The Pensacola journal. (Pensacola, Fla.) 1898-1985, 1905-01-22
ADDRESS BEFORE TEXAS
BANKERS ASSOCIATION

profit, the process would defeat the
effort for by Cutting the market ab.
normal conditions would arise, the
merchants capital would soon be ex-
hausted and bankruptcy result. The
merchant avoids this by borrowing
money. His banker is called uDon
and his surplus stock is carried over
until price including a fair profit
is offered.
5usinesslike Conditions.
To secure this accommodation the
merchant surrounds himself with
businessllke conditions. The eX-
pense Of a stOrehouse to safeguard
his stock and expert statesmen to in
sure intelligent pricing aud selling
OF his goods is incurred as a matter
OF course. No banker would loan
money on a stock of goods out in the
country exposed to deteTiorations of
weather, unattended by care-Iakers,
subject TO thefts and fire and beyond
the reach of customers should a mar
ket open at a price including a fair
profit. No conservative banker should
loan money on cotton, except under
conditions which would command
credit were the cotton a stock of
goods. OF course, if a merchant with
/ property of sufficient value to give
him credit were to apply for a loan
he might be accommodated although
he also owned stock of goods piled
IN an open back lot, but in such case
IL would be the merchants credit
as man and not as a merchant which
would be accepted by the banker.
SO with the farmer when
ne becomes a merchant Of
feTlng his crops for sale.
He must adopt businesslike methoas.
He must provide TO store his wares.
for cotton becomes merchandise the
moment it is ready for sale. This
place must be at the point where Gus
toners may inspect his wares and re-
ceive them. This place should be at
the point where it may be promptly
sold and delivered when the market
ohers a price including a fair profit.
Il will not do TO learn the price and
expect 10 haul bulky commodity like
cotton several miles, hoping the sat
isfactoTy price 10 remain so. I'M
passable roads often prevent haul
ing cotton to market when il should
be sold. A sudden fuctuation often
lowers the price in the twinkling OF
an eye, before the wagon can reach
the market. A long journey home
with a second or third trip to market
viii often be the price paid by the
farmer merchant, who violates the
methods of the successful everyday
merchant in providing a storehouse
at the point where his customers will
come TO inspect his wares and where
ne may promptly accept the price
and deliver the goods. The storage
place for the farmers cotton and his
statesmen should be under his control
as the merchants Storehouse and his
clerks are always under the mer-
chants control. Whether the merchan.
buys or leases his storehouse is i'm
material. II should be under his con-
troll What would be said of the mer-
chant who allowed his customer TO
provide the classer and weigher and
price fixed of his goods? Yet the
farmer has either ignored the idea. Of
a storehouse for his wares or allowed
II and its valuable contents 10 he ab-
Solutely controlled by the buyer. and
above all other unbusinesslike prac-
tees has allowed the buyer to class.
weigh and price his wares and to ac-
tually dock the weight of his cottoui
practically at the buyers own iudg- I
ment, This should be CHANGED at /
once. Bankers and merchants have
the same interest in the cotton crop
as the farmer. They all live by il. /
They all should and do work together /
10 produce the crop. They are the
joint producers Of cotton, and as such |
should combine their intelligence. f
nerve, capital and labor that il NAV
be properly warehoHsed and market |
ed. and that the wasteful and reckless
methods Of the past and present be
abandoned.
Should Help the Farmer.
The banker should exert an afirma- 4.
tive influence on these unbusinesslike I
Oh. i