The watchman and southron. [volume] (Sumter, S.C.) 1881-1930, 1915-06-30
lftRisIiIE WAREHOUSES.
ArLAURlN's VIEWS ON COTTON
H SCRIPT.

'" NcSfsfa- anu Aldpdia are
copsidering bills to establish a State
warehouse system for the storing and
marketing OF cotton along the lines
ottthe South Carolina system. sena-
tof John l.. McIaurin. State ware
house commissioner. drew the bills for
tho Alabama and Georgia legislatures
tho latter at the request OF Senator
ADAMS. who will introduce II. Senator
Mel-aurm Will have Senator Adams as
M guest at Chick Springs next week.
and later on viii hold conference I'm
Atlanta with Senator Adams. repre-
ssttative OF the Alabama legislature,
shi Mr., w. p. q. Harding. OF the fed
sfei reserve board.
Texas and louisiana In addition to
South Carolina have State systems
fog the storing OF cotton. and IL the
la makers OF Georgia and Alabama
snret the system II In probable that
sH Interstate board will be formed TO
hapdle the uniform storing and mar
ksfing OF cotton. Bills have been
dfAwn by Senator McIaurin at the
request OF the Representatives in
Tsnnessee and Oklahoma for intro
dHtion In their legislatures. He has
hso some correspondence with legis-
istprs OF Florida on the subject. and
sttthe recent Bankers Convention I'm
Ncfth Carolina a committee was ap-
p0tnted TO confer with Senator Nc
Lshrin on the warehouse system.
Europe now being on a paper ba-
sis and the United States on a gold
bssis makes imperative the necessity
for adopting some means Of getting
atbystem OF exchange OF cotton scrip
tolcarry on business while storing the
cotton and grain crops now coming on
carryine on business while storing the
cotton and grain crops now coming on
the markets. In an interview this
mernfng Senator McLaurin outlined
the situation and the outlook, saying:
The near approach of the market
Ing period for cotton makes II neces-
sary for Ne to consider the situation
In order not TO be confronted with
conditions similar to last fall. The
legislatures OF Georgia and Alabama
VII this summer consider the passage
Of state warehouse laws. We must
md some means to market our cot
ton gradually. IL will be necessary to
force the cotton sold 20 bring a fair
price, because the borrowing mower
or that which We must hold win de-
pend upon tho price OF the cotton
market The condition fully carries
ostfthe predictions OF those OF us who
advpcated a total elimination Of the
cottpn crop for 1916. although con-
sumption has far exceeded the esti-
mate. on account OF the new uses
fouhd, for cotton by reason Of the
war. There was on hand June l.
7ss,se3 bales OF cotton In manufac-
turing establishments. and In indepen-
dent warehouses 2.4i1.133. This makes
q totai OF i.24o.O9s bales. not taking
into account the cotton on the
fsyms. which is more. perhaps. than
nlay be thought. The worlds pro-
dpetion. Il is estimated. will be around
twenty-eight million bales for tho
year is1+-i5. have no figures OF
actual consumption. but note that
there are more spindles In active op-
Grafton than there were this time last
year. and from that 1 deduce that
the consumption OF cotton will be
around twenty-five million bales,
which will certainly carry over, not
counting the cotton that has not
cope into sight. around seven mil
lion bales.
1.-THE cotton holding bill In Alabama
ptpvides that whenever the governor
of.that state has been given satisfac-
tory assurance by the owners of one
hundred thousand or more bales OF
cotton that they desire to place 1t un-
de- the control of a commission, that
he will appoint five citizens of the
stete OF Alabama. who. with the gov
etpor. Sd u be known as the cotton
holding Commission with him as OK
oFicio chairman. This commission
hfs the authority to accept the re-
cepits from the state warehouse and
I'd issue to the owner OF such receipts
certificates In the denomination of
hee dollars each for not more than
per cent OF the ma: ket value Of
t9e cotton at the tImo that the GER
tHcate Is issued. The act restricts
add carefully guards the issuing and
ptovides the manner for the retire