Evening star. [volume] (Washington, D.C.) 1854-1972, 1931-03-31
WRIGLEY PROPOSES
COTTON AID DEALS
Plans to Buy Up to 1OO,-
600, GOO Pounds at Maxi
mum of IL Cents.
IN the AEsocinted press.

BY the Associated Press.
CHICAGO, March 31.-Willian
Wrigley, jr., plans to purchase up tt
100000 900 pounds of cotton on tht
American market in the next eight
months at prices not to exceed IL cents
a pound.
"All remittances from jobbers," Mr.
wrigley, the chewing gum manufacturer
announced today. will be credited tc
the Wrigley Cotton Investment Fund
and cotton will be purchased for deliv-
cry in December, 1881.
"Our object is to purchase up to 100,-
900. 900 pounds of cotton, thus leaving
our cash in the South"
Three-fOld Purpose.
The project is similar to MIR. Wrigley's
offer last year to aid grain producers by
accepting wheat in payment of obliga-
tons to his Canadian corporation. From
April / to December /, provided cotton
does not rise above IL cents q pound,
his company viii accept cotton in pay
ment for its products shipped tc the
South.
The purpose of the plan, Wrigley said,
was tfreefold:
Il. We do not take cash out of the
South, but on the contrary we leave
cur money in the South, in the South S
own coin.
3D. We believe cotton at IL cents per
pound is good investment and that
we will make money by locking up some
OF the company'S resources in cotton
and holding 1t indefinitely If necessary.
-. We believe our plan will relieve.
to the extent of our ability, a carrying
strain on planters, Southern business
a. 4@ han he NJ ~ fooH <f,aan axa -
South's affairs.
IF cotton goes up, as we feel is prob
able, we viii profit. But If 1t goes down
we become partners with the South,
and, as such, take our loss with them.
Our real object is TO let the South pay
US in kind-pay in cotton for what the
South owes u.s. And unless cotton
goes up we propose to invest further of
the company's resources in cotton until
We actually own 100,000,000 pounds"
Should cotton go above IL cents per
pound. Mr.. Wrigley explained, his COM
pany would withdraw.
There will be no need for us to stay
in the market should that occur" he
said, for the South will then be in a
good condition. Our offer only concerns
the Southern planter while the price is
at such point that he is producing
below production costs"
Five Banks to Handle Money.
Mr.. wrigley explained that the for
nation Of the Wriglsy cotton invest
ment fund includes i've banks, which
will handle all the money involved.
Those banks are the Hibernia Bank a.
Trust Co. Of New Orleans, La; the
Citizens & Southern National Bank
Of Savannah, Ca; the Bank Of Com
msrce g. Trust Co. Of Memphis, Tenn;
the First National Bank of Mobile, Ala,
and the Peoples State Bank Of South
ern Carolina, Charleston, s. C.
The whole plan, Mr.. Wrigley said,
was "in no sense a gamble, nor is 1t an
advertising stunt. It is our sincere de-
sire to shoulder some of your burden In
this offer to take cotton in payment for
our goods rather than cash"
The fund Of $12 ,000, 900, WrigIey said,
was the amount which the william
Jr.,-Co would normally take
IN from its sales between April 1 and
December /, 1881. The Southern gum
cfewers, he. said, must keep that figure
up to the normal figure before the plan
can be successful
And II cotton goes down below the
figure which we pay for it," Wrigley
I'VE may use it for packing
Instead Of excelsior. Our company has
become cotton minded"