The Prescott daily news., 1914-10-03
JOINS "BUY-A-BALE' MOVE
 MENT.
American Lumberman" Pur. chaSeS Bale of Cotton How the Scheme
 Works Out.

New Orleans-President Glen ny and Secretary Hester of the New Orleans Cotton Exchange collaborated in writing a receipt for the American Lumberman's check in payment for a bale of this years cotton. The check had been indorsed to 'the New Orleans Exchange Treasurer" for account the "buy-a-bale" movement, and these gentlement receipted for it as officers of the Exchanges 'Buy-a-Bale" com mittee. This transaction closed, MT. Glenny summoned two mem- bers of the exchanges board of classers, who were instructed to make the purchase for the Amer ican Lumberman's account. The classers act for the exchange. After visiting the sample rooms of two local cotton factors they selected two bales of the requi- site grade. Cotton purchased on the "buy -a-bale" plan must class "middling," it should be under stood. Instructions were 'phoned to the cotton yard to have the bales turned out for personal in- spection by a third representa- tive of the exchange, who made the final selection from these two. The bale finally accepted is held subject to the American Lumberman's disposition. If it weighs 500 pounds or over it is sold at $50. If the weight falls below 300 pounds payment is made at the rate of 10-cents the pound, and an accounting is ren- dered by the "buy-a-bale" com. mittee.
 Inasmuch as the spot price for middling cotton presently rages between 8 and 10 cents one is naturally prompted to inquire whether the farmer or the mid dleman gets the benefit of the difference when 10 cents is paid. In response to querry from the Lumberman's representa- t iv President Glenny explained that the purpose of the buy bale committee was to give the bene- fit to the grower. The broker is expected to account to the grower for the full amount paid. The plan was more fully explain ed this afternoon by W. B. Thompson, a former president of the exchange and active chair man of it's "buy-a-bale" commit tee. Said MT. Thompson:
 The farmer who is compelled to dis pose of his cotton is to be the bene- ficiary under our plan. Neither the city merchant nor the country mer- chant is to take any "rake-off." This is assured because we can be nor ally certain that the cotton now in the city warehouses would not be there if the farmers who grew it did not bor- row money on it. The cotton, in other
 
 who has borrowed from the country merchant S25 on each bale. When the buy-a-bale committee sells a bale of cotton the money advanced by the country merchant is paid and the bal ance is sent to the small farmer who grew the staple. It is distressed cot ton because it belongs to the growers who have received to date only cents a pound on it.
 The American Lumberman's plan to urge all northen manu- facturers who have business in terests or sell goods in the South to join in the buy-a-bale move ment is welcomed by the local leaders. "In the cotton section," said one, Everybody is pretty much in the same fix, though they are giving this movement a lot of help. It is the buy-a-bale campaign in the North and East upon which we must put our main reliance. Northern and eastern bankers and merchants have been quick to realize what a bankrupt South would mean to them and they are sending their orders to 'buy-a-bale. ,"
 The movement is already eX- erting a healthy moral effect and it is declared that since it's be- ginning the "spot" quotations have strengthened a cent and more to the pound. With the orroot- cOu+bor11 c1.Op tida6 Ovar