The herald and news. [volume] (Newberry S.C.) 1903-1937, 1907-05-31

the name and postoflice of the men,
ber and the fact that the holder
Shall be entitled to all the privileges
and benefits under the organization.
That when cotton under the control
of these several companies shall be
sold, it shall be sold at such price as
shall represent the minimum as fixed
by the association, plus the carry
| ing charges, so that the owners OF
cotton belonging to our association
shall receive minimum net, and the
purchaser made to pay all expenses
incurred in storing, insuring and
warehousing.
Duties of Manager.
The business manager shall be
bonded in sufficient sum to guaran-
| tee against any losses and shall ne
| gotiate all oans, see to the location,
building, buying and leasing of all
warehouses and shall be responsible
for the sale of all cotton under his
charge. A member of the association
, bringing his cotton to an association
| warehouse, shall be entitled to re-
ccive loan upon his cotton, to have
it weighed and graded, and to have q
certificate Of ownership; which GER
tificate shall set forth the weight and
grade, marks and numbers, and the
amount per bale borrowed. The own
er Shall be required TO execute TO
the business manager power OF at
torney to borrow money on and to
sell his cotton, provided it shall not
be sold under the price agreed upon
by the national association. The bust
ness manager shall be empowered to
buy any aud all cotton offered for
sale in his county when the price at
which it is offered is less than that
fixed by the association, and he shall
be empowered to hypothccate these
purchases, or the cotton so bought, rs
basis of loan to buy other cotton.
To illustrate, say the capital stock of
a given county is 100000. With this
amount 10000 bales can be bought by'
borrowing on the bale the amount
necessary to buy it less $40. That is
if the cotton should be 9 cents a
pohnd the manager gives $4o for a
bale. This bale is warchoused and the
receipt is hypothccatcd for a loan of
$35 on the bale it represents and by
adding $40 of the capital stock an
other bale can be bought. Thus plac-
in" the bale of cotton, and $40 as
collateral security, 10000 bales can
be controlled by a capital of $780,
900. The difference between what sum
cotton is bought at and the price at
which 1T is sold, will be one means of
revenue to the corporation. Each
county, warehouse and holding COM
pany shall give a bond to the state
division for;s the j, faithful keeping of
its contract with the other states.
That as soon as 10 per cent. of the
cotton growing counties shall have
been organized, each county as organ
lied shall be required to call for
whatever per cent. of It's snbscrip
ton to the capital stock its board of
directors shall deem necessary with
which to begin business.
1t is essential that every county
Shall begin Immediately an active
campaign Of organization, SO as to
be able to control The incoming crop.
Every county organized is requested
to send to the president of its state
division report of the fact, giving
the names of officers and the amount
Of capital proposed to be raised.
The organizations in the counties
are urged to write to their state pres |
idents, requesting data, plans and
specifications for standard ware
houses.
An active campaign is on, and the
cooperation of all interested is desir-
ed. w. II. seymour,
Chairman.
Will II. Woods,
Secty. Southern Cotton Association.
(Signed) w. H. Seymour, Alabama,
chairman; Walter Clark (by Will II.
Woods, Mississippi), Paul M. Potts,
Louisiana; M. l.. johnson, Georgia;
G. G.. Moore, North Carolina.
SORRY ABOUT ROOSEVELT.
Platt Reprets that He HKicked Him |