The Birmingham age-herald., 1905-01-11


 in full for aiding the south in the pres ent cotton situation. This plan was formulated by a committee of the Me ridian Board of Trade, who believe IL to be the most feasible solution of affairs. The charter of incorporation of this pro posed stock company states that the or eanizers are to form a body corporate under the name of the Southern Cotton Company whose domicile shall be at New Orleans, Louisiana. for the follow ing nurposes and under the following provisions:
 To Secure Reasonable Price.
 First.-The object of this corporation shall be to secure a reasonable price for cotton, and to make the price thereon stable and fixed in the interest of the farmers, merchants, bankers, cotton tac- tories, and all classes of professional ana business men of the south, and to de- strov fluctuations in cotton. The capital stock of this corporation shall be one hundred and ten million ($llO,WOOoo) dollars, and it shall be authorized 10 begin business as soon as said capital is subscribed and paid in. The shares or said stock shall be worth $lOO.OO each' and shall be payable in cash or in cotton at $500O per bale.
 Second.-said corporation shall buy all the cotton on the market to the extent or one hundred million dollars at ten cents per pound, and shall in no instance pay less than ten cents per pound. no matter what the market price of cotton shall be.
 Third.-Said corporation shall hold all the cotton it may purchase until the mar ket price of cotton shall reach eleven cents per pound, in which case 1t shall offer for sale all of its cotton at eleven cents per pound no matter how much higher the price of said cotton may be, and shall never sell any of it's cotton for more or less than eleven cents per pound.
 Fourth-This corporation shall have branch offices in Meridian, Jackson, Natchez, Dallas, Houston, Galveston, Little Rock Memphis. Birmingham, Montgomery, Selma, Mobile. Atlanta and such other points ss to the directors may seemo advisable, and shall deposit It's funds in the banks in said cities in the proportion in which the citizens of said cities and the surrounding county may take stock in .hs corporation, and in those banks in each of said cities in the proportion in which such banks may take stock in this corporation
 Disposition of Profits.
 Fifth-This corporation shall be au- thorized and it shall be the duty of its officers to lend It's funds for the highest interest they can get whenever said funds are not needed for the purchase of cot ton, or in other words, whenever the price of cotton is above ten cents per pound provided such loans shall be on such terms as to be called in immedi- ately upon a fall in the price of cotton below ten cents per pound, and If on the 1st day of September of every year the profits of $5 per bale which said corpo- ration may have made in the purchase and sale of cotton, and the interest which it may have made by the loan of its funds shall exceed the expenses of the corporation, then the excess. or the net profits, shall be divided among it's stock | holders and paid to them as dividends. Sixth-The board of directors of this | corporation shall consist of one direc- | tor from each of the cities In which 1t 1 has branch office. which director shall be elected by majority of all the stock | holders residing in the state in which said l such city is situated, and the directors | shall be paid a salary and shall devote all of their time and attention to the | state. in accordance with the provisions of this charter, and shall make all ar- arrangements with refernce to the pur- chase. sale, storage and insurance of | cotton, and the employment of the nec- | essary agents. and the depositing. lend | ing and collecting of it's funds, and shall | make weekly reports to the secretary of this corporation.
 Shall Have Officers.
 Seventh-Ths corporation shall have a president, secretary and treasurer, each of whom shall devote all of his time and attention to the business of this corporation, and who. acting together shall constitute a board, which shall meet once a week at the domicile of the corporation to receive and consider the reports of the directors, and whose duty as a board shall be to see that each di- rector is dseharging his duty, and if at any time said board shall discover that the corporation has on deposit in any state more funds than is necessary to carry out the objects of this corporation in said state and less funds than may be necessary in other state or states. then said board is authorized. and it shall be their duty. to transfer said funds as may be necessary and expe- dient and in addition to said powers acting together as a board. the presi- dent, secretary and treasurer shall be vested with the powers and duties usu- ally incident to such offices.
 Eighth-The stockholders in each state shall for each million collars of stock taken by the citizens of said state elect a delegate to attend a convention to be held on the 7th day of September of each year at the domicile of the cor poration. and such convention shall elect the president, secretary and treasurer of the corporation for the ensuing year.
 Ninth-Each director and the president, secretary and treasurer shall give bond for the faithful discharge of his duties and for any neglect of duty which dam ages the corporation suit shall be brought on the bond.