The herald and news. [volume] (Newberry S.C.) 1903-1937, 1915-08-03

are in this country at present en0e2-
voring to arrange for the purchase and
storage in this country of large part
of the 1895 crop. The Washington
CORES pondent of the New York Jour
nal of Commerce went to headquarters
to have verifcation of this report. He
applied directly to members Of the fed
eral reserve board, and was told d1at
while they have heard the report and
have given it their consideration, they
are absolutely without verihcation.
! The correspondent thinks the board
does not desire to have tie matter
brought to its attention, but would
prefer the German agents to work IN
dependently with full knowledge that
their plans will receive the hearty CO.
operation of domestic interests" The
further interesting information is ad-
vanced that the German agents are
trying to arrange first for credit
loan in the United States with which
to purchase and store the cotton. They
believe that such loan would be prot
table. because wnen peace is declared
thew anticipate that cotton will go to
u cents and higher. At present they
can buy and store cotton for about 8
cents. Certainly there could be no
objection to tie German cotton buyers
thus entering the market, and The Oo-
serve begs leave to suggest to these
German agents that Charlotte, North
Carolina, will be found a desirable
place for the location of purchasing
agency. Cotton flows in here from
seven railroads and in Charlotte and
surrounding territory are about the
best warehouse capacities and faclll-
ties in IT, South.-Charlotte N. c., OBJ
server.
This is interesting, and coming from
such reliable authority, is based upon
facts. It only emphasizes what we
have been trying to say for some time
that the most important thing for the
cotton growing section now is safe
and sane warehouse system, in order
that our cotton may not be forced on
the market at one time, but marketed
gradually, and this can be done only
with a safe warehouse system, and
such a system that those who have
money will advance it on cotton stored
in warehouses. There is plenty OF
money in this country, and we believe
that the difference between the coming
fall and last fall, so far as cotton goes,
is u2at this year it will be considered
good safe collateral, while last year
it was not so considered.
The price should go beyond 8 cents
pound. We believe it will. We
would like to see the German agents
get into the cotton market in this
country. That would be good way
for the Germans to get some cotton
and they could hold it in this country
until they could get it across the
water.
But tie important thing in this state
ment from the Observer is that there
will be a demand for warehouse cot
ton in this country if these German
agents come over and get in the mar
ket. And if financial arrangements
can be made, as we understand they
can. then we need warehouses where
the cotton may be stored And in this
way not forced on TIE market. II ar
rangement can be made to advance
say 8 cents the pound on cotton stored
and on long time and at a low rate of
interest there will be no occasion for
the grower of the product to be forced
to sell it at a sacrifice.
All of us should join with the OBJ
server in extending a most cordial in
vitation to these agents to come down
and be among us and buy our cotton,
ii they are willing to pay US a fair price
for it, but if they are not, then we are
going to store it in warehouses and
get some money on it at low rate
of interest and on basis sufficiently
large so that we may make out and get
along until such time as the price ad-