The sun., 1914-08-29
COOPERATIVE SPIRIT
APPEARS IN COTTON
Bankers, Jobbers and Merchants
in South Are Standing
Together.
AID FOR THE SOUTHWEST
Dallas. Tex. Suggestion to Hold
Stored Cotton as
Collateral.

Although peesmism 10 rampant In cot
ton circles owing to the closing of the
exchanges Of the world and the low prices
at which the South Ia selling Its crop
there is n good deal OF encours cement In
the situation for any one who cares to
dig beneath the surface OF current events.
There ls a spirit OF cooperation In all
quarters that in the end cannot fail TO
bring order out OF the existing chaos. and
while the ultimate results may not restore
conditions to normal they undoubtedly
will effect n great Improvement over the
gloomy predictions that are being made.
The committee OF eighteen appointed
by Secretary McAdoo from the various
interests in the cotton trade held a con-
ference In Washington yesterday and fur
ther details regarding the plans for imam
cling the marketing and holding of the
cotton crops were formulated. Secretary
McAdoo has outlined the basis on which
this financing will be carried out, as we'll
as tho spirit In which aid will be ex
tended to Southern planters. Warehouse
certificates will be accepted as basis
for the issue OF emergency currency to
the extent OF 10 per cent. OF the market
value of the cotton These funds must
| not be used for speculative purposes
Southern bankers will be urged to be as
ienient rs possible in their Interest rates
Meantime the movement to build ware
| houses Is spreading all over the South
| Up TO date nearly eighty communities
| In Texas have held mass meetings and
subscribed funds for the building Of ware
| houses with capacity ranging from l.60o
| 10 10000 bales II seems clearly fore
sha dowed that nj least 900 new ware
houses will he built In Texas before
| tho first OF November. While these will
not be all brick or concrete nreproof
| structures they will afford adequate
| shelter from the elements and will act
as n safeguard against Country dam
| age"
Jobbers OF Dallas. Tex. have sent 10
the merchants Of Texas circular letter
| in which they say:
Dallas jobbers and manufacturers
unite In offering their assistance to solve
tho present cotton marketing conditions.
/ II there is complete cooperation between
the farmer merchant, jobber and banker
the Southwest will profit enormously in
| the long run. We must prepare 10 house
| n good portion OF the crop until the mar
kets OF the world open. Cotton. prop
ery shielded and insured is our best as
set and is good collateral for credit.
The farmers of the Southwest should
secure the merchants by turning over 70
! the merchant sufficient cotton TO cover
what he owes the merchant. this cotton
20 remain the property or -he farmer
! until sold. the merchant holding Il as col
/ lateral security only.
The merchant should take tho cotton,
! store II. insure II. get weights and grades.
| putting Il in proper warehouse. taking
receipts therefor. With these receipts IN
hand ne can safely continue the business.
calling on us for our cooperation. which
will he gladly given"
! The two members OF the Liverpool com
! n'ttee William T. Whineray and J. Ar
/ thur Smith. arc due here to-day on tho
! Olympic. President Cone has appointed
the following committee 20 represent tho
| New York Cotton Exchange in tho cor
/ tracts r VI Weld. Henry Schaefer and
II. e. Cairns The New Orleans delegates
have already arrived. They are t. r.
! Glenny, John r clark and Maurice Stern
/ Tho first conference will he on Monday
and the biggest question to he taken up
will he the disposition Of the Liverpool
straddles.
Cotton IN the South Ia working stil
lower. Sales on the basis of TO -.
cents Rre reported in the interior o'TeNAs
/ ThlP, however. does not represent mid
ding although the quotations are being
made on mddlirg basis. The general
range OF prices In the eastern belt I.
about cents at interior points. althoug n
some quotations are reported even below
this
Sninners' takings OF American cotton
for tho week are placed at ~ 700 bales
! against 1919 last year. Tho into
sight for the week IL given as 1888,
against lb0,73i last year.