Carolina watchman. [volume] (Salisbury, N.C.) 1871-1937, 1904-01-04

gether. There Is no need for a
farmer to approach his banker
through any other channel than
the front door of the bank The
task of bringing this to the at
tention of farmers and bankers
alike has been assumed by the
Business Mems Club and Farm
ers' Institute of Waco, Texas.
Their joint committee is submit.
ting to the OBSERVATION-DISCLOSURES
Is, to the farmers, merchants and
bankers of the cotton states and
territories what is now known as
the "Waco plan'' for warehousiug
cotton. The president of of the
six banks of Waco recently ad-
dressed to the president Of each
bank in the cotton states and ter.
rltories a letter, asking his opin-
ion of this plan. Many replies
have been received, cordially and
in some instances enthusiastical-
ly endorsing and fuvoring it, and
urging upon the joint committee
continued work for its successful
Inauguration. Some have not re-
piled as yet, though replies are
coming in daily. 1t is noticed
that those who have taken long
est to fully consider and mature
an opinion are the most earnest in
their approval. 1t is hoped, how
ever, that all replies may be re-
ceived by the middle of this month
as the joint committee desire a
full expression covering the whole
cotton belt before beginning the
active work of organizing ware
houses.
If this system had been in op-
GRAFTON the beginning of this sea
son and were in operation today,
the million and q halt bales which
should be carried over to next
year could be carried at less than
one-half cent per pound, or less
than two dollars and fifty cents per
bale, and the remaining ten and
a half million bales could have
been sold for one hundred million
dollars more than all the twelve
and a quarter million bales esti-
mated to be this years output
will be sold for. When cotton is
now offered at eight cents it is
offered at less than cost of grow
ing and marketing it. It does
not cost all cotton growers eight
cents to grow and market cotton,
but the wasteful lack of method
of most growers results in an av-
erage cost Of eight cents, as the
untold number of unpaid chattel
mortgages throughout the country
evidence. Rather than sell at
eight cents cotton shoald be with
drawn from the market and mon
ey borrowed on it for absolute
n]ecessaries Of life TO carry over
until next season last winters
stored overcoats merchants bor-
row money, and it is unbusiness-
like for farmers to borrow money
to carry over their surplus cotton
until next year.
This letter is not Intended to
encourage borrowing money or
holding cotton for fictitious prices.
1t now costs an average of about
eight cents a pound to grow and
market cotton. Farmers should
have a profit of two cents q pound
and should sell when cotton prices
give approximately this profit.
All successful merchants hold
over staple goods for a profit. and
borrow money, if necessary, to
enable them to do so. and all cot
ton growers should sell and hold
over their cotton in the same
way. Cotton is a staple article.
It can be easily stored and every
year should see held over such
number OF bales as is not actually
needed by the spinners. Why sell
cotton this year at seven cents
and begin growing it the first of
January, 1905, at a cost of eight
cents? Hold over one and a half
million bales, save one cent per