The times and democrat. [volume] (Orangeburg, S.C.) 1881-current, 1911-12-05
GIVES The PLAN
The Details Of lhe Offer Of New York
Bankers to Celten Farmers.
PLAN I'D 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. 8. Barrett,
Of, the National Farmers Uuion; E.
j. Watson, commissioner Of agricul-
ture for South Carolina; J. Whitner
Held, secretary-treasurer OF the South
Ca1 olina State Farmers Union, and
Col. ]. G.. Anderson, of Rock Hiii,~
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 $50,000,-
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 tv finance movement
to enable the planter to get fair
price for the remainder of this years
cotton crop. At my request Commis7
sloner p. j.. Watson, bf South Caro-.
lima; MIR. 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.
''I am going to take until Monday
tu think these matters over and shall
in. the meantime communicate with
my principals and Monday I will be
ready to give out more definite
stat eHent - rst> - :. - : = 2
''In general way, my people are
ready to advance s5O,0O0,000 to sup
port plan, the outlines of which are
as 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
mcdiately.
"'No. 2. The owner will receive
SIS 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
the $25 already advanced to him
(no interest will he charged) and
also 81, as the cost of grading, stor-
age, insurance, ETC., together with
sum equal to one-quarter of the
rise in price, which will be the syn
dicates compensation for its SER
vices
"In other words, II the price does
rot go up the syndicate gets nothing
except 81 for grading, storing, insur-
ance, etc., and If the price Is ad-
vanced 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
my principals to deal direct with ev-
cry individual farmer and it is, there
fore, proposed that in each State
there shall be a 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.
Fer example, 1t will be the duty Of
these trustees to see that the neces-
sary 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 casa and there
will lie still due him SIS to $40. This
Il orey must be deposited In local
banks, or some arrangements satis-
factory to the trustees must be made
in each State. so that this SIS or
$50 is absolutely secured to the farm
er in order that his certificate or re-
caipt may have a real value and be
something on which he can borrow
money.
"Ry Monday I will he ready, I
think, to suggest other plans which
will be satisfactory to us and may