The county record. [volume] (Kingstree, S.C.) 1885-1975, 1919-05-22
TO SOLICIT
SUBSCRIPTIONS
TO STOCK OF s1U0,000,00O COT
TON EXPORT CORPORA
TION OF THE SOUTH

chants and business men generally
will shortly be called -'--- to take
their pro rata share of the stock of
the big $l00,000,000 cotton export
ing marketing and financing corpora
tion, plans for which were approved
at the big cotton convention held at
New Orleans last week. This corpo-
ration, cotton men declare, will solve
the cotton problem in the South and
will enable the cotton producers of
the South to sell their cotton each
year at reasonable profit.
A campaign for the sale of stock
in the new corporation will be wag-
ed by the South Carolina Cotton As
sociation and first efforts will be
made to sell the stock to the cotton
growers themselves. In fact, plans
for the corporation provide that the
majority of the stock must always
be in the hands of the cotton plant
ers. The banks and business men of
the State and of the cotton belt gen.
orally will, of course, be expected to
assist in the formation of the corpo-
ration but the cotton people them
selves will always control it.
To prevent the corporation from
coming under control of outside in
terests the constitution provides
that "the sale of stock shall be lin
tied to bona fde resident individuals,
partnerships, firms and corporations
or other associations of cotton grow
ing States"
The corporation under its consti-
tuition will not engage in buying
and selling cotton on it's own ae-
count. The par value of the capital
stock will be $50 and it may be
bought with liberty bonds. It is fig
ured that many farmers will trade
all of their liberty bonds for stock in
the corporation. The bonds will be
bought at par.
The authorized capital stock of
the corporation is fixed at $100,000,-
900, all in common stock. The cor
poration, however, is authorized to
begin business when the amount of
capital stock subscribed reaches
S50,000,000 and when $25,000,000
shall have been paid in.
The powers of the corporation are
far reaching. They include:
To purchase and sell or discount
and negotiate or pledge notes, drafts
checks, bills of exchange, accept
ances,
To purchase, sell, pledge or other
evidences of debt.
To purchase sell, pledge or other
wise deal in bonds, notes and certi-
fcates of the United States and of
foreign governments, obligations
issued by foreign banks and syndi-
Gates and to make loans on the Sc
curity of such foreign obligations.
To accept bills or drafts drawn
upon it.
To purchase and sell exchange.
To borrow money in aid of its
business, with or without security.
To lend money upon the security
of shipping documents or upon the
security of warehouse receipts con-
veying security title in cases where
the commodities represented by such
receipts are being assembled for the
purpose of export.
The charter also gives the corpo-
ration power to act in any State,
territory or possession of the Unit
ed States or any foreign country as
agent, trustee, broker or consignee
of others in buying, warehousing
selling, and procuring insurance up
on and otherwise dealing in cotton
of all grades and many goods manu-
featured from cotton and cotton
seed, including oils, cotton yarns,
and cotton goods, where such goods
are being exported or assembled for
export.
It is the opinion of many of the
best business men in the South that
the stock in the corporation will be
worth more than par shortly after
the CORPORATION begins business.