Keowee courier. [volume] (Pickens Court House, S.C.) 1849-current, 1911-11-28
TO RELIEVE COTTON FARMERS.
N. Y. Bankers Join Higher Prices
Fight-Endorscd by Watson.

bankers, who have been in conference
here for the last few days with rep
resentatives of the Southern Cotton
Congress, said to-day that they pro-
posed to raise fund Of $4,000, 900,
to be placed in the cotton States for
the purpose Of handling the cotton
crop of 1911 and enabling growers to
participate In any rise in the market.
The negotiations were conducted
on behalf Of the South by Governor
Emmet O'Neal. of Alabama; Sena-
tor Bailey, Of Texas, who has been
advising his colleagues as to the legal
aspects Of the proposition; e. J. Wat.
son, president OF the permanent Sou
thern Cotton Congress and Commits
sioner of Agriculture OF South Caro-
lima, and Clarence Ousley, of Fort
Worth, Texas, representing tho Gov
ernor Of his State.
Backed by Big Banks.
The bankers who will fulnish the
fund, according to the statement, are
headed by Col. Robt. NJ. Thompson, of
Co., of this city. The financial sup
port 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 $25
per bale upon his cotton, based on
Tho market value at the time Of the
lonn No interest will be paid upon
the loan, the only charge being 81
bale, which is regarded as a legiti-
matr minimum charge for expense OF
grading and handling. The cotton Is
not acid, nor taken from the chan
nels OF trade, but Is placed at the
best advantage. The grower is given
the right to designate the day of sale,
price to January 1, 1918, and will
participate in any advance in price
to the extent Of three-fourths Of the
rise of the market.
Through State Committees.
Details of the plan are yet to he
worked out. 1t has been decided
however, to distribute the fund
through State committees, named by
the Governor or Commissioner of Ag-
riculture Of State, and these COM
mittees shall be empowered to sell
when it reaches 13 cents, regardless
of advice from the growers. Provis-
ION a2ainst any violation OF the Sher-
man antitrust law is contained, the
p"om0ters believe, in a clause en-
pOwCrirg each committee to name the
day Of sale in event the market
Climbs 10 IL or 13 cents.
Following is the announcement Of
the plan, issued after to-day's confer
ence:
Announcement Oh Plan.
THE announcement was made
here to-day, following conferences
that have been in progress for sevc-
raj days between prominent bankers
Of New York and leading representa-
tircs of the South, that a proposition
has been presented to these gentle
Governors conference and the Cot
ton Congress, composed Of producers
and business men and bankers of the
South, which means the placing in the
cotton belt States Of about $50,000,-
600 Immediately for the handling of
the cotton crop Of 1911.
"1n other words the proposition Is
to give the farmer $25 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 cot
ton to the holders, who will advance
him $25 per bale and give him the
opportunity to designate the date of
the sale, prior to January 1, 1913,
and to participate in any advance in
price to the extent OF three-fourths
Of the rise in the market.
Farmer Has Nothing to Lose.
ut is calculated that by the pres
cnt ordinary holding process the far
mer takes all the chances OF the rise
in the market. BY this plan he takes
no more chance than he did before
and has every opportunity of maxi
mum participation in Il rise OF the
market, meantime paying the debts
he has to pay and saving the losses
sustained by country damage and by
loss OF weight and warehousing
charges.
"Provision is made against any ap-
parent violation Of the Sherman anti
trust law, In that each committee