New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1911-11-22
S5O,OOO,OOO RAISED TO
MOVE COTTON CROP
Bankers Ready to Double This #
100000 Bales Are Dellv-
cred in New York.
PLAN GOES TO PLANTERS
Cotton Congress and Governors
Conference Approve Offer,
Which Seems to Assure
an Honest Price"

\ proposition involving the placing Of
$50O0OOOO Immediately in the cotton
belt states for the handling of this years
record breaking cotton crop this amount
TO be increased. if necessary, TO 500
O00000 was submitted yesterday to rep
resentatives Of the Permanent Southern
Cotton Congress and the Governors Con-
ference by number Of prominent bank
ers and cotton men IN this city, headed
by Colonel Robert NJ Thompson, a
widely known cotton bull and special
partner in the firm of $. II. p. Pell
& Co
The Southern representatives., among
whom We're Governor O'Neal of Ala
hama. T. Watson, president of the
Permanent Southern Cotton Congress
and Commissioner of Agriculture of
South Carolina; Senator Joseph ".
Bailey and Clarence Ousley. the latter
representing Governor Colquitt of Texas,
have been i'm conference in this city with
the bankers referred to for several days
10 discuss plans for enabling the South
ern farmer TO dispose Of his cotton to the
best advantage.
The proposition Of the bankers &C
Cording 10 "A statement given out 10y :.
II. p. Pell & Co, is to give the farmer
SO bale advance on his cotton, with
out interest, charging him only 81 bale
60 cover expenses of grading and hand
ling Upon receiving this advance the
farmer will turn over his cotton to the
holders. who will give him the oppor-
tunity TO designate the day of sale prior
10 January l. 1913. and participate in
any advance in price to the extent Of
three-fourths of the rise in the market
Farmer Takes No Chances.
BY the present ordinary holding proc
ess the farmer takes all the chances Of
the rise in the market BY this new
plan ne takes no more chances than he
did before. and has every opportunity OF
maximum participation in a rise in the
market, meantime paying his debts and
saving the losses sustained by country
damage and 10y loss Of weight and ware
housing charges.
Provision is made against any appar-
ent violation Of the Sherman law it is
pointed ont. in that each state committee
named ly the Governor or Commits
sioner Of Agriculture of each state has
IN, power 10 name the day of sale if
cotton reaches - or Is cents. which. ac-
cording to testimony gathered, it is said,
gives only a close legitimate profit on
the cost Of production.
All the necessary machinery for caring
IL the cotton as it is received from the
farmers has been provided. it is an
nounced. and the Southern representa-
tres have been assured by a number of
On strongest banks in New York Of
thorough backing of the interests father
ing the plan. The CARRYING out Of the
proposition is contingent upon the de-
livery Of not less than 1000 600 nor more
than 100000 bales of cotton to the
New York interests. The necessary ,
10000 bales. IL was said last night, had
already been pledged.
Believe Plan to Be Acceptable
The Southern representatives, al Of
whom said they considered the plan &C
ceptsble TO the growers, left last night
for their respective states to present
the proposition To their people. and if
they agree 10 il. 10 put # into imme-
date operation.
f J. watson who took a prominent
,art in the conference with the bankers
and cotton men here, said with regard
20 the proposition. we have carefully
considered the whole thing in all OF IT'S
pbases. l can't say what the growers
are going 10 do The financial end is
strong II holds out the prospects of
fine results and estops any effort at a
corner Of the market
1T seems 10 assure am honest price
for cotton and to safeguard the com
modify which is the very keystone OF
American finance. Some one besides the
farmer may make some money out OF H.
lut IS that is done the farmer is being
assured several dollars bale more than
ne would get under the present in
iauitous marketing methods.
We are therefore. willing 10 submit
and recommend the proposition 10 our
uaoplc and If they wish 10 accept H.
then help them 10 make IL as effective
as we can There ~ no doubt that the
holding and reduction of acreage pledge
movement we have been pushing SO
successfully has checked the downward
tendency Of prices unGer the persistent
hammcriug up 10 this time So far we
have fought the battle unaid ed, now
that money 10 the extent Of $5000O.OOo
is offered we may fight harder, and IN
The end. 1--WE hope, put a check 10 methods
of marketing Of "A nationally important
commodity which the federal govern
ment ought % have wiped out long ago
All he gentlemen here wish 10 i'm
fress thu fact that success in this move
mont rests absolutely upon the reduc-
lion II acreage. H. therefore, depends
entirely on the individual farmer him-
self"