The herald and news. [volume] (Newberry S.C.) 1903-1937, 1908-11-20
COTTON -COTToN-COTTON-
SAY THE MEN WHO GROW IT
The Price Should Go Up, The Price
Can Go Up, The Price Must Go
Up, The Price Will Go Up.

New Orleans. Nov. 17.-At its two
days convention held here last week
the National Farmers Union. with d
membership Of 100000, took th>
first important step toward The crea-
tion Of a better market for cotton, the
correction Of existing evils which tell
against the farmer in his relationship
with the consuming world, and at the
same time the union frowned upon all
fantastic suggestions, faulty logic
and grand stand plays fo" picnar>
powers. The convention paved the
way for intelligent research. careful
analysis: and a definite and practical
plan of action in which farmers, bank
ers, cotton merchants and experience
ed business men shall cooperate III
the interest Of the Gotten 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-
compllsh important results was to
seek the aid Of men Of affairs who
were in position to help them. Mr..
Barrett's advice was followed con-
sistently throughout the meeting, and
at the final session the farmers adopt
ed a resolution endorsing the ap-
pointment Of a committee which is
to confer with q like committee of
New Orleans business men and bank
ers, learn what is best to be done, and
recommend action, and also approved
a general plan to create such ware
housing and handling facilities at the
port Of New Orleans as are needed to
augment the efficiency of the interior
warehouses reduce port handling and
storage costs to a minimum, and sup
ply a public warehouse receipt, back
ed by such absolute security as is
needed to give spot cotton owners the
character of bank collateral most de-
sired by money lenders. The ulti-
mate aim Of this port warehouse plan
is to enable those who may wish to
hold cotton when a surplus is avail
able and sell it when the demand is
greater that the supply, to do so un-
der the most favorable conditions
possible.
There are seven farmers and seven
business men on the joint committee.
Some of these men are familiar with
the advantage to acrue from the crea-
ton of modern warehouse will reduce
the present insurance rate Of one to
two dollars per $100 to about Is. cents
per 800 per year; that it's favorable
location on the riverfront will elimin-
ate costly haulage by drays, permit
the delivery Of cotton into ships
hole on the day Of sale, and protect
the bale from damage, while maehin-
cry equipment will enable the labor
er to do better wock in every way and
at reduced expense. Men Of energy
who have given the matter serious
thought express the belief that an
average benefit Of 81 bale, irespec-
tive of whether cotton is worth 10
cents or 20 cents a pound would ac-
cure to the producer using such a
warehouse because Of economies in
handling, saving on cost Of insurance
and freedom from damage, and that
the receipt such a warehouse would
issue would enable any holder to boz
row money from any New Orleans
banker, or from any banker in any
town in the cotton States. In other
words, the owner Of cotton so stored
and holding such warehouse receipts
wonld be in position to use them at
his home bank or wherever the low
est interest rates might be offered 70
obtain loans to the extent of almost
the market worth of his cotton.
In this way it is planned to hold at
home the suhplus supply Of each sea-
son until the home and foreign mills
need it and seek it.
Discussing these matters before the
convention, Mr.. Charles Janvier,
president Of the Sun Insurance CON-
pany and vice president Of the Can
al Louisiana Bank and Trust COM
pany, and one Of the leading finan-
ciers Of the Souht, said:
"Cotton warehouse receipts Of the
character [ describe would become
current as gilt edged collateral and
being in a convenient form, would
prove an ideal security in the eyes