The Daily Ardmoreite. [volume] (Ardmore, Okla.) 1893-current, 1911-11-22
FARMERS TO GET
FINANCIAL HELP
NEW YORK BANKERS PREPARE
TO LOAN COTTON GROWERS
FIFTY MILLION DOLLARS.
WAIT FOR MARKET ADVANCE

WHl UlI lTlhllhl hUVHNUl
Syndicate Ready to Advance $25 Pc,
Bale on the Remaining UnsoId-Pro
ducers to Share in Any Increase ir
Price Of Staple
New York. NOV. 2l--New York bank
crs who have been comforting here for
the last few days with Representative
OF the governors conference an dthG
Southern Cotton Congress announced
this afternoon that they had raised a
fund of $5O,O00,O00 to be placed imme
diately in the cotton belt states for
| the purpose of handling the cotton
crop of 1871 and enabling growers to
participate in any raise in the market
! The negotiations were conducted on
behalf of the south by Governor O'Neal
Of Alabama, Senator Bailey OF Texas,
| who has been advising his colleagues
as to the legal aspects of the PROPOSE
ton; r.. !. Watson, president perma-
nent Southern Cotton Congress and
commissioner of agriculture of South
Carolina, and Clarence Ouslcy of Fort
Worth, Texas, representing the gov
ernor of the STAGE.
The bankers who will furnish the
fund, according to the statement, are
headed by colonel Robert VI. Thomp-
son OF the brokerage firm of S. II.
Pell q co. of this city. The financial
support of several of the strongest
banks in New York has been given to
the plan, the statement continues
Advance for Growers.
The plan proposed to advance the
growers $25 per bale on their 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 a le-
gitimate minimum charge for expense
of grading and handling. The cotton is
not held, nor taken from the channels
of trade, but is placed at the best
adyantaec. The grower is given the
right to designate the day of sale prior
TO Jan. /. 1913. and will participate in
any advance in price to the extent
of three-fOurths OF the rise of the ar
ket.
The details of tire plan are yet to be
worked out. II has been decided. how |
ever, to place the fund through stn
named by the governor or !
Of agriculture of a state .
and these committees shall he EN- /
to sell when cotton reaches !
- cents and compelled to sell when I
it reaches l& cents, regardless of ad- /
vice from the growers Provision |
against any violation of the Sherman !
antitrust law is contained, the promot- .
ers believe, in a clause empowering
each committee to name the day OF
ale in event the market climbs higher.
Details Of Plan
Everything depends upon acceptance .
)l the plan by the individual farmer
Ia connection with his pledge to re
luce acreage the coming year.
Following is the announcement of
he plan, issued after todays confer,
nee.
The announcement was made here
oday following conference that has
leen in progress Tor several days be
ween prominent bankers of New York
md leading representatives of south
such rs Governor O'Neal of Alabama. !
Clarence Ousley, representing Cover
Tor Colquitt of Texas. and Z. J. Wat t
'on, president OF the Permanent South
IN Cotton Congress and commits sioner
If agriculture of South Carolina. that I
proposition has been presented to
hese gentlemen representing respect
'ully the governors conference and
he southern congress. composed OF
PRODUCERS and business men and bank
'rs OF the south, which means the !
placing in the cotton belt states os
lbout $4,000, 900 Immediately for the