The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1911-11-22
New York Banks Ready to
Place S5o,ooo,ooo in South
ern States.
ACCEPTANCE NOW AWAITED
Scheme Is Expected to Prove of
Material Benefit to the
Producers.

New York. November 2l.-Ncw York
bankers, who have been comforting
here for the last few days with repre-
sentative OF the Governors Confer
ence and the Southern Cotton Con-
Ercss, announced this afternoon that
they had raised q fund OF $4,000, 900
to be placed Immediately In the cotton
belt States for the purpose OF handling
the cotton crop OF 1911. and enabling
the growers to participate In any rise
In the market
The negotiations were conducted, on
behalf of the South. by Governor EN-
nett O'Nenl. OF Alabama. Senator
Bailey. Of Texas. who has been advis-
Ing his colleagues as to legal aspects
OF the proposition; K. j. Watson. pres
ident OF the permanent Southern Cot
ton Congress, and Commissioner Of Az
riculture OF South Carolina, and
Clarence Ousley. OF Fort Worth, Tex
representing the Governor of his Stnte
Has Strong Support.
The bankers who Will furnish the
fund. according to the statement are
headed by Colonel Robert o.. Thompson,
OF the brokerage firm OF S. Ii. p. Pell &
Co.. OF this city. The financial support
OF several OF the strongest banks in
New York has been given to the plan,
the statement continues. The plan
proposes to advance the grower s25 a
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 81 bale, which
Is regarded as a legitimate minimum
charge for expense OF grading and
handling. Tho cotton Ia not held, nor
taken from channels of trade. but is
a o nd I'll
grower is given the rish. TO designate
the day OF sale price to January l.,
1918. and will participate in any i'd
vance IL price to the extent of the
rise of the market.
Details are yet to be worked out.
1t has been decided. however to place
the fund through State committees
named by the Governor or Commits
sione- OF Agriculture of a State and
these committees shall DO empowered
to sell when cotton reaches l2 cents,
and compelled to sell when It reaches
ID cents. regardless of advance advice
from the growers
Provision against any violation OF
the Sherman antitrust law is con-
tanned, the promoters believe, In a
clause empowering each committee to
name the day Of sale in event the
market climbs to IL or Is cents.
VI course, READS the statement,
everything depends upon the ac-
ceptance of the plan by the Individual
farmer in connection with his pledge
to reduce acreage the coming year
Plan Is Outlined.
Following is the announcement OF
tn, plan, issued after to-day's con-
ference:
1.-THE announcement was made here
to- day following conferences that have
been in progress for several days be-
tween prominent bankers of New York
and leading producers of the country,
such as Governor ONeal, Clarence
Ousley. representing Governor Colqutt.
of Texas, and F.. ]. Watson. president
of the permanent Southern Cotton
Congress and Commissioner of Agri-
culture of South Carolina, that n
proposition has been presented to these
men representing the Southern Con-
ference and the Governors Conference,
, composed of producers and business
men and bankers of the South. which
,. means tho placing in the cotton belt
States OF about $50, 100000 Immediate
of 1911. In other words. the proposi-
ton is to give the farmer s25 bale
on his cotton. without interest, charg-
ing him only 81 a bale to cover en-
penses of grading and handling, letting
him turn over the cotton to the holders.
who Will advance him $25 bale. anu
/ give him the opportunity to designate
! the sale prior to January 1913, and to
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