The Lee County journal. (Leesburg, Ga.) 1904-19??, 1912-10-31

QEOIBC GD1C w tttttgJ ~ ~ ~.-N -
the Southern States Cotton Corpora
tions returned to Macon yesterday
from an extended trip to Texas. He
has for the past several weeks been
i Dallas, where with the Texas and
general directors Of the corporation
he has been workind out the details
Of organization,
Mr.. Wadley states that his COM
pany ii now taking cotton in Texas
and Oklahoma, and that men are
busy selling stock for the purpose Of
putting into effect what he terms
the greatest benefaction that has
ever been inaugurated for the south
It is expected that the capital Of I :
000, 600 dollars will soon be raised,
and us soon as this is accomplished
the company win be in a position to
/ lend money to farmers to the extent
Of rs per cent Of the market value
ofall cotton offered, this money to
be advanced without interest charge
to the fatmer, and IN addition tore
lieve him Of warehouse charges, in
surance, etc. The corporation pro-
/ poses to give this rs per cent in cash,
and for the difference between that
advance and 10 cents per pound the
company will its promissory note.
The cotton will be held until later
in the season, when the price Of cot
ton will have advanced, and will be
sold, giving the farmer the benefit
of the better prices.
He says that the trouble with the
cotton market at this time is that Is
millions Of bales are offered for sale
| in 8 months time. This enormous
amount Of cotton Is all the world
for IL months. On account of the
farmers creditors insisting upon his
paying his debts, he is forced to-
close out his cotton, no matter how
low the price. The banks Of this
country are willing to make tenn
porary loans, but cannot carry them
in very large amounts nor far any
great length Of time.
His company, he states, has made
financial arrangements in Europe
for unlimited accommodation, and
he expects to place it within the
reach Of the southern people to get
away from the panicky conditions
which ensue each year that the cot
ton is brought into market. He
calls attention to the entire southern
country being dependent upon the
price Of cotton for its prosperity, and
yet no man or SET Of men has here
tofore done anything to offer relief,
each year finding this section doing
its usmost and hauling this world
wide necessity to market, there to
have somebody else tell us what it
is worth, and to take it away from
us at their own price.
Mr.. WadIey states that his COM
pany is Of course a nsy-making
enterprise, and will pay handsome
dividends. But that its capital is
coming from the farmers in a deter
mined effort to help themselves out
of bondage, and that if the farmers
win in this fight it will mean the
enrichment of every man, woman
and child in the south. and Incl
dentally every business enterprise in
the south. He feels that it is sub
iect evera newspaper should get be-
hind and follow to success. without
waiting for the farmers to up their
money to pay to the newspapers to
accomplish necessary relief.
Mr.. Wadley is in Macon to give
Georgia the necessary attenti on in
the matter of selling stock and get
ting this part OF the cotton belt in
shape. Thousands of bales of cotton
are being held for this company and
thousands more are being rendered
every day on the loans basis pro-
posed. It is claimed that all that
is necessary is to raise the capital for
expenses, make the initial
advances on cotton. ship the cotton
and reborrOw the money loaned,