Atlanta semi-weekly journal. (Atlanta, Ga.) 1898-1920, 1920-01-02
PLAN CORPORATION
TO COMPRESS AND
WAREHOUSE COTTON
Georgia FinancierS Interest
ed in Scheme to Save Mil.
lions of Dollars to Farmers
of South
The Atlanta Journal News Bureau,
623 Riggs Building.
nv THEODORE TILLER

e2S Riggs Building.
By THEoDoRE T1LLER
WASHINGTON, Jan. Announce
ment is made here that plans are
practically completed for the forma-
ton of a large corporation to COM
bine and standardize large portion
of the cotton COMPRISING and ware.
housing facilities of the southern
states and to establish new ware
houses. Several Georgia cotton
fnanciers are listed as supporters of
the plah. Rufus r. Wilson, secre-
tarv of the National Association of
cotton manufacturers and secretary
of the world cotton conference, made
the announcement.
At the recent New Orleans meet
ing it was declared that additional
warehouse facilities were para
mount necessity in handling of the
cotton crop. Southern and eastern
cotton growers, spinners, producers
and bankers are enlisted in the un-
dertaking according to Mr.. Wilson,
and experts are now conducting
survey of the whole field of ware
7 housing
and taking options on many COM
presses and warehouses.
"It has long been we'll known in
cotton industry" says Mr.. Wilson,
, that sufficient facilities already ex-
ist to house most of the cotton Of
fered for storage. However, the To-
cations of these warehouses is such
that they do not adequately serve
; @F En
merchants and spinners. They are
located with respect to distribution
so as to best serve the needs Of the
trade.
Millions Lost Yearly
l. For this reason much cotton that
ought to be stored is now kept in
open lots, streets and on platforms,
with the result that each years crop
suffers millions Of dollars worth of
loss from country damage" many
OF the existing warehouses are so
poorly constructed and careless1y
operated that insurance rates for cot
ton stored in them are abnormally
high and receipts for stored stocks
arc, in many cases, unsatisfactory
/ collateral for bank loans.
MANY southern bankers declare
they would rather 1oEn money on
cottonNthan on real g1state,'S says Mr..
Wilson, 'but the trouble has BEEN
PtiIl is, Win the character of the
2nse- eceipts as evidence of
the cotf0n's safety ownership weight
and deliverability.
Fully conversant with these con-
! ditfons, and the need for improving
them both in the interest of growers
and spinners, a group Of men CON
cerned from various angles with the
cotton industry are organizing cor
/ poration. for the purpose of stand
ardizing warehouses in both the
south and the north"
The compress plants to be taken
/ over by the new organization, Mr..
| Wilson announces, are those of the
| Atlantic compress company, with
| twelve plants in Florida, Georgia. and
| Alabama, those of the Newburger
/ Cotton company, with twenty-six
| plants in Arkansas, Tennessee Mis-
/ sissippi and Louisiana, and those of
/ the st. Louis compress company,
/ controlled by the Lesser Goldman
| interests. chiefly in Arkansas and
! Missouri. Ten scattered presses will
be taken over.
| Special attention will be paid by
| the company to the compress and
storage facilities at big concentra-
! ton points like Norfolk, Charleston,
! Savannah, Atlanta, Mobile, Houston,
! st. Louis and Memphis, and to sup
| plying them with increased and
standardized service. In addition,
arrangements have been made to
/ foIy n
houses scattered throughout the cot
ton belt. and to erect additional ones
| both in the south and the east. De-
1 tailed announcement of these will be
made shortly.
To Facilitate Financing
! 1t is also planned to organize a
/ subsidiary corpora ton whose bust
ness will be to buy and sell cotton
receipts and acceptances, thus faciI-
itating the financing Of cotton in
/ storage.
An efficient and adequate system
of warehousing will be of great ad-
vantage to both producers and con-
sumers, and Mr.. Wilson declares it
will prevent the losses now occurring
because of the hasty way each big
cotton crop is marketed will tend
! to stabilize prices and insure proper
distribution of the crop, which now
is worth more than $4,000, 900, 900 a
year.
Among those identified with the
i organization corporation are: Robert
4 Amory, Boston; James T. Broadbent,
/ Columbus, Ga; Edward S. Butler,
4 John F. Clark, Frank B. Hayne and
William B. Thompson, New Orleans;
I c. L. Cobb, Rockhill, S. c.; A. j.
Dossett, Waco, Tex; w. B. Drake
j Jr., Raleigh, N. c.; Arthur j. Draper.
4 Charlotte, N. c.; Randall N. Durfee
and w. Frank Shove, Fall River
Mass; j. w. Evans, Houston, Tex. /;
G. A. Gordon, J. K. Livingston, NJ
A O'Bryne and A. J. Ritch, Savan-
nah, Ga; w. S Griffin, GreenvilIe,
S. c.; Lloyd M. Hooper and James
B. Ellis, Selma, Ala; f. M. Inman,
n Atlanta, Ga; w. Lancaster, Mont
II gomery, Ala; j. e. Latham, Green's
boro, N. c.; John a. Law, Spartan
burg S. CT; w. Gordon McCabe, Jr.,
Charleston, S. c.; Elias Porter, John
Flippin,- Joseph Newburger and L. K.
Salisbury, Memphis, Tenn. Edwin G.
Seibels and 7. B. Stackhouse, CO.
lumbia, S. c.; e. Kent Swift, Whit
u insville, Mass; James Thomson.
uNNew Bedford, Mass; Sidney Y. West,
: Nttle Rock, Ark, and forty or fifty
&c equally representative men.
] Maude Moore Released
A -, N - I = ~ avys .