The Birmingham age-herald., 1911-11-22
Negotiations Conducted By O'Neal, Bailey, Watson
 and Ousley
DETAILS ARE YET
 TO BE WORKED OUT
Will Advance Farmer $25 Per Bale ! Without Interest and He Will < Participate in Any Rise of
 AflsN Market yalsses

New York November 21,,--New York bankers, who have been 'conferring here for the last few days with Representatives of the governors conference anu south ern Cotton congress, announced. this aft ernoon that they had raised fund of s50000,00O to be placed in the cotton belt 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 cn behalf of the south by Gov. Emmet O'Neal of Alabama, Senator Bailey of Texas, who has been advising his. col leagues as to the legal aspects of the proposition; E. J. Watson, president of she permanent Southern Cotton congress, and commissioner, of agriculture of South Carolina, and Clarence Ousley of Fort Worth, Tex, representing the governor of his state.
 The bankers who will furnish the fund, according to the statement, are headed by Col Robert M Thompson of the broker age firm of s. H. P. Pell & Co.,. of this city The financial support of several of the strongest banks i'll New York has
  tinues.
 Details of Plan
 The plan proposes to advance the grow CT $25 per bale upon his cotton, based on the market value at the time of the loan. No interest will be paid upon the loan. the only charge being s1 bale, which is regarded as a legitimate mini T J,,er md handling The cotton is not held nor taken from the channels of trade, but is placed at the best advantage. The grow CT is given the right to designate the day of sale prior to January 1, 1913, and will participate in any advance in price to the extent of three-fourths of any rise in the market.
 Details of the plan are yet to be worked out It has been decided, however, to place the fund through state committees named by the governor or commissioner of agriculture of a state and these com mittees shall be empowered to sell when cotton reaches F cents and compelled to sell when it reaches 13 cents, regard less of advice of the growers.
 Provision against any violation of the Sherman antitrust law is contained the promoters believe, in clause empowers ing each committee to name the day. of sale in event the market climbs to F or 13 cents.
 "Of course" reads the statement. everything depends upon the ac- lceptance of the plan by the individual farmer ii connection with his pledge to reduce acreage the coming year"
 Following Is the announcement of the plan, issued after todays confer ence:
 "The announcement was made here today following conferences that have been in progress for several days be- tween prominent bankers of New York and leading representatives of the south, such as Governor ONeal of Ala bama, Clarence Ousley, representing Governor Colquitt of Texas, and Il. J. | Watson, president of tho permanent southern cotton congress and commits sioner of agriculture of south Carolina, that a proposition has been presented to these gentlemen. representing re- spectiyely the governors conference and the Southern Cotton congress, com posed of producers and business men the placing in the cotton belt states of about S50,o00.000 immediately for the handling of the cotton crop of 1911.
 s25 Per Bale
 Tn other words, the proposition is to give the farmers s25 per bale ad- vance on his cotton without interest, charging him only $l per bale to cover