The watchman and southron. [volume] (Sumter, S.C.) 1881-1930, 1911-12-06

Augusta, Ga. Dec. "A confer
ence was held here this afternoon by
President c. 8. Barrett, Of the Nat
ional Farmers Union: E. ]. Watson.
commissioner Of agriculture for South
Carolina; .. Whitner Reid, secretary
treasurer Of the South Carolina State
Farmers Union. and Col. J. G.. An
derson. Of Rock Hill, 8. c.. ana w.
H. stayton. the financial representa-
tive Of the syndicate in New York,
which has arranged to assist the oot-
ton holding movement in the South
by the loan Of $50, 900, 900, secured by
the cotton in various warehouses
Throughout the South.
The conference lasted throughout
the entire afternoon and resulted in
the specific announcement Of the
plans Of the syndicate.
Following the conference. Mr.. Stay
ton issued statement, detailing the
syndicates plan. as follows:
III l
Il came here as the representative
Of the syndicate which recently made
propositions to finance a movement
to enable the planter to get a fair
price for the remainder Of this years
cotton crop. At my request Commits
sioner e. j. Watson. Of South Caro-
lima; Mr.. Barrett. president Of the
National Farmers Union. and Mr..
Reid. secretary-treasurer Of the South
J Carolina Farmers Union, met here
for a conference. in order that I
might get information concerning the
handling Of cotton and other prac-
tical points. and in order also that /
might learn the desires Of the plant
ers and the sort If financing propo-
sition that would best suit them.
Il am going to take until Monday
to think these matters over and shall
In the meantime communicate with
fmyi ncipafs and monday 7 win be
ready to give out a more definite
statement.
I'm general way. my people are
ready to advance $50, 100000 to sup
port d plan. the outlines Of which are
as follows:
No. 1. The cotton owner viii
deliver his cotton to the usual cotton
buyer In his locality. who will buy the
! cotton and take title to it imme-
diately.
No. 2. The owner will receive
SIS per bale in cash on account and
will also receive a negotiable certi-
hcate setting forth the interest which
| the owner has In whatever price
may thereafter be received for the
cotton.
No. 8. The cotton owner may
at any time prior to January 1, 1918.
name a date when he wants to finally
Ak the price he is to receive, and Oh
that rate that he 50 names settle
ment will be made on the basis of
prevailing quotations for that date.
No. 4. On his settlement the
farmer will be allowed the price his
cotton Is worth on the date named
and from this sum will be deducted
the $25 already advanced to him Ono
interest will be charged) and also
81. as the cost Of grading storage. in
surance. etc. together with a sum
equal to one-quarter 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, storing, insur-
ance. etc, and If the price is ad-
vanced through this movement then
then the syndicate gets one-quar-
ter OF the advance and the cotton
owner the other three e-quarters
"Of course. 1t is not possible for
my principals to deal direct with
every individual farmer and 1t is,
therefore. proposed that in each
| State tnere snail be a committee OF
three Of the leading citizens Of the
State. who will act as the trustees for
all Of the farmers in their State. and
will see that the farmers interests
are protected.
| For example. it will be the duty
Of these trustees to see that the nee
essary banking arrangements are
made, 80 that the unpaid part Of the
purchase price Is fully secured. At
the present price the farmer would
receive $25 per bale in cash and
there will b. still due him SIS or $50.
This money must be deposited In To-
cal banks. or some arrangements
satisfactory TO the trustees must be
| ms do zach State ho h; 10, r