The news & observer. [volume] (Raleigh, N.C.) 1894-current, 1904-08-04
FOR FA|RER PRICES
Cotton Farmers Plan for
Cotton Warehouses.
Plan Proposed by the Waco Business
League And Texas Farmers Con-
gress Endorsed in North
Carolina.

was held yesterday afternoon at Pull
len Auditorium, the purpose being to
discuss the matter of how to obtain
the best prices for cotton and to con-
| troll the crop.
There were in attendance a large
number of the farmers attending the
State Farmers Convention, and these
were called to order by Col Benehan
Cameron the vice-president of the Ma
tional Farmers Congress- who explain
ed that Judge Eugene Williams, of
Waco, who is urging the formation of
Warehouses for Storing Cotton, had
expected to be present, but was UNI
avoidably absent.
| Col. Cameron said that the purpose
of the meeting was to aid in solving
| the problem of the recurring low price
! of cotton by a method of slowly plac-
| ing it on the market
| The plan as adopted in Waco was
read, and this showed in detail how
the companies are organized by stock
/ holders subscribing for shares at $40
each, warehouses established, financial
arrangements being made with the
, banks. After this had been read the
| following resolution, proposed by Mr..
| Il. b. Parker, were adopted, these en-
| dorSng the plan submitted by the
Waco Business Mems Club and Far
for warehousing cotton throughout the
entire cotton growing States and ter
ritories as follows:
l. That an imperative necessity eX-
lists for such warehousing of cottoi
to the end that the crop may remain
under the control of the farmers, mer-
chants, bankers and others producing
| it, until demand therefor arises by
| spinners for actual consumption
2 That SI1ch control would lessen
| if not altogether suppress, the vice of
| gambling in futures, now conducted
under the false mask of legitimate
| trade, q vice destructive to the we'll
being alike of producers and consum-
erS of cotton.
8. That warehousing all or even a
portion of the crop not in immediate
demand would cause that portion act
ually offered to bring a higher price.
yet not higher than it's fair value,
| whilst the portion Warehoused under
| the control of men producing raw
material aggregating over five hun
dred millions of dollars annually be-
fore manufacture and over one billion
of dollars after manufacture, would
exert such powerful influences in the
world of industry that the highest
/ fair price could be demanded.
| 4. That the increased price, savings
| in fair classfications and fair weights
and the incidental benefits to the
farmers merchants, bankers, and 9TH
| er business interests of the country re-
| sulting from a WarehouSing system
| will aggregate not less than ten dol
( lars per bale or over one hundred mil
| lion dollars to the cotton growing
States and Territories annually, which,
flowing through the arteries of trade.
will quicken into renewed life and
vigor every effort and enterprise OF
! all our people
5. That the construction and main
tenance of mills, at the fields would
| be encouraged by reason of their be
| ing able to obtain adequate supplies
of cotton directly from the warehouses
when actually needed instead of be-
| ing required to lay up q years sjpply
! of cotton or borrow capital at hlgh
rates of interest as at present.
g. That the binding together of our
people, the better acquaintance with
| The conditions existing among US from
| time to time and other incidental
benefits to be derived from unlforfa
| system of warehousing cotton by our
| own people would be of untold value
| to the country at large and YOU'D
| the first season repay many lou Tie
| cost of the whole system.
Z That we most heartily endorse
the plan submitted by the Waco BUS
| mess Mems Club and Farmers, llnsll-
! tute of McLennan county, ana pleuSe
ourselves to it's earnest support anu
! recommended that the farmers can
upon the daily and especially the
weekly press of the country to urge
| every thoughtful man in Texas and
| i'm every other cotton growing state
! and territory. to write at once to the
| said club or institute at waco, IeHas
expressing a willingness to aid In TINS
great work in the respective commun
| tiles, as many correspondents must
be had in every county to insure It's
| success.
Mr.. Herbert w. Jackson, of the
| Commercial & Farmers Bank, was
next called on by Col Cameron and he
| endorsed the plan, saying banks were
always ready to loan on such colIal-
eraI as cotton warehouse receipts up 10
IL per cent He cited the success OF
the bonded warehouse plan now In use
in Raleigh for eight years. Inc pldh'
he said, is a fine one
Hon. Richard II. Battle next spoke
and most heartily endorsed the plan
proposed through Con. cameron anu
hoped the matter would be pushed.
Col Cameron stated that special
trains with hundreds of Delegates
would go to st. Louis the last week III
September and there the COTTON ploW-
ers would hold a session during lhe
meeting of the National Farmers Con
cross that as it was desired that 20O
delegates go from North Carolina a
committee, consisting of Messrs. }. W.
| Atwater, T. b. Parker S. L. patterson
| J. BRYAN Grimes and j. j. Thomas DE
appointed to name 200 delegates, lar
mers, mechanics and bankers 10 dCl t.I
| the meeting at St Louis. The motion
was adopted and the meeting then adj
| journed.
Before it did this DR.. II. F. Freeman
called the attention of all present TO
| the need for a compact organization OF
tobacco farmers and said there would
| be a call soon for meeting to organ
| ize for the specific purpose OF pro-
tecting their interests.