New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1919-04-27
$40. 200, 900 Cotton
Warehousing Co.
Is Launched Here
Organizations Backed by
Bankers and Cotton Men
10 Have Storage Capacity
for 10000 Bales

Plans for one Of the largest cotton
/ warehousing companies in the world
We're formed yesterday at meeting
IN the iietei hiltmore NJ leading haub-
ess and cotton merchants and mAnu-
IaelUrefs The company Is "a he
known as the linton Warehouse Cor
poratieh and viii have oanpai or
Sso,NOn,OON
Organization of tho corporation
Mafks the elimination Of a movement
ihaugurated by tho cotton buying and
storage committee Of the National AS
ISOLATION Of Cotton Manufacturers, of
which Richards n Durfrec. treasurer
of the Borden City Manufacturing
Company, of Fall River. Mass, is
chairman, and is intended to meet an
urgent need for fircproof warehouses,
licensed under Federal laws and issu-
ing negotiable receipts that will be ac-
ceptable as collateral by domestic and
foreign banks. 1t is proposed to start
with storage capacity of 100000
bales and to increase the capacity to
3,O00,0O0,O00 bales.
Temporary Organization Effected
committee was appointed to effect
temporary organization. It's chair
man is Richard N. Durfee, it's treas
urer Is W. 3. Drake, jr., of the Mer-
chants National Bank, RALEIGH. N. c..
and its secretary is Rufus 4. wilson
secretary of the National Association
of Cotton Manufacturers
me committee authorized the en-
gagcment OF engineers to make sur
vey of the plans and the plants to be
taken over and prepare a report for
submission to underwriters. 1t is un
derstood that Monks G. johnson, of
Boston. are to do this work A sub
committee on underwriting was elect
ed as follows: Rufus r. Wilson,
chairman; w. B. Drake, jr., Randall N.
Durfee, w. G. Turner, manager Mem
phis (Tenn.) Terminal Corporation,
and Morton c. Tuttle. of the Aberthaw
construction Company, Boston. Mr..
Turner. who is one of the most OK
perienced cotton warehouse men in
the South, is prominently mentioned
tor managing head Of the new com
pany.
1t is reported that the plans con-
template negotiations for the Memphis
Tterminal Corporations warehouses
and also those of the Warrant Ware
house Company, Mobile, Ala Plans
Tor underwriting the company are said
to be we'll under way; in addition to
the $20,O00,000 of common stock the
financing will involve Sl5,O0O,0OO Of
trst mortgage fftyyear gold bonds
bearing per cent interest
Plan for Corporation
The plans of the corporation as ex-
planned in 81 preliminary prospectus
are, IN part, as follows:
The Union Warehouse Corporation
is to be organized for the purpose of
purchasing, leasing andotherwise ac
curing existing warehouses; remodel
ing them; and erecting new, modern
warehouses at important northern and
southern points for the storage of
cotton. Also, in response to an in
slstent and increasing demand for
more economic methods, it will event
ually engage in the business Of com
pressing, baling, banding and cover
ing cotton III manner that will insure
against damage in transit.
A careful canvass Of the situation has
led to the belief that, eventually. it will
be ADVISABLE and good business to es
tabllsh warehouses at the following
centres, with initial capacities as shown
below amounting to 100000 bales.