Uniform Standards for Cotton; Hearings Before the Committee on Agriculture, House of Representatives, Sixty-Third Congress, Second Session, on H. R. 1

This historic book may have numerous typos and missing text. Purchasers can download a free scanned copy of the original book (without typos) from the publisher. Not indexed. Not illustrated. 1914. Excerpt: ... Mr. Jacoway. How long would this cotton have to be kept in the warehouse, as a general rule? Mr. Turner. I will give you that very definitely. I have handled, as I say, 500,000 bales of cotton, and my peak load was carried the 12th day of last January, which was 236,000 bales at one time. And the way cotton is held has changed in the last 25 years. It used to be we would use the room three times or four times. But the manipulation of the receipt has enabled people to hypothecate these 'receipts and hold the commodity against them, and the result is that I hold nearly half the entire receipts of my place at one time. Mr. Jacoway. What would the insurance per bale be, as a general rule? Mr. Turner. That varies. We have the distinction of having the cheapest insurance in the world. Mr. Jacoway. About how much is it, approximately? Mr. Turner. It is held in the low-rate warehouses--sprinkled warehouses--at 20 cents per $100 value for one year, so that a bale of cotton is held in my warehouses for one year at 10 cents. Mr. Jacoway. What would the brokerage be? Mr. Turner. I do not know. Mr. Jacoway. What would the other overhead charges be? In other words, I am trying to get at what it would cost to hold a bale of cotton the length of time you think it ought to be held. Mr. Turner. Here are the tariffs of the Memphis Terminal Corporation. And I want to say this to you gentlemen, in answer to the question, that in this crisis those records will not be changed. (The document here submitted by the witness is as follows: ) Tariff Memphis Terminal Corporation, Season Of 1914 And 1915. Any or all charges in this tariff are subject to change without notice. Effective Sept. 1, 1914. J F. o. T). or cotton sold to arrive subject to buyer's inspection. CHARGES. NOTE _ xhe...