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TG'S il;:
Established 1850.
If You Want to Know the Successful Merchants in Dalton Read The Citizen Advertisements.
All Home Print.
s.
DALTON’S
NOT ON THE ROAD
$jut now in Mtock, SBrand new
White 9oods,
Embroideries,
(Dimities,
Maces,
Wool and Cotton (Dress Soods.
Our (Buyer has just returned from the
most satisfactory buying trip he ever
made to JJew ^dork. Wholesale Mtocks
were never m better condition, and we
believe we got our share of the SPlums.
Come Often,
come*
i 1
A PLAN THAT MAY REMEDY THE TROUBLES OF PLANTERS AND
MERCHANTS IN THE SOUTH.
Come every day, if you like,
and we 'will show you some
thing new every time you
l| S'or the Jdatest, Jlewest, and always
a t the lowest possible prices, trade at
Loveman & Sons.
Charlotte, N. C., Feb. 21.
The Charlotte Bonded Ware
house Co., which has begun busi
ness in this city, is the pioneer in
stitution of its kind in the South,
and from the character of its op
erations it is destined to attract a
great deal of attention in the
commercial and industrial world.
It has always been claimed that
an organization or corporation
along the lines of the Charlotte
Bonded Warehouse Co., has been
one the great and crying needs of
the cotton producing states, so
there is reasonable ground for the
belief that the Charlotte venture
will prove a success. That will
mean the establishment of similar
bonded warehouses throughout
the cotton belt and a resultant im
provement in the condition of the
farmers. It is a benificent insti
tution, for it provides for the far
mer a way to borrow money on
his cotton, and enables him to
hold it until the condition of the
market may be such as will in
duce him to sell. The warehouse
is an institution founded on cot
ton, and its operation ;is simple.
It receives and stores cotton
and manufactured products at low
rates, issuing therefor warehouse
certificates which are negotiable
at any bank. The farmer can
store a bale of cotton in the ware
house and get a certificate, and
this certificate is convertible into
cash as readily as a check.
Perhaps a clearer explanation of
the workings and system of the
warehouse might be .given in a
supposable transaction between a
farmer and the company. First,
one should bear in mind the fact
that the average Southern farmer
is obliged to sell a portion, if not
all, of his cotton crop in the fall
to get cash to pay his debts. He
generally owes the merchant who
“runs” him during the year, and
if himself is not pressed for money
his croppers are, and as soon as
the first bale of cotton is picked it
.must be sold and the silver divid
ed out among them. The farmer
has heretofore had no means of
raising money on his cotton ex
cept by an outright sale of the
staple, no.matter how low the
market. It is as a remedy • for
this helpless condition of the
farmer that the bonded warehouse
is to be viewed in the light of a
beneficent institution. Now, as
to its operation:
Farmer Jones has brought his
first bale of the new crop to mar
ket; and he must get the money
for it, as his debts are due and
must be met. He tries the mar
ket and finds that the best he
can get for his cotton is five cents
per pound. He can’t afford to
sell at that price ; but he must
have the money, and he must sell.
Must he? Here is where the
bonded warhose comes in. He
takes his cotton there, where it is
stored, and he is given a receipt.
He pays fifteen cents per month
to the warhouse as a storage and
insurance fee. The receipt which
he is given is negotiable at the
banks, and on it the farmer can
f the market value of his entire
realize an amount within one cent
of the market value of his cotton
at the time. Say farmer Jones’s
cotton is worth five cents today.
crop, and hold his crop. With
this money he meets his pressing
obligations and is independent of
the market until such time as he
may be inclined to sell.
Under this system the market
ing of the cotton is entirely in the
hands of the farmer, and the ef
fect upon the price of cotton by a
general establishment of bonded
warehouses of this class through
out the South, it may be imagined
would be beneficial. The opera
tions of the warehouse are not
confined alone to the cotton of
the farmer. The cotton mills will
be benefited. Mills would often
buy cotton ahead, except for lack
of capitol. Under this warehouse
system they can buy cotton, store
it and hold it at a trifling invest
ment in actual money. Further
more, the warehose takes manu
factured and other products and
gives negotiable receipts upon
them, as in the case of the farm
er’s cotton.
The warhouse building of the
Charlotte Company is located on
a wedge shaped piece of land in
the northern section of the city,
the doors of one side opening on
the tracks of the Seoboard Air
Line Co., a frontage of 840 feet
and on the other side opening on
the Southern Railway Co’s, tracks
a frontage of 700 feet. The
building is one story, with a ca
pacity of from 15,000 to 20,000
bales. It is divided into com
partments, each having a capacity
of 1000 bales, a file wall between
,each compartment. The doors
will be fire proof (the building is
under construction), and the
structure will be strictly standard,
not only fulfilling every require
ment of the insurance companies,
but meeting all of their sugges
tions. The company is already
doing business, now 1,100 bales
stored in a leased building.
The Charlotte Bonded Ware
house Co. is incorporated with a
capital of $12,000, with privilege
of increasing it to $50,000. It is
bonded in the American Bonding
’& Trust Co. of Baltimore for
$100,000. Its secretary and
treasurer is bonded in the same
company for $10,000.
E. B. Springs, the mayor of
Charlotte, is president of the com
pany, and T. M. Constable is sec
retary and treasurer. The direc
tors are E. B. Springs, J. H.
Sloan, H. S. Chadwick and J. P.
Wilson, of Charlotte ; E. F. Cald
well and G. H. McFadden, of
Philadelphia, and J. E. Reynolds,
of New York.
Secretary and Treasurer Con
stable permitted the representa
tive of the Manufacturer’s Record
to inspect the system devised for
the protection of all parties con
cerned in case of fire—the insur
ance companies, the warehouse
company and the depositor. It is
simple and has apparently all the
elements of perfection. Each
bale is numbered and a record of
its weight entered in a book. A
sample to show its grade, is also
kept, an equitable adjustment of a
fire loss is made possible in a few
minutes, no question being left
open for dispute., The insurance
feature is also a good one, the in
surance being kept up to a level
with the market. If the market
price is five cents at the time a
bale is stored, it is insured on that
be sis. If the market advances to
five and one-half cents or any
other figure while that cotton is
an
on
L
yk—ir- -£r- -+r -a- at- ^
New Spring Clothing
For Men, Boys and Children.
See our “Grindstone Suits” which are
ALL WOOL,
DOUBLE SEAT AND KNEE,
PERFECT IN FIT,
CORRECT IN STYLE,
WARRANTED NOT TO RIP,
ELASTIC WAISTBANDS,
EXTREMELY MODERATE IN PRICE.
Sold only by A. E. Cannon, Proprietor
DALTON. GEORGIA.
We handle reliable footwear for Men,
Ladies and Children. In Ladies’
Footwear we handle Cincinnati Cus
tom work, and every pair warranted to
give satisfaction.
«
Remember we represent Fred Kauff
man, the World’s Greatest Tailor.
Handsomest line of Neckwear and
Gent’s Furnishings in the city.
in the warehouse, the insurance
on it is increased accordingly.
The local banks regard the
warehouse receipts as what is gen
erally termed giltedged security;
He can get four cents on it in j n they are looked upon the
cash and hold it; he can get
advance of four-fifths or more
same as a bank note.—Wade H.
Harris in Manufacturer’s Record.