The herald and news. [volume] (Newberry S.C.) 1903-1937, 1906-09-25
ITO HOLD UP THE PRICE.
What This State is Expected to do in
Organizing Big Corporation.

: sion OF the cotton association appoint |
led to pave the way for raising this
ssstate's quota Of the $60,000,000 neces-
sssary to control the market, today is
I sued the following address:
At called meeting of the county
presidents of the South Carolina divi-
b sion of the Southern Cotton associa-
#%tion, held in Columbia on September
a17th, the conditions and prospects Of
the association were freely discussed.
Each county president was asked to
report on conditions and prospects in
his county, and the average of the
reports made was that the state would
produce 60 per cent of last years
crop. The ten cents minimum, as
established by the Hot Spring conven-
tion, was unanimously endorsed, The
condition of the association in South
Carolina was far from satisfactory,
but it was the general belief that a
campaign pushing the better organi-
zation Of the state would result in a
more thorough organization than we
have had in the past. It was believed
that South Carolina farmers are will
ing to stand by the ten cents mini
mum, and that but little cotton will be
placed on the market under that price.
The most important matter for con-
sideration present to the meeting was
the organization Of a holding COM
Pany for retiring cotton offered for
cola ,,,1o,, tl,o ,>,,;oo oc
recommended by the executive COM
mittee in session at Hot Springs,
Arkansas. The undersigned commit
tee was appointed to make this report
to the press of the proceedings Of the
meeting, and were appointed per-
manent committee to get up South
Carolina s part Of the capital stock Of
the company.
AT Hot Springs, Arkansas, COM
mittec consisting Of E. D. Smith, S.
Hickey and +. l.. Maxwell were ap-
pointed to secure from the state of
Mississippi 4 charter for the forma-
ton of a cotton holding company,
having capital stock Of *100000,000
with the privilege of beginning opera
tions when $10,000,00O are paid in.
Steps are being taken to secure this
charter and bylaws for the operation
and governing the company will be
pushed. Farmers will be asked to
subscribe stock to this company to the
amount Of at least $5 per bale on cot
ton produced by them. And the
general public can take stock to any
amount at IS "A share. This subscrip-
ton 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 purchase Of cotton Of
fered for sale below the minimum
price. The idea of local government
Of the company will be carried out as
far as practicable; for instance, the
money collected in each county should
be deposited in the banks of that
county, and as far as possible used
for retiring cotton in that county Of
fered for sale under the minimum
price. The counties are to be organ
lied into state company and the dit
ferent state companies into a nation
al company; with a central office for
each state company nd one central
office for the nations. company. Tt
was the sense of this ,neeting that if
this company was ready to begin ope-
rations at an early date, that the
price Of cotton could readily be car
ried cent higher, or up to the ten
cents minimum asked. If this COM
pany should go on the market at
present and buy cotton at nine cents
per pound and the price should adj
vance within thirty days to ten cents,
there would be IL profit of SIS per bale
to the stock holders of said company;
giving the stockholders a one hun
dred per cent dividend on the money
invested.
No subscription made to the COM
pany is to be binding until the full
ten million dollar bona fidc subscrip-
tions shall have been secured. And
it was 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. OF
course, it is distinctly understood that
each and every one Of the subscribers
for stock who pays in the money, or