The Manning times. [volume] (Manning, Clarendon County, S.C.) 1884-current, 1919-05-21
TO Be CANvASSED
To Stock of 100000, 900 Cotton Elk.
port Cooperation
FIRST CHANCE TO GROWERS
Cotton Men Declare This Corporation
Will Solve Cotton Problem
in South.

Columbia, May 1S.-South Carolina
farmers, merchants and business men
generally will shortly be called upon
to take their pro rata share of the
stock of the big $100,000,000 cotton
exporting marketing and financing
corporation, plans for which were ap-
proved at the big cotton convention
held at New Orleans last week. This
corporation, 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 waged
by the South Carolina Cotton Asso-
citation and first efforts will be made
to sell the stock to the cotton grow
ers themselves. In fact, plans for the
corporation provide that the MAORI
ty of the stock must always be IN
the hands of the cotton planters. The
banks and business men of the State
and of the cotton belt generally will,
of course, be expected to assist in
the formation of the corporation but
the cotton people themselves will al
ways control it.
To prevent the corporation from
coming under control of outside in
terests the constitution provides that
"the sale Of stock shall be limited to
bona fiGe resident individuals, part
nerships, firms and corporations or
other associations Of cotton growing
States"
Stock $50 Share.
The corporation under its constitu-
tion will not engage in buying and
selling cotton OH it's own account. The
par value Of the capital stock will be
$50 and it may be bought with liberty
bonds 1t is>fgured that many farm
ers 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 100000, 900,
all in common stock. The corporation,
however, is authorized to begin busi-
ness when the amount Of capital
stock subscribed reaches $50,000,000
and when $25 100000 shall have been
paid in.
The powers of the corporation are
far-rcaching. They include:
Powers of Corporation.
To purchase and sell or discount
and negotiate or pledge notes, drafts,
checks, bills of exchange, acceptances,
To purchase, sell, pledge of other
evidences of debt.
To purchase, sell, pledge or other
wise deal in bonds, notes and Ger
tificates Of the United States and Of
foreign governments, obligations is
sued by foreign banks and syndicates
and to make loans on the security
of such foreign obligations.
To accept bills or drafts drawn
upon it.
To purchase and sell exchange.
TO borrow money in aid of it's busi-
ness, with or without security.
To lend money upon the security of
shipping docunl ents or upon the Sc
curity of warehouse receipts convey
ing security title in cases where the
commodities represented by such re-
ceipts are being assembled for the
purpose Of export.
The charter also gives the corpora
tion power to act in any State, ter
'ritory or possession Of the United
States on any foreign cou. Try as
agent, trustee, broker or consignee
Of others in buying, warehousing
selling, and procuring insurance upon
and otherwise dealing in cotton of all
grades and many goods manufactured
from cotton and cotton seed, includ-
ing oils, cotton yarns, and cotton
goods, where such goods are being
exported or assembled for export.
Stock to be Profitable.
1t 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.