The Daily Ardmoreite. [volume] (Ardmore, Okla.) 1893-current, 1914-10-25
COTTON ST0R-
ACE TOO HIGH
IS CHARGE
ONE FARMER SAYS THE RATE is
NOT FAR SHORT OF HIGHWAY
ROBBERY. EFFORTS MADE TO.
LOWER RATE.

day from Oil City. He brought three
bales of cotton with him and stored
it in the Compress Storage house. Fol
the first month he paid storage al
the rate of 75c a bale, for insurance
he paid 80 1-3c a bale and he borrow,
ed S25 from the bank and paid 25c in.
terest on the money borrowed Mr.
Steele is a young farmer, he is above
the average in intelligence and takes
sensible view OF the present situa.
ton. He says the storage rate in his
opinion does not fall short OF being
highway robbery. He also states that
in his opinion the insurance rate is
entirely too high, and the interest
rate he says is reasonable, and he
does not think the farmers could ask
for a better interest rate. He also
states that as long as the storage
rate is as high as it is, the farmers
will not bring their cotton to town and
have it stored. As long as the cotton
is held out on the farm, nothing can
be realized on it and there is no re-.
lief to the situation. Mr.. Steele says
the only means he sees of giving any
relief to the situation now is for the
farmers to realize something out of
their cotton, then the country mer-
chants get the money and it reaches
the channels of trade through them.
The Ardmoreite inquired Saturday
insurance rates and it was
learned that the rate charged for one
month on a bale of cotton or on any
other article for that matter, is one
fifth of the annual rate. The cheap
est insurance charged this year on
cotton has been 20c a month and this
rate is now 43c a month The insur-
ance rate on congresses is 1920
year on the 800. The same rate ap-
plies to cotton warehouses. The value
Of a bale OF cotton is $50, insurance
for one year on this amount is S216.
Dne-ffth of it. which is the charge for
a month, makes the rate 43c.
Cheaper Insurance Possible.
The insurance agent was asked what
ate would be charged for a bale of
'otton in a barn. The reply was one
,er cent, or 81 on the 800, or 2Oc for
me month, on 800 valuation. When |
sked the rate charged on bales of |
otton along the street, he said the |
ate was the same as that charged on |
he merchandise in the store in front
# which the cotton rests. There is
till a cheaper rate. Where a man has
house and household goods and a
arm and has them insured, the rate
5 6Oc on the 500 and cotton placed
n the barn would take that same rate.
he last raise on the insurance rate
n congresses, from which the cot
On warehouse is estimated, was made
n the 18th of October and was com.
here Friday and was in
1rce yesterday. This is the rate that
equires 43c a month on the bale.
In reference to the storage charge
le people here generally believe that
Ir. Steele is right in saying that the
large is eXorbitant. The warehouse
as a capacity of about 10000 bales:
oppose it is half full, the owners
ould collect the first month $3.50
I'd for each month thereafter as long
the cotton remains there, they
ould collect $3.50 a month. The
'st of the warehouse is private, and
e exact figures are unobtainable. but
r. Love said an estimate of $500
ould not be far from right. In speak. 7
Z OF rates for storage. Mr.. Love
i'd the charge in Gainesville was soc
month for the first four months and
GREATER 25c a month, in some places
Oklahoma he says the rate is 81
r the first month.
\ meeting was held yesterday to Y
e If storage could be furnished free
farmers Mr.. Love said he had not
ard Of the meeting but that he had
en- asked if the price of storage
lld be reduced.
Farmers Protective Association.
hr. Steele also said that night riders
ports had been exaggerated. farm.
are disturbed and some of them =
mot see their way out but he saws
re is absolutely no tendency on the =
It of the farmers to do any violence -
understands that the Farmers Pro.
tive Association has been organized
It 1t plans to take over in a manner
payments Of debts of farmers. in -
les where collectors come for cot.
the organization will make an in. m
tigation, If the farmer called unon Y
= NOT 10 81