The Birmingham age-herald., 1907-05-16

Details of Project.
 In accordance with a resolution passed at n meeting of the national executive committee in Birmingham in January. 1907, the following plan In detail Is given as the policy of the association for or ganizing the warehouslng and holding companies for maintaining q profitable price on cotton:
 Each company to meet and appoint a committee to solicit subscriptions to a capital stock of as much as 8 per bale for the cotton grown in that county. This money 10 be used a basis of credit for building. buying and leasing warehouses, for borrowing money for lending money on cotton, and to carry on any and all matters necessary in controlling the storage and sale of cotton n that county. This committee to appoint soliciting agents to obtain subscriptions to the cap ital stock from all persons, regardless Of profession or vocation. That upon the subscription in a given county of the cap ital stock to warrant 1t, there shall be meeting of the stockholders to elect business manager and board of directors. This board of directors and manager shall obtain charter to buy, sell and ware- house cotton, that the managers of these several warehousing and holding com panies in each state shall in conjunction with the state executive committee fix
 
 all expenses for the carrying on of the business of the corporations in that state. This body shall elect from among its members representatives to meet with the national executive committee of the Southern Cotton association, and they shall fix the price of cotton and the car rying charges necessary to meet the ex- penses of storing. insuring cotton, pay ing interest on money and salary of of- fcers Each county organization to have control of all of it's own cotton and cap
 tal and to have all the profit" rived from it's investments. E
 holder and member of the Sou
 ton association shall be entitled
 benefits and privileges arising
 organization. That to each men upon the payment of annual dues shall be is- sued n membership certificate which cer- tifcate shall set forth the name and post office of the member, and the fact that the holder shall be entitled to all the prlN- ileges and benefits under the organiza- tion That wine ncotton under the con- l trol of these several companies shall be ] sold, it shall be gold at such price as ] shall represent the minimum as fixed by l the association plus the carrying charges. | so that the owner of cotton belonging 10 our association shall receive the minimum price net. and the purchaser be made to pay all expenses incurred in storing, nsuring and warehousng.
 Duties of Business Manager.
 The business manager shall be bonded in a sufficient sum to guarantee against any losses and he shall negotiate alt loans, see to the location, building, buy ing and leasing of all warehouses. and small be responsible for the sale of all cotto1 under his charge. A member Of l the association bringing his cotton to an association warehouse shall be entitled | have it weighed and graded, and to re- ceive a certificate of ownership, which certificate shall set forth the weight and grade marks and numbers, and tho amount per bale borrowed. The owner shall he required to execute to the busl- 1 ness manager a power of attorney to Dor- row money on, and to sell his cotton, | provided that it shall not be sold under | t.e price agreed upon by the national l association. The business manager shall i be empowered tp buy any and all cotton I offered for sale in his county when the l price at which 1t is offered Is less than 1 that fixed by the association and he l shall be empowered to hypothecate these ] purchases, or the cotton so bought as
 basis of loan to buy other cotton To l illustrate: Say the capital stock in a given county is $l00000. With this amount 10000 bales can be bought by borrowing on the bale the amount necessary to buy 1t. less $l0 That is, if cotton should be 9 cents per pound the manager gives s45 for q bale. This bale Is warehoused and the receipt is hypothecated for loan of S35 on the bale 1t represents, and by adding S10 of the capital stock another bale can be bought. Thus by placing bale of cotton and $l0 as collateral se- curity. 10000 bales can be controlled by capital of s10O00O. The difference be- tween what such cotton Is bought at and ,rfp at W1f oh means of revenue to the corporation. Each county warehouse and holding com pany shall give a bond to the state divi- sion for the faithful keeping of it's con- tract with the other counties, and eacn 2 state division shall give a bond to the national division for the faithful keeping of it's contract with the other states. That as soon as 10 per cent of the cotton growing counties shall have been organ- iZed each county so organized shall De required to call for whatever per cent of it's subscribed capital stock its board of directors shall deem necessary with which to begin business.
 Should Begin Immediately.
 It is essential that every county shall begin immediately an active campaign of organization, so as to be able to con- trol the incoming crop. Every county organization is requested to send to the president of it's state division a report of the fact. giving the names of officers and the amount of capital proposed to oe raised.
 The organization in the counties ara urged tc write to their state presidents requesting data, plans and specification, for standard warehouses.
 An active campaign is on and the co. operation of all interested is desired.
 W. H. Seymour, chairman.
 Will H. Woods. secretary s. c. A.
 W. H. Seymour. chairman. Alabama.
 Walter H. Clark by VIII H. Woods Mississippi.
 Paul M. Potts, Louisiana.
 NJ. L Johnson. Georgia.
 C. C. Moore. North Carolina.