The Birmingham age-herald., 1911-12-03
DETAILS OF COTTON PLAN ANNOUNCED
Syndicate Representative
 Issues Statement
CONFERENCE IS HELD
Owner Will Deliver Cotton to Usual Buyer and Receive Certificate and S25 Per Bale
 in Return

Augusta, Ga December "Details of a
 southern cotton growers $50, COG, ,OO0 to aid them in holding their cotton until better prices than those now prevailing can be
 obtained were made public here tonight by W. II. Staton of New York who rep
 resents the syndicate.
 The statement was issued at the con clusion of conference between Mir Sta ton and President C. s. Barrett of the National Farmers Union, E. J. Watson of
 South Carolina, president of the southern Cotton congress, J. Whitney Reid, sec retaiy-treasurcr of the South Carolina Farmers union. and J. G. Anderson of Rockhil1 S. C. The conference was for the means of carrying into execution the plan of the New York syndicate. In his statement Mr. Staton outlined his plan. ''In d general way my people arc ready to advance s5oooo,ooo to support q plan, the outlines of which are as follows ..No. l. The cotton owner will deliver his cotton to the usual cotton buyer in his locality who will buy the cotton ana take title to it immediately.
 "No ) The owner will receive $25 per hale in cash of account and will also re- ceive a negotiable certificate setting forth the interest which the owner has in whatever price may thereafter be re- ceived for the cotton.
 No & The cotton owner may a any time prior to January l. 1913 name q date when he wants to finally fix tho price he is to receive and on that he so names. settlement will be made with him on he basis of the prevailing quoted price for that date
 No. 4. on this settlement the farmer will be allowed the price his cotton is worth on tile date named and from this sum will be deducted the $25 already ad- vanced to him ono interest will be
 charged) and also Sl as the cost of grad ing. storage insurance. etc, together with the syndicate's compensation for it's services
 ..In other words, if the price does not go I'D the syndicate gets nothing except s1 for grading storage, insurance, etc, and if the price is advanced through the movement the syndicate gets f of a
 cent and the cotton owner tho ac. "Of course it is possible for my princi- ples to deal direct with every individual farmer and it Is therefore proposed that in each state there shall be q committee
 of three of the leading citizens of the state, who will act trustees for all of the farmers in their state, and will see
 that the farmers interests are protected. "Fcr example, it will be the duty of these trustees to see that the necessary banking arrangements are made so that the unpaid part of the purchase price Is fully secured. At the preesnt price the farmer would receive se5 per bale in cash and there would be still due him $l5 to
 SEQ This money must be deposited in To- cal banks or some arrangements satisfae- tory to the trustees must be made in eaeh state so that this $15 to $20 Is abso- l,i5ei,- seeiifed 4t the farmer in order that hi nkrli.lns.ts 9f receipt may have real vii e assd he Something with which he csIi 5oFfre1 utoAsy.
 rS afoRdasI will be ready. I think. tQ hnSxfsq otl.fr plans which will be sat tstsefpiH ip AiA and may better suit the