The Grenada sentinel. [volume] (Grenada, Miss.) 1868-1955, 1908-12-19
PLANTERS PERFECTlNG PLAN
For Marketing and Handling Cotton
and Making Loans Thereon.

Following is the report of the com
mittee appointed by the Mississippi
Bankers Association to devise plans foI
marketing and handling cotton and max
ing loans thereon:
On November 27th Hon. Oscar New
ton, Hon. j.. T. Thomas and Hon. w. M
Anderson, of the committee appointe.
by the Mississippi Bankers Association
by special arrangement, met Hon. G. r
Hightower, Hon, G. w. Russell and Hon
). L. Collins, representing the Farmers
Union, in joint conference at the Mer
chants Bank, in Jackson, Miss, for the
purpose of considering the progress be
ing made in carrying out the recommen
dations this committee made in June OF
this year.
Said committee is pleased to report
to the membership of the Association
that it found nearly all of the recon-.
mendations carried out intelligently
The various forms, consisting of aft
davits, negotiable receipts, non-negotia.
BILE receipts, bonds, etc, recommended by
this committee to be adopted by the
warehouses, were found to be in good
shape.
The committee also found that the
bond for the w~arehousemen, now being
made by the Empire State Surety Com.
panu, of New York, based upon a very
rigid contract as between the warehouse
men and the warehouse company, pro
tects the holder of receipt in a way tina.
is entirely pleasing to the committee,
and gives assurance that the holders of
receipts run very little risk of sustain.
ing loss.
The committee is especially pleased
in the selection of the company to
handle the insurance on the cotton
stored in the warehouses;. 1t is found
that the Farmers Union have made sat
isfactory arrangements with the Royal
the largest cotton insurance companies
in the world-to take charge of the in
surance IN all cotton stored in the
warehouses in Mississippi, under the di-
rection of the Farmers Union. 1t was
found that the representatives of this
company have spent considerable time
and money in rating the various houses.
and in perfecting policy forms and plan
ming for handling the business.
Take it all in all, the committee was
pleased with the work and prog
ress thus far, and find that the storing
of cotton has been made safer than ever
before in the history of handling the
in this State. The holder of
d warehouse receipt O has some as
surance of being protected, whereas, in
the past, there was absolutely none.
In considering the various reports
the different sections of the State
it was found, with very few exceptions.
that all of the banks have fallen in line
with the suggestions made by this CON-
mittee in its former report covering
'CohS OA VIZ ICSiCe, AOWSNCl, "
report that in a few cases, some of the
banks have charged excessive
rates of interest, and have otherwise i'm
peded the true and legitimate use of
in this direction; and one or two
cases have been reported where banks
have utterly failed to assist the farm
ers at all. President Hightower ex-
his appreciation of the co-opera-
ton given by the banks in the State,
we, as a committee, wish to recon-
mend and urge that all banks assist in
he holding movement for the farmers,
same is practicable and can
'e done without injury to other interests
If the bank, which, of course, are to be
protected.
The price of cotton cuts a great figure
n the prosperity of u section of the
ountry, and to a large extent the bank
RS are as much interested as the farm
rs, for increased prices means increased
1t is the purpose of the committee TO
0ake diligent research, and make a full
nd comprehensive report at the next
of the Association, which We be-
ieve is of considerable service to the
ariOus members, INC we wish to re-
pectfully ask that all banks give us tho
enefit of whatever experience they have
ad in connection with loans on cotton,
nd suggestions will be gladly received.
his is decidedly the most important
roposition before the bankers of the
tate, and trust that it will receive the
ttention that it deserves.