The news & observer. [volume] (Raleigh, N.C.) 1894-current, 1905-01-10
MONEY ON COTTON
Loans On This Will Be
Made Here.
Committee Arranges With Crowter
and Rand to Advance Five Cents
a Pound On Cot
ton

The Wake County Cotton Farmers
Meeting on Saturday appointed q COM
mittee to arrange for loaning money
on cotton, where parties We're in need
of this or felt forced to sell.
That committee yesterday issaed its
report from which it will be seen that
farmers can store cotton here with
Messrs. Crowder & Rand and receive
a loan of five cents Il pound. This
matter will be further advanced when
the State Cotton meeting convenes
here i'm Metropolitan Hall at -four
o'clock on Wednesday afternoon. The
report of the committee issas follows:
ITO the Farmers of Wake County:
I'm obedience to the resolution OF
the meeting held last Saturday, we
endeavored to ascertain the best
method Of enabling persons who az.
compelled to raise money on their cot
ton to do so without putting their cot
ton on the market at this time.
I'VE are glad to be able to report
that we have arranged with Messrs
Crowder e. Rand, of this city, to re-
ceive any cotton which may be offered
TO them by farmers of this county and
store the same in their warehouse.
charging % cents per bale per month
for storage and for insurance, and
they will lend five cents per pound for
all cotton stored, not lower in grade
than middling, and will hold as long
AS the cotton will satisfy the money
advanced, interest and storage, charS-
ing only the said storage, twenty-five
cents per month. and six per cent in
terest on the money borrowed. They
agree not to call for further security,
even i'm case cotton should decline be-
low the present price. but they state
that If there should be such q decline
in cotton as to make il unwise to lend
five cents a pound on it. they reserve
The right hereafter to reduce the
pound.
I'VE think this is q perfectly fair ar
Tangement. and is as reasonable and
liberal an arrangement as we could
hope to make. We advise all farm
ers who are compelled to raise money
upon the cotton they now have to
take advantages of this offer and store
il with Messrs. Crowder & Rand. We
advise those farmers who are not COM
PEELED 10 raise money TO shelter then
own cotton at home and hold II off
the market. We advise all classes of
farmers, whether they are able TO hold
their cotton at home. or whether COM
PEELED to store and borrow money. 10
do one or the other and not to put
after the next crop is planted.
THE Government Will issue report
the 1st of June, showing the number
of acres of cotton planted in the
South. t that rsport Shows the great
reduction which we believe is going
to be made, the unsold portion Of this
crop will bring a satisfactory price, and
the next crop viii likewise be salts
factory. If we sell the coffin We now
have below the cost of production. as
the present price is, and use the money
that cotton brings in making another
big crop, we are simply doing the UNI
wise. act Of throwing away what we
now have and killing the profit we are
going to make next year.
''m case person wishes to store cot
ton. with Messrs. Crowder & Rand,
and that cotton is encunbered by a
lien or mortgage, it viii be ecessary
to bring the authority of the person
who holds the lien or mortgage to have
the same stored, as we could not ex-
pect Crowder & Rand to accept any
cotton on storage upon which they
would not have a first lien for the
money they advance.
IF any farmer brings cotton to Raj
eigh and wishes to have it stored, and
does not understand these rules and
regulations and desires our friendly
assistance, he is invited to call upon
the chairman or any member of the
committee, and we will take pleasure
in assisting him in making the ar
ranoements.
u. II. ROBBINS, chairman.
.'W. T. HOWI.E.
81. r. WYATT.
u. r. EDWARDS,
- JAMES n. POU."
e agree to the above contract.
CROWDER 81 RAND.