Yorkville enquirer. [volume] (Yorkville, S.C.) 1855-2006, 1914-12-22
Miseellaneous .Reaain9.
COOPERATIVE COTTON CO.

COOPERATIVE COTTON CO.
Harvie Jordan Presents His Plan in
Columbia.
Columbia State, Wednesday.
The plan of the Cooperative Cotton
company to raise $1OO,OOO,OOO for II
nancing the cotton crop Of the south,
was approved. yesterday at speclal
meeting of the South Carolina Cotton
congress at the Jefferson hotel Chair
men from nineteen counties were pres
ent at the meeting, which had been
called by Wade Stackhouse, M. D., OF
Dillon. president Harvie Jordan OF
Atlanta, president of the Southern
Cotton association, attended the meet
ing and explained the plan.
A committee was appointed by the
Southern Cotton association, consist
ing of Harvie Jordan, president;
Wade Stackhouse, M. D.. of South
Carolina, and Walter Clark of Missis-
sippi, to present the cooperative plan
to the. farmers Of the south.
President StackhouSe named COM
mittee, consisting Of w. A. Stuckey,
]. A. Banks and John L. McLaurin, to
draft an address to the people OF
South Carolina, explaining the move
ment. This committee will call meet
ings for every county in the state.
Carolinians Present.
Among those who were present at
the meeting were: State Warehouse
Commissioner Jno. L. McLaurin: H.
c. Forbes Of the Hanover National
bank, New York; Wade Stackhouse,
Dillon; Senator ]. A. Banks, st. Mat
thews; w. A. Stuckey, Bishopville;
Neill O'Donnell. Sumter; ]. A. Drake,
state warehouse inspector; Douglas
Mcintyre, Marion; B. H. Boykin,
Camden; D. S. Matheson, Cheraw; W.
P. Beard, Abbeville; R. c. Sarratt,
Gaffney; Senator ]. w. McCown.
Florence; Senator o. P. Goodwin,
Laurens; w. c. Brown. Newberry; D.
M. Crosson, lexington; F. M. Crum.
Orangeburg; T. B. Thackston, Spar
tanburg; L. R. Rollings, Lancaster; S.
r. Lever, Columbia; S. G. Mayteld.
Bamberg; the governor Of South Car
olina; T. F. Brantley, Orangeburg;
E. H. Aull, Newberry, and E. j. Wat
son, Columbia.
Prospectus Of the Cooperative Cot
ton company contain the following:
SELF help is imperative. Co-opera-
ton gives straight and permanent re-
suits to self help. A plan to relieve
present depressing financial conditions
in the cotton growing areas OF the
south by retiring from the markets
the surplus of the present cotton crop,
and enhancing the value OF what cot
ton is needed for consumption, there,
by relieving the cotton growers, local
bankers and merchants from the
heavy burdens with which they are
now afflicted.
Plan Of Relief.
Organize at once the Cooperative
Cotton company, with an authorized
capital of $10O,000,000, payable in
spot cotton out Of the present surplus,
basis middling, at 10 cents per pound.
The ownership of the stock and con,
troll Of the company to be retained
by the cotton growing interest Of the
south, with only one vote for each
shareholder regardless of the amount
Of stock he may own.
THE business affairs Of the COM
pany to be vested in and administered
by q governing board elected from
the cotton states in proportion to the
total amount of stock owned in each
state, and the members Of such board
to be elected by the shareholders OF
each state through their respective
county organizations.
THE executive officers Of the COM
pany to be elected by the governing
board from residents in the south in
terested in cotton growing.
The company to have the right to
begin business when $1.000,000 Of its
capital stock has been subscribed and
paid in.
"The first business Of the company,
when organized, will be to issue nego-
table warehouse receipts against the
cotton Of it's stockholders, being held
In storage and secure loans on same
at reasonable rates Of interest, there
by enabling h hIlders to secure funds
without being forced to sacrifice their
cotton on a depressed market.
ditions are relieved, the future pur-
pose Of the company will be to sta
biliZe cotton values at fair and rea-
sonable prices to the growers; per-
feet an economic system Of ware
housing and financing future crops OF
cotton; preventing violent fluctua-
tions in the cotton markets; improv-
ing present wasteful methods OF
baling, handling and marketing cot
ton; distributing correct Information
regarding supplies and consumption
of cotton and otherwise lending val
liable and efficient aid to the cotton
growers.
Control by Growers.
IF the cotton growers subscribe the
capital Of the company, they must
have the right to the control of the
operations Of the company. The char
ter Of the Cooperative Cotton com
pany will preserve this right and alb
solutely prevent the control Of the
company from ever getting into the
hands Of adverse interests. The COM
pany will be purely cooperative and
as such will always perform the func-
tions for which it was organized thai
Of protecting and safeguarding the in
terests Of the cotton growers Of the
south.
THE initial work Of securing the
minimum capital of the company will
be undertaken by the Southern Cotton
association, through its central head
quarters at Atlanta, and it's various
divisions throughout the cotton states
This service on the part Of the Gsso.
citation will be the means of organic
ing the company for less expense thar
any large company has ever been or.
ganized in the United States. There
will be no big commission fees AND
not a dollar Of promotion stock issued
It Is estimated that the company car
be organized chartered and turned
over to it's stockholders at less thar
5 per cent of the subscriptions. Now
is the only hope for speedy relief from
low prices and the solution Of future
freedom from continued financial de-
preSsion"