Historical Newspapers of South Carolina

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""Essentials of the Warehouse Question.** The profitable marketing of cot ton is directly dependent upon warehouses. A bonded warehouse is 8 device whereby cotton is made available as security for loans. The following points in relation to the marketing of cotton should be kept in mind: Cotton has peculiar qualities making it desirable as a loan security. At all times it can be sold for cash and, properly protected, it is nonperishable. The South is a borrowing, not a lending, community, there Trv?-o tt-io nrip<? nf monev. or the in AVIV mv v ? terest rate, will be high in the South, no matter what the security is. Cotton is a security in its nature so excellent that it should be easy to negotiate loans on it in the Northern money centers where the rate of interest is low. In order to make a bale of cotton available as security in New York and Chicago, it must be properly introduced. The New York banker must know that the cotton is in existence; that it is of the grade claimed for it; that it is held in a rightly constructed warehouse, and that it is insured. The banker's only means of obtaining this knowledge is through the warehouse receipt. It is, therefore, indispensable that he have complete confidence in the warehouse company. Of the value of a warehouse system cnffirMPnt to accommodate a great part of the cotton in existence at a given time there can be no question. Whether it be a private or a State system is not of first importance, but unless the system be conducted upon thoroughgoing business principles it will be worthless. If we are to have a State warehouse system it is essential that its business be carried on with the same exactness of method that obtains in the New York banking house with which it deals. A State warehouse system cannot be operated unless the taxpayers are prepared to make large initial in vestment in it. It will be worse ^ than useless unless it shall be wholly and permanently separated from partisan political influences. The people would as well understand that the mere fact that a warehouse system is conducted by / the State gives it no peculiar advantage or repuie. It is not less necessary for the State fo demonstrate purpose and capacity to carry on the warehouse business with efficiency, if it is to obtain the confidence of the commercial world, than it would be for Smith & Jones or the Brown company to make a similar demonstration. Whether the South Carolina warehouse system is an established suc ?* ;n tVici ansu'pr t.r WSS UI IJUL irsio in wnv I.UW.... this question: "Can the owner of 100 bales of cotton carry its receipt to New York and there obtain a loan upon it at 6 per cent or less?" If the repl> be "No," the inference is that the system has been in operation for too brief a time to establish commercial confidence, or that there is some other obstacle that impairs confidence in it. -Columbia State, Friday. While the e**or of The Enquirer was in Columbia in January, 1912, for the purpose of trying to help Hon John L McLaurin get his State warehouse idea before the people of the State, Mr McLaurin told this writer of certain efforts he had made to secure the co-operation of the editor of the Columbia State in the undertaking. It seems Mr McLaurin had had a personal conference with the editor of The State, then Mr W E Gonzales, and about the only satisfaction he got from Mr Gonzales was a proposition to this effect: "I don't know anything about the subject of finance, and I cannot afford to venture into a field in which I would be unable to sustain myself." The editor of The Enquirer told Mr -McLaurin then and there: "You need never expect any assistant from that State crowd in behalf of your State Warehouse System or anything else of which you are the proponent. They have no use for you or anything for which you stand, and if they ?ver appear to back you up in anything, it will not be until v you have won the support of the people to such an extent that The "State folks won't dare try to antag onize you any further." Mr McLaurin seemed incapable of comprehending the correctness of this declaration. He insisted that the editor of The Enquirer was mistaken, and confidently expressed the opinion that so soon as the Columbia State recognized what he was trying to do in the way of assuring to the producing classes of South Caro> +* -.v ' - lina, more especially the cottor farmers, a fair share of the proceeds of their labor, it would at once throw all its powerful influence tc the cause. We have recited these facts be cause of the light they throw on the peculiarly mean and sneaking edi torial we have reproduced above and now by a statement of certair facts of which the Columbia State and most of the public are aware we will proceed to show how mear and sneaking that editorial really is The former editor of The State owned that he knew nothing aboul finance, etc. As to whether the present editor is in the same posi tion, we do not feel warranted ir saying. We will say, however, thai Ill Ulb SLKLtMIldll U1 tut: lctjuiicuiruii necessary to make a bale of cottor available as security in New York oi Chicago, he is either very ignoranl or very careless. The "existence' of the cotton is important, of course and so is it important, that the cot ton be sheltered from the weathei and insured against fire. But above i all these the one thing that the banker wants the receipt to guaran tee is the title. The State ware house receipt does that as does ne other receipt. It will be remembered that at the outset of this warehouse movement Mr McLaurin sought to get a fairlj large initial appropriation for the purpose of establishing State-ownec warehouses. Having been thwartec one way and another in his effort: in this direction, he accepted a lav that gave him nothing but the righi to pursue.de people to invest theii money in warehouses to be placec under his management, with th< understanding that these peoph also pay him a rental of 3 cents i month to help defray expenses And the thing that is hurting some folks right now is the fact that th< people of the State are showing their confidence by putting up theii money. "Can the owner of 100 bales cotton carry its receipt to New Yorl and there obtain a loan upon it at ( per cent or less?" asks The State. Did not Senator Banks,of Calhour county, say in a speech last winter that he had gone to New York am borrowed $10,000 on his State ware , house receipts at 5 per cent straigh interest? If that does not answei 1 your question "Yes," then wha , more do you want? Does the State not remember tha letter from the Guaranty Trust com pany of New York to a South Caro lina banker that was published las' spring, in which the Guaranty Trusi company declined to loan on ware J OcIJalUI iriUjauiiu nco ?*i ? t/v.w i trying to work with the banks tc ? help them and to get them to heli ? the system. His one great desire is > to put the cotton producers of th< South in a position to get their fail - share of the proceeds of their labor ? He know3,as the State says, that th< - South is a "borrowing" community , but he believes that it ought to b< 1 and has a right to be a "lending' ? community, to which status it is hi , purpose and desire to raise it. An< 1 it is fine headway he is making, too . Less than four years ago, he stood ; entirely alone, hunting for some t body, including the Columbia State ? to help him. Now, judging from th< publicly expressed attitude of Presi 1 dent Wilson, Mr McAdoo and M t Harding,he has the absolute suppor i of the whole Federal administration t and he is going right on to success too. t Of course there are people wh< ' say that 6 per cent money for th< r were made by Mr M M Rector, prin - cipal, and each of the members o 1 the board of trustees. t The faculty this year consists o - the following: Principal, M M Rec - tor of Greer, and assistant, Mis ? Helen Brown of Atlanta, Ga, in th r high school department; Misses Nel ! lie Moore of Simpsonville, Mildre< 3 Timmons of Lynchburg and Jani< t Wilson of Manning in the lowe grades. i Mr Elijah Matthews has securei , the contract for operating wagon N< ; 1, and the contracts for the other 1 will be awarded as they are needed I Teachers' Meeting Called. > Fellow Worker:? : A conference of high school teach 3 ers is called to meet in the audi > torium of the central school in Flor . ence at 8 o'clock Friday evening October 8, and to continue througl , Saturday. Questions of the most vital im portance to the high schools will b > discussed freely aad without paper i or set addresses. These question I are of interest to trustees and pa ' trons as well as to teachers. This letter is an appeal to Count: i Superintendents of Educafion.schoo superintendents, and trustees to at ? tend themselves and to encourag* I and urge thair teachers to attend > If a teacher is without experience ? he needs the help of the conference If he has* had ripe experience, thi conference needs him. It is to be hoped that you wil i respond heartily to this call. It wil ? take but 24 hours of your time am I the expense will be small. Florenc i will welcome you. County Superin * & house receipts except the monej went through the office of the Com missioner, and did not Mr McLaurii decline the arrangement because "i would deprive the banks of a legiti 1 mate function," and did not Mr Mc Laurin go on to say "that if the banks refused to handle this papei at a satisfactory rate of interest, he would see to it that the farmer* were able to borrow money withoul the interposition of the banks"? TP v/innf r\r\ o Koolo Af u?hof uro KflVw UAVC|Ji Kfll U UUOIO UX TTIlUb ?? V. liWf > said at the outset of these remarks we do not understand what the State wants, anyway. In view of all that lias been accomplished during the past three years, in the face oi so many obstacles.it is surely able tc see that if it really wants a perfect warehouse system, all it has to do is to get behind Mr McLaurin and helf him along instead of trying to flyblow and hinder his efforts. Rut maybe it is something else, Now that we remember, the editoi of the State is a director in the Palmetto b?nk. We heard a story some time ago that Senator Tillman, ? lifelong customer of this hank, went there to get some 6 per cent mone> on State warehouse receipts, and when the Palmetto bank turned hirr down, Mr McLaurin made arrangements whereby the Senator got the 6 per cent money from the National Union bank. Possibly this is the r^eon why the State don't like the State warehouse system. We happen to know something about the State warehouse system, We have been in pretty close touch with everything that has been done from the beginning. We know thai MaT nnwin Koo oil olrvrirr , farmer is not a good thing. Wi think it is; but good or bad, there i r no question in the world of the fac i that the responsibility rests upon M i McLaurin and his State warehouse - system, and if the Columbia Stat - really thinks that nothing of impor ) tance has been accomplished yet, w suggest that it contain itself in pa ? tience. In the meantime, our contempora i ry need not worry about the sendinj i of receipts directly to the centra 1 sources of cheap money, Mr McLau 1 rin has already learned that he ca s do that if he wants to; but he doe r not want to do that. He prefers t t have the cotton financed by am r through our own banks. Most o 1 them are co-operating with him, am ? he is very well pleased; but if ther i had been no National Union bank t i take care of the loan refused by th . Palmetto National bank, Senato ? Tillman would have gotten his mone, ? all the same, and it is probable tha ? like Senator Banks, he would hav r gotten it at less than 6 per cent.York Enquirer. f ' ITEMS FROM COWARDS. ) ? School Opens with Encourajjlni Prospects. , Cowards,October 1:?The Coward 1 High school opened 1 this mornin; - with the brightest prospects it ha t ever had,with an enrollment of lie r which is 100 per cent greater thai t ever before. The most encouraginj feature of the occasion was the good t ly number of patrons present am - the interest that they manifested. Stirring addresses were made b t Messrs A H Williams, Jr, of Lak t City and J S McKenzie of Bannock hum Ot-hpr ?hnrh hnt. timelv talk ! WEDDING j Sterling Silver, Cut Glass a r WATCHES ar t of the best makes ai^l latest des spection of these goods will con to be had for the money. ^ , JEWELRY! I E. BAGGETT, ^j^^Watches, Clocks and Jewelry R e feS4 ! I ^LL * ; ^ It Pays to Bui e M How many times 0 what seemed to be a ' r yourself disappointed? ! |Mi| There are counter - same as counterfeit Shoes that seem to wear them. ' 'K D i* , ? M Shoes are genuine. 1 Jj the price on the sole i a . It is better to pay e ^ a Shoe you can depen( | Kiusirtt: : Cll ffinrrofrAO 111115011 i,i/, &TT?X*X?X?I tendent A A Gasque and Superin- fl tendent W L Brookev will take plas- i ure in giving you any needed in- I formation. S I should be glad to hear from you 9 , fayorably at once. 5 ^ Cordially, g W H Hand, ? Florence, September 23, 1915. | e I heartily endorse the object for s s which thi3 conference is called, and ! s hope that our high and rural graded j I " schools will be fully represented by the teachers of the high school grades. J G McCullough, % ' Co Supt Edu. ? , ? ? loughs That Are Stopped. ! | Careful people see that they are J stopped. Dr King's New Discovery is a rememedy of tried merit. It has 1 ^ held its own on the market for 46 1 ? years. Youth and old age testify to v its soothing and healing qualities, ? 1 Pneumonia and lung troubles are 1 often caused by delay of treatment. j Dr King's New Discovery stops those 1 hacking coughs and relieves la grippe ? e tendencies. Money back if it fails. | * TiOc and $1,00 % V GIFTS! j Do not forget that wedding gift. I have it tI here for you in the newest cuts and latest de- K . . | 0 signs m I _ ind Hand-Painted China kTclocks [ igns arriving daily. An invince you they are the best JEWELRY! Kingstree, S. C. " epaired the Same Day Received. 1 ?i I-X-XiX-g Hinro ft >nuLO g A e j Good Shoes ^ have you bought M 'bargain" and found * feit Shoes just the / money. There are f be good until -you _ ^ w 'he trade mark and ' \ ire your protection. ^ the price and get m i upon. ^ 3, Willi | . g-. South Carolina ^ j NOTICE. | Write me and I will explain I S how I was cured in 4 days of a M severe case of Piles of 40 years' I fl standing without pain, knife or E ^ detention from business. No one |j 9 need suffer from this disease E l when this humane cure can be E fi had right here in South Carolina. E R. M. JOSEY, I I Route 4, Lamar, S. C. | | | To Our Advertisers ? [j = ! Copy for changes of adver- f ! tisements must be in this office ^ ? by 6 p. m. Tuesday^. If you wish to discontinue your ad % :notification must be given by x 6 p. m. Tuesdays, as from 4 ^ to 6 pages of The Record go ? fA nrnoa WQI]nno/^oiT rw " tv pivoo If V, UllVOUMJ Uivrilllll^t A ~ Our patrons will greatly & R1 oblige, and facilitate our work * by observing these rules. % i 1 % Professional CardsT| j DR. R. CLAUDE McCABE, I Dental Surgeon, I Office in Hirsch building, over Kings*ee Drug Co's. 8-28-tf DR. ROBERT J. McCABE, DENTIST, ^ IINGSTREE, x S. C ffice in McCabe Building, next to^H Court House. if n MrcifiTti 9 iv*. u. mCiaiviuii, DENTIST, | .ake City, S. C W. L. TAYLOR DENTIST, 4 Office over Dr W V BrockJugton's Store, [INGSTREE, - S.C. I -21-tf. 1 866 1914 II M. SNIDER/j SURGEON DENTIST. M Iver Gamble & Jacobs' Drug Store. S l71)eS7 ^and I Attorney-at-Law 1 Second Floor Masonic Temple I Florence, S. C, 1 General practitioner in "all State and 'ederal Courts. Benj. M~"NNES, M. R. C. V. S. J 1. Kater MclNNES, M. D., V. M. D 1 VETERINARIANS. 1 One of us will be atKingstree theVJI rst Monday in each month, at Hel ?r's Stables. 9-28-tf a KINGSTREE I No.46 ] / A. F.M. 1 ieets Thursday before full moon eaqk J lonth. Visiting brethren are cordially 1 ivited. R K Wallace, W M. \ J M Ross. Sec. 2-27-ly J /^\ Kingstree Chapter, J No. 22, jfl Order Eastern StarM leets every Thursday night after full fl ;oon and two weeks later. Mrs 15 E Clarkson, W M. S Irs Stella Cook. Sect'y. 1-28-tf v tKingstree Lodge, I No. 91 Knights ot Pythias 1 Regular conventions every second and ourth Tuesday night. Our visiting rethren always welcome. Castle Hall, rd story Gourdin Building. 1-14 lvr m BE Clarkson, C C. / E C Epps, K of R & S. v @CAMP NO* 27. iflCLAI MMTIIIH The Third Hoidtj Visiting choppers cox iially invited to come up and sit on a stomp ^ or hang about on tbe fl P H Stoll, i M Brown, Clerk. Con. Com. S I IHI IPHMPIH III M II II ? III I ???1 NOTICE ill Cotton win bring best prices at Kingstrets ^ T. J. Pendergrass 1 will give you best values fl| for your money.-Nice fresh H Fish always on hand. We B also carry a full and com- B plete line of Groceries, Cold B Drinks, Crockeryware and B Glassware. B If you spend a night in B town and miss Pendergrass' B Boarding House you will re- B gret it. Six bedrooms up stairs and everything com- B plete. Our Restaurant, is under the management of Mrs. J. Hamlet, who will give you IjH A-l service. Call and see Pendergrass Brothers Co. 11 Kingstreo, S. C. I fl 8MMBB?H? ~ ?i-1-11 hi -- r~IIi ?i QHIGHESTER 3 PILLS . TIIK l/!AY?ON!> If U AND. A A Lodi?*t Am. your DrmggUtf.>r A\^ ''lil-ilif'-fwaWtBinorTilraiid/AT !';!!? ::: K.U v.?.4 r.cu;iio\V/ '~v ? *~v ' I with Ll * RU <.a. S it) ?vi 'iakv r>.> olucr. i?uv 01 vrur " f-J - (tr Vrv-ii'.-l. fr* i.l.iB| | C W IHA^IOVh Hiu.s,fof I# ^^B IT* pf ywi.KMKilit EcitiSifiit*. Alwlys Reliliitt ^^^B ^?r SOLD DY CI-ICGISTS blTi'XHERf S eceipt Books, Blank Notes, Mortgages and | II Legal Blanks in demand, for sale he Record office. If we have not tha^H 3rm you wish we can print it cn short