Yorkville enquirer. [volume] (Yorkville, S.C.) 1855-2006, 1906-09-21
PLAN OF ORGANIZATION.
How Southern Cotton Association Will
Maintain Prices.

Maintain Prices.
The following paper outlining in
detail the scheme of the Southern
Cotton association for raising the
capital for buying weak cotton on
the market was given out for pub
lication from the headquarters OF
the South Carolina division last
Tuesday: l
"At a called meeting Of the county
presidents of the South Carolina d.
vision OF rthe Southern Cotton as
ISOLATION, held In Columbia on Sep
tember 18th, the conditions and pros
poets Of the association were freely
discussed. Each county president
was asked to report on conditions
and prospects in his county and the
state would produce sixty per cent
Of last years crop. The ten-cents
minimum as established by the Hot
Springs convention was unanimously
endorsed. The condition of the asso-
citation in South Carolina was far
from satisfactory but II was the gen.
eral belief that a campaign pushing
the better organization of the state
would result in a more thorough or
ganization than we have had In the
past. 1t was believed that South Car
olina farmers are willing to stand by
the ten-cents minimum and that lit
tie cotton Will be placed on the mar
ket under that price.
'"The most important matter for
consideration presented to the meet
ing was the organization of holding
company for retiring cotton offered
for sale under the minimum price,
as was recommended by the execu-
tive committee in session at Hot
Springs. The undersigned commit
tee was appointed to make this re-
port to the press of the proceedings
of the meeting, and was appointed a
permanent committee to get up
South Carolina's part Of the capital
stock Of the company.
"At Hot Springs a committee con-
sisting of E. d. Smith, 8. A. Wither-
spoon, ]. P. Allison, J. c. Hickey and
F. L. Maxwell was appointed TO Sc
cure from the state of Mississippi a
charter for the formation of a cot
ton holding company, having a capi-
tai stock of $100,000,000, with the
privilege Of beginning operations
when $1O,00O,000 is paid in. Steps
are being taken to secure this charter,
and bylaws for the operation and
governing Of the company will be
pushed. Farmers will be asked to
subscribe stock to this company to
the amount Of at least IS per bale
on cotton produced by them, and
the general public can take stock to
any amount at $5 a share. This
subscription can be paid in money,
or at the option Of the subscriber,
in cotton at ten cents per pound.
This money to be used for the pur-
chase Of cotton offered for sale be-
low the minimum price.
1.-The idea of local government of
| the company will be carried out as
far as possible. For instance, the
money collected in each county
should be deposited in, the banks of
the county, and as far as possible
used for retiring cotton In that coun-
| ty offered for sale under the mimi
organized into a state company and
| the different state companies into a
national company; with q central Of
fee for each state company and one
central office for the national COM
pany. 1t was the sense OF this meet
| ing that, IL this company was ready
to begin operations at an early date,
| the price Of cotton could readily be
carried a cent higher, or up to the
ten-cents minimum asked. II this
company should go on the market at
present and buy cotton at nine cents
per pound and the price should ad-
vance within thirty days to ten Genus,
there would be q profit OF 80 per
bale to the stock holders Of said
company: giving the stockholders
one hundred per cent dividend on
the money invested.
mo subscription made to the COM
pany Is to be made binding until the
] full $10,000,000. bone fide subscrip-
tions shall have. been secured. 1t Is
the sense Of this meeting that the
company shall not begin operation
until the ten million dollars shall
have been paid in full and deposited
in the county banks where collected:
| or course, 1t is distinctly understood
that each and every one OF the sub
| scribers for stock who pays In the
money or cotton, gets certihcate
for the number Of shares subscribed
for. The liability Of each subscriber
to this stock will be limited by the
charter to the amount subscribed.
The undersigned committee, after
fully discussing this plan, heartily
approves and endorses and believes
that such a plan will be necessary to
| fix and maintain a staple price Tor
cotton. It unhesitatingly recon-
mends 1t to the people of the state,
believing II to be practical and feas-
ible.
| "R. M. Pegues,
| Wade Stackhouse,
| "W. d. Bryan,
4 "F. II. Hyatt,
| ... Walter Gregg,
1 srrr