The times and democrat. [volume] (Orangeburg, S.C.) 1881-current, 1911-12-05
GIVES THE PLAN
The Details OF lhe Offer Of New York
8ank,rs to Cotton Farmers.
PLAN TO Aid The SOUTH

Representative of New York Syndi-
cate, in Statement. Outlines Terms
of Proposition After Conference in
Augusta with Commissioner Wat
son and Farmers Union Officials.
A conference was held here this
afternoon by President C. s. Barrett,
Of the National Farmers Uuion; E.
]. Watson, commissioner Of agricul-
tire for South Carolina; J. Whitner
Reid, secretary-treasurer Of the South
Cal olina State Farmers Union, and
Col. ]. G. Anderson, of Rock Hin,
S. c., and w. H. stayton, the fnan-
cial representative of the syndicate in
New York, which has arranged to
assist the cotton holding movement
in the South by the loan of s50,000,-
coo, secured by the cotton in various
warehouses throughout the South.
The conference lasted throughout
the entire afternoon and resulted in
the specific announcement Of the
plans of the syndicate. Following the
conference, Mr.. Stayton issued a
statement, detailing the syndicate's
plan, as follows:
81 came here as the representative
Of the syndicate which recently made
propositions to finance a movement
to enable the planter to get fair
price for the remainder Of this years
cotton crop. At my request Commis-
sloner E. ]. Watson, Of South Caro-.
lima; Mr.. Barrett, president of the
National Farmers, Union. and Mr.
Reid, secretary-treasurer of the South
Carolina Farmers Union, met here
for conference, In order that
might get information concerning the
handling of cotton and other practical
points, and in order also that might
learn the desires of the planters and
the sort of financing proposition that
would best suit them.
Il am going to take until Monday
tu think these matters over and shall
in the meantime communicate with
luy principals and Monday I will be
ready to give out more definite
statement: - ,. - - ~ 80
I'm general way, my people are
ready to advance s5O,0O0,00o to sup
port plan, the outlines of which are
rs follows:
"'No. l. The cotton owner will
deliver his cotton to the usual cot.
ton buyer in his locality, who will buy
the cotton and take title to it i'm
mCdiate:y.
"'No. 9 The owner will receive
S25 per bale in cash on account and
will also receive a negotiable certifi-
cate setting forth the interest which
the owner has in whatever price may
thereafter be received for the cot
ton.
No. 3. The cotton owner may at
any time prior to January /. 1918,
name date when he wants to finally
fix the price he Is to receive. and on
that date that he so names settlement
will be made on the basis of pre-
vailing quotations for that date.
mo. 4. 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
tho SIS already advanced to him
! (no interest will he charged) and
also 81, as the cost of grading, stor-
age, insurance. etc. together with
rise in price, which will be the SYM
dicate's compensation for it's SER
vices
"In other words, t. the price does
rot so up the syndicate gets nothing
except 81 for grading. storing, insur-
ance, ETC., and if the price Is ad-
vInced through this movement then
the syndicate gets one-quartcr Of the
advance and the cotton owner the
! other three-quarters.
"Of course, it is not possible for
NY principals to deal direct with ev-
cry individual farmer and it Is, there
fore, proposed that in each State
there shall be committee Of three
Of the leading citizens of the State,
who will act as the trustees for all Of
the farmers in their State, and will
see that the farmers interests are
protected.
For example, 1t will be the duty Of
tncsc trustees to see that the neces-
s2ry banking arrangements are
made, so that the unpaid part Of the
purchase price is fully secured. At
the present price the farmer would
receive $25 per bale in cash and there
will be still due him SIS to $50. This
i orcy must be deposited in local
hanks, or some arrangements salts
factory to the trustees must be made
in each State, so that this SIS or
$50 is absolutely secured to the farm
or in order that his certificate or re-
cript may have real value and be
something on which he can borrow
money.
"Ry Monday I Will be ready, I
think, to suggest other plans which
! yll be satisfactory to us and may