The Manning times. [volume] (Manning, Clarendon County, S.C.) 1884-current, 1919-12-03
HUGE COTTON COMPANY
WILL BE ORGANIZED

for the purpose of assisting
to furnish financial assistance to the
producer for the making Of his crop,
the warehousing of the same and for
the purpose of further furnishing him
with finances so that he can make di-
rect sales of his cotton both at home
and abroad.
"Be it further resolved, That the eX-
ecutive committee, together with the
executive officials of this association
and together with a special committee
Of the nine, be and they are hereby
instructed to take all necessary steps
for the purpose Of selling stock, so
that every county of the State will
have the opportunity to subscribe to
the same according to their cotton pro
ductions.
"Be it further rcsolver, That the
American Cotton Association through
the above committee, shall be urged to
push the organization of the above
named banking, trust and export cor
poration with all possible speed"
Explains Purpose
President Wannamaker, in his speech
/ today, explained the proposed organi-
zation and it's necessity in tie follow
ing language:
"Thc banking trust and export cor
poration should receive the full ap-
proval Of the producer, banker and
merchant, and, in fac:, the entire
business interest of the State. 1t will
create a reform in the handling of oul
great crop which is long past due. NJ
section can prosper where they are de
pendent upon the same section tt
whom they sell their products fo
their finances, said section largely il
charge of the setting of the price 70
such products. The capital stool
should be divided evenly among tn
several divisions of the State and the
f allocated to the counties, according t
the number of bales produced. Rough
ly speaking, the computation will b
/ on basis Of about SITE per bale t
, raise the $2,00O,O0O. In allocating tn
f stocks there will be two series, one O
= 60 per cent and the other of 40 pc
cent. The 60 per cent is allocated t
the farmers, which includes the LAND
@ owner, the tenant and the share -cror
Il per, so that at all times the contrt
will be invested in the farming elt
. ment.
J. Officers Of Company
e "Thc officers of the corporation,
l. addition to a board of directors, sha
d include president, two vice pres
e dents, secretary and treasurer al
n trust officer (who shall also be ma,
J. agcr of the export Department. and
p general counsel; all of these Office
le to be elected outside Of the board
it directors, except the vice prcsider
l. may be a secretary or the trust al
Is export officer.
he executive committee is to G
S. tabliSh an export trade in cottt
of through the cotton commission.
D. "The federal warehouse system al
~ the State warehouse system, as I
c. suit Of the organization of the ban
a. ing, trust and export corporation W
rs be an ideal system. The producer W
It. have absolute control of his colt
IN until it reaches the hands of the ma
d. ufacturer. 1t will be warehoused a
n, sold as close as possible to the poi
ed of production.
"The American Cotton Associate
will prove of tremendous strength
o. both of these organizations of COG
on Grating with them.
po Member of Reserve System
as "This bank will be member Of t
B. federal reserve system. 1t will rea
+. bring to the State and to the colt
[c- belt a complete system of reese,
Ia banks. Although it is not the purpt
lg, Of the organization to seek dir
m; profits, at the same time there is
G.. question but that the project v
an, prove Of tremendous value and Il
m the bank will bring enormous in
r. rect returns. AS result of tn
ey plans the cotton producer will han
his cotton and attend to the wn
cs- housing and marketing of same. #
will bring tremendous benefits dire
Try 1t will assure him Of profit for
ef- cotton. and thus enable him to rchal
The itatc the South, absolutely change
I'VE raj conditions for the better and W
,us out illiteracy and bad roads. 1t Y
IN benefit every line of CONNER
e. CInIn IlA1, rnn