Durant weekly news. (Durant, Choctaw Nation, Indian Territory [Okla.]) 190?-1944, 1920-12-31
STATE WAREHOUSES;
BEING PLANNED
Bill to be Presented to Legislature
Asking 81 100000 for Construc.
ti0n and Operation.

n tentative plan OF system Oh
Federal and State bonded warchous-
g. for Oklahoma has been completed
by Il special committee and bill
covering the matter for introduction
in the coming Legislature will be pre-
pared at once. The committee COM
posed Of j. a. Whitehurst, president
Of the State Board of Agriculture;
J. ". McCrcavy, president of the
Wheat Growers Association; Walter
Colbert, president of the Oklahoma
Cotton Association; A King, master Of
the Grange; George Bishop and Carl
Williams, representing farmer pub
lications, has worked on the warehouse
plan for several days and has agreed
on the essential points in the proposed
law.
The committee has recommended
that the Legislature appropriate ST.
10000 to be invested in State and
Federal bonded warehouses on basis
of 80 per cent of the physical value
Of such buildings, to be loaned at the
rate of 5 per cent interest, not to run
longer than ten years, in conjunction
with like amount to be supplied by
farm organizations. An appropria-
ton of $250,000 also is recommended
as an indemnity to safeguard and
guarantee any hazard or any unfor-
seen loss that might not be covered
by bond or insurance. The committee
proposes that fireproof warehouses
so far as is practical, be erected.
Advantages of Plan.
The advantage of the State enter
ing into correlation with the Fed
eral Government in the erection of
these warehouses was very appar-
ent when considered from the stand
point of bond and insurance rates that
could be procured when accompanied
by State and Federal inspection.
The matter of safeguarding certi-
ficates, which are issued on the far
mcr's crop that may be stored in the
warehouse was one of the important
points considered by the committee.
These certificates, it was recognized,
form line of assets that will be very
much sought after for loans through
the Federal Reserve Banks and rri-
vatc capital. 1t is matter of great
est concern to make these certificates
safe. as they will be the backbone
of the whole enterprise. The commit
tee recognized that a cotton certifi-
cate could never command money at
lowest possible rates unless the GER
tificatc was made, by law and securi-
ty, perfectly safe
Products contemplated to be stored
in the proposed warehouses are grain
cotton, wool, broomcOrn, hay and such
other nonpcrishablc products as the
State Board of Agriculture may deem
proper and wise to enter for storage
on the certificate plan
This does not interfere with the
warehouse company storing other pro-
duets on a commercial basis when the
storage of such articles will not con-
flict or interfere with the primary
crops mentioned 1t is agreed that
these certificates issued under Fed
cral inspection will have "A status
throughout the entire United States
that could hardly he expected if is.
sued alone by the State
VIII Make Warehouse Survey.
1t is proposed that the Fedora
Bureau of Markets and the State Mar
kct Commission begin at once war
house survey. This probably will bt
started about Jan. l, possibly sooner
if the matter of enacting the proposet
laws is not long delayed. Data as t.
the proper places for such warehous
cs will be gathered. These places viii
be selected where the most service
can be given. The kind and charac
ter will be taken into consideration
and advice Of local farmers organiza
tions will be sought in this detail.