The Bamberg herald. [volume] (Bamberg, S.C.) 1891-1972, 1906-11-15
TO OBTAIN CHARTER
For Big Organization Of Cot
ton Men in the South.
MANY MILLIONS CAPITAL
Meeting Held in Atlanta to Formulate
Plans for Holding fIsecy Staple
for Intrinsic Value-DetaiIs
to Be Perfected.


After holding two executive ses-
sions at the Piedmont hotel in At
lanta, Friday, it was stated that the
members Of the executive committee
of the Southern Cotton Association
had taken definite steps toward the
organization OF the Southern Cotton
Company and a charter adopted au-
thorizing capital of $10,o00,0OO with
the privilege of increasing this
amount to s100,00G,000.
While the meetings we're all eXecu-
tive, it was stated that the members
of the executive committee were en-
thusiastic in regard to the new plan
Of organizing great corporation OF
southern men for the purpose Of pro-
tecting the price CT cotton and by buy
ing all cotton offered at less than 10
cents. establish strong market such
as would do away with every effort
and influence of spectators to de-
press the price of cotton and bring
the staple to a price corresponding
to the demand.
1t was also stated that President
Jordan would call a meeting of the
committee at Birmingham some time
in January, the exact date to be an
nounced later. A delegation from
Birmingham visited the committee
and offered such inducements for the
holding of the next meeting in Bir-
minghain that the offer was accepted.
At this same time big convention
Of the Southern Cotton Association
will be held the same as that held
in New Orleans.
Announcement was also made that
the present lew price of cotton was
considered at the meeting and all Of
the members present stated that i'm.
mediately upon their return they
would do all in their power to get
growers tc hold their cotton for 10
cents or better BY this means AMI
influencing others to make every ef-
fort to stop the sale Of all cotton
at any price lower than 10 cents and
by means of the fact that the South
err Cotton Company had been Or
ganized, the committee members
stated that they were of the belief
that the price could soon be brought
back to figures commensurate with
the actual worth Of the staple &C.
cording to the demand of the con.
sumers. With the Organization OF
this company it is the purpose to
offer stock at S. per share in order
that the proposition may be within
the reach of everyone. Further de.
tails regarding the organization have
been placed in the hands of CON-
mittees which will make their re-
ports in the near future, when fur
ther information regarding the prop.
osition will be announced to the pub
lie.
In the consideration Of the pres
ent crop, It was reported that accord
ing 10 the estimate Of the members
of the executive committee, this crop
would amount to 11,146,G00 bales and
that the estimate recently published
according TO the ginners' report was
purely for the purpose Of inluenc-
ing :he market and evidently very
much exaggerated.
A resolution was PASSED asking
congress to enact such laws as would
prohibit the speculation in cotton fu-
lures In the United States.
The following resolution by w. H.
Seymour, Of Alabama, was also pass
ed unanimously:
"Resolved, That it is the sense OF
this meeting that cotton producers i'll
the several cotton states use their
utmost endeavors in securing the
passage of law by the next legis-
.atures cf their respective states re-
quiring giIners to make weekly re-
ports to the state department OF
agriculture of the number of bales
Of cotton ginned."