The Birmingham age-herald., 1911-09-30
WADLEy ID HEAD NEW CORPORATION Outlines Plans of Financing
 Cotton Crop HAS LOCAL OFFICES Expected That Birmingham Will Be Selected as Main Office for
 Operations of New
 Concern

l lie in Birmingham yesterday. This is the new corporation which proposes to meet the demand in the south for means of properly financing the cotton crop. Ihe | two main offices of the corporation are | 10 be in Birmingham and Macon, Ga.' and it is expected that Birmingham Will be selected as the general center or the concerns activities. The officers of the Southern States Cotton corporation are; | George Dole Wadley, president; Philip | c. Wadsworth, vice president; John E. Wadley, treasurer; George W. Pratt, sec- reiary.
 Directors George Dole Wadley, Philip tc. Wadsworth, John E. Wadley, Leon S.. Dure, John T. Moore, Jesse H. Hall, w. F. Dunwoody, George W. Pratt, c. C.. Nesmith.
 It is announced that the corporation has a capital of s1,0oo,0Oo voting stock and g. ,0Oo,0OO special participation certificates, shares par value s1O0 each, making, all told, s400o,000.
 MT. Wadley's letter of acceptance reads as follows;
 Macon, Ga, September 25, 1911. "Soilthern States Cotton Corporation Rooms 912-1S Georgia Life Building, Ma con, Ga, and 3O2-304 First National Bank
 Building, Birmingham:
 "Gentlemen-In accepting the position of president of the Southern States Cot ton corporation, I am satisfied that am putting myself at the head of the first and only movement which has been planned to meet all the requirements necessary to enable the cotton growers of the south to hold and finance their cotton until a satisfactory price can be ob- teined.
 "Theer is no question in my mind but that cotton placed in warehouses as pro- posed offers a basis for the issue of currency just as secure as that issued n gold and silver and your plans cover well all the essentials of such proposi- tion; therefore, I am thoroughly in &C., cord with this movement and accept the responsibilities of the position, believing that this company can be made the basis of prosperity to the south by establishing and maintaining the price of cotton at fair valuation as compared with it's cost
 
 have a profitable business in growing it and the manufacturer in weaving 1t into the clothing of the world. "The establishment and operation along the lines proposed will wipe out almost, if not entirely, speculation in cotton which has been in the past-and is now tho chief enemy alike to the grower and | q, Co of,, fbo on the legitimate grounds of supply and demand.
 Tn conclusion, I wish to express my satisfaction at being associated With board of directors composed of men of such characters for ability, integrity, en- crgy and so well fitted to put into oper- ation the machinery of the company. 1 hope and believe firmly that its object will be accomplished and that we will see all business of the south prospering under the new order. Very truly yours,
 "GEORGE DOLE WADLEY."
 The following information regarding the corporation Is given out from the local offices in the First National Bank building.
 "The object of the corporation is:
 ";. TO place the credit of the farmers on a better basis.
 "2. To enable the cotton crop to be marketed at a fixed price from September to September and at a price fair to the growers.
 "S. To furnish crop insurance to cot ton growers on plans similar to life and fire insurance companies of the present day.
 "The participation certificates will be SC Id to the agents of the company in the different counties of the cotton states, one share to each agent, and will carry with it an obligation on the part of the pur- chaser to work for the interests of the company in gathering information con- cerning the crop and securing cotton to be handled and sold by the company.
 ''The income from cotton placed by each county in the control of the corporation for sale will be divided among all the agents of the corporation in their respec tive counties after the legitimate gen eral expenses have been provided for. This is fully set forth and shown in the following sheet:
 "These agents will gather and remit to the general offices such information con- corning the crop proposed to be planted in 1912 as will enable through system of comparative statistics, the company to judge thee prospective yield more ac- curately than has been done in the past and on the forecast of the possible crop the corporation will sell to each and every grower of cotton who may wish to avail himself of the opportunity, sell ing certificate for the number of bales which he expects to grow. This certificate will name a minimum price which the corporation will guarantee to the holder for his cotton, provided the conditions named in the certificate are carried out; :n other words. his price minimum will be assured under this certificate plan. This will enable the cotton grower to re- inforce his credit during the growing season.
 '.When September l arrives the infor- nation gathered by the corporation will be sufficiently exact to secure a fair es- innate of the final yield of cotton in bales, ami at this time valuation (fair to growers and mill alilie) will be fixed. N hen the growers bring their cotton into the warehouse for storage the corpora ton will issue thereon certificates of de- pcsit on tine cotton, just as banks do for money on a time deposit, and this certif- cate will have a face value of 75 per cent of the price which the corporation has fixed as the selling price of the cotton and in addition will bear per cent. It is believed that the price of the paper will h., 1, in, ban hn