The county record. [volume] (Kingstree, S.C.) 1885-1975, 1911-11-09

ern State capable Of holding one
! fourth Of the largest crop We are
likely to produce. My argument
applies to South Carolina, but should
be duplicated in each cotton State,
and then combine all the cotton
warehouse companies into whole.
The farmers should put up the
capital stock to erect the ware
houses, which should be large stor-
age houses and built only at points
where substitution and reshipping
privilege can be secured. This
would imply that warehouses would
be built only in towns having more
than one railroad or having water
rates and ample fire protection can
be provided-the small warehouse
can never pay. Perpetual motion
is no more impossible in physics than
is the continued exercise Of good
business sense in the conduct Of
warehouses and in organizing
holding movement of cotton farm
ers. The warehouseman must be
man of character. He must be
fair book-keeper. He must be
sworn weigher, capable of adjusting
equitably differences as to moisture,
damage, etc, on cotton stored. He
must know how to grade cotton. He
should take the notes of farmers
wishing to secure loans on cotton
and forward the notes with ware
house receipts to the State trust
company organized to handle these
receipts. Such men can be found to-
day buying cotton for the leading
exporters. They are set of capable
men having good, hard, business
sense. 1t will take around 1,200 a
year to employ such men. Then the
warehouse must keep a night watch
man the year round, 1t must be
built according to certain plans and
specifications and must be equipped
with automatic sprinklers and have
two sources of water supply. This
water supply must be absolutely
sufficient to satisfy the most skeptic-
al insurance Inspector Having all
these requisites it is astonishing how
small the insurance cost. 1t can be
reduced to IL cents on 800 valua-
ton for IL months. The small ware
house ant afford all this.
"Om normal crop in South Caro-
lima is around 100000 bales. One
fourth of this, 300, 900 bales, would
need to be warehoused under my
plan. l would suggest organizing
a South Carolina Cotton Warehouse
company, with a capital stock of
81 100000, divided into shares of
$50 each, and that the farmers be
asked to subscribe for most of this
stock. That, say Is warehouses be
built at central points in the State,
capable of storing the 800, 900 bales.
That trust company be located in
Columbia, S C, and it's acts to bind
the 81, ,00O, 600 capital stock of all
the warehouses.
I'VE would need a high class bank
er to manage the trust company at
Columbia. He should find in what
money centers he could place his
warehouse receipts and borrow the
money. With million dollar asset
to back him he could sell his ware
house notes in most of the money
centers of the country.
This plan is not Original, but is to-
day employed by warehouses Of this
city. | would suggest that we let
alone all the existing warehouses in
State now being conducted as private
enterprises. There is ample field
for warehousing companies now in
operation and the system | recon-
mend.
The State warehousing compan-
les should take in all friends of cot
ton in the South. They should CO.