The Montgomery advertiser., 1905-01-30
KING" BROWN TO MANAGE / GREAT COTTON COMBINE

'tinized by the best cotton men in New Orleans who say it is an absolute cer- tainty. Tie farmers in their executive committee meeting unanimously agreed not to run the price up to a speculative value.
 "The cotton will not be removed from it's local oenters until sold; but 1t will be placed in warehouses and insured, and the receipts for same deposited in the local banks, said banks acting as trustees for the Cotton Planters Com mission and Holding Company, which will issue certificates to the owner, These certificates are negotiable and transferable. but bind the owner to let the cotton remain in the pool until af- ter October 1st. The bankers in the Southern States arc to joan money on the certificates at not exceeding per cent. per annuin. The insurance will be effected in bulk on all the holdings and will be It low rate.
 The Committee on Constitution and Bylaws will meet in Atlanta. Febru- ary '. to adopt the same. The com mittee is composed of President Jor- dan, Messrs. Mac Martin of Mississippi. Brown of North Carolina, Smith of South Carolina, Irwin of Oklahoma, Mo Conell of Texas, and Brooke of Ala bama. The legal complications made 1t necessary for a lawyer to draft cer- tain portions. The committee Is clothed with full power to adopt the constitution and bylaws.
 The full text of the plan adopted by the convention and the formal an- nouncement of the Executive Commit- tee to the farmers follow:
 Formal Plan Adopted.
 1. Organize under Act No. 27. of 1904 in New Orleans a corporation to be called the Cotton Planters Com mission and Holding Company"
 2. Fix the capital at s1oo,o0o. each share to be ten cents and no stock holder will be allowed to own more than one per cent of the capital stock.
 8. Have this stock subscribed by and the Board of Directors composed of all the officers and leading mem bers of the late cotton convention and leading bankers and cotton merchants Identified with the bull movement.
 4. When organized get all the cot ton possible delivered to the company on contracts of the following approxi- mate tenor:
 Cotton Receipt and Holding Contract.
 Received by the Cotton Planters Commission and Holding Company, herein after called the company from bales of cotton. marked and num- bered as per margin, which cotton Is now deposited and stored at in the county of, in the State of and which cotton is now in the actual cus- tody of -, for account of the company Jointly appointed by the parties.
 It is hereby specially agreed be- tween the company and said-that the company shall have the irrevocable and YfNhf fn caiA and to sell and dispose of same, but only after October 31, 1905, and then at not less than ten cents per pound, basis middling, at New Orleans, pro- Vided, however, that if prior to Co., tober Si, 1905, the price of middling cotton at New Orleans shall advance beyond ten cents per pound, the Board of Directors of the same company shall have the right to dispose of said cot ton. or so much thereof as 1t may think necessary and proper. When said cotton Is sold eight cents per pound of the price thereof shall be immediately paid over to said -, on the delivery of this certificate, or to his assignee of this certificateI- said payment te be indorsed thereon and the certifcate redelivered to the Eolder. Said cotton shall be sold in cosiunction with all other cotton delivered to said company under certificates Identical with this certificate and the price thereofVto be accounted for shall be not the specific price for which this specific cotton is sold. but the average price at which all the other cotton of the same grade identically held by said company Is sold. The actual cost of selling all said cotton shall be apportioned among all the holders of these certih- oates, and after the sale of all of said cotton and the average price of the same is determined. such proportion ef the price per bale aforesaid aoovS1 eight cents per pound retained as aforel said shall be paid over to the holder of this certificate or his assignee less his proportionate share of all expenses on final surrender of this certih- cate.
 The difference between the eight cents a pound aforesaid and the actual price at which the specific cotton covered by this receipt is sold, shall within ten days from such sale, be de- posted at -. the Bank of -, in the town of, -, in the State of -. to the credit of the company, where 1t shall remain until all cotton held, as afore- said by the company is sold, and until the final apportionment of costs, ex- penses and values is made by the con. pany and the proportion thereof com Ing to the holder of this certificate is fixed. The company shall have the right to change the deposit from the named bank to some other bank, If 1t l deems the safety of said deposit>pro- noted by such change.
 The said - - agrees and binds him. self to pay all storage and insurance