The Montgomery advertiser., 1908-11-15
HIGH COTTON PRICES
THE FARMERS, UNION TOOK IsI- PORTRAIT ACTiON AT NEW
 ORLEANS.
Conyention Leaves stronE Cemmittee Behind--Prominent Bankers work ing on nfg Plan--Kdea is te Store SnrpIus Cotton at
 New Orleans.

New Orleans, Nov. A.--At its two days convention just held here. the National Farmers Union, with a mem bership of 100000, took the first im- portant step toward the creation of better market for cotton. the correc- tfon of existing evils which tell against the farmer in his relationship with the consuming world and at the same time lFther uIiion fYowned upon all fantastic suggestions. faulty logic and grand stand plays for popular favor. Through the appointment of strong commit tee, with plenary powers, the converl- tion paved the way for intelligent re- search. careful analysis, and a definite and practical plan of action in which farmers, bankers, cotton merchants and experienced business men shall CO., operate in the interest of the cotton industry.
 At the opening session President c. s. Barrett requested the delegates to refrain from praise of themselves and condemnation of the other fellow, and pointed out that the only way to ac- complish Important results was to seek the aid of men of affairs who were In position to help them. Mir. Barretts advice was followed consistently throughout the meeting, and at the final session the farmers adopted resolu- ton endorsing the appointment of committee which Is to confer with like committee of New Orleans bus- mess men and bankers. learn what IS best to be done, and recommend action, and also approved a general plan to create such warehousing and handling facilities at the port of New Orleans as are needed to augment the efhcfency of the interior warehouses. reduce port handling and storage costs to mini mum, and supply public warehouse receipt, backed by such absolute se-
 al..l a<. .~aaM savalA lfAan owners fts character of bank coliate. ral most desired by money lenders. The ultimate aim. of this port warehouse pian ia to enable those who may wish to hold cotton when q surplus supply is available and sell 1t when the de- mand Is greater than the supply, to do 70 under the most favorable conditions possible. ] Tfere are seven farmers and seven business men on the joint committee Some of these men are familiar with the advantages to accrue from the ere ation of modern warehouse factiittes ct New orleans. They say that prop erly constructed warehouse VIII reduce the present. insurance rate Of S1 to $z per siOo to about IS cents per $lO0 per vearts that its favorable location on the river front will eliminate cost lv haulage by drays. permit the des livery of cotton into ships holds on the dayV of sale, and protect the bdle from damage, while machinery equip rnent will enable the laborer to do better work in every way and at re- duced expense of energy. Men who have given the matter serious thought exoress the belief that an average ben- eft of $2 a bale, irrespective of wheth- er cotton fs worth 10 cents or 90 cents a pound, would accrue to the producer using such a warehouse because of economies in handling. saving on cost of insurance and freedom from dam age, and that the receipt such a ware- house would Issue would enable any holder to borrow money from any New orleans banker, or from any banker in any town in the cotton States. In other words, the owner of cotton 50 stored and holding such warehouse re- ceipts would be in position to use them at his home bank or wherever the lowest interest rates might be offered to ohtain loans to the extent of almost the market worth of his cotton
 In tfisg way it is planned to. hold at home the surplus supply or each sea son until. the home and foreign mlIls need 1t and seelO It.
 Discussing these matters before the convention, Mr., Charles Janvier, Pres ident of the Sun Insurance Company, and President of the Canai-Lou- isiana Bank and Trust Company, and one of the leading fnanciers Of the South. said: @-
 Cotton warehouse receipts of the character I describe would become cur