The Pickens sentinel. (Pickens, S.C.) 1911-2016, 1911-11-30
FIFTY MILLION
ON COTTON CROP

! Assured OF Ample Backing te
Hold Cotton-Plans for Up
holding Price of Product.
New York, Nov. 2l.-New
York bankers who have been
comforting here for the last few
days with representatives of the
Southern Cotton congress, an
nounced this afternoon that
they had raised a fund of $780,
100000 to be placed in the cot
ton belt for the purpose of hand
ling the cotton crop Of 1911 and
enabling growers to participate
in any rise in the market.
The negotiations were con-
Quoted on behalf OF the OOuCn
by Gov. Emmett O'Neal, of Ala
bama; Senator Bailey, Of Texas,
who has been advising his COL
leagues as to the legal aspects of
the proposition; E. j. Watson,
president of the permanent
Southern Cotton congress, and
commissioner of agriculture of
South Carolina. and Clarence O..
Ousley, of Fort Worth, Texas,
representing the governor of his
st: te.
The bankers who will furnish
the fund, according to the State
ment, a:e headed by Col. Robert
NJ. Thompson, OF the Dr0keeras95
firm of H. P. Pell & c this
city. The financial support 1
several of the strongest banks in
New York has been given to
the plan.
The plan proposes to advance
the grower 1925 per bale upon
his cotton, based on the market
value at the time Of the loan.
No interest will be paid upon
the loan. the only charge being
81 per bale, which is regarded
as a legitimate minimum charge
for the expense of grading and
handling. The cotton is not
held, nor taken from the chan
nels of trade, but is placed at
the Disadvantage. The grower
is given the right to designate
the day Of sale prior to January
l, 1913, and will participate in
any advance in price to the ex-
tent of three-fourths of the rise
of the market.
Details of the plan are yet to
be worked out. It has been de-
cided, however, to place the
funds through the state COM
mittees named by the governor
or commissioner of agriculture
of q state, and these committees
shall be empowered to sell when
cotton reaches IL cents, and
compelled to sell when it reach
ed 13 cents, regardless of advice
from the growers. Provision
against any violation of the
Sherman antitrust law is con-
tanned in the agreement.
''Of course" reads the state
ment, everything depends
upon the acceptance of 1.-THE plan
by the individual farmer in con-
nection with his pledge to reduce
acreage the coming year
Following is the announce
ment Of the plan, issued after
to-day's conference:
THE announcement was
made here to-day following the
conferences that have been in
progress for several days be-
tween prominent bankers of
New York and leading repre-
sentatives Of the South, such as
Gov. O'Neal, Of Alabama; Clar-
ence Ousley, representing Gov.
Colquit, Of Texas, and E. J.
Watson, president of the perma-
nent Southern Cotton congress
and commissioner of agriculture
of South Carolina, that a prop
osition has been presented tc
these gentlemen, representing
respectively the governors con.
ference and the cotton congress,
composed Of producers and busi.
ness men and bankers of the
South, which means the placing
in the cotton belt states of about
$50, 100000 Immediately for the
handling Of the cotton CROP
Of 1911.
In other words, the PROPOSE.
ton is to give thefarmer s25 pei
bale advance OF his cotton with,
out interest, charging h'm only