The Union times. [volume] (Union, S.C.) 1894-1918, 1917-06-08

may be needed.
CO... A contract with one of the
leading insurance companies of the
] United States has been made and duly
executed, and cotton can be stored in
country warehouse at exceptionally
low insurance rates. All insurance is
handled by the Office of the State
warehouse commissioners.
CD. The receipt issued by State
| warehouse is recognized today as a
very desirable security for loan and
IS readily accepted by the banks of
South Carolina as we'll as by the larg-
est financial institutions of the coun-
try. Such receipt is easily negotia-
bic at the value of the cotton on the
day the loan is made; every element
Oh RISK Is eliminated, for the receipt
is always worth more than the face
value of the note given for the loan.
(S). The State warehouse system
has enabled farmers to market their
cotton crop gradually and only when
words, to sell cotton ony when there
is an active demand for it by consum-
ing plants. The commissioner is now
developing plan for a State system
of cotton marketing so that the pro-
ducers, rather than the spectators,
may be able to supply the monthly de-
mands of the mills.
t9). Warehouses with capacity of
ZOO to 500 bales can be constructed in
the rural districts or on the plan
tatlon at cost but little in excess
OF Sl.OO bale, and 1000 bale ware
house can be built for less than S1.O0
pale. This means a warehouse con-
structcd of metal. Plans, bluc-prints.
and specifications meeting all the re-
qulrements of insurance companies
Will be furnished free of cost by the
State warehouse commissioner.
1O). The community or plantation
warehouse can be made part of the
State warehouse system in the follow
ing manner: The commissioner rents
the warehouse at a nominal rental of
$l.OO year, and then issues to the
owner or owners commission or Ii
cense to operate the warehouse.
charging fee of $500 for this com
M ion or license. The commissioner
appoints suitable person warehouse
man, and this warehouSeman enters
INTO a bond (ranging from 81 900 to
H2,ooo) for the faithful performance
OF his duties. The warehouse thus be-
comes part of the State warehouse
system and is given number. When
warehouseman is ready for business
Ihe commissioner has the warehouse
covered by a blanket insurance pol
ley to amount of $4,000 Daily re-
ports of cotton stored in or withdrawn
from the warehouse are made to the
Office of the State commissioner. A
record of each and every transaction
OF the warehouseman is kept in the
commissioners office.
| (ll). The owners of a community
or plantation warehouse can, store at
f.S54Asest; 54sssg s,S , fentsasa 3 as bale month
insurance. The insurance rate is
Sl.5S a year on the 500 valuation of
cotton-this insurance is prorated on
cotton stored for less time than =.
year The cotton is valued at market
price of grades on day cotton is stored
ana the amount of insurance is deter
mined by the weekly average of prico
OF cotton during the period of stor-
age. The charge of &c a bale a month
goes toward the expenses of the com.
hlisSioher's office. The insurance is
PAID monthly, while the storage
| charges are not paid until cotton IS
"ithdraWn from the warehouse. All
persons not interested in the owner
snip OF the warehouse paw the usua,
charges for storage, and these
charges include the Sc bale a month
anu the cost of insurance.
VIZ. he farmer having cotton in
warehouse connected with the State
warehouse system has full protection
against loSS-under the bond of the
local manager, under the bond of tho
State commissioner, and under an i,
nI aurahce policy of $4,000 or more
lie cotton Is stored in the commun-
,'y where grown and can be sold anv
"our OF any day of the year
Inc 1armeS Of each community in
very cotton producing county in
oouth Carolina should unite in build
ing warehouse, the owner of ever,,
glnnery should operate a wareboneo
ior the accommodation of patrons. ev-
cry farmer making 100 bales of cot
,oh should nave plantation ware
MUSE or TWO or more farmers Shou1d
combine In the construction of q ware
mouse with capacity sufficient to store
Ineir own and their aeighbor's cotton
IL there were enough warehouses IN
the State warehouse swstem to store
al the cotton grown in the State
Oahout 100000 bales), the farmers
o. south Carolina could control the
marketing of their cotton crops, sell
ing strictly on grades and only when
prices were satisfactory.
w. G. Smith,
state Warehouse Commissioner.
FREE OF CHARGE