The Bamberg herald. [volume] (Bamberg, S.C.) 1891-1972, 1906-09-13
PLAN CORPORATION
Cotton Association to Aid
"Distressed" Staple.
MANY MILLIONS CAPITAL
Cotton Will Re Stored ard Held Until
Price Advances Commodity Will
Thus Be Kept Out of the
Hands of the Exporters.


The executive committee of the
Southern Cotton Association conclud
ed its session at Hot Springs Satur-
day afternoon, and adjourned sub
ject to the call of the president of
the association. The principal business
transacted at the last days resolution
looking to the formation of corpora
ton with a capitalization of $780,
100000 for the purpose of taking care
of the "distressed" cotton in the south.
The resolution follows:
"Whereas, after two years, expert
ence in attempting to maintain a fair
price for cotton and realinzing that
we are in our present status an advis-
ory board; in order to put ourselves
in position to enforce our minimum;
be it
"Resolved, That we organize the
Southern Cotton Association into a
chartered corporation for the pur-
pose of buying, selling and Warehous-
ing cotton, and that we open books
Of subscription for capital stock OF
$10O,OO0,OO0, the shares to be IS each.
"That president and board OF di-
rectors be appointed. and that each
state, county and precinct president
be furnished blank certificates anu
books Of subscription, and that we
Immediately begin campaign to raise
this capital stock"
This resolution was passed over as
unfinished business, and committee
of five, consisting of John =. Allison
Of North Carolina, E. o. Smith OF
South Carolina and J. c. Hickey of
Texas, was appointed to prepare def
mite and detailed plans for the purpose
of incorporating the association as
outlined in the resolution, and report
at the next meeting of the executive
committed
President Harvie Jordan gave the
following explanation Of the resolu-
tion: 1T Is for the purpose Of taking
care Of distressed cotton, and by dis
tressed cotton l mean that which is
forced on the market by people who
are unable to finance cotton and are
unable to lquidate maturing obliga-
tions. The corporation proposes to go
into the markets and buy up this
class of cotton when it is being offer
ed at prices below the minimum fixed
BY the association, to be held by the
corporation until the market advances
to the minimum price. The cotton Will
be stored in various warehouses
throughout the cotton belt.
Later in the season, the associa-
ton will gather full and complete data
with reference to the probable yield
CT the crop and issue it for the ben
eft of tie members of the association,
the only thing that the committee is
thoroughly agreed on at the present
is that no cotton, basis middling,:
should be placed on the market and
scld for less than 10 cents per pound
In order that the people may be
reached and the resolution fixing the
minimum price at 10 cents may pc
thoroughly canvassed and that an ap-
Teal may be made directly to the cot
ton growers, the committee decided to
hold meetings in the different cotton
raising state at which President Har-
vie Jordan. Field Agent Smith and
Executive Committeeman Wither-
spoon of Mississippi will speak. The
itinerary arranged for the speakers
follows:
Jackson, Tenn, September 20; Mont
gcmery, Ala, September 25; shrevc-
port, La, September 27; Palestine,
Texas, September %; Taylor, Texas
September 20; Waco, Texas, Octooe-
/; Dallas, Texas, October 2; sher'
man, Texas, October 3; Oklahoma
CITY. October 4; Fort Smith, Ark, Oc-
tober 5; Pine Bluff, Ark, October 6;
Orangeburg, S. c., October s; Raleigh
N r. October 9.