The herald and news. [volume] (Newberry S.C.) 1903-1937, 1913-07-11

by the agricultural and financial in
terests of every community in the
United States.
In Texas cotton is the money crop
and the problem of marketing it in
telligently has absorbed the attention
of the leaders of economic thought
for half a century. The crop is Of
times mortgaged and debt is such a
hard taskmaster that the farmer, in
order to escape it, rushes to the mar
ket with his products and down goes
the price and the anxiety for the an
nual pay day causes many others to
seek an early market.
To relieve the pressure the bankers
are advancing the formers $500 per
bale at 6 per cent, payable when the
cotton is sold. The title to the cot
ton rests with the farmer and he can
sell when he pleases and there is no
longer occasion for disposing OF his
crop on a weak or glutted market.
There is a strong demand in Texas
for money at 8 and 10 per cent on
terms to suit the lender, and an offer
to lend the farmers on demand at 3
ner cent is a concession On the part
of the bankers which the farmers ap-
preciate. l estimate that it will re-
quire approximately s40,OO0,OO0 to
hold the distress cotton off the market,
and this amount the bankers have
made available to lend on cotton
stored in our warehouses. 1t will
REQUIRE much smaller sum to handle
the business as the money the farmer
borrows will be paid on his debts or
spent in his home town and most of
it will be Immediately re-deposited in
the bank available for lending again
We have $50 warehouses in the in
terror and adequate storage facilities
are provided at the ports to take care
of all cotton which cannot be accomo-
dated in the interior.
Constructive Banking.
Many bankers in Texas have for
several years been lending money tc
farmers without compensation or at
a very low rate of interest to buy
blooded livestock, build silos, etc.,
and no usurer whoever bowed at the
shrine of the dollar received as large
returns on the investment as these
progressive bankers, who made loans
without interest to uplift productive
industry The spirit OF the builder
which actuated the bankers in these
smaller transactions is now extended
into the financing of the cotton crop
on a mammoth scale and the returns
will be correspondingly increased.
God Almighty's NOblemen.
The work has had its hardships and
has met with such obstacles as all
progressive movements invariably
encounter. 1t will have to break the
shackles of shiftless habits of many
farmers, melt the adamant heart Of
many bankers and it has become the
target of ridicule and suspicion Of the
near-sighted. l want to here name
few of God Almighty's noblemec
who have co-operated in working out
the plans and who have given their
time, influence and loaned their money
under this arrangement to finance
warehouses throughout the entire
State: W. H. Eddleman, Ben O. Smith,
Fort Worth; B. B. Cain, D. E. Waggo-
ner, Dallas; oe Hirsh, Corpus Christi;
4. H. Xempner, Galveston; James Gar
rity, Corsicana; Edwin Chamberlain,
San Antonio; W. H. Fuqua, Amarillo,
and hundreds of other bankers who
are financing cotton in local ware
houses. The parties whose names
have mentioned have loaned money
on cotton throughout the entire State,
Heaven loaned earth the spirit of
these men. They are not actuated by
philanthropic motives; they are
shrewd bankers; they are men Of ex-
ceptional business ability who are big
enough to roll into place the corner
stones of empires.
It's Effect Upon the Market.
It is the custom in Texas and other
southern States to market siXty-ive
per cent of the crop the first three
months of harvest season which re-
suits in weakening and oftimes glut-