The times and democrat. [volume] (Orangeburg, S.C.) 1881-current, 1911-11-23
MONEY IN SIGHT
New Yask gaaks1s Viii Ralp in Eehs
fas Higher Psiaes CD Gotten
MILLIONS EoR RELIEF
Eley o3ec Large Fund to Handle
Crop so That Holders OF Gotten
May Reoeiye Benefit Of Rise In
Price, at saHae Tizae Raising Money
For Pressing Needs.

Price, at SaHe TlEae Raising Menay
For Pressing Needs.
The announcement WAS maco In
New York on Tuesday, following con-
ferences that have been In presress
| for several days betwean prominent
bankers Of New York and leading
representatives Of the South, such as
Governor O'Neal, Cf Alabama: Clar-
ence Ousley, representing GoYernor
Colquitt, of Texas, and L. J. Watson,
president Of the permanent Southern
Cotton Congress, and commissioner
Of agriculture of South Carolina, that
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 SoAth, which means
the placing in the cotton belt States
Of about $5e,Oe0, 600 Immediately for
the handling of tho 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 8. H. Poll
& Co.,, of New York. Tie financial
support Of several Of tho strongest
banks In Now York has been givez
to tho plan, the statement continues.
The plan proposes to advance the
grower SIS Per bale upon his cotton,
based On ths market value at the
time OF the loan. No interest will be
paid upon the loan, the only charge
being 81 = bale, which is regarded
as legitimate n,inimuHa charge for
expense Of grading and handling. The
cotton 10 not held, nor takon frena
the channels Of trade, but IL placed
at tho best advantage. The grower 10
given the right to designate the day
Of sale, price to January 1, 1913, and
will participate in any advance in
price to the extent Of three-fourths OF
the rise Of the market.
"In other worGs, the proposition le
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
Hing; letting him turE over the cotton
to the hoDiers, who will advance him
SIS per bale and give him the oppor-
tunity to designate the date Of the
sale, prior to January +. 1918, and
to participate in any advance In price
to the extent of three-fourths Of the
rise in the market.
at Is calculated that by the pres
ent ordinary holding prices the farm
er takes all the chances Of the rise in
tho market. By this plan he takes no
more chance than ha did before and
has every opportunity Of maximum
participation in a rise Of the market,
meantime paying the debts he has to
pay and saving the Losses sustained
by country damage and by los1 OF
weight and warehousing charges.
"Provtaion is made agains. any ap-
parent violation Of tho Sherman anti
truut law, in that zach committee
named by the Governor or commits
sioner of agriculture Of each State
has the power to RENO the day OF
sale, If cotton reaches II or Is cents,
which, according to the testimony
gathered, gives only 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 COM
ing year. Tho individual farmer
alone can make success possible.
"The undertaking is fatherei by a
number Of bankers, Of which Col.
Robert M. Thompson 10 the head, he
being a widely known bull, and OF the
arm of 8. H. Pell & Co., bankers and
cotton men, and all necessary machin-
cry for caring for the cotton has been
provided. The committeeman here
have beeu assured Il: a number = the
s'ronges. banks ir New York o. thor
oush hacking Of these already strong
interests.
"These gentlemen here, as wei. 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,
and il IT. be agreeable to the produc-
ers, to put it into immediate opera
ton. Senator Bailey, Of Texas, who
is here. has bsen advising as to the
legal aspects Of the proposition.
| -<><~o-