The watchman and southron. [volume] (Sumter, S.C.) 1881-1930, 1904-08-03
To Benefit Cotton Trade.

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warehouse which had been established
at Columbia, S. c., by Mr.. Charles
Oliver, president OF the Mt. Vernon
Woodberry Cotton Duck Co., and
then president Of a big cotton mill at
Columbia. The warehouse which he
had been instrumental in establishing
at Columbia issued a receipt for cotton
guaranteed by one of the bonding COM
panies. This receipt became first
class collateral in outside money mar
kets, and in discussing the matter Mr.
Thomson expressed the belief that the
establishment Of bonded-warehouse
system throughout the South by strong
financial companies would almost revo--
lutionize business conditions there and
make the cotton receipts issued by such
companies, when properly guaranteed,
good collasral In the money markets OF
the world. It was thought at the time
that this was new idea which might
be made Of very great value to the
cotton interests of the world, but with
in the last few days I have seen full
report Of cotton planters convention
held in Florida in 1851, which, after a
very broad discussion Of the worlds
cotton trade and OF che wide huctua-
tions in prices, suggested as the only
possible remedy for the latter the or
ganization of a $40, coo, 600 warehouse
company to establish cotton warehouses
Throughout The South in order that far
mers might in years Of excessive pro-
ductioa store their cotton and secure
therefor negotiable warehouse re-
ceipss, instead of forcing it on the mar
ket and thus breaking prices. Lately
the farmers of the South have fully
awakened to the Importance of this
subject, and two weeks ago the Texas
Farmers Congress urged the establish
ment of such a system, claiming that
it would savesSi00, 600, O00 year to the
cottoa-growers. For several years
efforts TO form such company have
been under way, and this movement
has now eliminated in the organiza-
tion of the Southern Cotton Corpora
tion, with S. F. B. Morse, for many
years one of the leading railroad men
OF the country, and formerly passenger
traffic manager of the Southern Pacific
Railroad, and for the last year part
ner ia The cotton firm Of D. j. Sully
& Co., as president. While this cotton
corporation is not, as has been report
ed, reorganization of the firm of Sui
iy & Co., the remarkable energy and
business ability which enabled Sully
and Morse to become the most power
full factors ever known in the cotton
trade wall be given to the development
Of the eompany's operations. The
plans Of the company, however, in
clude far more than a warehouse sys-
tenn, important as that is. The pur-
chase has been made of the Whitman
compress, which puts up at the gin
regular size 900 pound square bale,
said by Sally to be the most perfect
bale of cotton ever made. In COM
pressing at the gin there is great
saving IN handling and transportation.
Moreover, as the cotton is compressed,
layer by layer, the air is excluded and
the danger f1om fire is reduced. Con-
nected with the improvement in COM
pressing the company expects to devel-
op new systems of ginning and to de-
vote great attention to every line
of work which will increase the faci-
lieies and lessen the cost of handling
and warehousing cotton. The South's
cotton crop, which Last year brought
$3.50, COO, 600 to the growers, and which
is the basis of an industry yielding
over 81, 600, coo, 900 of manufactured
goods a year, or $500, 600, 900 more
than the combined primary iron and
steel output of the world, is without
any such warehouse system as the
la h@c ole sol,
are absolutely necessary to this busi-
ness. The development of such sys-
tenn in connection with COMPRISING
at the giu and the collateral interests
that will naturally follow probably offer
the broadcast business opportunities in
America: for Notwithstanding the
great changes in every other line Of
industry, cotton is still ginned, COM
pressed and handled in practically
the same manner as l0e gears ago.
''It has been claimed by noted
expert that the profit TO the South
arising from the economies which can
be effected by improvements in gin
ming and baling Southern cotton,
which Mr.. Edward Atkinson of Bos-
ton says is the most berbarously
aGnQ1oO aSrlculLuraI prooucG or the
world will he worth more to this Sec
ton ehan even the development of cot
ten manufacturing in the souess. It is
probably not generally knowR that
Egyptian and East Indian cotton is
better baled or better handled than
our own crop These Improvements
are all equally as valuable to the
spinners as to the growers, to the
transportation companies by land
and water as to insurance inter ests
They mean cleaner cotton, with less
wastage. minimum fire risk, a bale
of uniform size thoroughly covered
and warehoused, where mills can car
ry their cotton at the lowest possible
rate OF interest For these reasons
number of leading mill people in New
England and Great Britain are inter
ested in this undertaking.