Pine Bluff daily graphic., 1919-04-11
PLANS
 | FOR AN EXPORT
 CORPORATION
Memphis Conference Plans to Further Work.
NAME COMMITTEE TO DRAFT PLANS
harding Has Message That Corpora! ton Will Not Violate Law.

Memphis, Tenn, April 10.-The eommittee apointed at today's con terence of producers, factors and bankers to take up plans for argani- Ration o fcotton export corporation tonight decided on capitalization oi S10O. .OO0, ,00O instead of $3G,000,00O, as hricinaly suggested by w. P. C.. Har- Hing, governor of the federal Re serve Board, and selected a subcommittee |to develop the idea ill detail.
 l The sub-committe was instructed 10 make a comprehensive study of the Functions and scope of the proposed and reort back to the full |committee, which then will complete Ethe organization and dispose of the [stCck in the south for cash and lib- |erty bonds, it was announced. A Statement issued tv the committee declared "it is no part of the inten- |tien of the organization to demoral- l ze, or interfere with existing busi- |ness properly conducted, but to use 1.-the great power of the organization flor the creation of better and more economical marketing and distributt- 1 ing facilities for cotton
 The subcommittee includes Gov ernor k. G. Pleasant, oi Louisiana, |Senator Robert l.. Owen, of Okla |homa, w. B. Thompson, New Orleans, George w. Rogers, Little Rock, Ark. John F. Scott, Houston, Texas, and IT, NJ. Crump, Memphis.
 Memphis, Tenn, April 1O.-The suggestion of w. P e. Harding, gov ernor of the federal reserve board, for the organization of cotton eX- port corporation to be capitalized at S50,000000 was endorsed and com mittee with full powers to act was selected to draft plans for it's forma- tion at the conference here today of planters, factors and bankers from virtually all of the cotton growing states. This committee, which began It's work immediately after adjourn ment of the conference, was instruct ed to notify Governor R. G. Pleasant
 
 Vention, who also heads the commit tee, when it's work is completed so he can call another conference to act On its program for organization of the corporation.
 It was originally understood the committee would report at the acre. age reduction conference to be held at New Orleans next month, but it was decided to receive the report at another meeting to be called for that purpose in order not to confuse the two movements.
 MT. Harding and Senator Robert l. owen, Of Oklahoma, who addressed lae conference at the morning ses- slon on the export corporation pro- posal remained in Memphis until late eoh,eht to assist the committee in its preliminary work.
 Violates No Law.
 MT. Harding, at the afternoon ses. son. read a telegram from the coun. se' ol the federal trade commission slvmg his opinion that the plan as preVlously outlined to him by the re- serve board head would violate nc law. J. S. Wannamaker, president oi lhe south Carolina Cotton associa. eion' then read a telegram from Gov elnor Allen, of Kansas, attacking tho .esailty of the cotton reduction move .l.eh' and Of the plan for organization VI an export corporation.
 governor Brough, of Arkansas, in { oliel address. endorsed the projec anu scored what he termed 'an, at tempt by the governor of another ''a,e a's to waive the bloody shirt"
 v.on.a n behooVes the governor of tn. S.a.e' the price of whose wheat ha! sse s.el llxed by the United States gov ha h,n'nent at $2.26 bushel, which wil .S. ye pald partly by the consumers o rae south, to criticize the south for ;ovelhent which is not only in tn, 'erests of it's own salvation but i, cnvo interests of the entire country, governor Brough said.
 M. Will Be Permanent.
 evn,o,. % harding in his address, afte clans. laAlng his proposal in detail, de not eu the export corporation shoul, ' m". oe considered an emergenc,
 
 w;.a asure but should be organize, manoa % .ne intention of becoming a per a'ent tha institution for the benefit O ind,s.ee snree basic factors of the cottol banL"ns Ls-tne producer, buyer an can;terand c;-and should have sufficien th,aiizatlon thro,su,o to be impressiv coruost csnout the world. He said tn thai ta''on ;. should own ships an for ' irs ,a stock should be exchange
 south only. ~ peop'e III 'n
 ably @:or %:e. owen declared that ''prot be , 7. Within another week peace vii Of ths a, and urged organizatio sons orporation, among other req tions ,S ~ neip restore normal cond by Sina n'oasnout the world and there