The watchman and southron. [volume] (Sumter, S.C.) 1881-1930, 1911-12-16

Mr.. w. II. StaytOn, the IepIeSeHl"-
tive Of the New York grovn offering
TO advance a loan Of s50,O00,00O on
the cotton crop, the full details Of the
plan were discussed and the whole
situation gone over.
A statement Of Mr.. StaytOn, issued
at the close Of the conference, fol-
lows:
"At the meeting this afternoon,
which was called by Col. Watson for
consideration of the cotton financing
plan proposed by Col. Robert N.
Thompon, Of New York several OF
the gentlemen present made suggest
ions looking, to Improvements in the
details OF the plan.
I'm order that these suggestions
may be added and all possible safe
4 guards taken for the security OF cot
ton growers and of those who advance
money. we have requested Col. Wat
son, as president Of the Southern
Cotton Congress, TO appoint a COM
mite cf three leading citizens of this
State, who will examine fully into
Y cur proposal and indicate all steps
which ought to be taken TO secure
the best possible prices TO the plant
e,s. This committee will consider,
Z for instance. the proper method OF
: snsuring the planter payment Of de-
ferred part of purchase money paid.
I'm short, we have asked Col. Watson
10 appoint committee whose mem
Iberss are in ;nowise< piedgedF to sup
port oar plan. 1t Is not even neces-
- = <het shas-ehopla- .hss iR favorspf
IT, but they are rather to be unbiased
gentlemen who will, as public spirit
ed citizens act for the protection of
nevery citizen Of South Carolina who
may offer his cotton under this plan.
I'VE have had printed detailed
description Of the plan as it now
stands. We will distribute copies
throughout the State. All criticism
(which may be submitted to Col Wat
%son. or 70 the committee, will be
fully considered and al suggestions
which seem Wise and safe will he
embodied in5o the plan on the COM
mittee's recommendation.
Action similar 10 t'Is has just
been taken in Alabama. where Gov
Sernor O'Neal has named two mem
bers o; the committee. namely, Capt.
r. f. Kolb. commissioner of aer.-
culture of that state and one # =
most prominent and influential citi-
zens. and second. Mr. W. T. G. Har-
ding, president Of tn Firs, National
VBank. Of Birmingham, one of the
leading bankers Of the Southern
states. These TWO gentlemen stand
as high as any citizens in Alabama.
They have giver their endorsement
to tie plan and there Will be asociat-
ed with them one Of the leading cot
lton er,w wcrs Of the State, whose name
ras not Yet been announced"
I:educed TO the simplest phraseo'-
ogy the plan for aiding in the distri-
button Of the cotton crop is as fol
lows:
|. First: We propose 10 take the cot
ton. class and weigh it and advance
So Per hale Of the purchase price
and issue to YOU our equity receipt 20
pay the remainder any dag up ="
January l. 1913. and TO permit You
10 elect the da, on which you wish 20
S settle the f-al value and ask for final
settlement.
Second: This equity receipt, which
we will give you. Will state the final
weight and the final grade at which
final settlement Will be made and it
will also recite explicitly just how
close 10 the New York market prices
,, the final settling price will be-hencc,
- YOU know the prices in the Ncw
York market at any time You will
know exactly how much Your equity
receipt is worth on that day.
Third: We are 70 he paid 81 per
hale (out of the final settlement mon
Z ev) as the original compensation for
receiving. chasing and handling ths
cotton. after which we offer YOU your
own selection Of any ono Of the fol-
lowing plans whereby You may COM
pensate rs for our services.
la) Give ms ouc-four'h n th" pro-
= o. vbich ACQUIRES 20 you II you mako
profit or
uj Giva u aao'hor do'ar r0r
ralc and $50 ~ r.t shar t'o
ft OF
D