The Prescott daily news., 1908-11-16


 business men and market their cotton throughout the year, in- stead of dumping it all on the market. whether needed or not during the few months of gath ing season.
 Financing Cotton in Storage.
 We favor the prompt payment of debts when due. and for this purpose debetors should borrow money if not otherwise able to pay them.
 To effect this we urge upon cotton growers the policy of ap- plying to their local banks for loans secured by warehouse re. ceipts representing cotton to be he'd for the purpose of being mar keted only when demanded for ac- tuai consumption.
 We earnestly request southern bankers to accept such ware house receipts as co.lateral for loans with the declared policy of extending each loan from time to time so long as the loan is safe.
 To effect this, Southern bank CTS are most respectfully urged to devise some general plan for rediscounting in domestic and foreign money centers, farmers paper secured by cotton ware house receipts.
 Such policy would encourage prompt payment of debts, gin compression, warehousing the crop until marketed slowly, as demanded for actua. consumption keeping at home money hereto fore spent abroad and charged a. gainst the price Of cotton such as interest insurance and foreign warehouse charges and saving money lost through country dam- age city crop and other unbusi- nesslike waste.
 The suggestions offered to this convention for the organiza- tion of holding Corporation are r, ferred to d Committee, compoS- cd of President HaNvie Jordan F, l.. Maxwell and H. H.. Rodgers, With the recommendation that they take such action as in their opinion may be deemed best. with fu.l power to act in cooperation with any committee appointed by any other organization.
 Financial Center In the South.
 We recommend to the immed- fate attention of southern bank CTS and iinanciers the inaugura tion of great cotton bank at some leading center in the south for the purpose of establishing a clearing house to aid in fi- nancing and marketing the cot ton crop each season and to be- come the medium of financing the local banks of the south, in order that the financial interests of the south may be gradually divorced from the control of foreign influ- enceS.
 Cotton Factories. I
 While there has been a grati- l lying increase of about 70 per cent. in the number of spindles in the south in the past eight years and a corresponding in- crease in the cot ton used in these southern mills. we believe that the. interests of the cotton grow CT demand a cotton mill tin close reach of every cotton farm in the south, and we urge cOntinua- tion of the agitation for cotton factories enough in the south to manufacture our cotton" We commend efforts made by the states of Georgia. Texas and Mississippi in the establishment of textile departments in their agricultural colleges, and we urge that more government and state aid be given to this im- portant branch of industrial edu- cation the building of more fac tories and the successful manage ment of many now built being greatly retarded by the lack of men properly educated and train ed in the technical and business knowledge pertaining to thisgr knowledge pertaining to this great manufacturing industry.