The news scimitar. (Memphis, Tenn.) 1907-1926, 1919-05-02
WAREHOUSES; TO
.SAVE MILLIONS
FOR THE SOUTH
Memphis Terminal Corpora
ton Plant to Form Link in
Chain From Gulf to New
ENGLAND States,

The plans for the building and opera
ton Of a chain Of immense modern cot
ton warehouses, to extend from the
gulf to the New England states, which
were first made public at a meeting OF
cotton manufacturers, bankers and cot
ton merchants in New York April %,
are being RAPIDLY perfected.
REPRESENTATIVES OF one OF the great
est engineering firms in the United
States are expected in Memphis with
IA a few days to make an inyestiga- |
lion OF the warehouse system OF the
Memphis Terminal corporation, which |
Is to become a part Of the chain which |
VIII De owned and operated by the
Union Warehouse corporations.
Details Of the gigantic organization, |
which is to begin business with a cap
ital stock Of $50, 900, 900, are being
worked out by committees appointed
at the New York meeting. Until the
proposed company has been chartered |
and organized, II win not be Known on
what terms the Memphis corporation
VIII become a part Of the large COM
pany.
w. G.. Turner, vice-president and
manager of the Memphis Terminal cor
poratlon, was mentioned In the news |
dispatches sent from New York as the
probable general manager Of the new
chain of warehouses. |
Leading Authority on Cotton.
1t was he who originated the idea
or TINS modern system of cotton ware
houses, in a pamphlet which he pre-
pared a year ago, n which was dis
cussed at a meeting of bankers and
cotton men in Washington. The move-
ment begun at that time, was taken
w ny the cotton huying and storage
committee of the National Association
OF Cotton Manufacturers, and resulted
IN the meeting in New York at which
the Union Warehouse corporation was
organized.
Mr.. Turner is considered one of the
ieadlng authorities on cotton and has
probably handled more actual cotton,
through the warehouses with which he
mas been connected during the past
~ years, than any other living man.
yet he has never bought or sold or
owned q single pound of cotton in his
HE. ana he is So years old this month,
itself.
The estimation In which he Is held as
an expert Ey cotton men OF his coun-
try Is shown by the fact that his book,
A Complete Survey of the Cotton
industry which Is just off the press,
is to be used as a souvenir at the
weird cotton conference, to be held
next October In New Orleans. II has
been adopted as the official publication
OF the conference and copies arc to be
distributed not only to delegates at the
public libraries and to those Interested
IN the cotton trade throughout the
world.
The chain of warehouses which the
new company proposes to build and
operate, viii store cotton under the
most modern conditions, and will pro-
vide sufficient storage room to handle
1000 600 bales. Their warehouse re-
ceitts VIII specify both the weight ard
the grade Of the cotton, so that the
owners, whether they be the planter,
the factor, the buyer, the manufac-
as collateral at any bank or they may
be used In the actual delivery OF the
cotton. Negotiations are already under
way also with British banks ami buyers
OF cotton TO arrange that receipts FROM
shall be aeceptahe1 as collateral in
trade.
The operation of the warehouse. how-
ever, IN MIR. Turner's optntop will bel
OF the greatest value to thet South, int
securing the baled cotton from damage, l
which he estimates this year will cost
the growers of the South $500, 600, OO0
Decrease Waste.
The careless methods OF covering and
pehhs wv lallullhb COllOH III tne S0uUil II
has been commented upon for years. |
yet warehousemen know how little i'm
rroyement has been made In these
methods Each time the ordinary bale
OF cotton is handled there is a loss,
and the ultimate loser pust be the
producer.
The Tact that the largest warehouse
and the principal office of the new cor.
poratio will be in New York, will not
In Mr.. Turner's opinion, result in any
change in dealing in cotton in The South
except for the better. In short, Inc
plans of the new corporation contem-
plate the elimination of economic +
waste, a high grade Of efficiency in
operating methods, and eventually will !
include COMPRISING. baling, and cover,
Ing cotton so as to minimize loss In
handling.
The warehouses will be operated (
under the United States laws goyern-
ing such business. and will not sect
IN any way to Increase the ordinary K
charges for handling cotton,
With the principal offices and a great {
warehouse In New York, the plans as
at present outlined include the cree
ton OF warehouses at a number lof
points near the mills Of New England
and in all the principal cotton grow
t,n.R anattAtA n.l -.