Yorkville enquirer. [volume] (Yorkville, S.C.) 1855-2006, 1907-05-31
Mistellaneolls Reaaing.
WAREHOUSES FOR COTTON.

i WAREHOUSES FOR COTTON.
Southern Cotton Associations Sehem'
In Detail.
Mr.. E. D. Smith, president Of the
South Carolina Branch Southern Cot.
ton association, has the following t.
say with reference to the associations
plan Of warehousing:
Recognizing the fact that the COM
mercial prospect depends upon the
maintenance of our organization on q
permanent basis, and in view Of the
fact that we must have surplus CAPT.
tai invested, where 1t can be available
for retiring this cotton, hope the plan
given below will be taken up by the
several counties in the state and re-
ports made promptly.
I'VE will begin an active campaign
from county to county about the 1st OF
July. In few days we will publish
our schedule of appointments, and
hope that all parties interested will see
that at our several places Of meeting
there will be as large an attendance as
possible"
Plan of Warehousing.
Every fall thousands of bales Of cot
ton are forced on the market regard
less of the price, because the produc-
ers and owners have incurred debts In
making their crops, and have no other
means of meeting their obligations 9TH
er than by selling their cotton. 1t is
this very condition that has caused
every year unsatisfactory prices to be
obtained for the product. 1t is useless
to tell a farmer or owner Of cotton
what it is really worth without giving
him a means by which he can realize
its worth. The people are demanding
a practical, simple, uniform plan OF
CO. operation by which cotton can be
stored and money borrowed and the
floating cotton purchased and retired
from the market, so that the price can
be fixed and maintained Immediately.
1t Is, therefore, evident that In order to
maintain a fair price for our cotton
there must be concerted action, looking
to the carrying Of cotton at a mini
mum cost, and the removal Of any dis
tressed or surplus cotton from the
market, and preventing it's coming in
to competition with that cotton for
which there is a natural and healthy
demand.
In accordance with resolution
passed at a meeting Of the national
executive committee in Birmingham.
Ala, in January. 1907, the following
plan in detail Is given as the policy Of
the association for organizing the
warehousing and holding companies
for maintaining a profitable price for
cotton:
Each county association Is to meet
and appoint committee to solicit
subscriptions to a capital stock Of as
much as $5 per bale for the cotton
grown in that county. This money is
to be used as basis Of credit for
building, buying and leasing ware
houses, for borrowing money. for lend
ing money on cotton, and to carry on
any and all matters necessary, con-
trolling the storage and sale Of cotton
In that county. This committee is to
appoint soliciting agents to obtain
subscriptions to the capital stock from
all persons, regardless Of profession or
vocation. Upon the subscription in a
county Of the capital stock to warrant
It, there shall be a meeting OF the
stockholders to elect a business mana
ger and board Of directors. The board
Of directors and manager shall obtain
a charter to buy, sell and warehouse
cotton: the managers Of the several
warehousing and holding companies In
each state shall in conjunction with the
state presidents fix the carrying
charges necessary to cover all expenses
for carrying on the business OF the
corporations in that state. The body
shall elect from among its members,
representatives to meet with the exec
utive committee Of the Southern Cot
ton association and they shall fix the
price of cotton and the carrying
charges necessary to meet the ex-
penses of storing, insuring cotton,
paying interest on money and salary OF
officers. Each county organization snail
have control Of all of its own cotton
and capital and shall have all the
profits derived from its investments.
Every stockholder and member Of the
Southern Cotton association snail De
entitled to all of the benefits and priv
ileges arising from this organ'Za ton.
Each member upon the payment OF
annual dues shall be issued member
ship certificate, which certificate snail
set forth the name and postofhce or
the member and the fact that the
holder shall be entitled to all the priv
ileges and benefits under the organi-
zation. When cotton under the control
of these several companies shall De
sold, it shall be sold at such price as
shall represent the minimum as fixed
by the association, plus the carrying
charges, so that the owners OF cotton
belonging to our association shall re-
ceive a minimum net, and the purchas-
er made to pay all expenses incurred
in storing, insuring and warehousing.
The business manager shall be
bonded in a sufficient sum to guaran-
tee against any losses and shall nego-
tiate all loans, see to the location
building, buying and leasing OF all
warehouses, and shall be responsible
for the sale Of all cotton under MS
charge. A member Of the association
bringing his cotton to an association
warehouse shall be entitled to receive
loan upon his cotton, to have II
weighed and graded, and to have a
certificate Of ownership, which certln-
cate shall set forth the weight and
grade, marks and numbers. and the
amount per bale borrowed. The owner
shall be required to execute to the bus
iress manager a power of attorney to
| horro,, rnopev on and to sell his cot