The herald and news. [volume] (Newberry S.C.) 1903-1937, 1914-12-18
CROP FINANCING
PLAN INDORSED
HARVIE JORDAN PRESENTS C00P.
ERATIYE SCHEME
Hundred Million Dollar Project is Dis.
cussed at Conference in Co.
lumbia.
The State, 18th.

Inc State, 1bLn.
TIE plan of the Cooperative Cotton
company to raise S1O0,000,000 for
financing the cotton crop of tie South
was approved yesterday at special
meeting of the South Carolina Cotton
congress at the Jefferson hotel Chair
men from 19 counties were present
at the meeting, which had been called
by Wade Stackhouse, NJ. D., of Dill
ion president. Harvie Jordan of At
lanta, president of the Southern Cot
ton association, attended the meeting
and explained the plan.
A committee was appointed by the
Southern Cotton association, consist
ing OF Harvie Jordan, president
Wade Stach-ouse, N. 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 I; W. A. Stuckey,
J. A. Banks and John L. McLaurln,
to draft an address to the people +
South Carolina explaining the move
ment. This committee will call meet
ings for every county in the State.
Car0linas Present.
Among those who were present at
the meeting were: State Warehouse
Commissioner Jno. l.. McLaurln; H.
c. Forbes of the Hanover National
bank, New York; Wade Stackaouse,
Dillon; Senator J. A. Banks, st. Mat
t: ews; w. A. Stuckey, Bishopville;
Neill O'Donnell, Sumter; ]. A Drake,
State warehouse inspector; Douglas
Mcintyre, Marion; B. H. Boykln,
Camden; D. S. Mat:e eson, 'Cheraw; w.
P. Beard, Abbeyille; R. C. Sarratt.
Gaffney; Senator J. w. McCown,
Florence; Senator o. P. Goodwin,
Laurens; w. c. brown, NeWberry; D..
NJ. Crosson, Lexington; F. N. Crum,
Orangeburg; T. B. Thackston, Spar
tanburg; L. R. Rollings, Lancaster; S.
R. ~Lever, Columbia S. c. Mayfleld,
Bamberg, the governor Of South Car
DINA; T. F. Brantley Of OrangeburS.
E. H. Aull of Newberry and E. j..
Watson of Columbia.
Prospectus of the Cooperative Cot
ton company contains the following
''self-help is imperative. Coopera
ton gives strength and permanent e.
suits to self-help A plan to relieve
present depressing financial conditions
III the cotton growing areas of t1e
South by retiring from the markets
the surplus OF the present cotton crop,
and en ancing the value Of what cot
ton is needed for cosumption, t@ere-
by relieving the cotton growers, local
bankers and merchants from the
heavy burdens with which they are
now, affected.
Plan of Relief.
"Organize at once tie Cooperative
Cotton company, with an authorized
capital Of S1O0,000.000. 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 tie cotton growing interests of tine
South, with only one vote for eacn
shareholder regardless of the amount
of stock he may own.
1.-The business affairs of TIE COM
rany to be vested in and administered
by a governing board elected from
the cotton States in proportion to the
total amount ci stock owned in eacn
State, and the members sucn board
TO be elected by the shareholders OF
eaci State through their respective
county organizations.
'Th executive officers Of the COM
pany to be elected by the governing
board from residents in the South IN
terested in cotton growing.
1.-THE company to have the rl3nt 10
begin business when s1,O0O,OOO Of Its
capital stock has been subscribed and
paid in.
TIE first business of the company
when organized. will be to issue nego-
table warehouse receipts against the
cotton of its stockholders, being teld
in storage and secure loans on same
at reasonable rates of interests, there
by enabling holders to secure funds
without being forced to sacrifice tne1r
cotton on a depressed market.
"When the present abnormal con-
ditions are relieved, the future pur-
rora of the comDany will be to sta