44 A STORY OF COTTON 



ance obtainable, is, at present, under consideration throughout 

 the large financial centers in America. 



It is expected that the owners of cotton abroad will soon 

 become MATERIALLY and INTIMATELY associated with the 

 plan of a CHAIN OF WAREHOUSES. 



This CHAIN OF WAREHOUSES, at present, in contem- 

 plation, and that is being discussed and apparently, FAST 

 MATERIALIZING, is to be conducted under the auspices of 

 the United States Government as represented by the Depart- 

 ment of Agriculture, and on lines with the absolutely "SAFE 

 AND SOUND" warehousing of cotton. 



The warehouses of the "Chain of Warehouses," we under- 

 stand, are expected to be located at various points throughout 

 the North and South where it is necessary and expedient to 

 concentrate cotton, so that it may be FINANCED through 

 LARGE financial centers. 



It is not in contemplation, as the public are given to under- 

 stand, to erect these warehouses in OPPOSITION to ANY OR 

 ALL of the small warehouses in country towns and at all 

 cotton concentrating points. 



The "CHAIN OF WAREHOUSES" will not, necessarily, 

 injure the small warehouses; PROVIDED, 



That these small warehouses are conducted on the same 

 lines as those of the contemplated chain, as it is the intention 

 to conduct each of the warehouses independently, but each 

 individually, a link in the chain. 



Often, it is the desire of the original producer, to hold much 

 of the cotton produced in America for better prices. 



In the majority of the instances, the producer or the owner, 

 must hypothecate a negotiable warehouse receipt as a collat- 

 eral for loan for the purpose of conducting his business. 



The producer, the merchant or spinner MUST HAVE SOME 

 PUBLIC WAREHOUSE in which he can store his cotton. 



The negotiable warehouse receipt that issues must be one 

 that will be SOUGHT by all the banks, in all large financial 

 centers, as an absolutely UNQUESTIONABLE "GILT EDGE" 

 security. 



A consumer abroad often desires to make purchases amount- 

 ing to thousands and thousands of bales of cotton. 



