The Lancaster news. [volume] (Lancaster, S.C.) 1905-current, 1914-08-25
WAREHOUSE COTTON
WILL Be RECOGNIZED
Wilson Explains Object Must be
Only to Secure Cooperation.
TO BUILD STORE HOUSES.
hcadoo Gives Assurance That Farm
ers of South Can Get Aid
From Government.

washington, aug. Z4.-RepreSen-
tatives of the various branches of
the cotton industry, in conference
here today with the federal reserve
board and other governmental Off
cials, were assured by the secretary
of the treasury that properly safe
guarded warehouse receipts for cot
ton would be made the basis for cur
rency issued by the new federal re-
serve banks.
The conference Immediately took
up the question of proper warehouse
facilities and discussed the details of
financing the crop. Secretary Nc
Adoo told the delegation that the dis
position was to make not only cotton
but tobacco and all other stable
products, properly secured the basis
of bank credit.
The conference which represented
cotton growers, merchants, bankers
and manufacturers from % States.
after a morning session with Secre-
tary McAdoo and the reserve board
called on the President lie assured
them all the full cooperation of the
national government in their efforts
to meet the situation confronting the
cotton industry as a result of the
closing of the European markets by
war. The President urged that every
interest do its best to help itself.
Il am not willing to believe" h..
said, that these conferences are in
tended to call on the government to
rescue men who know how to take
care of themselves, but that they are
called for the purpose of the common
counsel and putting at the disposal of
the men who know how TO take care
OF themselves every legitimate instru-
mentality of the government itself.
The conferences that we have held
in recent weeks have done vast
deal. first OF all to cIarify problems.
and, second and perhaps more i'm
portant, to show how by cooperation
we can solve the problem. Not all
OF these problems are going to be
entirely solved, because the circum-
stances are of such extraordinary
difhculty, but that they will come
very near to being solved / for one
have no doubt provided ALWAYS we
keep cool and think of these things
In the same self-possessed temper we
would exercise if conditions were not
extraordinary. We are not to be run
away with by sudden excitement: we
are not to be imposed upon by un-
usual conditions, and the minute we
sit down together / am sure that we
can work things out"
The conference this afternoon de-
voted considerable time to discussing
warehouse facilities. S. T. Morgan
Of Richmond, Va, representing the
Virginia-Carolina Chemical company
said that following the secretary'san-
nouncement his company had made
ell arrangements fol building cotton
warehouses throughout the South
from North Carolina to Texas. He
said that engineers had estimated
that warehouses could be built for at
from $500 to $1,000 each, to store
1000 to 5000 bales.
Postmaster General Burleson ur-
ed the cotton representatives TO disre
gard the many radical plans proposed
for dealing with the situation such
as the valorization OF cotton and to
concentrate their efforts towards plan
which would be practically under
the law He pointed out the limita-
tions of the banking laws and urged
that any plan be made to conform
with them. Both the postmaster
general and the secretary of the treas
ury warned agaist hysteria and
panic.
The discussion this afternoon de-
veloped sentiment favorable to the
proposed purchase OF ships by the
government for the foreign trade. II
was stated that with South American
and Asiatic trade routes opened to
American ships the American cotton
could extend their cot
ton cloths to these markets and in
crease their consumption of raw cot
ton by 100000 bales. The general
opinion was that 100000 or 1000
600 bales of cotton would have TO he
carried over as result OF the closing
OF briush, French and German mills