
time prior to January l., 1913, name a
date when he wants to finally fix the
price he is to receive and on the date
that he SO names settlement will be
made with him on the basis of the
prevailing quoted prices for that date.
~. On this settlement the farmer
will be allowed the price his cotton is
worth on the date named, and from
this sum will be deducted the $25 al
ready advanced to him (no interest
will be charged), and at 81 as the cost
of grading, storage, insurance, ETC.,
together with sum equal to one
quarter of the rise in price, which will
be the syndicate's compensation for
its services. -
"In other, words, If the price does
not go up, the syndicate gets nothing |
except 81 for, grading. storage, insur-
ance, ETC., and if the price is advanced |
through this movement, then the syn
dicate gets one-quarter Of the advance
and the cotton owner the other three
quarters. ..~r -. .-.s.-
"Of course it is not possible for my
principals to deal directly with every
Individual farmer, and it is therefore
that in each state there shall
De committee of three of the leading
citizens Of the state, who will act as
he trustees for all of the farmers in
heir state and will see that the farm
ers' interests are protected. For ex-
ample, it will be the duty of these
rustees to see that the necessary I,
,anking arrangements are made so
hat the unpaid part of the purchase
rice is fully secured. At the present
rice the farmer would receive $25
er bale in cash and there would be
till due him SIS to $40 This money
aust be deposited in local banks or
ONE arrangements satisfactory to the
rustees must be made in each state :;
o that this SIS to $40 is absolutely
ecured to the farmer, in order that
is certificate or receipt may have a
cal value and be. something oasNhtglk t{
9 can borrow nloneF.,' II