The Manning times. [volume] (Manning, Clarendon County, S.C.) 1884-current, 1911-11-29
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Isl ;:g::;a.s Higher 2 CTS 81 Csl,cn
HIl.SE=ssY.s .Sl.a NELLIE
They Offer Large Fund to Handle
Crop 50 That Holders OF Cotton
May Receive Hcacas OF Rise III
Price, ae Same Tine Raising Money
For Pressing Needs.

The announcement was made in
New York Oh Tuesday, following con-
ferences that have been IL progress
for several days between prominent
bankers of New York and leading
representatives OF the South, such as
Governor O'Neal, O. Alabama; Clar-
ence Ousley, representing Governor
Colquitt, Of Texas, and E. J. Watson.
president Of the permanent Southern
Cotton Congress, and commissioner
of agriculture cf South Carolina, that
a proposition has been presented to
these gentlemen, representing, re-
spectively. the Governors conference
and the Cotton Congress, composed of
producers and business men and
bankers Of the South, which means
the placing in the cotton belt States
Of about 5o,000,000 Immediately Tor
the handling Of the cotton crop Of
1911.
The bankers, who will furnish the
fund, according to the statement, are
headed By Col. Robert N. Thompson.
of the brokerage firm Of S. H. Pell
& Co., of New York. The financial
support of several Of the strongest
banks in New York has been given
to the plan, the statement continues.
The plan proposes to advance the
grower SIS 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 a bale, which is regarded
as = legitimate minimum charge FOR
expense Of grading and handling. Ths
cotton Is not held, nor taken from
the channels OF trade, but IS placed
at the best advantage. The grower is
given the right to designate the day
of sale, price to January /, 1913, and
will participate in any advance in
price to the extent Of tbree-fourtas Of
the rise Of the market.
EsIn other words, the proposition is
to give the farmers SIS per bale ad-
vance on>his cotton, without interest,
charging him only 81 per bale to
cover expenses OF grading and hand
ling; letting him turn over the cotton
to the hol5ers, who will advance him
SIS per bale and. give him the c2por-
tuaity to designate the date of the
sale, prior to January I, 1918, and
tc participate in any advance in price
to the extent Of three-fourths OF the
rise in the market.
1T is calculated that by the pres
ent ordinary holding prices the farm
er takes all the chances Of the rise II
the market. By this plan he takes 20
more chance than be did before and
has every opportunity Of maximum
participation II q rise of toe market,
meantime pairing the debts be has TO
pay and saving tie losses sustained
BY county damage and by loss o:
weight and wareAo-s;2s charges.
provision IS made sgains- any ap-
parent violation OF the Sherman anti
trust law, in that each committee
named BY the Governor or conm:s-
=sicner of agriculture Of each State
has the power to name the Gay CT
sale, if cotton reaches y or l3 cents,
which, according to the testimony
gathered, gives only a close legitimate
profit on the cost Of production.
"Of course, everything depends on
the acceptance OF the plan by the
Individual farmer, in connection with
his pledge to reduce acreage the coEl-
ing year. The individual farmer
alone can make success possible.
sThe~ undertaking is fathered by a
number OF bankers, Of which Col.
Robert n. Thompson is the head, ne
being widely known bull, and OF the
firm Of S. Il. Pall & Co., bankers and
cotton men, and all necessary nachin-
cry for caring for the cotton has been
provided. The committeeman here
lave been assured b. : number :: the
s.-ongest banks il Nav YORK o. thor
ough hacking OF these already strong
interests.
"These gentlemen here. as vel. as
President Barrett, Of the National
Farmers Union, consider the plan
acceptable to the grawers, and they
are returning to their respective
States to present it to their people,
ana II it be agreeable to the produc-
ers, to out it into immediate opera
ton. Senator Bailey. Of Texas, who
is here, has been advising as to the
legal aspects Of the proposition.