The Anderson daily intelligencer. [volume] (Anderson, S.C.) 1914-1915, 1914-03-17
MR.. DUKE OUTLINES PLAN,
AND CAROLINA MANUFAc-
TURERS ENDORSE 1T
BENEFIT OF ALL
SAYS REPORT
Meeting Called for GreenviIIe
Tuesday and. Conference for
Charlotte Wednesday

Charlotte, March l6.-J. b. Duke of
New York, was the guest Tuesday
night of a nmber of representative
cotton manufacturers at the Southern
Manufacturers Club at a dinner given
by Stuart w. Cramer. president OF the
American cotton manufacturers as
eociation. Mr.. Duke had been invit-
cd to explain, in detail, his proposed
plan for wafehousing cotton and for q
conference to work out the details
Briefly. the Duke plan proposes a CO.
operative organization owning a chain
of warehouses available alike for the
use Of farmers, merchants and manu-
facturers; the receipt, weighing, samp-
ling, grading and storage of bales Of
cotton; the issuance Of warehouse re-
ceipts therefor; ea adequate system OK
sealing, inspecting and auditing,
board Of directors and managing off,
.- .es- cs:S;; s;z -, sGvII ur4uniny ana nnan-
cial centers that shall be entirely free
from CONNECTION or alliance with the
users OF the warehouse; and, lastly.
the certifying of the warehouse &c
ceipts by powerful and we'll known
banking interests that will guarantee
tho integrity and quality of the coll
lateral repre3 anted BY the receipt
Simple. Practical
The cotton manufacturers present
were struck with the simplicity and
practicability OF the plan and gave. 1t
their instant and hearty endorsement,
realizing that the holder OF such GER
tilted warehouse receipts would be In
possession OF probably the best COL
lateral In the world for commercial pa
per- sfYhile the greater part 0g the
cotton crop fs being marketed In the
fall, cotton mills generally buy all or d
. large bart OF their years sssinplg for
Immediate. Or kitnfe delivery, either
srahsaction relh firing both warehotise
spsssaclty aad financing ability aggre-
eating man millions of dollara. That
has imposed q BURDEN SO great that
even large mills have found their legi-
innate manufaetur and merchandiz-
Ing operations curtailed and circum-
scribed by their financial require
ments. s.
,r;tf.1sssss.!.y!s y .scissEiis fiie cuiiat-
eral value OF cotton, many schemes
have isefs Devised by both producers
and consumers.s whereby its legitimate
holding could be, both efficiently and
cheapiy effected; the most common de-
feet of alto them has been that they
attempted either too much or too lit
tle.,
Co.operasits Warehouse Plan. 4.
The Duke proposition is merely a
cooperative warehouse plan worked
out to meet strictly conservative bank
ing requirements; tho touch OF genius
that stamps this plan lies in the cer-
tiiication nf the paper that will give 1t,
financially speaking an International
aspect. az
Like all Duke propositions. this, pres
ent one is constructive and along util-
tartan lines; existing warehouses and
accomod odations are TO be utilized and
none discontinued or wasted 1t Is
proposed that the new organization take
over such proportion OF the mills,
warehouses as are available and such
farmers and merchants Warehouses;
as care to- come In. sunplementins 81. 81!
by building sush add tional warehous-
I es at ysniently located points as
viii provide for the waFehouhing OF at
leest !, 900 600 bales OF cotton for be-
ginning. TO accomplish this result
{ = $5. 600 90 ., warehouse company VIII
be organized one which can affefd q
management that win insure absolute
confidence IN slle integrity OF its opef-
alton and viii insure that It's receipts
and guarantees are effentiye. There
z is no question hut that the money. mar
kets Of tie world today are eagerly
seeking the highest classes OF cont
nierciai paper and tiiere is no doubt
but that receipts issued by such a
company cert ned by the strong gest
financial Institutions in the United
States, Will siirnish southern farners
and merchants and manufacturers,
with the n1cne$ required for holding
cotton IN 10 egitanate operations at the
very lowest market rates.
+ 4 II Benefited.
T'He faKtlaAr 4alli s.1 as.1
and hold hia cotton al the chez pest:
rates CT 4 .e--.asf Il the market prtSSS
Z IS not satiHfect0rY to him the cotton
merchant elid hfelser will De able 70
get abtndAilce oS cheap money with
which 60 make and carry hts pnrci s.
ess and, the Snps sdfaetufer viii be able
20 select III AZ Tor RnyiEg and then
: TO store and heslI as much of liis years
supply. as his Judgment dictate ali
beaeflted equally and alike by the use
of ag ehen tnohey IS can De han by
sfiny5cdy, SiiSs egiywh here in the world {
Southern 60 ton sninnsrs have leoi1ed,
{ IUHEingIys at rne cheap money eul9Yed
by the Eng lis i = flinueF and the nfos-
pecty not only of euualliag OF beating
them stifhutetea fhoSe present 81 the
dinner last Hlf,llf % = prompt commit
tee OF iipf sgliicl WI l,e Ilsoiis &