The watchman and southron. [volume] (Sumter, S.C.) 1881-1930, 1920-01-21
COTTON FOR EXPORT
Owners of Low Grade Cotton
Called to Meet Next
Wednesday

Columbia, Jan. 17.-OWnerS OF IOW
grade cotton have been called to meet
next Wednesday at their respective
county seats by President r. N. Mix
son Of the South Caroline Cotton As
soc;ation. AT these meetings the own
ers Of this cotton will be called upon
to pledge every bale for export ship
ment.
President Mixson today addressed
the following letter to the chairnlen
Of the respective county associations:
We haze a,s offer for 900, 900 bales
Of low grade cotton TO be exported.
Foreign mill representatives ire
now in this country and are awaiting
our action. We are asking for an
option ON this cotton good until Feb
rua1y 10, under the following con2i-
tons and terms:
Low Middling cotton. 4 cents per
pound.
Strict good ordinary cotton. SO ccalts
per pound. =
Good ordinary cotton, 81 cents per
pound.
Ordinary cotton, s5 cents per
Pound
These prices are net to the seller
{. o. b. his shipping point. Cotton
weighed and graded at shipping
point.
The terms of sale are eighty pei
cent cash upon delivery; twenty ner
cent deferred payments. said deferred
Daymcnts bearing interest ar six per
u Il nP
foreign banks and guaranteed by
their government. All securities are
to be examined and approved before
any cotton is delivered.
These foreign mills throuhg their
representatives recognize that, they
are asking for something unusual in
requiring an option on this cotton. al
so in asking for twenty per cent de-
ferred payments. and in considera-
ton Of this they arc willing 10 pay a
price substantially above the price for
cotton IS compared 10 the ruling
prices on the open market.
The officers Of the American Cot
ton association realize that in q Gea.
OF this magnitude and on account Of
the unusual world conditions. it is
very necessary TO give these foreign
mills the options sought TO enable
Them TO perfect their arrangements
for handling a deal Of this nature.
The mills to which this cotton
goes have been idle for years. and this
arrangement. if the holders Of cot.
ton back it up, VIII start these mills
to consuming cotton and relieve our
market Of low grade cotton.
LAS soon as options sufficient are
in hand, we will begin to receive and
ship cotton All options. ware
house receipt attached, or the equiv
alent thereto, should be deposited al
d local bank which is authorized 10
deliver this cotton to the order Of
J. s. Wannamakcr President Am eri-
can Cotton Association. ONLY. aft>l
the terms of the option have been fu!
" complied With The form Of OPP
ton will be forwarded to YOU as soon
as it is received from lawyers repre-
senting the buyers.
Il therefore, urge you to see in per
son the owners of low sra,ie cottor
and call meeting for next Wednes-
day January 1st at your county sea-.
urging all holders of cotton to be pres
ent and pledge every bale of low
grade cotton in your county for this
export shipment Call their attention
to the fact that so per cent Of our
prices equals The price now being laid
for such cotton at interior points.
IF any.....e stands i'll the way Of
your carrying out this program.
please advise us and DO your best to
arrange to have a substantial citizen
in your county to act in your place.