The commonwealth., 1920-01-07
UNION WAREHOUSE
AND COMPRESSC co.
Which Proposes To Take Over And
Develop Comprising and Warehous.
ing Cotton On National Scale.


turcrs and Of the World Cotton Con
ference, made further announcement
today Of the plans Of the Union Ware
house and Compress Company, WhicI
proposes 10 take over and deyelol
cotton compressing and warehousinl
on national scale. He gives detail
regarding the various warehouses 4
be taken over or established, AM
also Of the subsidiary corporation I,
aid in financing stored cotton. Thl
latter will be known as the UnioI
Discount Corporation II will buy
and sell cotton acceptance paper, thu
developing a general demand foi
those securities, the market foi
which, under present conditions, i,
limited largely TO the locality where
they originate.
Cotton men are nearly unanimous
In saying that, with the development
Of the plans Of the warehouse and dis
count corporations, revolution will
be effected in the handling Of cotton,
says Mr., Wilson.
"Under the plan the necessity for
crowding the handling season into
three or four months will be over
come. It will also be Il god-send to
the small banks of the South, with
whom 1t is always difficult to meet the
quick requirements Of the moving
season.
"The farmer will be benefited by
being able to carry his cotton over a
longer period. The grower or ship
per when storing cotton will get re-
ceipt that will be excellent collateral.
Such q receipt, being negotiable and
guaranteeing weight can be convert
ed into cash at any time or at any
place. Spot cotton can be dealt In by
persons entirely unknown to each
other and reflections will cease. The
producer will have everything to gain
and nothing to lose. The spinner will
benefit in that large supplies of cot
ton will be assembled at concentration
points, thus insuring him against
scarcity Of raw material, due to such
things as seasonal transportation diff
ficulties. The bankers will have
supply Of liquid and high grade
paper"
Two big warehouses of 100000
bales capacity each, but so designed
that capacity may be doubled, are to
be established in the East One will
be at Providence, Rhode Island, II
suitable site can be procured, If not
at some other point on Narragansett
Bay. Negotiations are under way
looking to the purchase Of property
already standing In Providence. The
other will be at Albany, Schenectady |
or some point in that vicinity. II
will serve the mills and brokers of
upper New England, upstate New /
York, New York City and New Jer-
sey, while the one at Providence will
serve those Of upper New England
"Coming south at Norfolk there is
ultimate need for storage capacity I
Of between two hundred thousand and
three hundred thousand bales" says
Mr., Wilson. There are several ware,
houses in that city, available for TAX
ing over, for which negotiations are
In progress. Failing favorable out
come Of these, new warehouse will
be constructed on the water front in
The Norfolk district. /
At Raleigh, North Carolina, a I
plant will be constructed of ten thou !
sand bales capacity.
At Greensboro, North Carolina, !
.wenty thousand bale warehouse will
DC taken over, the plant Of J. f. X
'atham being under operation for ?
his purpose, a
AT Charleston and Columbia, South p
Jarolina. are the compress and ware G
louise plants Of W. Gordon McCabe e
Company, These will be taken in
o the Union Warehouse and Com p
ress Company scheme of develop u
nent, enlarged, standardized and e'
rought up to storage capacity Of D
ifty thousand and twenty thousand
ales in the two cities respectively. &
Vt Columbia, also. is the principal 81
'arehouse Of the Standard Ware u
'ouse Company, which will be taken e.
yer. tS
At Spartanburg and Greenville, VI
outh Carolina, the plants of Cooper
Griffin will be absorbed and ex. N
ended. The storage capacity will be 't
orty thousand bales at Greenville
nd thirty thousand at Spartanburg. p
The Rock Hill South Carolina, IN
warehouse, will be purchased, and IN
Stended to capacity Of twenty thou OF
and bales.
Passing into Georgia, the first eh
roperty to be considered is at Saw eo
nnah-- an essential point owing to Tn
ne Importance of its harbor and its VI
nipping facilities. A capacity for
he storing Of two hundred thousand WI
ales and the installation of corre- nu
bonding comprising facilities will
needed at this port, This will be pr
scomplished by the purchase Of the w
arehouse and compress plants now 10
Gated there, except those owned by pl
10 Savannah Warehouses and Corn, ak