Atlanta semi-weekly journal. (Atlanta, Ga.) 1898-1920, 1911-09-15


MONTGOMERY. Ala. sept. 12-As the
result Of a conference IA Montgomery
yesterday afternoon. President c. S.
Barrett. OF the Farmers union. announ-
eed today at the Cotton Growers con-
vention that French-English syndicate
has guaranteed any amount OF money up
to $500. 900 to finance the south's cot
ton crop. The proposition was made By
one Of the personal Representatives Of
the syndicate.
The money Is to be loaned at s per
cent and the cotton is to be put I'D as
collateral
Details OF the plans are TO be per-
fected ~ committee 10 be composed
Of one southern banker and two mem
bers OF the Farmers union. Mr.. Barrett
sid he would appoint the committee to-
daa.
Plans for the distribution Of the loan
Of f60.ote.ooo TO be secured from eastern
hanks by the Georgia division OF the
Farmers union 10 supplement the
amount that is 10 be loaned by southern
banking houses. we're considered at an
executive meeting OF union officials here
Monday night. A committee was APP
pointed t. conside< the best plans for
fls dfsfriBhtion 81 the loan. Which Wilf
be used. % aid farmers in financing the
present cotton. crop
REPRESENTATIVES OF the eastern banks
are present and comforting with union
officials. As soon as the details can Oe
arranged negotiations viii be closed for
+ the loan
Speeches on financing the crop were
made by A {. Davis, national secretary;
r r. Duckworth. president. of Georgia:
G. r. HightOwer. Of Mississippi; z. A
Calvin. OF Teas. E. Cabaniss, of Geor-
eia Tie Georgia Farmers union has
the largest delegation AT the meeting.
Among the delegation are President
fnuckworth. National President Barrett
ex-President E Cabanlss. Secretary j.
r Mcdaniel. c. H Sanders. ]. w Nc
Chung. F. NJ. Bishop. Il. Corley. w. c.
wood and y. b. Williams.
SPEECH OF HARDING
.son. ". p. G. Harding, president OF
the First National bank. Of Birmingham.
Ala. was down on the pOrgram for an
address on Financing the Cotton Crop"
but he did notsonly touch On this subject
but went deeper, discussing every phase
Of the situation. including the Importance
of the convention. opporfune time for
holding i before cotton gets-out Of the
hands OF the producers. crop deteriora-
ton, etc.
He pointed out the fact that the gov
made public on August 5. reduced the
size OF the crop to 12,soo0oo bales. but
emphasized the fact that the ravages
OF the cotton worm in this section OF the
south have nearly all been made since
that date
Nr. Harding declared that this conven-
ton should seek 10 impress upon the
world that the present crop can at best
Be only an average one. and that there
win be no surpIus OF American cotton
this year. just as there has not been any
for several seasons past
FIXING OF PRICES.
In referring to the fixing Of prices. Mr..
Harding said.
4 doubt the expediency OF attempting
70 set minimum price at which cotton
must be Sold
4 believe rather that the slogan Of this
convention be get all for your cotton
that II Is worth rather than 10 hold for
arbitrary prices. Too often fraction OF
one-eiehth or OF one-sixteenth interferes
with 4 sale one crop OF cotton must
be sold before the next crop comes in.
- otherwise We would be confronted
Win the problem OF marketing double
crop. which would be disastrous. even
uers II possible 70 hold over an entire
erop. which Is a manifest impossible
it,"
As TO financing the present crop Mr..
Hardine said:
my advice as 10 the financing OF Inc
as,resent crop OF cotton is TO TX no. ngurs
- which you win sell your crop. but 60
market IL gradually. II the price Is not
Satisfactory and you are Obliged 10 pas
= urgent debt. sell enough 20 meet
xour needs but hold on 10 the balance
+. 81 IL. letting Il go month by month untii
me entire crop Is sold.
DISCUSSES BANKS.
~ Harding gave IL as his opinion
sha. n would be difficult ior banks IN the
-s.reer cfties TO aid direcdy IN The holding
r,aek OF the cotton crop and gave good
xsasons. but declared the merchants
,a.-aI rahks most do their part
--1rhev are fhetones TO whom the farm-
49, dcbts are nearly all due" he said.
sand they are the ones VINO can best
---,,rs demonstrations from the larger
6anks. Almost every town Of SEQ people
ft,rourhout the south has its banks ana
sovrne and cities Of larger sire have
49, hanks Many Of the stockholders
~ fbeze banks. thousands IN number
~. farrners. and many are merchants.
- almost all Of them are directly m
s~resfe5 in the price Of cotton upon
~hIch the money supply Of their c 1rnmu
nsfx 40 largely depends. Their interests
are.5dentlcal with yours Your prosperity