The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1914-10-02
HENRY E. LITCHFORD.
COTTON-BUYING
CLUB is FORMED
BY RICHMOND MEN

region LlieS moved lis adoption, and
II was adopted unanimously.
TENT OF RESOLUTIONS
ADOPTED by CLUB
The preamble and resolution follow:
Whereas. the export OF cotton has
been greatly curtailed by the cxigencies
of the European war, thus forcing upon
the producer an immense surplus, and
lowering the market price to a point
(which seriously affects the business in
terests involved; and,
whereas tho people OF Richmond;
the manufacturing, jobbing and
financial institutions, desiring to show
In n practical way a spirit OF co-opera
ton I'm relieving this unfortunate sit
uation by all possible means: and
Whereas ut 4 meeting of the cit
liens held on September Il. and at sub
sequent meetings of committees APP
pointed for the purpose, 1t is, there
FORE
Resolved. That there be organized
a movement to purchase cotton at 10
cents pound to such extent as may
be found practicable and In such man
ner as may he decided upon Therefore.
1t Is further
Resolved that the following plan be
submitted to mass-meeting to be
held Thursday, October l, at $3.50 T.
NJ, i'll the Chamber of Commerce audi
forum. for consideration and adoption
with such changes as may be deemed to
the best interests OF all
Plan: The name of this organization
shall be Richmond Cotton Buying
Club" The object shall be to purchase
Tor members such quantities of cotton
In bales rs may be practicable, through
the medium of the club, to hold same
and to sell, In such manner and by
such methods as may be outlined as
follows:
The affairs of the club shall be man
aged by the cotton-buying committee
which shall consist of three persons
elected by the club. Any one sub
ScribinS $50 to the club will be entitled
to n 500-pound bale of good m!ddling
cotton. under the following conditions
VIZ: If the halo exceeds 500 pounds the
excess shall be paid for at 10 cents
per pound. and If the bale weighs less
than 500 pounds. a refund Is to be
made to the purchaser ut the rate OF
10 cents per pound. All cotton pur-
chased by the cotton buying commit
tee for members Will be pooled for the
joint interest of All subscribers, and
warehouse receipts will he retained by
the cotton buying committee for such
cotton, and club certificates issued
therefor to subscribers In accordance
with their holdings, unless the pur-
chaser desires TO obtain the cotton pur-
chased or the warehouse receipts there
! for All charges for transportation,
assurances. storage. etc, shall be
charged against the cotton. The cot
ton-buying committee is authorized 10
determine and execute methods of buy
ing. price to be paid, handling and sell
ing cotton purchased by this club"
COTTON GROWERS WORKING
on PLANS FOR RELIEF.
Stanyarnc Wilson, formerly of South
Carolina, but for the past year resi-
La of oh nd K I'm. wit in
innate knowledge of cotton conditions
III the South, gave his unqualified in
dorsement to the a-bale movement
and the formation of the Richmond Cot
ton Buying Club. BY removing from
the market thempornrily about 100000
bales of this years crop. he said, the
inainder of the crop will he marketed nj
ia fair price and the cotton-growing
South Will be spared enormous loss.
! 1t was a mistake, said Mr.. Wilson. to
look upon the cotton growers OF the
South as In need of charity. They are
quite able to take care OF themselves,
he said. and needed only this temporary
! lift. to work out their own plan OF re-
lief. The Legislature OF South Carolina.
he told the mass meeting, viii! meet
EcXt Monday for the express purpose OF
I considering elgislntion looking TO \ re-
striction of the cotton acreage and n
consistent reduction of cotton acreage
will be followed through the South.
Cotton used to be king and Is still
| king" said Mr.. Wilson. 1t is only
taking n back seat for short while be
cause a few other kings In Europe have
insisted upon making fools Of them
selves
INDORSE PLAN TO BUY
THROUGH LOCAL WHOLESALERS
| Norman III. Johnson. editor of the
Merchants Journal and Commerce. cN
pressed his doubts rs to the success of
the acreage reduction plan, but gave
his approval to the buy-a-bale move
lment as a temporary solution OF the
embarrassment brought on by the Eu-
,ropean war. Gilmore -. Hotchkiss, Jr..
Endorsed the plan of buying the cotton
ithrough the local wholesalers and job
bers.
II was pointed out by Mr.. Dabncy
that tho Cotton Buying Committee OF
the club is clothed with full authority
to determine the manner in which the
cotton shall be bought. and may be de
irended upon to follow the plan which
will nearest carry out the sense of the
linass-mectinG.
With tho resolution creating the club
adopted and the Richmond Cotton Buy
ing Club actually In existence. Mr.. Dab
ncy called for volunteer subscriptions
to the $50 units and Jacob Cans head
ed the rush that followed with a sub
scription for one bale. For twenty min
utcs Mr.. Dabncy repeated orders from
the floor for one To five bales.
/ Representatives Of several Wholesale
houses and manufacturing concerns re-
ported that they have launched buy-a-
bal campaigns in Northern and Wes-
tern States and are receiving orders for
bales of cotton from distant sections
gof the country. The belief was eX-
Pressed that the Richmond Cotton BUY
ing Club Will experience no difficulty in
raising $250.000 in subscriptions.
The mass meeting adjourned ut 10:45
O'Clock and descended to the Manufac-
Iturers' Exhibit. on the second. third and
fourth floors of the Chamber OF Com
lmcrce Building. General Manager Hor-