Keowee courier. [volume] (Pickens Court House, S.C.) 1849-current, 1914-09-09


plenty of money upon their cotton, in
that the bankers will be willing to
loan money upon the certificates
given by the warehouse custodians of
this company. Very naturally the
amount of money upon the bale
which the bankers loan to the farm
ers will be entirely regulated by sup
ply and demand and will be a pretty
the cotton, owing to the fact that
both the bankers and the farmers
will be safeguarded by bond and in
surance.
The scheme was thought out by
w. G.. Shrine and he will be general
manager and the executive officer.
The meeting was called to order at
noon in the assembly room Of the
Chamber of Commerce, having been
advertised by personal letter and re-
quest to those interested to be pres
ent. There were number Of cot
ton mill men present, and since the
floor space is to be rented from them,
it was necessary that they under
stand the plan of organization. A G..
Furman was asked to preside and he
called upon Mr.. Shrine to explain the
object Of the meeting and the object
Of the Security Storage Company.
The first object, Mr.. Shrine ex-
planned, was the formation of COM
pany that would safeguard the farm
ers Of the Piedmont section of South
Carolina. He explained that when
compartment or compartments Of the
warehouses was rented, the company
would place sign Of the Security
Storage Company" over the door and
take charge of that part of the ware
house as completely as if it were
owned by the Security Storage Com
pany. The warehouse keeper for
the mill will be the sworn custodian
Of the compartments controlled or
leased by the storage company and
he will be under heavy bond for the
cotton can be r,aoed in these COW
paruments unless placed there 10 The
credit of the storage company. and
no bale can be removed except upon
presentation 0f che original ccrtin-
cate. No one can enter the compart-
ment except those who rightfully be-
long in them.
The cotton will be insured in a
regular company at the highest pos
sible value and every safeguard will
be placed over the warehouses for
loss by fire or otherwise.
Possibly the most interesting
phase of the storage plan is the fact
that upon presentation Of the certifi-
cate by a patron, the identical bale
OF cotton for which the receipt was
given will be returned to the holder
of the certificate.
A reputable audit company will
check up the cotton in the compart-
ments each day and will keep
count Of the bales and the certifi-
Gates. The receipts of the company
will, therefore, be safe. If the Uni
ted States government licenses cot
ton storage warehouses, the company
mcnt
There are 10 cotton mills in the
Piedmont section of the State. and
they have warehouse space which
they cannot use. 1t is this space
which the Security Storage Company
would rent or lease at small cost
and use for the benefit Of the farm
ers and the bankers.
Rigid contracts have been drawn
up with the cotton mills which when
signed viii be ironclad and will fully
safeguard the Security Storage Com
pany and the cotton stored in their
compartments.
1t Is readily understood that all
mills now build their own storage
bales capacity each. The company
plans to rent one or two Of these COM
partments just as one would rent one
or two cottages in row.
After the matter was fully dis
cuSsed, upon motion Of Lewis w.
parker, it was decided to carry into
effect Mr.. Sirrinc's plan, and that any
other necessary steps be taken to