Atlanta semi-weekly journal. (Atlanta, Ga.) 1898-1920, 1911-12-05
TO ANNOUNCE PLANS
FOR HOLDING COTTON
Details of offer of New York
Syndicate to Be Issued on
Monday

AUGUSTA, Ca. Dec. PA conference
was held here this afternoon by Presi-
dent NJ. S. Barrett of the National
Farmers union; E. ]. Watson commits
sioner of agriculture for South Caro-
urer of the South Carolina State Farm
ers' union and Col. ]. G. Anderson. of
Rockhill. S. c.. and w. h Staytou. the
financial representative OF the syndi-
cate IN New York. which has arranged
to assist the cotton holding movement
in the south by the loan of s5O,000.00o
secured by the cotton in warehouses in
various sections throughout the south.
The conference lasted throughout the
entire afternoon and resulted in the
specific announcement of the plans or
the syndicate.
Following the conference Mr.. Staytou
issued statement detailing the syndi-
cate plans as follows: Il came here as
the representative Of the syndicate
which recently made propositions to n
nance a movement to enable the plant
er to get fair price for the remainder
Of this years cotton crop.
AT my request Commissioner E. J.
Watson, of South Carolina; Mr.. Bar
rett, president Of the National Farmers
union, and Mr.. Reed, secretary-treas-
urer of the South Carolina Farmers
union, met here for a conference In or
der that l might get information con-
corning the handling of cotton and otn-
er practical points, and in order also
that | might learn the desires of the
planters and the sort Of financing prop
ositlon that would best suit them.
STATEMENT MONDAY.
II am going to take until Monday to
think these matters over and shall IN
the meantime communicate with my
principals. ana Monday 1 will be ready
10 give out a more definite statement
I'm a general way, my people are
ready TO advance $50,000,000 to support
plan, the outlines of which are as fol-
lows:
NO THE cotton owner will deliver
his cotton to the usual cotton buyer
In his locality. who Will buy the cotton
and take title to it Immediately.
SIS PER BALE ADVANCE.
mo 2-The owner will receive SIS per
bale in cash on account and will also
receive . negotiable certificate setting
forth the interest which the owner hrs
in whatever price may thereafter be
received for the cotton.
mo. S-The cotton may at any time
prior to January LIST, 1913, name a date
when he wants to finally fix the price
he is to receive and on that date that
ne so names, settlement will be made
with him on the basis Of the prevailing
quoted price for that date.
NO INTEREST CHARGED.
mo. 4-On this settlement, the far
mer will be allwed the price nls cot
ton is worth on the date named and
from this sun will be deducted the SIS
already advanced to him (no interest
will be charged) and also 81 as the
cost of grading, storage, insurance, ETC.,
together W tn a sum equal to one-qlar-
ter of the rise in price which will be
the syndicate's compensation for its
services"
I'm other words, If the price does not
go up the syndicate gets nothing except
81 for grading. storage. insurance, etc..
and If the, price is advanced through
this movement, then the syndicate gets
one-quarter of the advance and the cot
ton owner the other three quarters
''Of course 1t is not possible for my
principals to deal direct with every in
dividual farmer and 1t is therefore pro-
posed that In each state tn, G shall be
a committee of three of the leading
citizens of the state. who will act as
the trustees for all>of the farmers in
tnelr STATE, ana Will see tnat the 1ar-
mers interests are protectea.
For example, 1t will be the duty of
these trustees to see that the necessary
banking arrangements are mace so that
the unpaid part of the purchss sc price is
fully secured. At the present price the
farmer, would receive $25 per bale in
cash and there will be still due him
$15 to $40. This money must be de-
posted in local banks or some arrange
ments satisfactory to the trustees must
be made in each state so that his SIS
or $40 is absolutely secured to the far
mer in order that his certificate or re-
ceipt may have a real value and be
something on which he can borrow
money.
by Monday will be ready, I think,
to suggest other plans which will be
satisfactory to us and may better suit
IL