Yorkville enquirer. [volume] (Yorkville, S.C.) 1855-2006, 1919-04-15
TO FINANCE EXPORT COTTON
Hardlng'S Plan to be Put Into. .PfaCH'
Cal Operation
HUNDRED MILLION DOLLARS CAPITAL

It is Now Proposed to Convert Bonds
of Southern Cotton Producers lnte
Stock of a Big Concern That Viii
Help to Stabilize Prices.
Memphis, April 10.-The committed
appointed at today's conference o.
producers, factors and bankers to take
up plans for organization Of a cottor
export corporation tonight decided or
a capitalization of s1OO,0O0,000, instead
of $5O,OOO,OOO, as originally suggested
by w. P. G. Harding, governor Of the
Federal reserve board, and selected
subcommittee to develop the idea ir
detail.
The subcommittee was instructed tt
make a comprehensive study Of the
functions and scope Of the proposed
corporation and report to the full
committee, which then will complete
the organization and dispose Of the
stock in the south for cash and Liber-
ty bonds, it was announced. A state
ment issued by the committee declar.
ed at is no part Of the intention Of the
organization to demoralize or interfere
with existing business properly con-
Quoted, but to use the great power OF
the organization for the creation OF
better and more economical market
ing and distribution facilities for cot
ton"
The subcommittee includes Gov. r
G. Pleasant Of Louisiana; Senator
Robert L. Owen, Oklahoma; former
Senator Percy, Mississippi; w. B
Thompson, New Orleans; George w
Rogers, Little Rock, Ark; John F.
Scott, Houston, Texas; DR.. II. G. Alex
ander, Matthews, N. c.; R. M. Maddox,
Atlanta, Ca; L. B. Jackson, Atlanta;
F. M. Crump. Memphis; E. w. Dabbs,
Mayesville, S. c., and NJ. c. Allgood,
Montgomery, Ala.
Committee at Work.
The committee, which began its
work on adjournment Of the confer
ence, was instructed to notify Gov. R.
G. Pleasant Of Louisiana, chairman of
the convention, who also heads the
committee, when it's work Is completed
so he can call another conference to
act on it's programme for organization
of the corporation.
1t was originally understood that the
committee would report at the acreage
reduction conference to be held at New
Orleans next month, but it was decid-
ed to receive the report at another
meeting to be called for that purpose,
in order not to confuse the two move
ments.
Mr.. Harding and Senator Robert L.
Owen Of Oklahoma, who addressed the
conference at the morning session on
the export proposal, remained IN Mem
phis until late tonight to assist the
committee in it's preliminary work.
Mr.. Harding at the afternoon ses-
sion read a telegram from the counsel
of the Federal trade commission CIV
ing his opinion that the plan as pre-
viously outlined to him by the reserve
board head would violate no law. ]. S.
Wannamaker, president Of the South
Carolina Cotton association, then read
a telegram from Governor Allen Of
Kansas, attacking the legality of the
cotton reduction movement and Of the
plan for an organization Of an export
corporation.
Governor Brough Of Arkansas In a
brief address indorsed the project and
scored what he termed IAN attempt by
the governor Of another state to wave
the bloody shirt"
ut ill-behooves the governor OF a
state, the price Of whose wheat has
been fixed by the United States gov
ernment at 1926 bushel, which will
be paid partly by the consumers OF the
south, to criticise the south for a
movement which is not only in the In
terest of it's own salvation but of the
whole country" Governor Brougf
said.
Would Be Permanent.
Mr.. Harding in his address, after
explaining his proposal in detail de-
clared the export corporation should
not be considered an emergency meas
ure, but should be organized with the
intention of becoming a permanent
institution for the benefit Of the three
basic factors Of the cotton industry
the producer, buyer and banker-thi:
should have sufficient capitalization te
be impressive throughout the world
He said the corporation should oWr
ships and that it's STOCK should be ex'
changed for Liberty bonds to people
in the south only.
Senator Owen declal ed that prob
ably within another week peace vii
be declared, land urged organlzatlor
of the corporation among other rea
sons. to help restore normal condition!
throughout the world and thereo!
wipe out Bolshevism. When Europe
gets back to a normal basis, declared
the senator, who recently returned u
the United States after studying th'
foreign financial and commercial stu
alton, and the masses are actively EN-
ployed in productive labor, BolsheVisn
will pass away.
Representative E. S. Gambler of Mis-
sissippi, also made a brief ADDRESS
other prominent delegates from MIS-
sissippi included former Senator Lero!
Percy and Representative H. D. steph
ems.
Senator Kenneth McKeller Of Ten
nessee, in his welcoming address, urg
ed removal of the export embargo an'
with several of the other speakers es
tablishment Of an American merchan
marine.
MANY DRINKS FOR DRY TIME.
Threat of Prohibition Brings to lIgh
Recipes of Long Ago.
The realization that in short tim