The herald and news. [volume] (Newberry S.C.) 1903-1937, 1914-12-22
SHOWING INTEREST
IN COTTON FINANCE
AND FARMERS LOOK.
ING TO HARYIE JORDAN PLAN
Warehouse Commission Helping to
Organize Cooperative Cotton
Company.

Columbia, Dec. 19.-Farmers es-
pecially and merchants in particular
are interested in the formation of tae
Cooperative Cotton company to obtain
money on cotton. There must be a
minimum of s1,0OO,00O subscribed be-
fore the company can organize. The
subscriptions are to be paid in cotton,
basis middling, at 10 cents per pound
The idea is then to get loans on the
cotton warehouse receipts and there
is every reason to believe that the
plan has good chance to succeed.
If it does it will mean big things to
the business interests and the people
of the SOUTH.
Senator John l.. McLaurin, State
warehouse commissioner, is assisting
in getting the Cooperative Cotton
company organized in South Carolina.
He believes it will be possible to get
money on the State warehouse cotton
receipts, which this company will use,
and he is quietly working to this end.
To Finance on Receipts.
While nothing definite can be stated
at this time, it is understood uaat ne
gotiations are pending to finance a
considerable bulk of cotton on State
warehouse receipts and it is further
understood that the negotiations have
every promise of reaching a success
full conclusion. From what this cor
respondent has been able to gather, it
seems to be the idea to get loans UP
to 6 cents per pound on cotton and
an announcement that the negotiations
to finance this certain bulk of cotton
has been successful will open thu way
for more transactions. If cents a
pound can be secured on cotton stored
in warehouses in South Carolina and
rut in circulation business will imme-
diatelp look up.
ITi-at South Carolina will be the first
cotton State to benefit if this plan is
successful is known, for not only have
leading cotton men OF this State who
have been in the Northern financial
centres, but representatives o. the
financial interests who have been in
the South studying the situation with
view to making loans on cotton eave
expressed the favorable opinion that
tee money centres have of the steps
taken by South Carolina to make loans
cn cotton profitable and safe. The
cotton acreage reduction act and the
State warehouse system have been :
closely studied in banking centres III
the North and have made most IA
soraole impression.
Immediate BENEFITS.
1t is believed that the, Cotton Co
operative company offers immediate
benefits-in other words it, if carried
througjs, will enable holders OF cotton
to get loans at once on their ware
house certificates. And that all I'M
portant problems, of financlng U2e
warehouse certificates, is just now ao-
sorbing the major share OF Senator
McLaurin's attention.
Anything which will turn the cotton
receipts into money will be mighty
welcome to the South at this time.
That there is something in the latest
plan is evidenced by the fact that Mr..
B. A. Forbes, o. tae Hanover Natlonai
bank of New York city, was present
at the conference here the other day
when ii was outlined. Mr.. Forbes say
ing he was here to "lsten." / would
be interesting to know what he WILL
report to his bank. He went into the
situation in the South and particularly
in Souta Carolina minutely and has a
good first hand idea of the matter.
n2ere is about $4,000 bales of cot
ton stored in State warehouses.