The weekly Union times. [volume] (Union C.H., South Carolina) 1871-1894, 1891-08-14

Ifr!f three days. The
.si,af onal Cordage Company is said to have
--sOtel the bill.
The sheme which Balch aud Wilson
launched upon the meeting was for a
national organization Of Alliance stores and
exchanges throughout the country, with n
national headquarters in this city, principal
brauch establishment in Chicago, State cen
tral exchanges in every State, district organ
Izaions i'll every Congressional district and
county, and city exchanges wherever feasible.
The object was to control the trade of the
Alliance members, selling to them, on the
CO operative plan through the local ex-
change, everything they should ever wish
TO huy at slight advance ION the wholesale
price; the head office to pay for the
merchandise; to handle the surplus product
of the farms for the farmers, and to act rs
bankc!s for them whenever desired
The branch headquarters Mt Chicago were
designed as main source of supply for
pork, lard, flour end other provisions, and
for some kind OF agricultural implements,
wagons and furniture. From New York Ur
through the main agency there. it was
uesrgncd 70 make a1r necessary purchases in
wholesale way, OF machinery, boots and
shoes, clothing, hats and caps, sewing
machines, harness. carpets, oicloths, ferti
lizcrs, hardware, dry goods, medicines, wea
not be obtained to greater advantage else.
where.
But this gigantic shemC could not be float
ci Wi hout substantial capital and co-opera.
tion OF the members of the Alliance The
National Cordage Company stood ready
provided it was given exclusive privileges
in the supply of cotton bagging and binder
twine to the Alliance exchanges to lend sub
stantlll financial assistance to the scheme.
ard some OF the promoters, were very ready
to accept its proposition. But Colonel Peek
" lie ,rSla, refused to countcnance any such
iroh-clai ageement. lie was willing to ar
range with the Twine Trust to pay its own
price fIr such Of its cotton baggius and twine
rs the members and exchanges might want;
but lie had recently investigate ed new kind
of cotton baeging of which he thought very
favorable, an 1 he did not propose to b bound
50 that iie could not buy some if he wanted TO
Though of the others joined him to prevent
the consummation of the little $40 900 00C
scheme of the Twne Trust. Finally il was
proposed to effect q corporate organization q
under as favorable legal conditions as could
be obtained-and the New Jersey law
regarding corporations was considered quite
sufficiently accommOdating-wit nomina
capital of at least $10,0OO,OOO A system o.
preferred proprietary shares was to be
provided, the shares Of this class to be ap.
poitionei among the present promoters, and
to be nonassessable, pald up and everlas ing
These shares only should be represented in
the governing organizations. Then there was
to Lo an issue OF common shares, VIII ch
should he open to subscription by the local
exchanges and their individual members
upon which the directors should levy
assessments as necessary, in or Ter 10 provide
funds for the transaction of business of the
central exchange. But the holders shou d
be entitled TO no share of the govcrnme
Of the institution.
The sheme as set forth was generally
acceptable, and some of the promoters were
for having it Immediately approved and pu
= in operation; but Colonel Peek and Messys
sdmmury proceeding They were an
parontly unable TO satisfy themselves of tho
wisdom of the scheme and would not consen,
t have anything to do with it until il had
received the approval of the Alliance
through its various channels of expression
Accordingly the scheme was FORMULATED d
40 glowing prospectus, in which the name
OF the institution was quoted as the National