The farmer and mechanic. [volume] (Raleigh, N.C.) 18??-19??, 1914-08-25
Time Was at Hand for Market
ing With No Prices To
Be Had
WAREHOUSES; INADEQUATE
Wilmington Chamber of Com
merce Urges Establishment
OF Warehouses in Each City
to Accommodate Half of
Crop Usually Marketed
There; Strong Financial Aid

There; Strong Financial Aid
With the time near at hand for
the marketing Of the new cotton crop
and with no market prices available
the and cotton merchants
are looking abOu for some means of
WarenOuSlng the cotton which shall
be brought to market. From state
mentS of merchants in the city, the
w~arehousing facilities here now are
entirely inadequate to accommodate
the crop. While nothing definite has
been advanced it is understood tina
a movement is on foot for the erec-
ton in a ShOr time of sufficient cot
ton warehouse facilities to take care
OF that part Of the crop which will lie
held.
The warehousing Of cotton and the
issuance of currency OF the warehouse
receipts on the part Of the govern
ment has been the basis Of practical
~ all the schemes which have been
suggested for caring for the Southern
farmer in this crisis. On Monday a
conference will be held in the Treas
ury department in Washington in
which a number of representative
bankers and cotton men from the
South will confr with the representa-
tives Of the Treasury Department
and with the Federal Reserve Board
for the promotion of a schem eWhere-
by material loss nay be avoided. 1t
is the opinion of Mr.. w. +. Drake,
banker of Raleigh who has been in
vited to attend this meeting. that the
Treasury Department and the bank
ers there will decide upon the method
Of warehouse and warehouse re-
ceipts.
Mr.. C. L. Hinton of the hrm Of c.
L. Hinton and company is Of the
opinion hat if satisfactory prices
were available the first of the new
crop would be on the market in a
short time. eff we were to receive a
bale Of cotton on the market today"
said Mr.. Hinton Eve would not know
what to pay for it unless we had first
made sure Of a buyer in some of the
mills and had discovered that the
buyer vel be willing to pay for the
cotton. In other words, the process
of buying has been reversed. Where
as, formerly we bought cotton with
out knowing precisely who the buyer
from us might be, we now must first
make sure Of the purchaser before we
take the cotton on hand. 1t would
be folly to pile up two hundred bales
Of cotton on our n tho now
ing how the market will turn.
Il understand that cotton from the
South yesterday brought . i cents
My advice to the farmer is to hole
his cotton, and there are mighty few
farmers in the country who are not
in a position to do this. Farming
conditions are better now than they
ever nave been, and the financial con
ditiOns Of the farmers are better thar
! ever before. But there is one thins
, we will have to make allowance for
!, | have always noticed that the far.
l mer will hold his cotton when thu
price is on the rise, and VIII only sci
: when it starts down again. A grea
: many Of them get scared when price!
: drop and they unload. III the lar
: mers will hold their cotton, ignore th'
, falling price, and avoid panicky fears
. then we al look for the best
= Mr.. V. O. Parker, of the firm 0
. Parker Brothers & Co, yesterda,
emphasized The need Of a warehouse
. system. q am of the opinion, thougi
said Mr.. Parker" that such q ware
9 house will require a heavy financial
hacking. Probably a capitalization
5 of half a million dollars will tie neces
sary."
Wilmington Plan.
The Wilmington Chamter Of Com
merce has advanced a scheme an
!, this has been forwarded IN cornpac
form of a circular letter to Cottol
merchants and bankers N LaleISh. l.
part the letter reads
y THE general government has me
/ the situation promptly and effective
: " as far as its powers extend, an
in liberalizinS the currency law ia
put at the command Of cOrnmerc
y banking facilities adequate for a
legitimate demands, and nothing fu1
:. Their can be or should be expected c
the in the way Of nancia
y, relief.
Storage Facilities Necessary.
tt THE situation has now assume
$ such shape that the obligation
upon. the Southern agricultural an
commercial interests to work out prat
ar teal means for utilizing the facliltlt
made available, by governmental at
H. ton; and while the amended GU