The Laurens advertiser. (Laurens, S.C.) 1885-1973, 1914-12-23
A NEW COMPANY
TO HOLD COTTON

Co.Opcrative Cotton Corporation is
Formed to Aid in Financing the Cot
ton Surplus.
Columbia, Dec. I7.-Farmcrs espec-
ia!ly and merchants II particular arc
interested IN the formation of the CO.
Operative Cotton company to obtain
money on cotton. There must be .
minimum Of $l,OOO,0OO subscribe, be
fore the company can organize. The
SUBSCRIPTIONS are to be paid in cotton.
basis middling, at ten cents per pound.
The idea is then to get loans on the
cotton warehouse receipts and there /,
every reason to believe that the plan
has good chance to succeed. If II
Goes IT will mean big things to the
business interests and the people of
the South.
Senator John l.. McLaurin, State
Warehouse commissioner is assistinn.
III getting the cooperative cotton
company organized in South Carolina
lie believes it will be possible To rot
money on the State warehouse cotton
receipts, which this company Will
use and he is quietly working 10 this
end
While nothing definite can be stated
at This time it is understood that no
Sotatlons arc pending to finance y
considerable bulk OF cotton on State
warehouse receipts and it is further
understood that the negotiations have
every promise OF reaching a success
lul conclusion. From what this cor
respondent has been able TO gethcr Il
seems TO be the idea to get loans nm
10 SIN cents per pound on cotton ana
an announcement that the ncgota-
tons to finance this certain bulk of
cotton has been successful will opon
lhe way Tor more transactions. If six
cents a pound can be secured on cot
ton stored in warehouses in South Car
DINA and put in circulation business
VIII Immediately look up
That South Carolina VIII 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
nave been In the northern financial
ccnters but representatives of the
financial interests who have been in
tile South studying the situation with
view to making loans on cotton have
expressed the favorable opinion that
the money centers have of the stems
taken by South Carolina to make
loans on cotton profitable and safe.
The cotton acreage reduction act and
the State warehouse system have been
closely studied in banking centers in
the north and have made most ia
Vorable impression.
1t is believed that the cotton CO.
operative company offers immediate
benefits-in other words, if carried
through, will enable holders of cotton
10 get loans at once on their ware
house certificates. And that all i'm
portant problems Of financing the
warehouse certificates, is just now alb
sorbing the major share of Senator Me-
Laurin's attention.
Anything which will turn tho cot
ton receipts into money will be mighty
welcome to the South at this time.
ihat there is something in the latest
plan Is evidenced by the fact that Mr..
IS. a. Forbes Of the Hanover National
bank Of New York city was present
at the conference here the other day
when 1T was outlined Mr.. Forbes saw
Ing he was here to listen. 1t would
be interesting to know what he will
report to his bank. He went into the
situation In the South and particularly
IN South Carolina minutely and has
good first hand idea Of the matter.
There is about $4,000 bales of cotton
stored In State warehouses.
Card Of Thanks.