Yorkville enquirer. [volume] (Yorkville, S.C.) 1855-2006, 1922-10-17
CUTTER CUTS CAPERS
Cotton Factor Wants TO Buy All OF
the MeCklGnbufg Crop.
Aimed At COOPERATIVE MARKETING
Offers to Advance 80 Per Cent. and
Carry Without Cost to Grower
Reserves Privilege of Closing Out at
Better Price When He Sees Fit.
Charlotte News. .

Charlotte News. .
The firm of J. H. Cutter & Co., has
offered to buy every bale Of cotton pro-
duced in Mecklenburg county this sea-
son on the basis of paying so per cent.
Of it's value on date Of delivery and
carrying the commodity until such a
reasonable time as the growers might
desire to sell outright, paying them the
remainder then and without having
charged them for insurance, weighing,
warehousing and any other incidentals
usually accompanying the plan Of bor-
rowing money against stored cotton.
Mr.. Cutter said that his firm had fig
ured that the proposition would cost it
about $1,OO0,O00 in cash payments scat
tered throughout the selling season.
The offer holds good until May 1.
The total value Of the estimated pro-
ducton of 10000 bales of local cotton
this season, figuring today's price OF
% cents would be $1,320,000 which Mr..
Cutter said his firm was prepared to
VI.
vance Immediately that the cotton is
consigned to the firm Mr.. Cutter would
pay the sum of $1,O56.OOO If every bale
produced in the county were consigned
to him.
In the form Of contract which the
firm has drawn up to tender the grow
ers, Mr.. Cutter retains the right to
protect himself in the event that the
price Should drop so percipitately that
the full value Of the staple is repre-
sented in the so per cent. initially adj
vanced. There are no strings, how
ever, to his offer to pay 80 per cent. i'm
mediately and then the full price any
time between now and, May !, no
matter to what extent the price is adj
vanced.
Out Doing the Farmers.
There has been right much noise
made up to present about doing sone-
thing for the cotton growers" Mr.. Cut
ter said Thursday, II am not antago-
nizing any institution or organization
or movement but have figured out a
better proposition, in my Judgment
than any that has ever been submitted
to the farmers yet, and better one
for them than they have figured out
for themselves by selling through
their own cooperative societies"
Mr.. Cutter indicated that his offer
provides terms which out cooperates
the 'cooperatives" the organization
which the farmers have perfected
among themselves in order to sell their
own cotton through their own COM
panies. 1t is understood that the
farmers are advancing only 60 per
cent. of the market value OF the staple
and make charges against the growers
in the way of warehousing, insurance
and other incidentals.
Figuring that Mecklenburg's total
crop this year will be 10000 bales and
at the price cotton is selling Thursday,
% cents, Mr.. Cutter makes the propo-
sition to absorb every bale Of locally
grown cotton on an immediate cash
basis of 1880 the pound and still allow
the consgnor the option Of selling out
right at any time he chooses.
Will Pay Advanced Price.
In other words, Mr.. Cutter explained,
If farmer brings him bale Of cotton
today when the price is % cents, max
ing the bale of 500 pounds worth $110,
he will advance him 80 per cent. Of this
amount $SS Immediately and take the
cotton. If cotton should go up tomor-
row a cent a pound or to any other ex- 2
tent, now or any time between now and
May 1, and the consignor desires to
close out at the advanced figure, Mr..
Cutter proposes to pay him, in addition
to what has been advanced, the differ
ence between that amount and the full
amount which the bale brings at the
increased price prevailing on the date
the farmer desires finally to sell.
Mr. Cutter says that his firm has
been buying cotton not only locally but
through the Carolinas on this same
basis and it had worked out so satis-
factorily to his company and to the
growers as well, that he had decided
to become a little more extensive in
his offer this season and open the
gates to all sellers who want to take
advantage of this proposition.
Mr. Cutter said that he was flnanci-
ally prepared to take care Of all the
cotton produced in Mecklenburg coun-
ty this year and admitted that while
this would require the expenditure Of
about $1,O0OOOO on the basis of gradu-
al delivery through the season, his firm
had arranged to pay whatever amount
in cash the terms Of the offer might
involve and had also fortified itself in
such a manner that the proposition to
carry the farmers cotton for them un-
til prospective higher prices are in
vogue, and then pay them the full
value of their product could be tend
cred.
q
Putting all petitions for executive
clemency in writing instead of allow